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money for commercial purposes, interest rates will rise and the current market price for bonds will fall. But the person who is holding for an investment need pay no attention to these fluctuations. They have no bearing on the intrinsic value of his security.
Let us again emphasize the rule of not being in a hurry to make an investment, but of securing, if possible, definite information regarding a security from some one who has proper financial knowledge before the investment is made. Beware of making an investment upon the advice of a friend. Our mail
indicates that this is a very prolific
Perhaps we have overstressed the
acter as to make us pardonably proud of the good sense possessed by Outlook readers.
QUESTIONS AND ANSWERS
Q. I have $3,500 worth of registered 31 per cent United States Liberty Bonds. The taxexempt feature of these bonds possesses no advantage in my case, and I feel that my money should command a higher rate than 3% per cent. Would you advise changing these bonds for United States 4% per cent Liberties?
A. The only advantage in holding the 32 per cent bonds is the taxexempt feature. These are therefore held chiefly by people of large income. Where this feature is not of importance Iwe believe that these bonds should be exchanged for the 44 per cent Liberties,
Banking Credit and Service
HE MODERN, fully-equipped bank
Tsupplies to the business community
both credit and service.
When you have both available, commen-
This Company is in a position to meet the
In addition to placing adequate credit
We shall be pleased to discuss in detail with
Guaranty Trust Company of New York
so as to take advantage of the higher rate of interest. The security is the same in each case. The 44 per cent bonds are now selling about one point lower than the 31⁄2s. In making the exchange you would also, therefore, secure about one point profit.
We also suggest that you consider the new Government long-time 44 per cent bonds which have just been issued. These are also selling a trifle below the 32 per cent bonds and are of equal security. In your case, it would seem that you are sacrificing interest by holding the 31⁄2s for the sake of the taxexempt feature, which you state you do not need.
Q. Will you kindly give me a report on the present standing of the American Telephone and Telegraph stock?
A. American Telephone and Telegraph
Starting a Company? stock is considered as an especially good
investment stock because of the nature of the business and the great stability of the company's earnings. The report for the first six months of 1922 shows net earnings of $32,364,133, an equivalent of $5.75 a share earned on the amount of capital stock outstanding during the first six months period. This is at the rate of $11.50 a year per share. This company recently offered its stockholders the right to subscribe to $150,000,000 of new stock at par. Practically all of this stock has been subscribed for, which of course increases the total outstanding capitalization and makes a corresponding increase in the amount of earnings necessary to pay the present 9 per cent dividend. The report for the third quarter of 1922 shows earnings well in excess of dividend requirements. The business of this company is such a necessary and stable one that its net earnings fluctuate but little from year to year. The demand for new telephones is constantly increasing, and there is therefore every assurance that the company will continue to cover its dividend requirements with a satisfactory margin, even allowing for the recent addition to its capitalization. The report for the first six months shows that the company now has more than 210,000 stockholders, which is an indication of the wide popularity of this stock as a suitable investment for the small holder. The stock is now selling around 122, which gives a yield of somewhat over 7 per cent.
Building for "Sixty"?
HILE working and earning for today, every individual should also see to it that there is a surplus building up for the years of declining earning power which are sure to come.
The Halsey, Stuart & Co. Investment Plan fits perfectly into such a scheme. It establishes a means of obliging the investor to save and invest regularly a determined part of his income then makes his savings grow remarkably through the process of compound interest.
An Accumulation of $50,000 in Safe Bonds
at age 60 or before is within the reach of men of even moderate income. Business men, professional men and high-salaried executives can set a much higher mark and build toward it with assurance.
Our booklet, "A Sure Road to Financial Independence," tells how the Halsey, Stuart & Co. Investment Plan fits all ranges of incomes-shows how to apply it on incomes from $2500 to $50,000 a year. Let us send you a copy, without obligation.
Write for Booklet OM-22
Tours and Travel
THE BEST IN TRAVEL
2 months of Winter Cruising through Summer Seas. Sailing from New York, Feb. 10, on S. S. "Rotterdam." Write for Booklet.
South America Including West Indies
45 days-New York to New York. A brilliant holiday, a diversified Short Cruise including West Indies and the Brazilian Centennial. Sailing Feb. 3, on S.S. "Reliance." Write for Booklet.
Sailing Jan. 9 and 16, on S. S. "Resolute" and S.S." Volendam." 125 days of highly enjoyable, expertly planned travel. Write for Booklet, rates, and ships' plans.
Mexico-For the first time in 12 years this big field of foreign travel in America is open. Booklet and complete information on request. California Hawaii The Raymond Whitcomb Californi and Hawaii Tours embra e this year new features particularly attractive to discriminating travel
Europe-Special Tours to the Winter Resorts of Europe. Booklet on request.
South America-Comprehensive Tours to the "Continent of Surprises." These Tours feature the salient attractions in the "other America."
Japan-China-The ideal year to visit these individual countries. Tours from 2 to 4 months. Booklet sent on request.
RAYMOND & WHITCOMB CO.
221⁄2 Beacon Street, Boston
THE BEST IN TRAVEL
Educat onal Tours to EUROPE,
Summer 1923. Organizer of small party will be given free trip to Europe. Edu cational Tours, 160 E. College St., Oberlin, O
FREE TRIP TO EUROPE will be given an organizer of a small party. Established 1900. BABCOCK'S TOURS, 13 Halsey St., Brooklyn.
and Mediterranean Lands Nile Cruise to Second Cataract in private steamer. Long Tour sails January 6 by ADRIATIC. Also
Later sailings and shorter tours.
Write for information to
BUREAU OF UNIVERSITY TRAVEL 15 Boyd Street, Newton, Mass.
Winter Tour to the Mediterranean Small private party with experienced leader. January to April. Egypt, Algiers, Tunis, Spain and France. HELEN G. SMITH, care Brown Bros. & Co., 59 Wall St., New York.
EGYPT GREECE, and PALESTINE, small private party sailing in February. Also IDEAL SUMMER TOUR of EUROPE. RESER European Tours, 171 S. Oxford St., Brooklyn, N. Y.
Europe Summer 1923 Superb Routes.
Experienced leadership. Limited number. For details write Demming 117 Elm St... Oberlin. O.
AWinter Tour Sailing Jan. 6,
1923 Egypt and the Holy Land; optional extension Around the World, or tour through Europe. Miss KATHERINE A. PANTLIND 110 Morningside Drive, New York City. FOREIGN TRAVEL SCHOOL FOR GIRLS January 17-June 29 Harmonizes travel and study. Rome, Florence, P ris, London, Edinburgh. References required. Price includes travel, chaperonage, instruction in language, literature, art, music and history. Write for prospectus to Miss HELEN UFFORD, Director, Park Avenue Hotel, cor. Park Ave. and 32d St., New York City, or to
Mr. L. V. ARNOLD, Sec'y and Treas., 350 Madison Ave., Suite 1306, New York City.
THE beauty, fascination, and mystery of the Orient lures visitors from all over the world to
The quaintest and most interesting of all countries. Come while the old age customs prevail. Write, mentioning "Outlook" to JAPAN HOTEL ASSOCIATION Care Trafic Dept.
IMPERIAL GOVERNMENT RAILWAYS
for full information
Rates for a single room without bath and with 3 meals, $5-6 in cities and popular resorts, $4-5 in the country
Hotels and Resorts
The Ideal Winter Resort PRINCESS HOTEL
Directly on the Harbor. Accommodates 400.
San Ysidro Ranch
Furnished bungalows of various sizes; situated on the foothills among the orange groves, overlooking the sea. Central diningroom, electric lights, hot and cold water. Good tennis court. Six miles from Santa Barbara, two miles from ocean. Booklet. Address MANAGER, San Ysidro Ranch, Santa Barbara.
Wayside Inn Litchfield Co., Conn.
The foothills of the Berkshires. A restful
place for tired people. Good food and a comBooklet A. Mrs. J. E. CASTLE. Proprietor.
fortable home. 2 hours from New York.
Maple Lodge home open to a few guests.
Conway, Mass. A country Modern improvements.Quiet for work or rest. Comfortable for living. FLORENCE HOWLAND.
Rocking location.' Running water in bedrooms. Pleasant forest walks and country
Dock Ridge Hall, Wellesley Hills,
drives. Our table a specialty. $15-$25 a week. NEW YORK CITY
West 72d St., through
to 71st St., New York
NEW YORK CITY
Hotel Le Marquis
12 East 31st Street
Combines every convenience and home comfort, and commends itself to people of refinement wishing to live on American Plan
and be within easy reach of social and dra- Sanford Hall, est. 1841
Rates with Illustrated Booklet gladly sent upon request. KNOTT Management.
HOTEL JUDSON 53 Washington Square adjoining Judson Memorial Church. Rooms with and without bath. Rates $3.50 per day, including meals. Special rates for two weeks or more. Location very central. Convenient to all elevated and street car lines.
For Mental and Nervous Diseases
Comfortable, homelike surroundings; modern methods of treatment; park, flower and vegetable gardens. competent nurses. 15 acres of lawn, Food the best. Write for booklet. Sanford Hall Flushing New York
Beautiful, quiet. restful and homelike. Over 26 years of successful work. Thorough, reliable, dependable and ethical. Every com fort and convenience. Accommodations of superior quality. Disorder of the nervous system a specialty. Fred. W. Seward, Sr., M.D., Fred. W. Seward, Jr., M.D., Goshen, N. Y.
For Sale Ideal winter home, furnished. located on lake few miles from BARTOW. Large, airy rooms, sunporch, sleeping-porch, beautiful grounds, bearing citrus trees and small orange grove. For further particulars write 8,325, Outlook.
Come to Tucson FOR SALE or RENT Com
Air like velvet. Flowers drinking in sunshine. Blue, clear skies. What wouldn't you give right now for such a golden day?
pletely furnished modern 8-room house, garage, dock,
boathouse, sleeping-porches (3-room cottage for help, now rented), 2% acres. 112 ft. frontage on Indian River. Will sell about half cost, rent $600 season. BLAIR, Cocoa, Fla., Box M.
ing apartments. Adults only. Ocean, Indian River, fishing Golf. $150 to $300 to May 15. Miss EMILIE ROBERTSON, New Smyrna, Fla.
Every day from October to May in Tucson, Arizona, is a spring day. Chrysanthemums and roses bloom. Lawns Sorrento, Fla. Attractive country home, are green. Children play outdoors.
all modern conveniences, two bathrooms, sleeping porch. Ideal location. Fine spring water. For quick sale, $10,000. Address owner, Box 94, City Point, Fla. MASSACHUSETTS Unusual opportunity-long
Half-Mile High Plateau Surrounded by lofty, gorgeously colored peaks, Tucson lies upon a halfmile high plateau. It is a modern city FOR SALE and well established an of 25,000, with good hotels, reasonable rentals, golf and town clubs open to visitors, fine shops, schools and churches. From October to May the mean month
equipped tea-room. Splendid opportunity for two friends. Address 7,947, Outlook. NEW HAMPSHIRE
ly temperature never exceeds 72° or SITE FOR BOYS' CAMP
falls below 49°. Little rain. No fog or winds.
Reduced Fares on All Lines Through Pullman service to Tucson via Rock Island, Southern Pacific, and connecting lines, is available at reduced fares. Fifty-three swift hours from Chicago, or only seventy-three from New York, and you are where springtime is beginning.
You Will Enjoy This Booklet The luxurious sunny days and revitalizing life in the open that you have dreamed about are described and pic
FOR SALE OR LEASE, one of the most beautiful locations available on Lake Winnepesaukee, one-third mile of lake shore. Acreage to suit purchaser. Ideal layout of sand beach, pine groves, athletic field. Plenty of wood and timber. 8,312, Outlook.
$500 Secures 80 Acres with 3 Implements, 60 bushels oats, 25 bushels pota
Cows, Horse, Poultry
toes, 12 tons hay, 3 tons fodder, firewood, about 75,000 ft. timber, 10 acres growing pine, 5-room house, barn; $1,300, only $500 needed. De tails page 80 Free Catalog. STROUT FARM AGENCY, 150 B M Nassau St., New York City.
Bay. desirable for gentleman's summer home or clubhouse; just off main highway Providence to New York; attractive old house, broad porches, stable, 100 acres and fruit trees, J. W. S. LILLIBRIDGE, East Greenwich, R. L.
tured in "Man-Building in the Sun-Ideal country place, near Narragansett shine-Climate." For all who seek rest, recreation, physical up-building, or relief from pulmonary troubles this booklet will be of surpassing interest. Just send the coupon.
SPEAKERS.-Special subjects prepared: lectures, articles, oratious, debates. Expert service. Authors' Research Bureau, 500 Fifth
Sunshine Climate Club Ave. Y
TUCSON SUNSHINE-CLIMATE CLUB,
in the Sunshine-Climate."
REFORMATION. Two hundred original editions Luther, Melanchthon, Calvin, Zwingh, others. Rare collection, wonderful opportu nity library or collector. 3,026, Outlook.
BUSINESS OPPORTUNITIES SAFE 8% FIRST MORTGAGE INCOME CERTIFICATES additionally secured, tax exempted, quarterly payments. Permanent or reconvertible. Ask circulars, Home Build ing & Loan Co., Jacksonville, Fla.
CHRISTMAS stocking boxes. Send $1.00 for ten toys for your child's stocking. Santa Clans Wonder Balls of ten miniature toys, $1.25. Two styles-boys and girls. The Kindermart. 1613 Linden Ave., Baltimore, Md. EMPLOYMENT AGENCIES SECRETARIES and social workers, dietitians, cafeteria managers, governesses, matrous, housekeepers, superintendents. Miss Richarda, Providence, R. I. Box 5 East Side. Boston Office, Trinity Court, Fridays, 11 to 1. Address Providence.
WANTED-Competent teachers for public and private schocis. Calls coming every day. Bend for circulars. Albany Teachers' Agency, Albany, N. V.
WANTED-Teachers all subjects. Good vacancies in schools and colleges. Interuational Musical and Educational Agency, Carbegie Hall, N. T.
PLAYS, musical comedies and revues, minstrel music, blackface skits, vaudeville acts, monologs, dialogs, recitations, entertainments, musical readings, stage handbooks, make-up goods. Big catalog free. T. 8. Denison & Co., 623 So. Wabash, Dept. 74, Chicago.
UNUSUALLY desirable stationery for any type of correspondence. 200 sheets high grade note paper and 100 envelopes printed with your name and address postpaid $1.50. Samples on request. We sell hundreds of boxes for Christmas gifts. Please order early. Lewis, 284 Second Ave., Troy, N. Y.
OLD Hampshire bond; 100 sheets (64x7) and 75 envelopes, printed, $2 delivered. Franklin Printery, Warner, N. H.
FOR $1 postpaid. 200 sheets bond notepaper and 100 envelopes printed with your name and address. Good paper and first-class wor... Samples stamp. M. C. Harp, Lansingburg, N. Y.
150 letter sheets and 100 envelopes, $1. Sampies on request. Burnett Print Shop, Box 145, Ashland,
Professional Situations COUNCILOR, Protestant, with following, boys' summer camp, Maine. 2,905, Outlook. DIETITIAN, working, for household of parents, five children, governess, waitress. Cedar Hill Farm, Reading, Pa.
DON'T worry about Xmas. You can have plenty of money by becoming our Alicia hosiery agent selling your friends quality stockings. Whole or part time. Write Alicia Corporation, 168 Dartinouth St., Boston.
Companions and Domestic Helpers WORKING housekeeper-Family of four and governess. Cooking; waiting; no washIng. References. Telephone Scarsdale 283, or PO. Box 54, Scarsdale, N. Y.
WANTED-Refined and cultured young oman to act as mother's helper and assist in rare and training of four small children. Kidgewood, N. J. 3,018, Outlook.
Teachers and Governesses TWO young women, perfect health. One as governess two children aged four and five, ether as nurse two children six months and two years. Country home, suburbs. Address PO Box 822, Reading, Pa.
Professional Situations EXPERIENCED nurse, pleasing personality. Protestant, desires position as nurse, companion, or chaperon girls. Best referetaces. 3,022, Outlook.
NURSE, with experience, wishes position a nurse, companion, going to England or Scotland. Protestant. References. 3,003,
GRADUATE nurse, middle-aged, wishes position January 1 as traveling companiou. References exchanged. 3.007. Outlook.
you have to do to earn a complete Aeriola, Jr. Radio Receiving Set is to secure 25 yearly subscriptions to The Outlook. You will receive cash payment for each subscription that you obtain, even though the number may be less than 25, and the radio set, manufactured by Westinghouse, will be sent to you promptly with our compliments, carriage prepaid, without any cost to you, as soon as the entire 25 subscriptions have been secured. Write to-day for full instructions, subscription blanks, and complete description of the radio set.
EXECUTIVE secretary-stenographer, nine years' experience, literary tastes and education, desires position with editor or author. References. 3,000, Outlook.
Companions and Domestic Helpers YOUNG woman, highly cultured, widely traveled, would act as traveling companion for expenses. References. 2,956, Outlook.
GENTLEWOMAN wants position as companion or housekeeper where family is small and work light; in New York City. Best of references. 2,977, Outlook.
REFINED Christian lady, experienced, desires position as companion to lady or governess to children. No objection to traveling. Best references. Address Box 233, Louisa, Va.
ENGLISHWOMAN would like to read
COMPANION or chaperon to adult or child.
WANTED-Position as supervising house-
AN educated woman would take position in small family (adults) to share work and leisure as member of family. South preferred. Salary moderate. Address 3,020, Outlook.
REFINED young woman, trained in care of chronic invalids and elderly persons. References of value. 3,017, Outlook.
ADAPTABLE young woman, pleasing personality, some hospital training, desires position, companion, "elder sister," or nursery governess. Congenial surroundings chief consideration. Trustworthy. 3,010, Outlook.
REFINED woman, living in Pittsburgh, wishes position out West; experienced cook and housekeeper, capable of taking eutire charge. References exchanged. 3,008, Öutlook. POSITION wanted-Companion to elderly lady or semi-invalid. Practical nursing experience. Will go South or California. 3,011, Outlook.
YOUNG woman, college graduate, Christian, experienced in public school and Bible school teaching, desires position in week-day school of religious education. Address 2,998, Outlook.
Companions and Domestic Helpers
YOUNG lady, Dutch, highly educated,
COMPANION or teaching governess, Prot-
AN educated woman desires position of
WOMAN of culture, education, and experience desires position as companion or secretary. Good needlewoman. Companionship and employment more important than remuneration. References given and required. 3,025, Outlook.
TWO refined sisters desire position in small private family as cook and second girl. Not servant type. Protestants. 2,999, Outlook.
REFINED woman desires position, gentleman's home, managing or companion housekeeper; good reader, sewer, shopper. Experienced. 3,004, Outlook.
COMPANION for gentleman traveling, or convalescent, or as guide for party. Good pianist, Christian, reasonable. F. Koch, New Hartford, Conn.
COMPANION, housekeeper, or housemother's position desired by woman of refinement and ability. 3,031, Outlook.
EX-TEACHER, healthy, happy, industri-
WANTED-Position as useful companion
Teachers and Governesses
LADY, normal graduate, desires position lower grades or week-day school religious education. 2,982, Outlook.
SUCCESSFUL college teacher of English. now on leave, would tutor part of his day for prie of quiet room in or near city. 2,992, Outlook.
Teachers and Governesses WANTED-Position as companion-govern ess to young, exceptional child by refined lady. Experienced. Private family or institution. References. Philadelphia or vicinity. 3,016, Outlook.
LADY, resident tutor, governess. English, French, German. 8 years' teaching private school, New York. Would supervise home. 3,030, Outlook.
EXPERIENCED tutor - Latin, algebra, English, history, current events. Morning or afternoon. Address 6 W, 323 West 83d. Schuyler 6718.
SCHOOL Gentleman and wife, both with long experience in school work, seek good position Christmas, or would start small school. 2,996, Outlook.
TO young women desiring training in the care of obstetrical patients a very thorough nurses' aid course of six months is offered by the Lying-In Hospital, 307 Second Ave., New York. Monthly allowance and full maintenance is furnished. For further information address Directress of Nurses.
MISS Guthman, New York shopper, will shop for you, services free. No samples. References. 309 West 99th St.
BOYS wanted. 500 boys wanted to sell The Outlook each week. No investment necessary, Write for selling plan, Carrier Department. The Outlook Company, 381 Fourth Ave., New York City.
WANTED Defective people to board. Address W., Pawling, N. Y.
EXCELLENT private home and nursing for limited number tubercular patients. Special diets. Address 2,949, Outlook.
PROFESSIONAL nurse owning luxurious home would like elderly couples or persons as guests or patients. Address 2,948, Outlook. M. W. Wightman & Co. Shopping Agency, established 1895. No charge; prompt delivery. 25 West 24th St., New York.
PAYING guests received in private family. Twenty miles north of Lakewood, two miles from ocean. 3,006, Outlook.
WANTED, by nurse living in Illinois, child to board and care for. References given. Address 3,09, Outlook.
Feels good and prevents infection!
An after-shaving application of diluted Absorbine, Jr. leaves the skin cool, soothed and refreshed. It is the liniment with the clean, pleasant odor.
It is an effective antiseptic for razor cuts and scratches. It is cleansing, healing and prevents infection.
Its germicidal properties are excellent for conditions of sore throat; used regularly as a gargle it destroys germs that otherwise may cause serious trouble.
After brushing the teeth, use Absorbine, Jr.as a mouthwash. It keeps themouth and breathsweet and clean; and destroys crevice hidden germs that cause decay. At your druggist's, $1.25, or postpaid. Liberal trial bottle, 1oc. postpaid.
W. F. YOUNG, Inc.
The daily actions of most of us are influenced by the messages received over the telephone, and yet few of us stop to think of the men and women, and the mechanisms, which help to make that daily service possible.
Maintenance, repairs, and the work of handling calls, must constantly be carried on in good times or in bad, and they must be paid for, in order that your telephone service may be continued.
The average dollar will buy to-day less than two-thirds of what it would buy before the war. This means that it costs,
on the average, half as much again to buy most of the things that are necessary for keeping the country going; but the advance in telephone rates is far less than this
In fact, gauged by the present purchasing power of the dollar, telephone service in the country as a whole is costing the subscriber less than it did in 1914.
The Bell System generally has been able to meet higher commodity prices and increased wages by means of new economies in operation and the increased efficiency of loyal employees.
AMERICAN TELEPHONE AND TELEGRAPH COMPANY
AND ASSOCIATED COMPANIES
One Policy, One System, Universal Service, and all directed toward Better Service
Clark's 3rd Cruise, January 22, 1923 ROUND THE WORLD "EMPRESS of FRANCE" 18481 Gross TONS 4 MONTHS CRUISE, $1000 and up Including Hotels, Fees, Drives, Guides, etc. Clark Originated Round the World Cruises Clark's 19th Cruise, February 3, 1923
On the Cunard's Blue Ribbon Ship of the Atlantic
The Luxury Cruise This Winter A notable event in Cruising History From New York, Feb. 10, 1923. $950up-write for details. American Express Travel Dept. 65 Broadway N.w York