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to lose he cannot afford to take chances with it. So with a woman dependent upon her income; she has no business to take any chances with her capital and her investments should be selected with as much care as can humanly be exercised.

None of this is new. It has all been said thousands of times before, and it would seem as if it were unnecessary to repeat it again. Yet people apparently do not learn the most elementary lessons of investing; at any rate, they seem to ignore these lessons on every possible occasion. Perhaps it is due to the war. Prices are being deflated, money is being deflated, everything except people's ideas. As one man recently remarked, there is little chance that our business and every-day life will be straightened out until we realize that all of us are not entitled to own an automobile, a talking-machine, and a closet full of clothes; that we cannot go to theaters and cafés every evening and spend our summers at the seashore or in the mountains. While the war was on, too many people became accustomed to these luxuries for our own good. Now they are not willing to admit to themselves that these things are of the past, and that the order of the present day is work and more work, followed by economy and saving. These are the things which will save the world in general and the United States in particular. Those people who are living as they were living three years ago and who seem to think some mysterious force is going to set things right can make up their minds that no such thing will happen. Thrift, like charity, begins at home.

Just as our ideas about living need deflating, so with our ideas of what constitutes a profitable investment. People who bought the "war babies" and doubled their money think an investment yielding 6 per cent is beneath their notice. Only a short time ago "everybody" was making money in the stock market. How many are making it now? As a matter of fact, few people are buying. Compare the recent transactions on the Stock Exchange with those of war days and just after the war. Of .late the number of shares dealt in has averaged in the neighborhood of three hundred thousand, which is dull business when a comparison is made with the million and a half and two million share days we had formerly. Dealings in “outside" stocks too have fallen off and the bond market has slumped. Is it because people are afraid to buy, because they have no money, or because they think it will be to their advantage to wait? All three of these considerations exert their influence, no doubt; but is any one of them the real reason? Is it not possible that people are still thinking about the profits of former days and are not content to take a fair and reasonable return on their money? In other words, their ideas about what they should get from an investment are not deflated.

What should one get from an invest. ment, anyway? Should he get large profits or a moderate return combined

(EW ENGLAND extends an unusual invitation I to the vacationist this year. The principal Tercentenary celebrations, during July and August, will be of international interest and significance.

Opportunity is offered by New England for every form of wholesome recreation. Plan to spend at least a part of your vacation visiting some of the scenes of early American history - Plymouth, Provincetown, Boston, Concord, Cambridge, Salem and Portsmouth, to mention only a few.

The Old Colony Trust Company can be of much practical assistance to those who decide to visit New England. You are cordially invited to make our office your temporary business headquarters and address. And during your stay, whether it be short or extended, we shall be glad to have you take full advantage of our banking, investment and trust services.

The facilities of our commercial Banking Department, in particular, are exceptionally complete, and assure the efficient handling of all matters of a general banking nature. A temporary checking account will afford you much convenience. Our three offices, two of which are in the heart of the Boston shopping district, may be used interchangeably by our depositors. Interest is paid on all daily balances and certificates of deposit in excess of $500.

Our numerous correspondents, including those in the important cities of New England, expedite collections in this Federal Reserve District.

Our modern trust company service is described in detail in our booklet “Your Financial Requirements.You will also find much of interest in our historical brochure entitled “New England - Old and New." May we send you either or both of them? Address Dept. O

OLD COLONY Trust COMPANY

BOSTON

Member Federal Reserve System

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tirely possible that in the long run the bondholder will make more than the stockholder. Which were the more profitable securities of the New Haven, the bonds or the shares of stock? Examples like this are well to bear in mind.

Whoever reads the financial pages nowadays must notice the large number of companies which are omitting their regular dividend payments. All sorts of reasons are given, but the plain truth is that earnings have not been of sufficient size to justify dividends. On the other hand, how many companies are failing to pay interest on their bond obligations?

Suppose you are a stockholder in the Blank Company, and suppose your nextdoor neighbor holds bonds of that company. During the war it was probable that your stock paid extra dividends and perhaps the regular rate was increased. You felt pretty prosperous and rather scorned your neighbor, who got only 5 per cent from his investment. Further, as a stockholder you were one of the owners of the business and entitled to a voice in its management. How are you feeling now? It may be that the Blank Company is not paying dividends any more, and possibly you are worried about the value of your shares. The chances are that your neighbor is not worrying, however, for ten to one his interest is being paid regularly and his bonds are absolutely safe. He bought safety and you purchased yield. You got yield for a time perhaps, but suppose you were to sell your stock now? Would the depreciation in the value of the shares amount to more or less than the dividends you have received? Whose investment is better over a period of years, yours or your neighbor's?

Safety and yield are difficult things to combine, and in most cases it is neces. sary to make a choice between the two. It is for the individual, who is familiar with his own circumstances and pros pects, to decide whether he is justified in risking safety in order to obtain yield or whether he must have safety at the cost of every other consideration. This decision made, it is fairly simple to get the advice of your banker concerning what to buy.

BROWN, SHIPLEY & COMPANY

Established 1810 Founders Court, Lothbury

Office for Travelers LONDON, E.C.

123 Pall Mall, LONDON, S.W.

FINANCIAL DEPARTMENT

(Continued) with safety of principal? In other words, which should a man with money to invest consider first, safety or yield? Investing is purely a business proposition and should be regarded as such, and the aim of most businesses is to make money for the persons managing them. On this basis, therefore, the choice between safety and yield should be made.

The individual's circumstances are to be considered. As a general proposition it is proper to say that the more an investment yields the less safe it is, and the investor should decide whether he can afford to take risks with his money in order to increase its yield. Let him picture himself as having lost his money, and such a picture may help him to make his decision. If he can afford the loss, he is justified in taking risks, but not otherwise. Everyone has seen the terms “speculations," "business man's investment," "gilt-edged," and the others employed in describing different kinds of securities. Every one with money to invest should give careful attention to the kind suited to him.

Generally speaking, securities may be divided into two classes, safe and speculative. Broadly speaking, bonds are safe and stocks speculative. Of course there are varying degrees of safety in bonds and some stocks are high-grade invest. ments, but if the man with little money will ignore stocks and buy bonds he will not go far wrong. Because bonds are safer than stocks they yield less, and on

this account many people pass them up in favor of stocks—often to their sorrow.

A bond is a direct obligation of the issuing company, secured by the pledge of definitely named property. Stock evidences a share in the business; if profits are large the stockholders benefit, but in case of loss the stockholders must bear it. Take the case of the New York, New Haven, and Hartford Railroad Company; as most people know, this great corporation nearly went to smash a few years ago. Dividends have not been paid on the stock in years and the value of the shares tumbled precipitately, bringing suffering and loss to thousands of people. There seems little prospect of dividends being resumed for a long time. But what about the owners of the mortgage bonds of the New Haven road? They are receiving their interest regularly and are not worry. ing about their investments a bit. The interest rate on bonds is fixed, and the buyer of bonds can figure exactly what the yield on his investment will be; he never expects a "melon" to be cut for his benefit and he does not look forward to a share in any large profits which may be made. What he buys is safety. He does not expect to divide increased earnings, and, on the other hand, he does not expect to share in the losses. If his interest is not paid, he and his fellow-bondholders can sell the property and get their money. Still, if one will insist upon looking at investments from the standpoint of profit only, it is en

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GALLERY

PUBLISHER'S NOTES ion that I have held all along, that The CONTRIBUTORS'

Outlook is all right, which point I TF, after taking a swing at the three should like to debate with the gentle. I prize contests we have already con- man from the rainy backwoods State." TULIAN STREET is one of the best-known ducted, your contest spirit is still func

J American feature writers. He has tioning, we should be glad to have you

the reputation of writing not only ensuggest subjects for the remaining two

FOR THE CRITICS

gagingly but truthfully. The story is that are still to be announced.

told that after he had published an unBY REGINALD WRIGHT KAUFFMAN

expurgated description of one of our It would be as hard for The Outlook VOU, who in majesty apart

Western cities the city authorities in I to announce what it is going to do

1 Form and declare the Laws of Art: their wrath changed the name of the next year as for the New York "Times"

toughest street in the town to "Julian to forecast its plans very far in advance. How certainly you clip the palms

Street." He was born in Chicago in That depends largely upon what hapFrom Palestrina down to Brahms;

1879 and was educated in the Chicago pens in the world. And the most inti

How lessen, with a shrug or cough, public schools and in Ridley College nate interpretations of important news Now Chopin, now Rachmaninoff!

Preparatory School, at St. Catherine's, developments are not always written by

They live or die upon your words. people with famous names. As evidence,

Ontario. He has been a reporter on the

New York "Mail and Express" (now the however, that The Outlook during the Please, that Composer's merits weigh

"Evening Mail"), on the staff of which past year has not been without its dis- Who, in some rude, uncultured day,

he was later dramatic critic. He is the tinguished contributors, it will be re Wrote the brief songs of birds!

author of "My Enemy the Motor," "Paris called that there were articles by such

à la Carte," "Ship-Bored,” “Welcome to American statesmen as Robert Lansing, Tell us how ranks (for who else knows?)

Our City," "Abroad at Home," and Calvin Coolidge, Will Hays, Theodore The lost Cellini of the rose;

"American Adventures"; he collaborated Roosevelt, Harold Knutson, and F. M. Or with what skill that Dorus spoke,

with Booth Tarkington on the comedy Davenport. There were feature articles The Architect who built the oak.

“The Country Cousin." Mr. Street by such eminent foreigners as Stéphane You codify and analyze

writes of old Japan as observed by VisLauzanne, P. W. Wilson, and Baron S. A.

Titians, Rembrandts, or Fragonards: count Shibusawa. Korff. There were feature articles by

That Artist should we scorn or prize Julian Street, John Burroughs, George

T MMA S. YULE Kennan, Bruce Barton, Isaac Don LeWho, on the canvas of the skies,

U writes of the

Orient
Here paints the sunset, there the stars?

of vine, and

to-day. W. R. George. Men and women of letters included E. V. Lucas,

She has lived for ten How ranks in your enduring plan

years in the Orient. Brander Matthews, James Huneker, Stephen Leacock, Christopher Morley, The unknown Phidias of man?

She is now Associate George Ade, Owen Wister, Mary Roberts Will His works live, the Poet, He

Professor of EngRinehart, Elsie Singmaster, Stewart Ed Who, to encourage and console,

lish in the Colward White, Emerson Hough, Ida M. Wrote odes to immortality

lege of Agriculture, Tarbell, Joseph C. Lincoln, Reginald Between the covers of the soul?

University of the Wright Kauffman, Gertrude Atherton,

Philippines. She has

done educational work in the State of Hermann Hagedorn, Aline Kilmer, and Thumbs up or down? We bide your nod! Thomas L. Masson. The stuff of which Is it True Art, this work of God?

Washington and in Alaska. She was

born in Iowa. The Outlook is to be made for the next fifty-two issues will be as carefully se

CHARLES HENRY MELTZER, who prelected and as important.

WORKING GIRLS'

u sents in this issue some interest

ing close-ups of British royalty, was " MIT the chatter about New York VACATION SOCIETY formerly London correspondent for the City theaters and the endless suc. IC BY E. A. BUCHANAN, ASSISTANT SECRETARY

New York "Herald"; he has also served cession of plays, good, bad, and indiffer

the "Herald” in Rome, Paris, Spain, ent, presented there week after week, TOR many years the railways have

Berlin, and Cairo. He has contributed and the actors who appear in them,"

r given the Working Girls' Vacation frequently to Th

frequently to The Outlook. His article demands C. H. J. B., of Los Angeles,

Society of New York City, for the use of

Society of New York City, for the use of entitled “The French Civic Union" apCalifornia. "Delete all profanity from

peared in the July 20 issue of The Outlook. your columns. If in any case of delinea. This year one of the roads has refused

'M OLLY Amos" is the pen-name of the tion of character or report of a conversa- this privilege, and the Society is obliged

M author of "The Daniel Jazz and tion it appears necessary to indicate to pay full fare for every girl who goes

the Rabbi." It appears from her sathat profanity was used, a simple dash to any of our places in Connecticut. We

tirical story that the wives of Christian is sufficient.” On the other hand, almost operate six houses there.

ministers are not alone in their tributhe same mail brought us a letter sub- On account of this extra expense, the

lations; the wives of rabbis do not necesmitted in Contest Number Three in Society will not be able to send as many

sarily always tread the primrose path which the contestant winds up with an girls as formerly unless the generous

either. There is no moral attached; but explosive "damn" and instructs us to public and our kind friends will come

some reflections induced by this "prirepeat the word until the length of his to our assistance. Owing to the excess

vate letter" appear on the editorial pages. letter reached the 600-word limit.

ive heat of the last few weeks many
girls are applying every day, but we

TYMAN ABBOTT, the Editor-in-Chief, In the June 8 issue, I notice that a can't take them unless the money comes

I hangs the picture of the Smiley I gentleman from Oregon (which State in.

brothers in his gallery of his contempo

raries. I am very familiar with) says that The Who will help us give these girls the Outlook does not appeal to him. I've rest and change they so much need? D EGINALD WRIGHT KAUFFMAN was forbeen reading The Outlook for quite a Forty dollars will pay board, traveling 1 merly associate editor of the few years, and I think that, if anything, expenses, and medical care for a month "Saturday Evening Post” and of the it has improved. My opinion seems to at Santa Clara, for a girl with tubercu- “Delineator.” During the World War be the existing one over at school (Car- lar tendency. Ten dollars will pay for he was a newspaper correspondent with negie Institute of Technology), if au- a vacation of two weeks, also traveling the French, Belgian, British, and Amerthority is wanted on international ques- expenses.

ican armies, after having enlisted for tions; if information for a debate is Contributions, large and small, may service in France and having been honneeded or if material for a' theme is be sent to the office of the Society, 105 orably discharged on account of physidesired, the English department refers East 22d Street, New York City. Checks cal disability. He is the author of "The us to The Outlook and to one or two should be drawn to Working Girls' Vaca- House of Bondage" and many other others. They merely confirm the opin- tion Society.

books. Helives in Columbia, Pennsylvania

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pa

buses.

BY THE WAY

TVTHAT is the smallest coin issued from

W the United States Mint—the smallest, we mean, in value, not in size? Few people would guess. An exchange tells us that it is the centavo, in value worth about half a cent or an English farthing. Probably few of our readers ever saw one, but it is coined in millions. It is made solely for circulation in the Philippines and its size is large because the Filipinos under the Spanish rule were accustomed to use large coppers.

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The altitude record in unveiling monuments is to be broken, it is said, when a monument is erected next September over the grave of Dr. James Orton on an island in Lake Titicaca, in Peru. The height is over 12,000 feet above the level of the sea, and Lake Titicaca is the highest steam-navigated lake in the world. Professor Orton was one of the greatest of American naturalists and had remarkable experiences as an explorer in South America. He was a professor at Vassar College, and was away on leave for purposes of explora. tion and study of natural history at the time of his death in 1877. The Vassar alumni have raised a fund for the Memorial in Dr. Orton's honor. It has been designed by a New York sculptor, Mr. John Ettl. It has the special quality of following the architectural style used by the ancient Incas. The Peruvian Government will be represented officially at the unveiling.

The Invisible SAFE that accompanies you

The U. S. dollar, while at a premium among the moneys of the world, is not proof against loss or theft. It remained for a great American Institution to provide a simple and personal means for protecting the traveler's funds against this loss or theft.

American Express Travelers Cheques

A hundred years ago a wealthy bachelor, named Paige, who lived near !! bion, Rhode Island, gave a party: one of the young ladies left a glove. Mr. Paige returned it with the following note: "If from your glove you take the letter G, that glove is love and that I have for thee.” The young lady replied: "If from your name you take the letter P, that Paige is age and that won't do for me." The story is vouched for by a friend of The Outlook, whose grandmother had it at first hand.

“Insure” the value and the safety of your money in traveling at home or abroad. Thirty years of world use by travelers has made them “the insured money of all nations." Their value is universally recognized. Convenient, simple, and handy to use, they are an absolute necessity for the traveler, summer vacationist or tourist of the world. Besides, American Express Travelers Cheques command for the holder the super-service of the American Express Company's world organization, thru its offices and thousands of correspondents everywhere. In the United States and Canada, use the Dollar Cheques in $10, $20, $50, $100 and $200 amounts; in Great Britain, £5 and £10 Sterling Cheques; French Franc Cheques for France, 200 and 400 Francs. Or, as an extra service and convenience - our new Travelers Cheque Exchange Order for $500, con. vertible without cost into Travelers Cheques. Buy them at Express offices or at your own bank. For all journeys secure your steamship tickets, hotel reservations, and itineraries, or plan your cruise or tour thru the American Express Travel Department.

A number of small towns of Massachusetts are offering special inducements in the way of a "cash bonus" in their efforts to attract young physicians to settle in their midst. More than ses. enty towns are without doctors, and these are "borrowing" doctors from adjoining communities.

Dr. Clara Barrus, literary executor and authoritative biographer of the late Jolin Burroughs, asks that all persons owning interesting letters from Mr. Burroughs will communicate with her at Woodchuck Lodge, Roxbury, N. Y. All letters sent will be promptly copied, or extracted from, and returned to the owners.

AMERICAN EXPRESS COMPANY

65 BROADWAY, NEW YORK

A London newspaper trying to find the novel with the shortest chapter concluded that the prize went to BulwerLytton, in whose "What Will He Do With It?" the chapter headed "Dénoue ment" consists of only one word, "Poodle;" but an English critic has hastened to announce that the shortest

INTERNATIONAL BANKING SHIPPING TRAVEL AND FOREIGN TRADE

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Sterne's "Tristram Shandy,” for in Chapters XVII and XIX Sterne put nothing but caches.

A plot has been aiscovered, says a Dutch correspondent of an English paper, for the reconquest of Germany by the ex-Crown Prince. If it had succeeded, comments "Punch," it would have served them both right.

Prices rise to the skies in the White Mountains, says a Vermont reader, according to one sign recently encountered by a tourist: “Rooms—$1.25 and up 14 of a mile."

Marriage in India even to this day is far from according with Western ideas. A friend sends us a column of "Matri. monial Notices" from a Lahore paper. All the “notices" are attempts to make matches. Suitable matches are wanted for girls of fifteen and sixteen and a boy of nineteen. In some cases the caste requisite is specified; in others it is waived. One asks for replies from rich men only—those who will spend 4,000 rupees before the marriage. We give one specimen:

Wanted—For a Saraswat Brahman girl aged 16 years of a respectable family possessing good knowledge of Sanskrit and English and well up in household affairs, a match Saraswat Brahman who should have a good moral character and independent means of livelihood. Collegiates can also apply.

The "also" in the last sentence is distinctly, if unconsciously, humorous.

In Mr. J. C. Squire's “Life and Let. ters" he tells as an illustration of American humor the story of a traveler on a sleeping-car who had written a complaint to headquarters about the presence of vermin in his berth. "He received back from the administrative head a letter of immense effusiveness. Never before had such a complaint been lodged against this scrupulously careful line, and the management would have suffered any loss rather than cause an. noyance to so distinguished a citizen as, etc., etc. He was very delighted with this abject apology. But as he was throwing away the envelope there fell out a slip of paper which had, appar

LOIS LANG'S render- tor in his own native Ober

ing in deeply sculptured ammergau, including a year's 3 wood of Leonardo Da study with the great woodsculp

Vinci's masterpiece, tor Fortunato Galli, in Flor"The Last Supper," a beau- ence, Italy, Alois Lang took up tiful example of the possibilities his permanent abode in America of this art, is considered one in 1903 as the head of the Eccleof the finest pieces of wood siastical Art and Wood Carving carving ever executed in this Department of the American country.

Seating Company. Working By his training and distin- under him are some of the most guished artistic achievements, skilled artists of the various Alois Lang, the sculptor, is schools and periods of wood eminently fitted to represent carving, but Lang's genius and hand down the best tradi- guides and inspires them all. tions of the ecclesiastical art

Our studios are equipped to

Our studies ar of wood carving from the Old

execute any commission in the World to the New.

wood carver's art from renderThe place of his birth was ings such as this Last Supper", Oberammergau, Bavaria, fa- or renderings of other submous alike for its Passion Play, jects of symbolic significance, and as being for centuries the to simple and less expensive seat of Europe s greatest wood examples of wood carvingcarvers.

·lecterns, baptismal fonts, prieComing from a family for dieux, altar seating and pews. generations famous as sculptors As personal gifts to the house in wood, Alois Lang inherited of worship, or as memorials, in generous measure the talent such pieces are most approof his forefathers. After every priate. The services of Alois advantage both in training and Lang and his associates are at in the following of his profes- your disposal. Call on them sion as wood carver and sculp- freely for suggestions.

was a memorandum: 'Send this guy the bug-letter.'”

A correspondent is anxious to find in what old geography the names of countries, towns, and rivers were arranged in more or less rhymed verse. As a specimen she quotes from memory one set of verses about rivers:

First in North America

We tell of flowing rivers,

ECCLESIASTICAL DEPARTMENT

Columbia, Colorado,

Penobscot, Kennebec,

Androscoggin, Saco, Merrimac, Connecticut,

Hudson and the Mohawk.

American Seating Company

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South America is next.

With its mighty rivers, Amazon and Paraguay,

BOSTON

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