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U. S. Fidelity & Guaranty Co.,
Baltimore

Maryland Casualty Company,
Baltimore

Fidelity & Deposit Company,
Baltimore

National Surety Company,
New York

National Union Mortgage Bonds are safe because of the insurance feature but they could not be so insured unless the security was fundamentally sound even without this insurance protection. PROTECTED

The "Standarized Requirements" of the National Union Mortgage Company, in themselves fully protect the principal and interest of these bonds. A copy of these requirements will be sent on request and should convince any investor that only the soundest mortgage practice is followed and that every possible protective measure is employed to safeguard this investment.

GUARANTEED

In addition to the insurance against loss by the Surety Companies mentioned above, all mortgages are unconditionally guaranteed by the issuing mortgage companies. Furthermore, every bond is guaranteed, principal and interest, by the National Union Mortgage Company. $500 and $1,000 6% Coupon Bonds NAT'L UNION MORTGAGE CO.

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past three years, despite the early opposition of the Pennsylvania Legislature, of giant power plants in Pennsylvania with existing hydroelectric and steam units on the Atlantic seaboard and in New England to form a super-power system for the whole northeastern section of the United States forms one of the remarkable steps in the development of distribution. In fact, the establishment of super-power systems throughout the country can well be regarded as a milestone in the history not only of the electric light and power industry but of the United States as well, on account of the economic and social changes it has wrought and will to a still greater extent in the future."

The typical electric power and light corporation of the immediate future is a manufacturing company, linked with others through super-power, serving a definite community. It may or may not be owned through its common stock by one of the great holding companies more than likely it is. In some cases there will be divergence from type and the company will be, like the New York and Queens Electric Light and Power Company, a distributing as opposed to a manufacturing agency. Our typical company may have a single dominating customer, the local street railway. But its end will be to seek a monopoly of customers in its region, a monopoly which will be little feared, thanks to public regulation, on the one hand, and to a healthy degree of customer ownership, on the other.

Coming now to what the investor is chiefly interested in, the securities of the power and light company, first mortgage bonds and preferred stocks comprise the larger portion of the offerings. There are available common stocks in strong companies, but possibly in fifty per cent of the corporations ownership of the common resides in other companies-gas or street railway companies or holding companies, which, in turn, offer their common to the investor. There are more readily available to the public a considerable list of preferred stocks whose yield is almost invariably high and remarkably steady. An expert analysis of nearly all the electric light and power companies in the industry, made last year, showed that current cash dividends were being paid on all of the first preferreds; that in no case were there accumulated back dividends unpaid; that in fifteen cases dividends had been deferred, but were subsequently paid; and that in eightythree companies the dividend record of the preferreds was unbroken.

The bonds of electric light and power companies deserve separate treatment, but space at this time forbids. The

typical mortgage is what is called an "open-end" mortgage that is, one' which provides that new bonds may be issued against new construction. It is thus possible for the corporation to borrow its needed funds for relatively short periods, or, rather, at relatively short intervals, restricted by carefully drawn and almost standardized provisions which make for both the health of the financial body of the company and safety for the bond buyer.

In this department some months ago we printed eleven tests for a power and light bond, prepared by Bonbright & Co. These are most pertinent here:

1. Interest charges should be earned twice (before depreciation).

2. Bonded debt should not exceed 80 per cent of property value.

3. Bonded debt should not exceed five times gross earnings.

4. Property should be adequately maintained, with combined maintenance and depreciation not less than 12 per cent of gross.

5. Company's right to operate property should extend beyond life of bonds or be indeterminate.

6. Company should be free from competition.

7. Company should preferably have customer ownership of preferred stock.

8. The territory served should be prosperous and growing both in population and industry.

9. Earnings should show an increase in gross and in net for a period of years.

10. The company's main vehicle of financing should be a modern mortgage, with the issuance of additional bonds restricted to eighty per cent of the cost of additions to property and allowable only when interest charges are earned twice.

What, if any, are the outs in the electric light and power industry? So far we have sketched the main lines of the industry and have shown nothing of the seamy side. "We have come," wrote John Moody two years ago, "to regard public utility securities taken as a whole as the most attractive and desirable class in the investment market to-day. More favorably and intelligently regulated than the steam railroads, fundamentally more stable in every respect than the average industrial enterprise, the public utilities of the country face an assured future."

Quite true. But, in spite of this, there are failures and wreckings-proportionately few-such as we find everywhere. Public regulation is a degree of insurance, but is not complete insurance. Judgment of bankers and engineers may err, has erred. This aside, the warning

In writing to the above advertiser, please mention The Outlook

The Whole World Knows

-that Detroit is the greatest automobile
center on earth. In addition to automo-
biles, Detroit is first in production of medi
cines, stoves, furnaces, overalls, adding ma-
chines, soda and salt productions, metal beds,
cast aluminum and many more products.

Dynamic Detroit, this wonderful, thriving
metropolis with its wide range of industries
offers you a splendid opportunity for sub-
stantial, profitable investment. United First
Mortgage Bonds secured by carefully select-
ed Detroit apartments, homes and office
buildings offer you good investments.
Write for complete listings
of investments open to you

UNITED STATES MORTGAGE
BOND COMPANY LIMITED
Howard C. Wade, President

326 U. S. Mortgage Bond Bldg., Detroit, Mich. Capital $1,000,000 Resources more than $10,000,000

Or you can buy "United Bonds" doubly safeguarded-guaranteed asto principal and interest. Askus about United guaranteed bonds.

UNITED BONDS

Facts For Investors

THE OUTLOOK's Financial Service Department is at the disposal of all Outlook readers at the nominal charge of $1 per inquiry. It is a fact-finding and reporting information service which aims to help the investor, small or large, solve his own problems. We are serving hundreds. May we serve you? The Outlook Financial Service Department THE OUTLOOK

120 East 16th Street

which we would issue to investors is based on the fact that the electric power and light industry is expanding rapidly. In some particular companies this tendency is sure to be accelerated, with disaster. There may well be holding companies which will offer brighter prospects than are warranted. The exploiter, as distinguished from the true developer, cannot abstain from a field so rich.

The investor must, as ever, invest after, not before, investigating.

Is

From Inquiring
Readers

Is this a good time to buy bonds? This inquiry comes from many readers. To one we replied as follows:

"We cannot say, for the reason that a great deal depends on the course of money rates. Money is pretty firm at present, and if it goes down bonds will go up. This, however, is out of our province and in the province of estimates of trends of events."

What this reader had in mind was whether it was wise to invest at present high prices. This is always a puzzle. Another answer that might have been given is: A good bond is always a good bond, irrespective of the price. Price affects income and is reflected in sale value. Without knowing just what the object of the investor is, any reply must be inadequate.

New York I

How to Protect Your Investments

BEFORE investing your surplus

funds, take the precaution against loss by seeking the expert and conservative advice of your local or investment banker who will gladly serve you.

Eliminate the Loss

In Investments

For after all good investment opportunities predominate. Caution, Care, Investigation will reveal safe and profitable channels for your surplus funds.

The Financial Article that appears in the October issue of Harper's Magazine will help solve your investment problems.

Form the habit of reading the financial article in every issue. You will find them profitable. All advertisements carefully censored.

HARPER'S MAGAZINE

49 East 33d Street, New York, N. Y.

NTERNATIONAL PAPER 6s and the common stock of the Delaware and Hudson Railroad interest one of our readers. Neither of these securities can be classed as a thoroughly conservative investment. Yet they are far from speculative. If purchased, they should be carefully watched and may appreciate.

PLENT

LENTY of good companies find themselves in a position now and then when their securities, otherwise highgrade, cannot be considered true investments. A Vermont reader asked this department recently about the American Agricultural Chemical preferred and common. The record follows:

This company earned neither its preferred nor its common dividends during the last four years. Net profits in 1924 were only a little over $100,000; in 1923, $500,000; in 1922, $1,124,000; and in 1921, $6,000,000. The agricultural depression during the past three or four years, rather than anything intrin sically wrong with the management of the company, is said to be the reason for the suspension of dividends.

GUARANTEED INVESTMENTS 6

1ST

NATIONAL
COMPANY

Ideal Investments

for Banks

6% First National Certificates
mature in 4 months to 5 years;
excellent for short-term funds

ALTHOUGH First National Certificates

are purchased by individual investors as well as by banks, they are especially designed to meet the short-term requirements of financial institutions:

1. The maturities are flexible. You may have your investment made payable on any date that you desire, from a minimum of 4 months to a maximum of 5 years.

2. The denominations are convenient. You may invest $500, $600, $700, and so on upward.

3. The security is ample. Your investment is secured by improved real estate independently appraised at not less than 180% of the par value of each issue.

4. The guarantee is unconditional. Our capital resources of $600,000 constitute a guaranty fund to insure the prompt payment of your principal and interest.

5. The trustee is dependable. Each bond or certificate is certified by a bank or trust company.

In addition to First National Certificates, we also offer, with our guarantee, registered certificates in $100 multiples paying 6% for 1 year, and coupon bonds in $500 and $1,000 denominations paying 62% for 4 years.

Write today for booklet No.11

THE FIRST NATIONAL CO.

KEYSER BUILDING., BALTIMORE, MD. CAPITAL RESOURCES $600,000

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In writing to the above advertisers, please mention The Outlook

State.

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The Mail Bag

A British Protest

s a regular reader of The Outlook, I have read with disappointment the article entitled "Rubber," appearing in your issue of August 19. The inaccurate and somewhat petty anti-British criticism which runs through it is regrettable to those who, like myself, desire the development of the friendly relations now happily existing between the two great English-speaking nations, and it is singularly in contrast to the usual fairness and broad-mindedness of your articles.

My objections to the statements in your article are as follows:

1. It is contrary to fact and somewhat small-minded to suggest, as the article does, that one of the main objects of the Stevenson plan was to provide Great Britain with "a means of raising the money with which to pay its debt to the United States" and "to stretch the price [of rubber] to American users sufficiently to force them to pay the British debt to America." I admit you are generous enough to say, "This may not have been altogether the conscious purpose," but the above quotations show that I am not unfairly criticising the suggestion running through your arti

cle.

The only object of the Stevenson scheme was to save the important rubber plantation industry, in which hundreds of millions of British capital is invested, from bankruptcy. The price of rubber had fallen to far below the cost of production. Many rubber estates, instead of being developed, were becoming derelict and the world was threatened with a serious shortage of this important and necessary material. Fortunately for all users, American as well as others, the British Government, at the request of the planters, took action, and the Stevenson scheme was evolved. The result in raising the price has exceeded expectations and led to perhaps temporary high prices (unfortunately, as many people on this side think); but for this the scheme is not wholly responsible, as had Ame users had the foresight to make their purchases when prices were low the quantities released under the scheme would have been automatically increased, as I will presently show. On the contrary, they held off in the expectation that the scheme would break down and that they would continue to enjoy the fruits of British enterprise at under the cost of production. They have only themselves to blame for their lack of

In writing to the above advertisers, please mention The Outlook

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Hotels and Resorts

Connecticut

New York City

Tours and Travel

TRAVEL!

January
E. Bailey-his eleventh Egyptian

CLARK'S 6th CRUISE

THE WAYSIDE INN Hotel Webster To EGYPT Jay 16, 1926, with Prof. Albert AROUND THE WORLD

NEW Conn.

In the foothills of the Berkshires. Open all the year. An ideal place for your summer's rest hours from New York. Write for booklet Mrs. J. E. CASTLE, Proprietor

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(Near 5th Avenue)

40 West 45th Street

NEW YORK

Directly in the fashionable club and shopping section. Within five minutes' walk to

party. Abu Simbel. Camp in the Fayum. ROUND the WORLD January 6, 1926, with

Arthur K. Peck. Visit the unspoiled hinterland. Motor 1200 miles in Java.

To MISSION FIELDS in the far East. Sep

tember 25, 1926, with Dr. Harlan P. Beach, our greatest authority on Interdenominational Missions.

all principal theaters. A high-class hotel To THE HOLY LAND Bishop Shayler of
patronized by those desiring the best accom-
modations at moderate cost.

Rates and map gladly sent upon request.

New York

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Surely it can do as well for you. Why not ask us for HOTEL CLENDENING rates and other specific in

202 West 103d Street Within a few minutes of all New York and Comfortable rooms attractions. suites, exceptionally fine cuisine, and an atmosphere that pleases particular people. Write for Booklet O and Map of New York

Hotel Judson 53 Washington Sq.,

New York City Residential hotel of highest type, combining the facilities of hotel life with the comforts of an ideal home. American plan $4 per day and mp European plan $1.50 per day and up. SAMUEL NAYLOR, Manager.

formation?

Department of Classified Advertising

THE OUTLOOK

April 8, 1926, with Nebraska. A Churchmen's Pilgrimage with objectives primarily religious.

To NORTH AFRICA February 25, 1926, with

Albert Kelsey, F.A., I.A. Unique route including Biskra, etc., by auto: following the blossoms in Sicily and Italy.

TEMPLE TOURS 447-A Park Square Bldg. Boston, Mass.

EGYPT

SICILY, NORTH AFRICA, SPAIN

With Dr. George H. Allen

The tour sailing from New York January 7, 1926, includes Madeira, Gibraltar, Algiers, Monaco, Naples, Athens, Constantinople, Alexandria, Cairo

The Nile Cruise of the Lotus

our own private steamer followed by Sicily, Tunis, Algeria, Morocco, Spain, and France in the ideal season, returning to New York May 12.

Write for illustrated booklet, now ready: BUREAU OF UNIVERSITY TRAVEL 15 Boyd St. Newton, Mass.

Earn Your Trip to EUROPE by securing

five members for one of my tours. Established 1900, BABCOCK'S TOURS, Inc., East Orange, N. J.

Is there something here that suits your needs? The Outlook's Hotel and Travel Bureau will gladly furnish any supplemental information

Real Estate
Connecticut

FOR SALE Unionville, Conn.

Attractive Country Home. 14 miles from Hartford. 12 rooms, furnace, and electricity. Hardwood floors, 2 bathrooms, fireplace. Lot 90 x 300, with fruit trees and garden. Fine location. Good schools. House partly furnished if desired. Address Box 287, Unionville, Conn.

Florida

FOR SALE or RENT 4-ROOM

and-BATH BUNGALOW. Modern conveniences.

well furnished. About middle of East Coast.

Write C. F. NORTON, Germantown, Md.

Maine

Quaint, artistic home for sale on Andros

coggin Lake. 4 acres, large barn suitable for camp or studio, excellent fishing, delightful summer or year-around home, modern conveniences. Price moderate. May be seen September and October. Box 24, Wayne, Me.

New York GENTLEMAN'S FARM In beautiful Dutchess Co., N. Y.

120 East 16th Street New York City porting through 30 acres apples. All nec

65. miles from New York. 100 acres self-supessary farm buildings. Site for mansion with wide views of Alpine scenery. One mile to station. $15,000. G. W. K., 4,471, Outlook.

In writing to the above advertisers, please mention The Outlook

128 DAYS, $1,250 to $3,000

Including Hotels, Drives, Guides, Fees, etc. From N. Y. Jan. 20, by specially chartered Cunard new s s "Laconia," 20,000 tons. Featuring 26 days Japan and China including Peking; option 18 days in India; Cairo, Jerusalem, Athens, etc., with Europe stop over.

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CLARK'S 22d CRUISE, Jan. 30 THE MEDITERRANEAN By specially chartered "Transylvania," 17,000 tons. 62 days' cruise, $600 to $1,700 including Hotels, Drives, Guides, Fees, etc. Featuring 15 days in Egypt and Palestine; Lisbon, Tunis, Spain, etc.

CLARK'S 2d CRUISE, 1926 NORWAY and WESTERN MEDITERRANEAN

New ss "Lancastria" leaves June 30 repeating this summer's most successful cruise, 53 days. $550 to $1,250. Originator of Round the World Cruises. Longest experienced cruise Established 30 years. management.

FRANK C. CLARK, Times Bldg., New York

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Rates for a single room without bath and with 3 meals, $5-6 in cities and popular resorts, $4-5 in the country

A Mart of the Unusual

REAL HARRIS HOMESPUNS

DIRECT FROM THE MAKERS SUITLENGTHS CUT TO ORDER AT MANUFACTURERS' PRICE $2.00 per Yd. Carriage Paid Patterns Free

S. A. NEWALL & SONS, 127 Stornoway, Scotland State Shades Desired

STATIONERY

WRITE for free samples of embossed at $2 or printed stationery at $1.50 per box. Thousands of Outlook customers. Lewis, stationer, Troy, N. Y.

PERSONAL STATIONERY-200 single or 100 double sheets good bond paper with 100 envelopes to match, printed in blue. $1. Hicks, Macedon Center, N. Y.

EMPLOYMENT AGENCY

SCHOOLS, hospitals, hotels, clubs, tearooms, welfare organizations, supplied with workers. Positions for secretaries, social workers, superintendents, matrons, housekeepers. dietitiana. cafeteria managers. The Richards Bureau, 68 Barnes St., Providence.

For Help Wanted, Situations Wanted, and Miscellaneous Advertisements see next page

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EARN $110 to $250 monthly, expenses paid, as railway traffic inspector. Position guaran teed after completion of 3 months' home study course or money refunded. Excellent opportunities. Write for free booklet CM-27. Standard Business Training Institution, Buffalo, N. Y.

HOTELS NEED TRAINED MEN AND WOMEN. Nation-wide demand for highsalaried men and women. Past experience unnecessary. We train you by mail and put you in touch with big opportunities. Big pay, fine living, interesting work, quick advancement, permanent. Write for free book, "YOUR BIG OPPORTUNITY." Lewis Hotel Training Schools, Suite W-5842, Washiington, D. C.

NURSERY governess, well educated, to care for two children two and a half and five years. Live three and a half miles from town. Experience not absolutely necessary. $100 a month. Box 698, Warrenton, Va.

SEAMSTRESS and mother's helper, active and experienced, not a servant, for boy 12 and girl 8, at Summit, N. J.; good wages. Room 163, 40 Wall St., N. Y. Tel. John 4708.

TEACHER for two girls, ten and thirteen years, living on country place in Virginia. Must have experience in teaching and fond of outdoor life. References exchanged. Address Mrs. Francis Otway Byrd, care Miss E. R. Sturgis, Manchester, Mass., before September 26.

WANTED-Capable mother's helper or nurse to care for two little boys aged two and three years and to help in household. Must be refined, patient, reliable, strong, with love for children. State salary expected. Answer X., 3515 Lowell St., Washington, D. C.

WANTED-Matron for boys' school. Write H. J. Benchoff, Massanutten Academy, Woodstock, Va.

WOMAN-Publishing house has permanent sales position with executive future to offer woman of keen intelligence capable of earning $100 a week. Previous business experience not necessary, but experience in educational work helpful. Refinement and determination essential for success. Traveling required-all transportation paid-liberal drawing account and commission basis. Write, stating age and qualifications, to B. E. Sparrow, 50 W. 47th St., New York City.

WORKING housekeeper in home of one lady in Ohio. Good salary. Highest references required. 6,369, Outlook.

SITUATIONS WANTED AMERICAN woman, ten years in last position, as companion to lady or companionhousekeeper. Capable of directing household. Highest references. 6,365, Outlook.

COMPANION-housekeeper desires position October 1. Excellent references. Address 1. M. M., 101 South Mountain Ave., Montclair, N. J.

COMPANION, secretary, or companionhousekeeper. Woman of refinement, intellectual interests, cheerful, adaptable, wishes position. 6,363, Outlook.

EXPERIENCED woman, dietitian and manager, desires position in school or college. 6,307, Outlook.

HOUSEHOLD MANAGER. Capable running home for widower, supervising children and servants. Lewis trained. Experience. References. 6,362, Outlook.

MATRON wishes position institution, or housekeeper hotel or inn. Experienced. 6,318, Outlook.

POSITION to read aloud, morning or afternoon, New York City, preferably East Side. Good reader, woman of Protestant New England extraction. 6,359, Outlook.

REFINED, educated woman desires position as companion to young or middle-aged woman. Will travel. 6,360, Outlook.

REFINED, experienced nursery governess. American. 6,347, Outlook.

SUPERINTENDENT of children's home, successfully employed in North, wishes similar position in South. Address 6,364, Outlook.

YOUNG New England woman of refinement, imagination, humor, keen interest in people and travel, seeks secretarial or business position without shorthand. Experience as teacher, assistant college administrator, hospitality worker among foreign students. Typing. 6,368, Outlook.

MISCELLANEOUS

EXPERIENCED tutor, traveled, hospital training, will receive young children in midSouthern home. Instruction in grade subjects, piano. French. Outdoor games. Competent, tactful assistants. New England management. Address 6,330, Outlook.

TO young women desiring training in the care of obstetrical patients a six months' nurses' aid course is offered by the Lying-In Hospital, 307 Second Ave.. New York. Aids are provided with maintenance and given a monthly allowance of $10. For further particulars address Directress of Nurses.

WANTED-Little children about five years old to board in Connecticut country home. Children of professional people preferred. Best references. 6,366, Outlook.

BOYS OF SUPERIOR INTELLIGENCE, three such under thirteen years received in small home school near Philadelphia. Moderate rates. References. 6,367, Outlook.

Firestone's rubber trees in those countries.

foresight, which has led to a rush to buy, thus forcing up the price. After all, Americans cannot expect to permanently enjoy the benefit of hundreds of millions of British capital earning little or no return, and the cost to American users is precisely the same as to British users of the raw material.

2. The explanation of the Stevenson scheme in your article is both inadequate and inaccurate. The scheme provides that exportation of rubber from the Malay States should be restricted to a percentage of the standard production (400 pounds per acre), and should be further reduced or increased automatically every three months, according as the average price for that period should be lower or higher than one shilling and threepence (say 30 cents) per pound. In the result the exportation allowance was reduced to 55 per cent in February, 1925. Since then it has been automatically increased under the scheme to 65 per cent in May and to 75 per cent in August, at which it now stands. If, however, as seems certain owing to the apparent world scarcity, the price continues to exceed one shilling and threepence, the allowance will automatically be increased on November 1 to 85 per cent, and on

In conclusion I would venture to remind you that Great Britain does buy some wheat, some cotton, some copper, some oil, from the United States. Do I dream when I remember something of restriction of production in these commodities when the price proved unremunerative? After all, surely "sauce for the goose is sauce for the gander," and I do think the British Ambassador at Washington was asked to "butt in." Please forgive the length of this letter, and accept my appreciation of your interesting paper. PATRICK GIFFORD.

not

Castle Douglas, Scotland.

[In business and other affairs of life the general principle holds good that is accepted at law-that one may be considered to intend the inevitable consequences of his action. By this principle we can judge of the intent of the Stevenson plan.-THE EDITORS.]

Even a Congressman Sometimes Errs

February 1, 1926, to 95 per cent, though, AT the request of Mr. F. M. Daven

in the opinion of good judges, it will be many months later before many estates will be in a position to organize their labor forces, etc., so as to take advantage

of this increased allowance.

3. It is quite incorrect to say that the British Colonial Office, at the request of the American Ambassador, "decided to permit the export of 75 per cent instead of 60 per cent" of standard production. As I have shown, that increase was automatically provided for under the scheme and would have taken place apart from any protest made by the Ambassador to pacify Mr. Firestone and his friends. Fortunately, many American rubber users are better acquainted with the facts than that fiery gentleman and recognize that the Stevenson scheme, in view of the increasing world consumption, is proving a blessing to producers and consumers alike by promising the former a return on their capital and by maintaining and increasing the acreage under rubber, and thus providing the latter with the raw material they require.

By all means let Americans develop rubber plantations where and when they can. No Britisher will crab them. The world is free to all so far as he is con

cerned. But, in view of the previous results in the Philippines and of the cost of labor in Liberia, no British planter will lose sleep o' nights thinking of Mr.

port, whose correspondence on the Institute of Pacific Relations in The Outlook for August 19, August 26, and September 2 has made an evident impression upon our readers, two corrections are made. These are due to readers of The Outlook who noted the errors. In the first article Mr. Davenport said that after a study of a thousand simple Chinese characters for one hour a day for six days in a week for four weeks the average plain man or woman in China is able to read a simple newspaper or a simple piece of literature. The statement should have read not "four weeks" but "four months." Then Mr. Davenport referred to Mr. T. Z. Koo as having been suggested to succeed Mr. John R. Mott. This is an error. Mr. Mott, besides being Chairman of the International Committee and the National Council of the Young Men's Christian Association, is Chairman of the World's Student Federation. The position to which Mr. Koo has been called is that of General Secretary of the World's Committee of the Young Men's Christian Association, having its headquarters in Geneva, Switzerland, to succeed Dr. Karl Fries, of Sweden, who has held the position for over four years.-THE EDITORS.

In writing to the above advertisers. please mention The Outlook

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