bondholders' protective committee acts as a reminder. It is just as illogical to put investments away and forget about them as it would be to buy a new machine for a factory and expect it to run itself. Yet many men who would question the sanity of any one suggesting the latter do the former every month of their lives. Everything that we can think of in connection with our modern civilization requires attention. And the point to keep in mind is that a thing worth denying one's self for, worth working and saving for, is worth looking after when once you have it. Surely, it will be objected, United States Government bonds require no looking after. Not from the standpoint of safety, perhaps; but many people who sold their Liberties when they were off ten points and more from their original purchase price would never have done so if they had been closely in touch with the situation. And many more would have purchased them at the low figures and had a handsome profit now if they had been alert. There are many reasons besides possible profit which make it expedient for one to watch his investments. Conditions are constantly changing in the world of finance as well as in the realm of business and politics; and business and politics have an influence on finance. Many of these changes affect investments, some favorably and some adversely, and investors should know about them. Many owners of French bonds are disturbed by the political conditions in Europe; many of them are on the verge of selling them and taking a considerable loss. Certainly no one will deny that the situation in Europe is disturbing, and if a man cannot afford to face the risks involved he had better not be concerned in it financially. If he is willing to share the risks with France that is a different matter. In any event, the owner of such securities is a foolish man if he puts them away and forgets about them. How many examples there are of se. curities considered gilt edge a few years ago which to-day are classed with the speculations. We know of one company whose stock and bond issues were bought freely ten years ago by conservative bankers for women and people dependent upon their incomes; to-day no dividends are being paid on either class of stock and most of the bonds have fallen into disrepute. Yet only a few short years ago these securities seemed decidedly of the type which people buy to put away and forget about. It is to be hoped the owners did not follow that course. Outside circumstances and what possibly may be termed bad judgment on the part of the management were responsible for the trouble. Who in business can guard against certain outside circumstances? Could the president of a company be blamed if he failed to foresee the Great War? Who could blame any management which did not know that two years from now a strike might cripple their busi At This Minute -a traveler in Japan is settling a hotel bill with an official travelers' cheque of the American Bankers Association. -a woman in Paris is buying a hat on Rue de la Paix with an A.B.A Cheque. -here at home a returning traveler is paying a customs official with A.B.A Cheques,-the only travel cheques accepted by the United States. Government in payment of duties. -at -at a roadside garage in California a motorist is using an A.B.A Cheque to buy gasoline. -on an Atlantic liner a passenger is paying the purser with A.B.A Cheques. At this minute, in all parts of the world, A.B.A Cheques are smoothing the financial pathway for many thousands of travelers. Sold in compact wallets in denominations of $10, $20, $50, and $100 by more than 10,000 banks and trust companies in the United States and Canada. Ask for A.B.A Cheques at your bank. FINANCIAL DEPARTMENT (Continued) ness so badly that it would require half a decade to recover? An unexpected change in the Tariff Law might break or make a company. The general credit situation and the price of money might seriously affect a business. Who can foresee or control these various circumstances? Yet securities, in particular or in general, might conceivably be so affected by any one of them as to make it advisable for the owners to dispose of them or to make a change. A change in management may make all the difference in the world to the value of an investment. A good business poorly managed has small chance of success; and how many businesses are there which come under the classifi cation of "one-man concerns"? One man, two men, or a small group of men may be entirely responsible for the pros perity of a company, and if the one man Starting a Company? Save expenses and taxes by organizing on the popular COMMON LAW plan under a pure DECLARATION OF TRUST. No experience required to fill in DEMAREE STANDARD FORMS, issue shares and begin doing business at once. Genuine DEMAREE FORMS are nationally known, approved by attorneys and utilized by successful concerns throughout the United States. Send for large, free pamphlet (D-19) containing valuable information that you may need. C. S. DEMAREE, legal blank publisher, 708 Walnut, Kansas City, Missouri Are You An Investor? Why Can't We Save ? During the past year the Financial Editor of The Outlook has helped hundreds of Outlook readers to solve intelligently their particular investment problems. Perhaps you are contemplating a shifting of your present holdings or have fresh funds to invest. In either case we shall be glad to give you specific information on any securities in which you may be interested. A nominal charge of one dollar per inquiry will be made for this special service. THE OUTLOOK FINANCIAL DEPARTMENT How often have you asked that question as you figured up your income and outgo, only to find that all your firm resolutions to save money had once more been wrecked! And you realize, too, that time is passing and that if you are ever to accumulate money you must make a start. Why can't you save? The answer is really very G.L.Miller BOND & MORTGAGE Company Florida's Oldest First Mortgage Bond House G. L. MILLER BOND & 602 Miller Bldg., Miami, Florida Dear Sirs: Please send me the story, "Mr. Bunner's Budget," and booklet of letters from owners of Miller First Mortgage Bonds paying 8%. Name... ...... Address....... City and State.. ........... "They've Made Me Assistant Treasurer" 'Rogers expected' the job. Been with the house twenty years. But the Boss knew he hadn't put away a dollar. Said anyone who couldn't manage his own income wasn't the man to handle Company funds. The cashier at the bank told the Boss that I deposited interest coupons on a tidy little bunch of Bonds every six months and so I got the job. Our Treasurer is getting old and will soon retire. The President says that if I make good I'll be the next Treasurer." The salaried employee who invests a portion of his income is destined to succeed. The one quality above all others that heads of businesses are seeking is financial responsibility. Trust is never reposed in a spendthrift. A big salary doesn't necessarily mean wealth -doesn't buy homes, educate children or provide for old age. Financial independence depends on that portion of your salary that goes into good investments. A sound first mortgage is generally recog nized as not only one of the safest but also one of the best paying investments obtainable. A great advance in finance is the Columbia System of dividing a conservative, absolutely safe first mortgage on finest New York Realty into a lot of little mortgages or what are called Columbia First Mortgage Bonds. These bonds enjoy all of the safeguards and privileges of the original mortgage and earn the same generous interest-6%%. Columbia First Mortgage Bonds are obtain able in denominations of $1,000, $500 and $100A partial payment plan is provided. You can pay as little as $10 a month on a hundred dollar bond. Thousands of careful investors are making regular monthly payments on first mortgage bonds. Send for a free book, "The Modern Security," of tremendous interest to anyone who wants to get ahead financially. It tells the wonderful story of how compound interest doubles the original investment; proves from every standpoint the soundness of Columbia First Mortgage Bonds; shows why New York City realty is the est security in the world.. strong The Columbia 4 East 43rd Street NEW YORK CITY FINANCIAL DEPARTMENT (Continued) dies, or the two men move away, or the group is broken up, what of their successors? Will he or they be able to carry on? Certainly any one who buys into such a business should keep himself well informed about the management. All sorts of things affect a company's earnings, and stocks-common stocks in particular-are largely dependent for their value upon earnings. Earnings are bound to fluctuate, and the wise stockholder does not forget about his stock. Suppose too that a corporation finds itself in need of additional capital and is obliged to put out a large issue of bonds in order to raise the required amount; interest is a charge ahead of dividends and may affect the earning value of the stock. It would be prudent policy to know about this. We do not by any means mean to say that a security holder should worry constantly about what is happening to his investments. But he should keep in touch with them in proportion to their investment standing. The widow who owns only the highest-grade securities has had these purchased for her because she has neither the knowledge nor means required to watch them, and securities are generally rated according to the watching they require. The "gilt attention; the business man's investedge" security should require very little ment is one with which the should be in frequent touch; and the speculation requires the very closest watching. owner Many people make a practice of having a banker, duly qualified, go over their list of investments at stated intervals and have the weak spots attended to, just as they have themselves examined regularly by an oculist, a dentist, and a physician. And many investors consider this regular examination no more than a prudent precaution against changing conditions and possible loss. The man who puts his securities away and forgets about them, however, is like a man who does not believe in insurance; but some day he may come home and find his house burned to the ground and his money gone up in smoke. We do not wish to give it out as our opinion that investing is a risky and troublesome business only for the initiated; but we do believe that, like all human inventions, it is not perfect; and, though to invest money is the best thing to do with it that we know, it is well to keep in touch with what is going on. QUESTION AND ANSWER Q. Can you give me the name and address of the receiver. for the Manhattan Piggly Wiggly Corporation, and also tell me what progress is being made in settling the affairs of this concern? A. The receiver is Percival Wilds, 2-Rector Street, New York City. Until the receiver makes a report and the present litigation in the courts is settled it is impossible to give any definite information. A Connection of Real Value to the Investor EN who have learned MEN to make sure-footed progress in their financial affairs know that the services available to them through established relations with a reliable investment house are indispensable. A connection with Halsey, Stuart & Co. adds to the investor's own knowledge and experience these distinct advantages a. The complete facilities of an old, established house in b. A wide selection in various d. A sincere and continuing interest in your bond in vestments -expert advice concerning them at all times. e. Assurance of our endeavor to help you conform your bond holdings.exactly to your requirements. f. Facilities for collection of g. A painstaking service re- tatives or over the counter. Detailed description of the various services you may obtain from Halsey, Stuart & Co., together with information of general interest and value to invesLors, is contained in our booklet,"Choosing Your Investment House."Let us send you a copy without obligation-write for booklet 252. Tours and Travel ZERMATT with the Matterhorn SWITZERLAND LOVERS of beauty, of travel, of play, will find in Switzerland the dream spots around which their imaginations have ever circled GENEVA with its classical lake, ever attractive and interesting as a resting place and excursion centre, combines beauty, wealth and intellect, and is a university town of world renown. Then ZERMATT, at the foot of the Matterhorn, exquisite as a high Alpine health resort, conveniently reached via the wonderful Loetschberg railway. LUCERNE, the "Mecca" of all tourists; its loveliness proverbial its variety of sports and amusements most interesting. The starting point for excursions in Central Switzerland. LUGANO, in the Swiss-Italian lake district, a paradise of flowers basking in perennial sunshine, an unforgettable trip via the electrified St. Gothard line, famed for its scenic grandeur. THE GRISONS with its 150 valleys, and the famous Engadine, is an Alpine wonderland. Its unique climate with powerful solar radiation, its excellent cures and opportunities for all sports have made its St. Moritz, Davos, Arosa, Pontresina, and Flims most appealing as all-year-round resorts. TARASP VULPERA, in the lower Engadine, offers a marvelous Alpine climate, while the variety and medicinal values of its waters are not approached by any European watering place. Also intellectual ZÜRICH, the country's metropolis; and, nearby, with its wonderful setting of parks and woodlands, the watering place of SCHINZNACH, and its curative sulphur springs. Switzerland is unchanged. Rates to suit any purse from $2.00 a day up. No war, luxury or other taxes for tourists. Write for portfolio of Switzerland, No. 116-beautifully illustrated booklets descriptive of its wonderful scenery, cities, sports, life. It is free. Address Official Agency of the SWISS FEDERAL RAILROADS 241 Fifth Avenue, New York Tours and Travel To Europe NAPLES PARIS ROME LONDON 30 to 80 days of delightful European travel under experienced and competent guidance, for as little as $425. Other prices up to $1,100. Gates Tours, founded in 1892, are planned with the idea of giving their patrons comfort, combined with economy. Let us send you complete information about Gates Tours to Europe next summer. Sailings May to September. Write for Booklet H-17. GATES TOURS-Founded 1892 "World Travel at Moderate Cost" 225 Fifth Avenue, New York London Paris Williams Tours Rome 25 Years' Experience in European Travel. SAILINGS APRIL TO SEPTEMBER, 1923 "Absolutely First Class at Reasonable Rates" We specialize on small, congenial The Egerton R. Williams Co. 220 Devonshire St., Boston, Mass. Tours and Travel TO THE MEDITERRANEAN AND ITALY IN APRIL Tour sailing April 18. Write to BUREAU OF UNIVERSITY TRAVEL 15 Boyd St. Newton, Mass. THE beauty, fascination, and mystery of the Orient lures visitors from all over the world to JAPAN The quaintest and most interesting of all countries. Come while the old age customs prevail. Write, mentioning "Outlook" to JAPAN HOTEL ASSOCIATION Care Traffic Dept. IMPERIAL GOVERNMENT RAILWAYS for full information Rales for a single room without bath and with 3 meals, $5-6 in cities and popular resorts, $4-5 in the country will be given CLARK'S 20th CRUISE, June 27, 1923 Free Trip to Europe an organizer TOE MEDITERRANEAN of a small party. Price $750 to $1,300, no extras. First class rail travel on Continent. Also a trip will be given to Baptist World Alliance at Stockholm. Established 1900. Babcock's Tours, 13 Halsey St., Brooklyn, N.Y. Health Resorts THE GLEN SPRINGS WATKINS GLEN. N.Y. ON SENECA LAKE Wm. E. Leffingwell, Pres. A Mineral Springs Health Resort and Hotel. The Pioneer American "cure" for heart disorders. Hotels and Resorts ALASKA OUR LAST FRONTIER Have a real vacation with us next summer in this wonderland, now easily reached. Magnificent scenery, comfortable camps Hunting, fishing, prospecting, exploring. THE TAKU RIVER COMPANY, Juneau, Alaska CONNECTICUT Wayside Inn NEW MILFORD, Litchfield Co., Conn. The foothills of the Berkshires. A restful for tired people. Good food and a com. Booklet A. Mrs. J. E. CASTLE, Proprietor EUROPE BECKONSfortable home. 2 hours from New York. WE can make your travel EASY OUR TOURS include Rome, Switzerland, Netherlands, France and British Isles. Sailing June 27. Twelfth Season. ROOMS WITH PRIVATE BATH on the steamer for those enrolling early. HIGH GRADE TOURS at a very MODERATE PRICE. Write for an Illustrated Itinerary to WORTHWHILE TOURS 17 Aldworth St., Boston 30, Mass. England. Holland, Belgium, France, Switzerland, Italy. Sailing July 5. $725. The best things to see and the best way to see them EUROPEAN" Tours of Character" Write for particulars to THE GOLDTHWAITE TOURS 169 Massachusetts Ave., Boston, Mass. EUROPE & PALESTINE "Travel free from worry' Personally conducted tours, with sailings in June and July. Splendid steamers, attractive hotels, interesting sightseeing and special features. Inclusive prices $675 to $1,485. Hundreds of enthusiastic patrons. Write at once for new descriptive booklet. The Wicker Tours EUROPE 1923 Travel with us to the picturesque capitals of the Old World: Edinburgh, London, Paris, Brussels, Amsterdam, Rome. Send for new booklet, Europe 1923 THE TEMPLE TOURS 65 A Franklin Street, Boston, Mass. Opportunity for FOUR GIRLS to visit Europe this summer under competent chaperonage. Sailing June 12 for Naples, returning Aug. 24. Glasgow-Montreal. Price $2,000. For particulars address Mrs. Bart Wirtz, Mt. Washington, Baltimore, Md. SELECT PARTY OF FIVE-two months' trip (June 26-Aug. 25). Naples, Rome, Florence, Venice, Italian Lakes, Switzerland, Paris, London. $985. 8,595, Outlook. EUROPE Sailing from Montreal, June 22, June_29 and CHICAGO We guarantee the maximum of comfort and pleasure at a cost as low as is consistent with good service. THE SCHILLING TOURS, affiliated with the Capital Nat'l Bank, ST. PAUL, MINN. Students' EUROPE 1923 $745 Tour July 3. Popular Tour June 30. Other tours. PIERCE TOURS, 1472 Broadway, New York. Educational Tours to EUROPE, Summer 1923. Organizer of small party will be given free trip to Europe.Address Educational Tours, 160 E. College St., Oberlin, O. Europe Summer 1923 Superb Routes. Expe rienced leadership. Limited number. For details write R. H. Browning, Secretary, 117 Elm St., Oberlin, O. Combine Travel and Study with The European Summer School Special Tour for Architects! In 1928 we offer 20 Scholarships to Art Teachers 10 Scholarships to Architects 20 Scholarships to Teachers of Greek History Write for details to The Bureau of University Travel 15 Boyd Street, IMPERIAL HOTEL Russell LONDON Square Central,near Depots, Stores, & Theaters 1000 Rooms fitted II..& C. Water, Bath, & Breakfast $2.50 DISTRICT OF Hotel LaFayette WASHINGTON,D.C. On beautiful Sixteenth Street, one square north of White House. Catering to exclusive clientele. The center of all that is worth while in Washington Hotel Chatham, New York, same management MASSACHUSETTS ock Ridge Hall, Wellesley Hills, bedrooms. Pleasant forest walks and country drives. Our table a specialty. $15-$25 a week. NEW JERSEY Ross. Fine location.' Running water in PINE TREE INN Lakehurst, N. J. Hotel Hargrave West 72d St., through 300 rooins, each with bath. Absolutely Newton, Mass. Hotel Le Marquis Health Resorts "INTERPINES" Beautiful, quiet, restful and homelike. Over 26 years of successful work. Thorough, reliable, dependable and ethical. Every comfort and convenience. Accommodations of superior quality. Disorder of the nervous systein a specialty. Fred. W. Seward, Sr., M.D., Fred. W. Seward, Jr., M.D., Goshen, N. Y. 12 East 31st Street New York Combines every convenience and home comfort, and commends itself to people of refinement wishing to live on American Plan and be within easy reach of social and dramatic centers. Rates with Illustrated Booklet gladly sent upon request. KNOTT Management. |