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THE NEW BOOKS

This department will include descriptive notes, with or without brief comments, about books received by The Outlook. Many of the important books will have more extended and critical treatment later FICTION

Barbarians: A Story of the European War. By Robert W. Chambers. Illustrated. D. Appleton & Co., New York. $1.40. The adventures in the war of a group of Americans, Frenchmen, and a Belgian who meet on a mule-transport and then part to fight for the right in many places. There result exciting experiences-sometimes too horrible to be enjoyable.

Clammer and the Submarine (The). By William John Hopkins. Houghton Mifflin Company, Boston. $1.25.

Mr. Hopkins's original "clammers," Adam and Eve, are always pleasant to meet, and always a sense of humor and a spirit of refinement are in his stories. Adam's awakening to patriotism and war service is true and fine.

Four Corners of the World (The). By A. E. W. Mason. Charles Scribner's Sons, New York. $1.50.

Short stories, some clever, others rather horrible, a few weak in plan and writing. No. 13. Rue du Bon Diable. By Arthur Sherburne Hardy. Illustrated. Houghton Mifflin Company, Boston. $1.35.

A clever French detective story by an American writer whose literary laurels were won in quite a different field.

Webster-Man's Man. By Peter B. Kyne. Doubleday, Page & Co., New York. $1.35.

A lively, slangy, amusing story of a mining engineer's adventures in Central American revolutionary plots and in lovemaking.

White Ladies of Worcester (The). By Florence L. Barclay. G. P. Putnam's Sons, New York. $1.50.

A tale of convent and crusade by the author of "The Rosary."

BOOKS FOR YOUNG FOLKS

Heart of Isabel Carleton (The). By Margaret Ashmun. Illustrated. The Macmillan Company, New York. $1.25.

An agreeable story for girls, carrying on and into the war the adventures of the heroine of "Isabel Carleton's Year."

Island of Appledore (The). By Adair Aldon. Illustrated. The Macmillan Company, New York. $1.25.

A capital story for boys, related to some extent to the present war.

Maid of Old Manhattan (A). By Emilie Benson Knipe and Alden Arthur Knipe. The Macmillan Company, New York. $1.25.

A story with history, action, and interesting characters, well adapted as a gift for girls.

My Doctor Dog. By Edward A. Steiner. The Fleming H. Revell Company, New York. 50c. Lovers of dogs and of dog stories will make a mistake if they do not read this little volume. It gives, besides its charming dog story, a pleasant picture of the boyhood home of the author. Many Outlook readers have learned to take a personal interest in Dr. Steiner's fortunes, and will welcome these pictures of his early life.

BIOGRAPHY

Letters about Shelley. Interchanged by Three Friends-Edward Dowden, Richard Garnett, and William Michael Rossetti. Edited by R. S. Garnett. The George H. Doran Company, New York. $2.

Life of Augustin Daly (The). By Joseph Francis Daly. The Macmillan Company, New York. $4.

This will bring pleasant remembrances to all theater-goers of a generation ago. It is an admirable biography. The author,

The New Books (Continued) Augustin Daly's brother, has used his ample material with tact and taste. Many excellent portraits of the members of the Daly company-Miss Rehan, Drew, Fisher, Lewis, and the rest-add to the interest.

Life of Abraham Lincoln (The). By Ida M. Tarbell. 2 vols. New Edition. The Macmillan Company, New York. $5.

HISTORY, POLITICAL ECONOMY, AND POLITICS High Cost of Living (The). By Frederic C. Howe, Ph.D., LL.D. Charles Scribner's Sons, New York. $1.50.

"The old order has gone, never to return. The war has discarded the economic and political ideas which have dominated our life for three centuries." This sentence gives an idea of the virile style of the work, which gives a survey of economic conditions, problems, and remedies whose comprehensiveness is scarcely indicated by its title.

New York as an Eighteenth Century Mu

nicipality. Part I-Prior to 1731. By Arthur Everett Peterson, Ph.D. Part II1731 to 1776. By George William Edwards, Ph.D. (Columbia University Studies in History, Economics, and Public Law.) Longmans, Green & Co., New York. $5.

These minute and comprehensive accounts of the beginnings of a vast city might be called studies in evolution, so strikingly do they show how the municipal oak has grown from a tiny acorn. They are compilations of fact, buttressed by the credentials of numerous notes, and will prove invaluable to students, but also entertaining to the general reader who is not averse to using the paper-knife to dig out good things.

Quest of El Dorado (The). By the Rev. J. A. Zahm. D. Appleton & Co., New York. $1.50.

Trust Problem (The). By Jeremiah Whipple Jenks, Ph.D., LL.D. With the Collaboration of Walter E. Clark, Ph.D. Revised Edition. Doubleday, Page & Co., Garden City. $2.

TRAVEL AND DESCRIPTION Secrets of Polar Travel (The). By Robert E. Peary. Illustrated. The Century Company, New York. $2.50.

The remarkable efficiency shown by Admiral Peary in reaching the Pole-perhaps the greatest geographical triumph since Columbus's day-makes one feel that if he were younger he would be a good man to send against the Germans. This book tells about the "Peary System" of " getting there." It is a book for every explorer and every lover of high adventure.

American Adventures: A Second Trip "Abroad at Home." By Julian Street. IIlustrated by Wallace Morgan. The Century Company, New York. $3.

The work of a trained observer and a clever artist who set out to "make a book." The result is lively, interesting, but somewhat " newspaperish." It is a good book for stay-at-home travelers who would like to go South for the winter but can't-its "adventures all in Southern cities. are WAR BOOKS

On the Edge of the War Zone. By Mildred Aldrich. Small, Maynard & Co., Boston. $1.25.

Under Fire. By Henri Barbusse. E. P. Dutton & Co., New York. $1.50.

What Germany is Fighting For. By Sir Charles Waldstein. Longmans, Green & Co., New York. 60c.

SCIENCE

Human Body (The). An Account of Its Structure and Activities and the Conditions of Its Healthy Working. By H. Newell Martin, D.Sc., M.D. Revised by Ernest G. Martin, Ph.D. Henry Holt & Co., New York. $2.75.

MISCELLANEOUS

Romance of Escapes (The). By Tighe Hopkins. Houghton Mifflin Company, Boston. $3.

WILL

What 15C BRING
WING You FROM Nation's Capital

THE

Washington, the home of the Pathfinder, is the The little matter of 15c in stamps or coin will bring you the nerve-center of civilization; history is being weeks on trial. The Pathfinderis an illustrated weekly, published at the Nation's made at this world capital. The Pathfinder's center for the Nation; a paper that prints all the news of the world and tells the illustrated weekly review gives you a clear, im-truth and only the truth; now in its 24th year. This paper fills the bill without partial and correct diagnosis of public affairs emptying the purse; it costs but $1 a year. If you want to keep posted on what during these strenuous, epoch-making days. is going on in the world, at the least expense of time or money, this is your means. If you want a paper in your home which is sincere, reliable, entertaining, wholesome, the Pathfinder is yours. If you would appreciate a paper which puts everything clearly, fairly, briefly-here it is. A dollar bill mailed at our risk will bring you the Pathfinder for a full year, or simply send 15c to show that you might like such a paper, does not repay us, but we are glad to invest in new friends. Address

and we will send the Pathfinder on probation 13 weeks. The 15c The Pathfinder, Box 37, Washington, D. C.

PRACTICING WHAT WE PREACH

For many years THE HOUSE BEAUTIFUL has been giving advice. It has urged its readers to build homes. It has sold house plans and specifications. But it has allowed its readers to solve, themselves, the thousand-and-one annoying and petty problems of actual construction.

To make our future advice sounder and more practical, we are now erecting a house of our own. We are printing each month a detailed story of the progress made. We are telling our readers every difficulty encountered, every mistake made, and every success achieved, chronicling the whole story from the day we broke ground until that happy day when the house shall stand finished, fully furnished, with grounds and garden complete. The story began in the November number with the selection of the house-lot.

The illustration above shows how we hope the house will look when completed. The location is 1662 Commonwealth Avenue, in the City of Newton, Massachusetts, and visitors are now welcome.

If you are interested to follow this true story of an actual adventure in homebuilding, and would reap the benefits of our experience,

W

AR is now the business of the
Nation.

It will continue to be the business of the Nation until the Atlantic cables flash the message: The Central European Powers accept the terms of peace proposed by the Allies."

Every American, whether he is a humble toiler down in the coal mine or a captain of industry directing the activities of a giant corporation, must keep this one thought in his mind.

All our productive energy must be given to the winning of the war.

Each one of us who is not privileged to respond to the call to the colors for active service at the front must consider himself, by reason of his citizenship in this democracy, drafted for the most efficient service that is within his power to perform. Few of us can choose our work; we must accept those tasks that are set before us, and many of us will find it irksome to be doing things that seem so far removed from the winning of the war.

But industry cannot be revolutionized for the business of war in a day. The owner of a factory producing some article of luxury cannot, and should not, turn his workers into the street with the advice to seek employment in a munitions plant. Such destructive measures would neither help win the war nor conserve the country's resources.

War-twentieth-century, warfare is a test of productive power. To put it in plain business terms, the United States has received the biggest order for manufactured materials and raw products that was ever entered on the books of international trade. The order calls for billions upon billions of dollars' worth of guns, ammunition, warships, merchant vessels, airplanes, motor trucks, locomotives, cars, coal, copper, steel, wheat, meat, wool, cotton, and countless other things needed for the prosecution of the war.

Several billion dollars' worth of this gigantic order have already been paid for by our allies in Europe; several billion dollars' worth more we are going to let them have on their promise to after the pay war when it is convenient for them to do so; but the great bulk of the order—many billions of dollars' worth-is to be our contribution to the common cause out of the abundance of our resources.

Our job is to fill this order just as rapidly as we know how, by the utmost development of our resources of men and materials, knowing full well that every day's delay is costing thousands of human lives. The roar of our artillery on the French front thrills us with a new sense of National unity and sacrifice; but the battle was begun with the rattle of steam shovels on our Northern iron ranges, the grinding of the flour-mills of Minneapolis, the whir of machine tools at Detroit, the roar of the red furnace fires of Pittsburgh, the puffing of giant Mallet locomotives across the Alleghanies, and the pounding of pneumatic riveters on the Delaware.

for their existence; we must build an air fleet of thousands of fighting machines; we must reorganize the railways of Siberia; in fact, we have undertaken a mighty task that a few years ago would have been be-yond the dreams of any nation.

To do this great work-and do it rapidly-it is imperative that we conserve our industrial resources and direct our productive energies with the sole idea that the only thing now worth while is the winning of the war.

Our normal capital savings before the war were estimated to be upward of $5,000,000,000 a year. These were invested in railways, ships, farms, factories, business buildings, homes, highways, canals, public buildings, schools, power plants, street railways, mines, and other permanent things. But now we have undertaken a task that calls for billions of savings every few months. Within five months we have taken two war loans aggregating $6,000,000,000, and Congress has authorized the expenditure of more than $20,000,000,000.

We cannot continue during the war all our peace savings and shoulder in addition these enormous war expenditures. The duty before us is to cut to the bone all nonessential capital expenditures and use these savings for the winning of the war. It would be suicidal to go on raising billions a year for public and private enterprises, and allow the users of these savings to bid against the Government for the labor and materials so urgently needed in the war.

No matter how much credit, or buying power, we may manufacture on paper by the pledge of our future production, the amount of war materials we can actually produce is dependent solely on the amount of labor-the days' work-we devote to this task. The problem, therefore, is one of the conservation of labor, and the surest way of insuring that labor will not be wasted in non-essential production is by putting a ban on large issues of capital for non-war enterprises.

In England and France, where political measures are framed on economic principles to a much greater extent than in our own country, the Governments at the outset of the war decreed that no offerings of new capital securities should be made without Government sanction. The London County Council was obliged to suspend work on a $5,000,000 municipal building, and expenditures for schools and other public buildings were cut off with little ceremony. The test of every new enterprise seeking capital in the London market is, “Is it essential for the successful prosecution of the war?" If it cannot be shown that it will help win the war, the Government forbids its issue. In France the Minister of Finance has closed the money market to all enterprises not needed for the war.

It was Walter Bagehot who said years ago, in picturing the functions of Lombard Street as a world market for capital: "We have entirely lost the idea that any undertaking likely to pay, and seen to be likely, can perish for want of money. A place like Lombard Street, where in all but the rarest times money can always be obtained upon good security or upon decent prospects of probable gain, is a luxury which no country has ever enjoyed with even comparable equality before."

But Lombard Street to-day is closed to

Conserving Capital for the Big Job (Continued) any borrower who wants funds for an enterprise not essential to the winning of the war. Before our entrance into the war New York was rapidly assuming the work of international money-lending that London had been obliged to abandon. But now the American money markets must follow

QUESTIONS AND ANSWERS

Q. Will you give me the name of a high-grade along investment lines?

financial publication that will keep me informed

A. The standard American reference periodical on the money markets is the "Commercial and Financial Chronicle" (New York). This weekly newspaper not only gives in detail the news of all important corporations, current banking and commercial statistics, but comprehensively summarizes all the general economic news carried in the daily newspapers. The leading daily publications are the "Wall Street Journal and "Financial America " (New York) and the "Boston News Bureau" (Boston). For business. men and large investors and all students who desire detailed reports of business there are special investment bureaus, like Babson's and Moody's. Some of the larger banking institutions are now devoting a great deal of attention to investment and economic literature, and this may be obtained for the asking. The monthly bulletin of the National City Bank (New York) gives one a liberal education in finance, while the special booklets issued by the Guaranty Trust Company (New York) are invaluable to the student of economic questions. The war has wonderfully widened our financial and economic horizon, and straight thinking on the great problems before us is the need of the hour.

Q. Do you think it would be safe for me to invest $200 of my savings in the stock of the company whose prospectus is inclosed?

A. No. The company's literature contains too much rhetoric of the South Sea Bubble kind, and too little basic information about its financial structure and operations. The warning in the prospectus that unless you buy the stock now you miss the great opportunity of your life and that you

will never again have a chance to buy the stock at so low a price is typical of the financial adventurer whose chief aim is the sale of worthless stock, and who is thinking more of getting the money of the gullible than making the enterprise pay. If this were such a wonderful investment, the promoters would not have to bid for your $200; and get the capital from large investment they could take it to any financial center institutions constantly searching for profitable undertakings.

Advance Agent of Thrift

The "sane Fourth of July" is to be followed by the "sane Christmas"-and this is the year to start.

Because it is vital this year that. every ounce of energy-every moment of labor be saved.

Material gifts cost labor and goods.

Every Thrift Bond sold this Christmas means $10 worth of goods and labor saved.

This Christmas, men of means and men of foresight are going to give presents that develop Character, Thrift and Patriotism.

Thinking men will give Liberty Bonds or Thrift Bonds as gifts to their wives, their sons and daughters, their loyal employees and faithful friends.

$10. THRIFT

BONDS

are the very best of gifts because :(1) They earn interest for their

owner.

(2) They start the habit of saving and investing.

(3) They are absolutely sound and safe conservative in every way and representative of the highest development of the Thrift principle in practice.

Thrift Bonds are 3% certificates of ownership in Governmental obligations held by the Equitable Trust Company of New York as Trustee.

Thrift Bonds are issued in $10 and $100 units, and are accepted at par in exchange for bonds of the Liberty Loan with no charge to holders except transportation, accrued interest and premium, if any, at the date of exchange.

Any bank or store can get them for you, or they will be sent by registered mail prepaid on receipt of price by National Thrift Bond Corporation

Under the Supervision of the Banking Department of the State of New York 61 Broadway

New York