W

WAR LOANS

THEN the magnitude of this war first bore itself in upon our consciousness, the almost universal opinion was that it must come to a speedy close, if for no other reason than the prohibitive cost. As each season rolled around it seemed as if the limit of the belligerent nations' ability to finance themselves had been reached; but they continued to float successfully larger and larger loans until the total, as recently estimated, has reached the neighborhood of seventy billions of dollars. This figure is exclusive of some three-quarters of a billion borrowed by Switzerland, Holland, and Spain, principally for mobilization exand covers only the internal loans of the various countries.

penses,

As might be supposed, Germany, Austria, and Hungary head the list with approximately twenty-nine billions, while Great Britain and her colonies take second place with a little over fifteen billions, and the United States third with $10,220,990,560. France and Russia have each raised in this way over six billions, and Italy about two and one-half billions.

Great Britain has brought out the largest single war loan to date, that of February, 1917, for $4,811,000,000; but the United States is about to overshadow this total with an offering of six billions for subscription. These two countries are alone in instituting intensive campaigns for the purpose of distributing loans among numerous small investors. This method has been highly successful, and follows sound financial lines, for the burden is thus lifted from the banks, enabling them to loan to individuals on war bonds as collateral, instead of purchasing for their own account. These loans are callable in whole or in part, which makes for the ultimate liquidation of the obligation out of income, and to that extent is conducive to saving. A stronger economic position results.

Although our Liberty loans have increased from two to three and four billions, each one in itself a record, with seeming ease, the task upon which we embark on September 28 is little short of colossal. For its successful culmination the co-operation of every one will be needed. It is incumbent upon us to buy all we can with cash and with the use of our individual credit, afterward seeing that the obligations thus incurred are liquidated by the results of small self-denials, which will appear as nothing when considered in the light of contributions, however small, to the cause of civilization.

QUESTIONS AND ANSWERS

Q. I have about $3,700 to invest. Do you consider the following issues first class and conservative? Chicago, Milwaukee, and St. Paul general and refunding mortgage 4% per cent bonds. Seaboard Air Line first and consolidated 6 per cent bonds.

Central Argentine Railway 6 per cent convertible gold notes.

Pere Marquette Railway first mortgage series "B" 4 per cent gold bonds.

Can you suggest any others?

A. All the bonds which you mention are, in our judgment, safe and conservative and suitable for the general requirements of the individual investor.

You are without question using good judgment in selecting for the most part long-term investments. Simply as a matter of diversification, it might be worth your while to consider investing a part of your funds in some of the short-time industrial issues, offered, as you probably know, at

McCutcheon's Fancy Table Linens

Italian Needlepoint on Cream Handwoven Linen. Set of twenty-five pieces consisting of 20-inch Centerpiece and two sizes of plate Doilies $48.50

From France, Italy, Ireland, Spain, Madeira and Fayal Islands, also India, China and Japan, we have collected an assortment of Fancy Linens, distinctive in character and many of which are moderate in price.

Luncheon Sets-round, square, oval and oblong in many styles of Embroidery and Lace. Twenty-five pieces to a set. $10.50 to 175.00 per set. Mosaic and Italian Cut-work Tea Cloths. One to one and a half yards square. $7.50 to 55.00.

Tea Napkins-plain and fancy in a large and attractive variety. $5.00 to 67.50 per dozen. Lace Luncheon and Dinner Cloths in a number of exquisite designs. These Cloths are made in round and oblong shapes. $57.50 to 350.00. Lace-trimmed, Em

Scarfs of every size and description. broidered, Italian Needlepoint, Mosaic, Sicilian, etc., from $2.00 to 150.00 each. Tray Cloths-oval and oblong, in many styles of Embroidery and Lace.

Estimates and drawings submitted for the embroidering of monograms, crests, etc. Linens to be embroidered for the Holidays should be ordered now.

Our illustrated Fall and Winter Catalogue showing many
other attractive Household Linens mailed
gladly on request.

James McCutcheon & Co.
Fifth Avenue, 34th & 33d Sts., N. Y.

Your Wants

Reg. Trade-Mark

in every line of household, educational, business, or personal service domestic workers, teachers, nurses, business or professional assistants, etc., etc.-whether you require help or are seeking a situation, may be filled through a little announcement in the classified columns of The Outlook. If you have some article to sell or exchange, these columns may prove of real value to you as they have to many others. Send for descriptive circular and order blank AND FILL YOUR WANTS. Address Department of Classified Advertising, THE OUTLOOK, 381 Fourth Avenue, New York

Questions and Answers (Continued) prices to yield from 7 to 734 per cent. We refer particularly to Bethlehem Steel 7s, Armour 6s, Proctor & Gamble 7s, Amalgamated Sugar 7s, Duquesne Light 6s, and American Cotton Oil 7s.

Q. Please answer in The Outlook: Do you consider Cities Service Preferred a good buy at present price? How do you consider the stock as to intrinsic value?

A. We consider Cities Service Preferred one of the best of the public utility preferred stocks. The dividend is now being earned four times over.

Whether the stock is a good buy at the present price is a question which depends very largely on the attitude of the Government towards public utilities, the attitude of the public and the State utility commissions, as well as on all the innumerable factors related to the world of finance present and future.

As an investment, we consider this stock a good purchase at the present price.

Q. Will you kindly tell me what you know and think of American Telephone seven-year 6s as a safe and sound purchase at present prices-about 94, I am told.

A. The American Telephone and Telegraph Company seven-year 6 per cent bonds are, in our judgment, a safe and conservative investment as well as an attractive purchase at the issue price, 94 and interest.

The convertible privilege adds an attractive speculative feature to the bonds. The terms of convertibility give the holder an option on the stock of this company at 106 per cent between 1920 and 1925.

Q. Do you regard Bethlehem Steel 8 per cent preferred as safe as American Locomotive or Pressed Steel Car?

I have some investments in the latter two and had in mind to try the former, if not thought by my business friends to be risky. I should be greatly obliged to you for an opinion.

A. We regard Bethlehem Steel 8 per cent preferred as being practically assured of the continuance of the present dividend. The company is in strong financial condition and is carrying on work which is indispensable to the prosecution of the war. The management is pursuing a conservative and foresighted policy looking toward the continuance of the company's prosperity after the war is over. To our mind, Bethlehem Steel 8 per cent preferred deserves a higher rating than American Locomotive preferred or Pressed Steel Car preferred.

Q. In a recent issue you spoke of the International Paper Company stock as desirable at this time. Do you consider it safe enough for a person of moderate means?

A. We did not intend, in mentioning International Paper Company preferred, to imply that we considered it an entirely conservative investment for a person in your circumstances. Whether one of moderate means ought to buy such a stock depends upon whether he can afford to take some risk, and whether he would suffer materially if the dividends were to be discontinued.

If you will examine carefully the article in which you saw the stock mentioned, you will find that we were comparing it with some very low-grade bonds which, after all, although they are called "bonds," are not by reason of that fact entirely safe from an investment standpoint.

In our opinion there can be little question about the continuance of the present dividend of 6 per cent on the preferred stock of the International Paper Company, this in spite of the fact that recent earnings have not come up to expectations.

THE LORD'S INTENTIONS

I was struck with the incident related by John Van Ess of a visit by an American to a school up the Tigris, where he found the teacher instructing the scholars something about the New World. The teacher requested the American to tell them something about his home land. The American, pointing on the map to the Isthmus of Panama, told of the project of uniting two continents; after which the teacher stepped forward and said: "This teaches us how we are privileged to live in a land where Allah is known and feared. Over there they purpose to cross Allah's path by making water to flow where he made land."

How like an incident which happened right here in Maryland! I was born and raised in western Maryland, where the Dunkards are largely dominant as farmers. These Dunkards are opposed to war, do not go to law, and accept the Bible literally. When the project of building the Chesapeake and Ohio Canal was started, there was little trouble in securing the right of way until the committee struck the Dunkard settlement in Washington County, Maryland. Those old, bearded men (they never shave) were obstinate; "If the Lord intended water to be there, he would have put it there." Long months were spent in trying to bring these simple-minded people around to appreciate the value to their land and the commercial value of the enterprise. Finally, in one last effort, the committee called a meeting of the landowners, when urgent appeals were made to agree to the right of way. One after another met the appeal by saying, "If the Lord intended water to be there, he would have put it there." The case was almost hopeless, when finally one old, longbearded elder rose and said, "And Isaac's servants dig-ged a well," and sat down. That was a knockout for the literalists. The right of way was granted and the canal was "dig-ged." JOHN R. KING.

Baltimore, Maryland.

A WAR INCIDENT The writer, a young lieutenant in the United States Air Service, after being commissioned and sent abroad, was given special training in England as a "fighting scout" and assigned for active service to a squadron of the Royal Air Force on the French sector of the front. He has been entirely in English camps and with English associates. Previous letters told of flights into Germany escorting bombing planes, but this, written to his mother, relates an unusual incident, one of the many that are combining to build a bridge of brotherhood between the nations:

"You will remember that I took my violin with me when I left home. I have kept it in my trunk, where it is safe and sound, and I think I have had it out only three times. You know I believe there are but very few times when one cannot be happy, or at least contented with one's lot if one can make up his mind to it and look at the cheerful side of things, for, as the old saying goes, There is a silver lining to every cloud,' if one will but see it. Sometimes it takes a lot of hunting to find it.

"At such a time I have played my violin to myself and found comfort in running over the old, sweet airs, many of which I can remember. The last time I did it was at this camp and not very long ago. Darkness was just coming on as I started to put

Deering Works International Harvester Co.

LEAN, modern and sanitary fac tory conditions should begin at the washrooms. Enthusiasm, good will, greater productivity, lower operating cost, increased profits result when the standard of modern equipment throughout the factory is on a par with

"Standard" Plumbing Fixtures

The good health of your employes, mental as well as physical, is as important to your plant as the "tuned-up" running order of your machinery. In the washrooms of huge plants and offices in almost every field of manufacture and business, Sanitary Plumbing Fixtures are demonstrating this daily. The same applies to the housing conditions surrounding employes.

NEW YORK

Factory Hospital

Room

Our book, "Factory Sanitation," will give you a very comprehensive idea of modern plumbing equipment for factories. One of our service men will be glad to give you some very definite information and to help with the preliminary plans for your equipment. Write for the book and send for a service man. See "Standard" Fixtures at any of the showrooms in the list below.

Standard Sanitary Mfg. Co.

Makers of "Standard" Plumbing Fixtures
Pittsburgh

.35 W. 31ST NEW YORK (EX. DEPT.)....50 BROAD BOSTON... ....186 DEVONSHIRE PHILADELPHIA ......1215 WALNUT WASHINGTON. .SOUTHERN BLDG. PITTSBURGH. ... 439-449 WATER PITTSBURGH.. ........ 106 SIXTH CHICAGO. 14-30 N. PEORIA ST. LOUIS.. ....... 810 N. SECOND

E. ST. LOUIS..15 COLLINSVILLE AVE. CLEVELAND 4409 EUCLID

away my violin, when my door opened slowly and I made out a figure hesitating on the threshold. It proved to be one of the mechanics, and as he grasped my hand he begged me, with considerable feeling in his voice, not to be angry with him for presuming to speak to an officer and interrupt him. He said he had been passing outside when he heard the notes of a violin and the old songs of his boyhood days. He rambled on and on, telling me of his old home in Wales, the people he used to know, and about his father and mother. He used to work the bellows of the church organ, and so had acquired an ear for music. Some famous violinist once played in the village and made a deep impression on him.

"He said he knew my name was though I never remember having seen him before, and that it was an old Welsh name.

NASHVILLE......315 TENTH AVE. S. NEW ORLEANS........ 846 BARONNE HOUSTON......... PRESTON & SMITH DALLAS...... 1200-1206 JACKSON SAN ANTONIO.. ....... 212 LOSOYA FT. WORTH.. .828-830 MONROE KANSAS CITY ....... RIDGE ARCADE TORONTO, CAN..... 59 E. RICHMOND HAMILTON, CAN..... 20 W. JACKSON DETROIT OFFICE... HAMMOND BLDG. CHICAGO OFFICE......KARPEN BLDG.

He wished that I could visit his home town, and assured me of a warm welcome if I would come after the war. He said he was going to write home to-morrow about the American who could make a fiddle talk and sing. God Save the King' had especially impressed him, but I had been thinking of 'America' when I played those notes. Then he suddenly became self-conscious and embarrassed, and backed out of the door, bowing and begging forgiveness for the interruption.

"It was a strange occurrence. His deference to me as an officer was because in the English army there is a wide difference between an enlisted man and a commissioned officer. The gap is great, not only because of rank, but also of class distinction, and before the war was very much greater than at present." B.

Use Just the Steam You Need

No More

vidually and positively. you want or 1⁄2 radiation, turn the ADSCO Graduated Radiator Valve accordingly and use that amount of steam -not "All On" or "All Off."

ADSCO HEATING

Atmospheric System

Steam or Vapor with the ADSCO Graduated Radiator Valve and the ADSCO Regulator Is the most economical, as well as the simplest system of steam heating for individual homes or industrial housing; for office or public buildings, either single or in groups.

With the ADSCO System there are no noises, no air bound radiators, no "water hammer," no leaky valves, no disagreeable odors.

Write for Bulletin 133-0 It explains the ADSCO System for every type of building. Bulletin 147- tells how a hot water system can be changed over to a better controlled ADSCO System. If you are interested in heating a group of build

ings, ask for our bulletin on "Central Station Heating."

General Office and Works: N. Tonawanda, N. Y.

In the days when German professors were welcome in American college towns a listinguished Herr Doktor was lecturing in

New England college. He noted the system of lodging students here, and said o an American friend, "I see that you odge your students in dormitories. In Germany our students dissipate themselves all over the town!" The learned doctor of course used the word "dissipate" in a way hat will stand a dictionary test, but its connotation to American ears is unfortunate.

"Our new maid," says the humorist of he "Scottish American," "stood in dismay before the statue of the Venus de Milo. wisting the dust-rag in her hands, she aid, dolefully, 'Befo' I stahts to work yar, I jes' wants yo'-all to know I didn't us' de arms off'n dis little monument! Hit was dataway when I come!"

Which is the more difficult feat-to climb p the outside of a New York City skycraper or to climb down? The Human ly has been thrilling New Yorkers with he first-named act; now comes Dare Devil teve and says that to climb down is much arder, because you can't see where you're oing. He challenges the Human Fly to o up while he himself goes down on any elected building, the loser to pay a forfeit f $10,000 to any war charity the winner ay name. Incidentally, it may be menoned that the Human Fly now makes his eat more spectacular by climbing up a fty building's outside walls at night, his

BY THE WAY precarious way being illuminated by searchlight.

66

Harry Butters, a young man of means who devoted his life to the great cause in France and whose letters have recently been published, wrote to a friend that he was giving up all his accustomed luxuries, but one that he disliked to discard was a fancy brand of soap called " Azurea." Inquiry at department stores in New York City elicited the fact that this is a French soap which till recently was still in the market and which sold for ninety-five cents a cake. Many other fancy French soaps and perfumes formerly sold to fastidious customers can no longer be obtained in this country.

The war has caused deprivation of luxuries in humbler quarters also. It seems that many prize dogs have until recently been fed on fancy food, but now their rations must be cut. One prize dog is reported to have had on his menu two freshkilled chickens a week; he now has to be content with less expensive delicacies. A city butcher is reported to have had a standing order for two loin chops a day for one canine pet and a pound of calf's liver for another. "They'd turn up their noses at scrap meat," he said. These epicures of the animal world must now be content with ordinary fare, such as in the old days went to the butcher's favored customers for nothing as "meat for the dog."

These interesting biographical comparisons are found in Archibald Henderson's

"European Dramatists:" "Like Goethe, like George Eliot, Henrik Ibsen was that rarest of products, an artistic temperament endowed with a scientific brain. Along with Edgar Allan Poe, Ibsen must be ranked as a strange composite of scientific worker and artistic thinker." It will be noted that a woman is included in the above enumeration of the "rarest of products."

The "things our grandmothers did " are so often ridiculed that it is pleasant to read this in the "American Agriculturist" in an article about protection from lightning: "Our grandmothers used to ensconce themselves [as a refuge from lightning] in the midst of a large, thick feather bed-and this was a wise thing to do, for feathers are a non-conductor." The article goes on: "Rubber being a non-conductor, it is well to slip on a pair of overshoes during a storm, so that if the house happens to be struck, the shock cannot prove injurious. It affords the greatest relief for the nerves if the curtains are drawn down and the lights turned on, for then one cannot see the lightning."

Clocks are manufactured which strike "ship bell" time, but probably nothing of this kind has heretofore been attempted on so large a scale as a marine clock which is to be erected on Pier A, New York City. The dials of this timepiece, it is announced, will be six feet in diameter. The striking, which will be of the regulation ship bell kind, will be loud enough, it is said, to be heard