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The Financial Department is prepared to furnish information regarding standard investment securities, but cannot undertake to advise the purchase of any specific security. It will give to inquirers facts of record or information resulting from expert investigation, and a nominal charge of one dollar per inquiry will be made for this special service. All letters of inquiry should be addressed to THE OUTLOOK FINANCIAL DEPARTMENT, 381 Fourth Avenue, New York.




*OW many people, we wonder, have been excited about the for the better. Lots of people figured the same way when marks possibility of large profits from the purchase of foreign could be had for five cents apiece. Russian, Austrian, Italian, exchange or foreign bonds during the past year? The French, Belgian, and English exchanges too have had their fol

. newspapers have devoted much space to the drop in foreign cur- lowings. Few people have had any real understanding of how ar rencies as quoted in terms of dollars, and nearly everybody has why foreign exchange should be profitable, or how to go about had some friend recount to him in glowing terms the arguments realizing a profit, but in many cases they have not been deterre in favor of this kind of investments. They have sounded rather by their ignorance, and, as often happens in such circumstances plausible too. And, as usually happens, the foreign exchanges results have not always been happy. Options on large amounts quoted at the lowest figures have seemed the most attractive. of foreign moneys have been offered for what have seemed ridicaGerman marks at a discount of over ninety-three per cent have lously small sums and the lure of enormous profits has been hard been especially appealing. People have reasoned it out that Ger- to resist. People have purchased options who did not know the man marks with a normal value in our money of 23.82 cents quoted meaning of the term, and who knew less than nothing of the at less than two cents are a “good bet.” They figure that they ramifications of dealings in foreign exchange: why it should be can't go much lower, and that any change must of necessity be low, what conditions are necessary to cause higher quotation:

What Every Client
of S. W. Straus & Co. Knows

Every purchaser of the first mortgage real estate bonds safeguarded
under the Straus Plan knows that he is secure in certain very definite

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The holders of bonds safeguarded under the Straus Plan know that
they have selected the one safe, satisfactory, worry-proof investment
for their savings. These bonds net 6% with 4% Federal Income Tax
paid. They are available in $500 and $1,000 denominations. Investi-
gate them. Write today for

Booklet K-1005

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Bačko/Your Bonds are the Necessities for the

Advancement of Civilization

CATITAL is the life blood of Industry.

War and its aftermath-higher costs, larger output and the necessity for expanded facilities, have resulted in largely increased capital demands on. the part of business. Halsey, Stuart & Co., through the outright purchase of the bond and note issues of essential industries, have supplied this needed capital, and through distribution of the securities so purchased have provided investors with safe and remunerative opportunities for employing their surplus funds. Representative issues offered by Halsey, Stuart & Co., are

Armour & Company 7% Convertible Gold Notes 1930
Associated Simmons Hardware Companies 7% Secured Notes,

Continental Motors Corporation 7% Notes, 1925
Cuba Cane Sugar Corporation 7% Convertible Debentures, 1930
Utah-Idaho Sugar Company First Mortgage 7% Bonds, 1921-30

Circular OM:15, descriptive of these and a wide variety
of other safe investments, will be sent upon request.

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(Continued) nd how to go about taking advantage of hem should they become a fact.

There are few things connected with the ubject of finance more technical and diffiult to understand than foreign exchange. Not many bankers have more than a peaking acquaintance with it, and for layaen to attempt to “beat” the


shows mazing nerve if looked at from one point f view, or, if regarded from another ngle, a reckless disregard of ordinary rudence. The unknown is always attractve, and the unknown in finance coupled sith the promise of extraordinary gain loubly so. As proof of this witness the urprising readiness of people to invest in vildcat mining, oil, or motor companies ; ritness the trail of ruin and wretchedness eft by the faker Ponzi in Boston.

As a corollary of foreign exchange forign bonds have also had a wide appeal. I thousand-mark bond of some German city selling for fifteen or twenty dollars s hard for many people to resist; when hey figure that if exchange returns to par -his bond may be worth about $238, the emptation to buy often proves more than hey can stand. The trou is that too often they think only of the possible profit and forget or ignore the many elements hat may interfere with its realization. for instance, to cite the case of Germany, rho knows what conditions are in that country? Who knows whether or not the present Government is stable and likely to ndare? Suppose it should be supplanted, vhat would happen to the bonds? Who nows what would happen to the bonds of he pus cities if their trade should not cvive with any degree of rapidity ? Suppose Germany should join hands with Bolshevist Russia. Suppose she should have a great revolution. There are innumerable possibilities to consider; and are ve certain that all or most of them are not oing to become realities? It seems to us liat unless a man actually wants to gamole, and feels that he can afford to do so, me bad better not put his money into ecurities which contain so many elements of danger.

Moreover, do not practically the same onsiderations apply to Russian bonds and ubles and to Austrian bonds and kronen? Russian bonds fluctuate with the changing ortunes of Bolshevism and its enemies, nd who can tell for certain what the outcome of this struggle will be? Bonds of he once prosperous city of Vienna are uoted the day this is written at five hollars apiece. Austria is now one of the world's small nations, and, cut off from the ca, saddled with staggering debts, her uture does not look particularly promising:

The whole question of foreign bonds nd exchange, it seems to us, must be deided by the future prospects of the various countries. Can they recover from the Effects of the war? Can they re-establish heir industries, resume their business reitions with the rest of the world, unload lie burden of taxation now resting on heir shoulders, and become solvent,“going concerns

once more? When it comes to Germany, Austria, and Russia, there seems o be considerable doubt about an affirmaive answer to these questions being posille, at least for many years to come. Italy, 00, has been having her troubles, just like verybody else, and perhaps her attack has been a little more severe than some of le others, and she may be slower in recovering from it. Belgium seems to be


RIO DE JANEIRO Capital and Gateway of Brasil

Like the threads of a giant web ALL AMERICA CABLES radiate out from New York commercially enmeshing Central and South America."

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ONE of the world's greatest ports through

which Brazil exported, in 1918, to the United States, $113,511,954 in merchandise. Brazilian beef-hides-coffee—sugar-rubber —wheat, etc., are necessities demanded by every nation. “Rio” is eighteen days from New York by mail, but in order to facilitate instant communication of news and business, this great port is kept in constant touch with the United States by All America Cables, All America Cables are one of the great forces in upbuilding the commerce and friendly relations of the Americas, tying together the principal cities of the New World. They are the only direct and American owned means of cable communication.


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to expect too much of many low-priced American securities. It cannot be stated too often that if a security is quoted at an extraordinarily low figure there must be a reason for it, and very likely it is not as cheap as it looks.

Moreover, it should be borne in mind that the question of foreign exchange does not enter into many bonds sold in our markets by foreign governments. The Anglo-French Loan was payable, principal and interest, in dollars; so is the new loan of the French Republic ; so are bonds sold here by Norway, England, Switzerland, Argentina, Canada, and other nations. It is the internal loans of foreign governments, payable in francs, pounds, guilders

, or whatever the case may be, that are affected by the situation of the foreign exchange markets. For instance, suppose you buy an internal loan bond of the Gorernment of the French Republic, principal and interest payable in francs ; if the coupons are worth five francs apiece and you cash them when due, you would get for them five francs' worth of American money at the time the transaction was made; if the principal of the bond came due to-day, you would get as many dollars as one thousand French francs would buy at the current quotation of francs in terms of dollars. Francs are normally worth 19.3 cents apiece; at the present writing they are quotod at approximately seven cents, a depreciation from par of about sixty-five per cent. In other words, if you cashed these coupons now or collected the principal now you would get less for them than would be the case if francs were quoted higher. This is self-evident. On the other hand, because francs are not

more is the reason why it is possible to buy bonds payable in francs so cheaply. And many people have bought franc bonds, and, instead of cashing the coupons when they come due, are holding them in the hope that francs will appreciate in value and thus make the coupons more valuable. This is practically the same thing as buying foreign exchange

. Further, the more foreign bonds Americans purchase, the better the chances are of rising quotations for foreign exchange.

In a brief article it is impossible to do more than touch very lightly the various phases of this subject. What we wish to emphasize is that we believe there are attractive possibilities in foreign investments, and certainly it is to our benefit and the benefit of the world in general to have us buy foreign goods, whether wool, manufactured articles, or bonds. The thing for the purchaser to decide, however, is whether he is getting his money's worth. We do not believe in any investor recklessly buying foreign exchange or foreign bonds wiless he knows what he is doing. And the main thing to be decided is whether the nation whose bonds or money attract him is going to re-establish its industries and trade, and therefore its credit.



(Formerly United States Air Service) watched a bird that from a lazy glide oomed till he stalled, then dived a bit to

play bout a tree-top. God just made this day or flying ; and I know the bumps that

hide eneath those clouds whose shifting shad

ows ride his jaded earth where I seem doomed to

stay, Vith only vagrant thought allowed to

stray rom petty work and seek again the wide ky, touching—I have felt-Infinity, Vhile God's whole brilliant palette spreads

below; Co know again the thrill, the highest key Of Life a-smile at Death !-and ah, to know How better than a dull security, o live for one great moment-and then

The First National Bank

of Boston

Transacts commercial banking

business of every nature




Make it your New England Bank

Capital, Surplus and Profits


"HE article by Mr. Lucas, “From an

American Note-Book,” is quite intersting, with, however, indications that he s not an American.

The Robert Louis Stevenson Memorial as erected in Washington Square, and boked towards the City Hall, then across he street, but if Golden Gate Park had een sufficiently developed it would have een placed there by his countrymen and riends. So it was entirely accidental that I was placed on the edge of Chinatown' many years ago ; this city was young then.

Mr. Lucas refers to R. L. Stevenson as en English author-why, he does not say, hough it may be understood—but as a ative of Edinburgh and of a Scottish Family he adhered to his nationality ; so t can be reasonably suggested that he -hould not repeat his error.

ROBERT BRUCE. San Francisco, California.

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$450 us

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SOUTH AMERICA Including the best there is to see in South America

A Cruise-Tour and the celebrated trip over the Andes. Down

January 29th the West coast on the luxurious Pacific Line 70 days—$2200 up steamer “Ebro"-up the East coast via the Lam

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seeing in all the principal cities of South America. WEST INDIES January 15th, S. S. Ulua ; February 19th, S. S. Cruises

Toloa, of the Great White Fleet. These new 23 days under

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comforts of an ocean liner. Visiting Havana, Santiago, Port Antonio, Kingston, Cristobal, Panama

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for Coughs & Colds





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“And if you believe in the League of THE SHOE THAT HOLDS ITS SHAPE

Nations, vote for Cox,” shouted the politi$7.00 $8.00 $9.00 & $10.00 SHOES

cal orator to his audience of Baltimore colored voters, as reported by a subscriber


“Say dat ag'in, real slow, please," re

quested a newly enfranchised Amazon. YOU CAN SAVE MONEY BY WEARING


The speaker complied in the most disW. L. DOUGLAS SHOES

$9.00 SHOE'

tinct tones.

“Shucks !" came the disgusted tones of 'he best known

his heckler. 6 Dat's enuff. I war gwine shoes in the

ter vote fo’ Mr. Cox, but I ain't now.

BOYS world. They are


thought what you said wuz, did I berliere sold in 107 W.L.

$450 $5.00 in ‘Nigger Nations.'' Douglas stores,

and $5.50

« There is but one thing,” says the direct from the factory to you at

London Mail,” “ that has power really only one profit, which guarantees

to annoy Lady Irene. It is to have bei to you the best shoes that can be

name pronounced in the English instead produced, at the lowest possible of the American fashion.” Does this mean cost. W. L. Douglas name and .

that the lady wishes to be called “ Ireen' the retail price are stamped on and not “ I-ree-nee?" the bottom of all shoes before

A writer in the “ Journal of Heredity they leave the factory, which is

makes the interesting statement that will your protection against unreason

the low birth rate of American families a able profits.

the present time, the number of direct deW. L. Douglas $9.00 and $10.00 shoes are scendants of those who came in the May absolutely the best shoe values for the flower will soon be so small that it will be money in this country. They are made of

possible to put them all into a boat of the the best and finest leathers that money Mayflower's size! As “Good Health, can buy. They combine quality, style, workmanship and wearing qualities equal

however, remarks, the contingency is no

so serious as it at first appears, for the to other makes selling at higher prices. They are the leaders in the fashion centers

original stock of the New England settler of America. The stamped price is W. L.

has become so intermingled with other Douglas personal guarantee that the shoes stocks that their blood now flows in a are always worth the price paid for them. fourth part of the American people. The prices are the same everywhere; they cost no more in San Francisco than they “ Skirt” is defined by the humorist of do in New York.

the “Journal” of the American Medica W. L. Douglas shoes are made by the

Association as follows: “A garment whicl highest paid, skilled shoemakers, under formerly required a yard and a half of 54 the direction and supervision of experi- inch goods but which now

can be made enced men, all working with an honest with half a yard of 40-inch goods." determination to make the best shoes for the price that money can buy.

Lady Astor's readiness of repartee i

giving her a reputation for saying thing W. L. Douglas shoes are for sale by over 9000 shoe dealers

that she doubtless never said. But this besides ourown stores. If your local dealer cannot supply you, take no other make. Order direct from factory. Send story about her from an English paper for booklet telling how to order shoes by mail, postage free.

seems at least well invented : CAUTION.—Insist upon having W.L.Doug.


“ When Consuelo, Duchess of Marlborlas shoes. The name and price is plainly

W.L.Douglas Shoe Co., stamped on the sole. Be careful to see

167 Spark Street,

ough (a Vanderbilt), reproached Lady that it has not been changed or mutilated.

Brockton, Mass.

Astor as one of the new rich, the latter replied with fine scorn :

Why, Consuelo the Astors had stopped skinning skunks generations before the Vanderbilts began collecting ferry tolls.”

“Why should a man saddle himself

with a wife for life,” said be, bitterly Cash payment, from $1 to $5, will promptly be made to our readers who « when he can buy a parrot for $5? send us a cartoon or photograph accepted by The Outlook.

“Yes," she retorted sweetly, according to We want to see the best cartoons published in your local papers, and

Argonaut, ,”? “ there again you meni the most interesting and newsy pictures you may own. Read carefully certainly have the advantage. We poor

women can't buy a bear of any kind under the coupons below for conditions governing payment. Then fill in the $200.” coupon, paste it on the back of the cartoon or print, and mail to us.

We are always learning

new things The Editors of THE OUTLOOK, 381 Fourth Avenue, New York about our wonderful Territory of Alaska

and one of the surprises is contained in a To the Photograph Editor of The Outlook :

To the Cartoon Editor of The Outlook :

statement by a writer in the “Century" The attached photograph is the property of

Tho attached cartoon is clipped from tho

about its geographical position. He says: the undersigned and is submitted for publica

“ Alaska is as large as Norway, Sweden, tion in The Outlook. Postage is enclosed for

of the following

Finland, Denmark, Holland, Belgium. its return if unavailable. It is my understanding that The Outlook agree

England, Ireland, Scotland, and two-thirds to pay $3 for this photograph if reproduced as a half


If this particular of the former German Empire. It covers page cut, or smaller, and $5 if reproduced in

clipping is selected for reproduction in The larger size than a half page. The enclosed

Outlook, I will accept One Dollar as payment

exactly the same parallels of latitude that brief account of the object or event depicted

in full for my service in bringing it to your

these countries cover, possesses the same you may use as you see fit.

attention. I agree that if it is not used it will climate, and much the same wealth in fornot be returned nor its receipt acknowledged. ests and tillable soil, with a vastly greater

wealth in animal life and minerals." Name..


A book, called “ Social Scandinavia in Address....


the Viking Age” tells of the games of the vikings. One was perhaps the original


We Doreglas

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A Cash Offer for Cartoons and Photographs


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