as many shares as are indicated by the book value on the preceding July 5th of the shares held by or paid for by him on that date divided by $120. Shares subscribed for and not yet fully paid shall be adjusted on the same basis and so issued when paid in full. Illustration: John Doe owns 10 shares and has been paying on 5 more, on which two months' payments are still due. The book value of these shares on July 5 is $135 per share. The total book value of his 10 fully paid shares is $1,350, hence, he will receive 114 new shares for his 10 old ones. Likewise, he will receive 55% shares instead of 5 when he completes the payments on the 5 shares he is carrying. Frankly, this is one of the most intersting experiments of which we have eard for a long time. The Club is not erely academic. It discusses and reshes out things; it listens to papers. is, moreover, designed to go beyond e purely theoretic and to try to make oney by testing its theories with dolrs. From the character of the memrship, it is hard to foresee anything it success for it. W. L. S. rom Inquiring Readers A READER in Idaho has inquired about the First Mortgage 51⁄2s of the w York State Gas and Electric Corration, due January 1, 1962. The poration issuing these bonds was inporated originally in 1852. As a ret of mergers it is now combined with arge number of corporations and sup's light and power to some 38,500 sumers. It is linked, through a per-power" contract with the Adironk Power and Light Company. It is trolled by the Associated Gas and ctric Company. Its bonds are given a 1 investment rating. ROM Chicago comes an inquiry about the Pickering Lumber Com✓ First Mortgage 6s, due in 1946. The Pickering Lumber Company t Mortgage 6s," we answered, “are a issue of a new corporation, which is nsolidation of several existing prop3. We understand that the appraised e of property pledged as security is t $15,000,000, the issue being 00,000, and that during the last four ; net earnings have been $1,200,000. he interest requirements, maximum, 678,053. There are adequate sinkund provisions. Je feel that this bond will be ento an investment rating." NO LOSS F TO ANY INVESTOR IN 53 YEARS "I have never lost any money Thousands of investors in Smith Bonds, NEW experiences afford greater satisfaction than the ownership of investments that turn out right-that keep every dollar of principal safely intact, and that pay a good income with unfailing regularity. Consider, then, this typical letter, received by The F. H. "For more than thirty years I have been doing business Then consider this: Since 1873, every man and woman who has purchased a first mortgage investment from this House has had the same gratifying experience of prompt and unfailing payment of every dollar of interest and matur ing principal. Behind Smith Bonds is our record of no loss to any investor in 53 years. This record has created world-wide confidence in Smith Bonds. They are owned now by investors in 48 states and in 33 countries and territories abroad. It will pay you, too, to give your funds the protection of the time-tested safeguards that have resulted in our 53-year record of proven safety. Our current offerings of First Mortgage Bonds, strongly secured by modern, income-producing city property, pay 62%, 634% and 7%. You may invest in $1,000, $500 and $100 denominations, with a choice of maturities from 2 years to 10 years. If you wish to invest as you save, you may buy $500 or $1,000 bonds by ten equal monthly payments. Regular monthly payments earn the full rate of bond interest. Send your name and address today, on the form below, for our booklets, "Fifty-three Years of Proven Safety" and "How to Build an Independent Income." In writing to the above advertiser please mention The Outlook Connecticut The Wayside Inn Litchfield Co., Conn. In the foothills of the Berkshires. Open all the year. An ideal place for your summer's rest. 2 hours from New York. Write for booklet. Mrs. J. E. CASTLE, Proprietor. ANDERSON TOWERS Woodmont on L. 1. Sound Accessible to Yale. Highest references. All summer sports. Transient and season. table; many rooms have private bath. Quaint country dances, cozy fires, artistic atmosphere; a perfect spot for complete relaxation of mind and body. September and fall season most beautiful of the year. Apply to Miss Elizabeth Hart, Manager New Hampshire BEMIS CAMPS OVERLOOKING KIMBALL LAKE Near the White Mountains The place you've always wanted to know about. Why not spend your vacation or weekends in this beautiful section of New England? Come and partake of health and happiness. Canoeing, bathing, fishing, tennis, horseback riding, mountain climbing-you'll find them all here. Nights around the camp fire. Private cabins in pine grove. Reduced rates for September. Address H. C. BEMIS, South Chatham, N. H. Beacon-on-Hudson Delightful rest and convalescent home. Spacious grounds, wholesome food. Booklet. Write direct or 6,365, Outlook. FOR SALE At Woodstock, Vt. Its 3 miles from village, 100-acre farm and small In writing to the above advertisers please mention The Outlook "It is to the everlasting credit of the intelligence of Americans that this book is having a record-breaking sale."-WILLIAM ALLEN WHITE. Why We Behave Like Human Beings By George A. Dorsey, Ph.D., LL.D. An exciting and interesting book about ourselves. A graphic and fascinating revelation of the amazing discoveries of modern science that so T HE story of Dr. Dorsey's quest for knowledge reads like a romance. For more than quarter of a century he has devoted himself to the study of mankind in the library and the laboratory, among human beings in the most sophisticated capitals of the world, and in savage territories never before penetrated by a white man. His research has carried him on long and dangerous expeditions into nearly every part of the world from the feverish swamps and forests of equatorial America to the white igloos of the Arctic, from the perilous hinterlands of the Orient to the remote islands of the Pacific, from the heart of black Papua to the African veldt. As an explorer, as an ethnologist, as an anthropologist, in politics, in sociology, as a newspaper man, as a naval lieutenant, as an adviser to the Peace Commission, as a curator of the Field Museum, as a university professor, and as an eminently shrewd and remarkable human being, he has watched and analyzed the extraordinary creature called man. Dorsey's writing never smells of the lamp; his erudition is tempered with wit; his knowledge is expressed in the living speech of the present day. "Why We Behave Like Human Beings" has been called "the most readable, the soundest, and the most fascinating scientific book our day has seen." Some Distinguished Sponsors James Harvey Robinson, author of "The Mind in the Making," says: "Here at last is a book about ourselves that one Sinclair Lewis, author of "Main Street," David Starr Jordan, President Emeritus Heywood Broun says: "This is the most Charles G. Norris, author of "Bread" Arthur Somers Roche says: "There is Dr. John B. Watson, author of "Be- The Outlook Company Book Division 120 East 16th Street, New York GEORGE A. DORSEY What Dr. Dorsey says: LIFE-All men die. Must they die? Until recently this would have been a foolish question. It cannot yet be answered, but experiments now going on for twenty-five years give us food for thought. women. FEAR-Fear is old stuff, out of date. nothing simple about our nervous system, nor even of any one of its billions of component cells, but as long as we keep in mind its nature we can make progress in understanding it--and that is a long step toward understanding pa, ma, and the baby. POLYGAMY-That man is "by nature" RACE Civilization is young; blood is LOVE-Why leave Cupid on the pedes- GENUS HOMO-That man makes an THE OUTLOOK, May 5, 1926. Volume 143, Number 1. Published weekly by The Outlook Company at 120 East 16th Street, New York, N. Y. |