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the past year.

But now I have Smith out on the job, and have already prepared the ground by a series of wires and phone calls. It appears, however, that Triona is besieged this morning."

"Naturally, naturally," comes testily from the Mighty One, "but it was up to you to get in first. Let me know what progress you make."

Ward silently withdraws, and the manager, frowning, leans back in his chair and mutters: "Too bad, too bad! These fellows of mine want waking up badly."

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Many scenes of a similar nature are being enacted all over the city, but we spare you them, and leap ahead.

The scene is the interior of all the elevated trains, surface cars, and subway carriages of the city. The time is early evening on the same day.

Packed masses of humanity are swaying and rolling with the lurch of motion. With eagerness they con the flaring headlines of the newspapers which, in some mysterious way, they have contrived to bring safely and untorn through the crowds.

Snatches of conversation can be heard above the roar and rattle of steel. Even the heavy breathing does not entirely drown the voices.

"... Some guy, eh? . . ."

"

.. That's society for you! . . ." "... Funny thing how it wasn't found out before. . . seems to me. . . ."

". . . And his wife, too! . . ."

". . . It says here that he's been living away from her for a year... . ."

. . . Yeah! . . . That's good gum. . . ." "... Says in my paper that he was secretly married to a girl in. . . ." "... A Russian princess, they say.

Gee! That's the life for me. . . ." '... He get's away with it, too. . . Knows how to put it over. . . ."

". . . And his name! Some name, boy!... Say, did you see that bit?..." "... She's not much to look at, is she?..."

You could tell by his picture he wasn't an author. . . ."

It's my opinion. . . ."

I haven't read the book, but I think it's a downright. . . ."

"... They're getting divorced. He was found at the. . . ."

"... It was an awful book, anyway.

I never read it, but my sissy says she couldn't understand a word. . . ." "... He's not a Russian at all. ..." What are the police doing, any

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Courtesy of Scott & Fowles

Diddlety, diddlety, dumpty,
The cat ran up the Plum tree.

-Mother Goose. FROM A WATER COLOR BY ARTHUR RACKHAM

sitting together the same evening, a look of terrible bewilderment in their eyeswondering whether, after all, it had not been the better part to go on acting the lie.

Trifling little scenes, these. But they

will be understood by the unfortunate people who have gone through this mill. In their sad eyes I might be able to raise a gleam of understanding and pity. But would the pity be for Triona and his wife?

THE NEW BOOKS

PAINTING ARTHUR RACKHAM: A LIST OF BOOKS ILLUSTRATED BY HIM. Compiled by Frederick Coykendall. With an Introductory Note by Martin Birnbaum. Privately printed, 1922.

Collectors and bibliophiles as well as illustrators will be interested in this beautifully printed little brochure, the product of the printing house of W. E. Rudge, of Mount Vernon, New York, and designed, we understand, by Mr. Bruce Rogers. Mr. Birnbaum's introduction presents an enthusiastic yet discriminating appreciation of Mr. Rackham's work, which, as every one knows, has made many good books better during a score of years or more. Perhaps Rackham's children are his most characteristic as well as his most popular creations; though Milton's "Comus" has very recently been illustrated by him, while in an earlier period he was attracted by Washington Irving's books. A recent exhibition of Rackham's work at the Scott

and Fowles galleries in New York City has presented his original drawings for the first time to the public, and makes the issuing of this appreciation especially appropriate. We reproduce above one of the characteristic drawings from "Mother Goose" as shown in this exhibition.

JULIAN ALDEN WEIR. By Duncan Phillips and Others. Illustrated. E. P. Dutton & Co., New York. $15.

This handsome book contains thirtyodd full-page plates showing in monotone the best of Weir's work. With the appreciations by Duncan Phillips, Royal Cortissoz, Childe Hassam, J. B. Millet, and others, it constitutes a worthy memorial of one of the most distinguished of American painters.

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physical standards for boys and girls evoked a wider response than perhaps any other articles which appeared last year in this journal. A statement of the principles behind his standards and the method of their application, together with complete tables for the measurement of boys and girls, is now available in book form. This compact and authoritative volume should be in the hands of every one interested in the physical welfare and development of children.

POETRY

ENCHANTED YEARS (THE). Edited by Professors John C. Metcalf and James S. Wilson. Harcourt, Brace & Co., New York. $1.50.

Although a few of the poems contributed to "The Enchanted Years" have already appeared in periodicals and volumes, the majority of them are printed here for the first time. When it is pointed out that among the contributors to this volume are Lord Dunsany, D. H. Lawrence, H. D., Vachel Lindsay, Edwin Arlington Robinson, John Drinkwater, Ralph Hodgson, Thomas Hardy, Arthur Symons, and Walter de la Mare, to enumerate a few of the eighty poets present, it may readily be seen that the anthology is not without importance as an addition to the season's poetry. The writers whose work appears in this book contributed their efforts as a centennial offering to the University of Virginia,

G

REAT rivers like the Yukon and the Mackenzie, moving forever toward a distant goal, enthrall the imagination with a sense of irresistible power and perpetual motion that never comes to him who travels on still water. Old-timers who ran the Athabasca or the Slave River rapids in their canoes deplore the passing of the ancient order; for, if the change reduced the personal risk, it also did away with the tingle and the thrill of battle amid the rocks in the foaming torrent to bring the scow or the York boat through. That bris tling adventure counted for more than a man's pay. If there was peril, there was also the true romance, with "the bright eyes of danger." The passenger learned to place his trust in Providence, his own paddle, and his tight-lipped pilot and not to rock the boat. The miracle was that so many frail cockle-shells came through unscathed. The wary river pioneers did not despise the dangers; familiarity never bred contempt. But they read the river as a scholar reads a book. They interpreted by a flash of intuition the meaning of every white ripple, every darkling patch or shifting color or revolving eddy. They seemed to possess an uncanny faculty for the divination of that which lay beneath the surfaces. They had cool judg ment and unshaken nerve.

1 Other sketches of the Mackenzle River counby Mr. Waldo will appear in subsequent

and because this is so a number of the poems are concerned with the University itself, with Virginia, and with Edgar Allan Poe. However, most of the poems are on general subjects, and the reader may discover such delightful efforts as "Egypt," by H. D.; "I Know All This When Gypsy Fiddles Cry," by Vachel Lindsay; "Saul," by George Sterling; and "Afterthoughts," by Edwin Arlington Robinson.

SELECTED POEMS. By Laurence Binyon. The Macmillan Company, New York. $2. Mr. Laurence Binyon is an admirable example of what assiduous application in almost any art by an intelligent and sensitive man will do. When he first started writing verse, he wrote probably the worst poetry that any man of his prominence had ever perpetrated in England. But time went on and Mr. Binyon's work grew better, until it reached that authentic plane which placed him among the lesser contemporary figures in English poetry. He has now reached that proud eminence which entitles him to a volume of "Selected Poems." Some of the work included is mediocre, much of it is charming though not especially important, and a few pieces possess that distinguished ring of finality which proclaims the achieved poem. He is essentially a conservative in verse, employing time-honored meters, writing about Tristram and Iseult, Sirmione, and "The Death of Adam." His phrasing is clear and vibrant, albeit it

RUNNING WATER'

BY FULLERTON WALDO "There was I lying in the bottom of the boat," said a canoe passenger of the Athabasca Rapids, "and Colonel Cornwall sat there in the stern steering with his paddle, never once showing the faintest trace of concern. I saw the blue sky and the clouds shooting by like steam blowing off. There was a roaring in my ears we struck a rock, and caromed off again; we scudded out of a twisting, boiling chute into a placid reach, and I thanked my stars we had come to the end of the passage. And then I learned that it was only the beginning, and the merest ripple to what was to come. From a whirlpool where we spun like a helpless insect we were thrown against two rocks, the water rushing under the boat as we hung there. We had to get out and unload the canoe, then hoist it round the obstacle and let it down into a foaming pool. Colonel Cornwall grinned and said it was fun. I was gladder than Pollyanna when it was over."

The reckoning comes when the men who passed down the swift-flowing stream so lightly must ascend it. Great Bear River has a course of ninety miles between Great Bear Lake and the Mackenzie at Norman. The distance is descended by canoe in a day. When Inspector La Nauze, of the Mounted Police, went up in quest of Eskimo murderers in 1915, he needed thirteen days. He had to take with him a scow laden

is but seldom that the truly distinguished phrase flashes before the reader. He is frequently delicate in his apprehensions of beauty. Here is an example of his lyric note at its best:

MORN LIKE A THOUSAND SHINING SPEARS

Morn like a thousand shining spears
Terrible in the East appears.

O hide me, leaves of lovely gloom, Where the young Dreams like lilies bloom!

What is this music that I lose
Now, in a world of fading clues?
What wonders from beyond the seas
And wild Arabian fragrancies?

In vain I turn me back to where
Stars made a palace of the air.
In vain I hide my face away
From the too bright invading Day.

That which is come requires of me
My utter truth and mystery.
Return, you dreams, return to Night:
My lover is the armèd Light.

TRAVEL AND DESCRIPTION
WHITE HEART OF MOJAVE (THE). By Edna
Brush Perkins. Illustrated. Boni & Live-
right, New York. $3.

Two women who loved adventure and beauty and the wild outdoors went to Death Valley, and one of them has made a good book about the trip to and in that desolate region, full of the atmosphere of the real desert. The account of the difficulties that beset the travelers in reaching their goal is entertaining and at times humorous, and the descriptions of desert scenery are unusually good.

with provisions. This means the wearisome process known as "tracking." by which the river-men must haul the vessel along the bank with tow ropes. All the old-timers can tell a generation fond of desk work and afraid of blistering its hands the wide difference between gliding down-stream and "bucking the current." It is still a formidable feat to descend in a canoe the river Mackenzie. explored in 1789. To-day the canoeist. returning. can put his boat aboard a steamer; but Mackenzie, uncomplaining. worked his passage with his spruce paddle all the way back to Chipewyan, on Lake Athabasca. To paddle your own canoe had meaning then.

Within fifty miles of Hay River, a hamlet at the southwest corner of Great Slave Lake, are the Alexandra Falls, on the stream that bears the same name as the settlement. The upper falls are eighty-five feet high, and a mile down the river are the lower falls, fifty-five feet high, a total drop of one hundred and forty feet. Twelve miles from the lake are rapids. Yet before it enters the lake the stream is moving so slowly that it seems stagnant. It is as brown as coffee, and an iridescent scum with a displeasing aroma forms upon it On either hand the banks exhibit vegetation of an almost tropic luxuriance. The traveler might imagine himself on a waterway of Amazonia, amid this lush growth of long grasses, willows, alders,

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and spruces, so abundant and thickset that in their rank, green opulence they seem nearer the hothouse tropics than the Arctic Circle. The air teems with insect life, and one half expects to find the corrugated snouts of alligators breaking the oily surface like waterlogged driftwood here and there. Only the lily-pads are lacking to complete the picture of a sluggish stream of the Temperate or even the Torrid Zone. The people of the settlement forbear to drink the rusty water. They repair instead to the lake into which it so deliberately empties. The lake is green and clean, with a tang of the saline and the marine, and emerging from the river to its sailless broad expanse is like going from a moldy cellar to the windy freedom of a housetop. But the strange thing is that the very water which has so recently been furiously raging like the heathen of the psalm is now so placid. The falls, fairly comparable in form and beauty with Niagara, and the boisterous rapids below them have created a vehement turbulence of which nothing appears a short distance farther on. The fury was spent in sound and commotion, like the white heat of anger of a "husky" dog. The water of life has become the water of death-a Lethe or a Styx.

No wonder the mortal term of man is compared with the course of a river. The parallel is obvious. Mere force and violence at the beginning may offer an imposing spectacle, but when the driving energy gives out and the seething current of abounding vitality conforms to the channel of routine and acquiesces in low levels, forgetful of high origins, man's life is no more a quickening force, a motive power, a servant of God like sunlight or fire, wind or frost. Salvation, for man or river, is in maintenance of motion. For a man the motion may be that of intellectual processes as well as physical. He need not brandish his arms to appear to be doing something. But his mind, at least, must work. This is what Thoreau means, when he says, "A man sits as many risks as he runs." The danger to a solitary dweller in the North is that, with so much time on his hands and boundless space about him, he will not save his mind by means of the strenuous exertion it requires. He need not fear so much for the upkeep of his body. It has much to do to assure its warmth and nourishment. He will have the physical exercise of cutting wood, or minding trap lines, or fishing through the ice. The danger is that the soul may "dwindle, peak, and pine" for sustenance in the barren snowbound lands; that it will hibernate and sit in darkness the long night through; that the sun of summer will not dissipate the chill and rouse the soul from its enduring torpor.

The mind and the river cannot afford to stand still. The mind must go on from strength to strength till finite life is merged with infinite love, even as the I river, unhasting and unresting, cleaving a mountain, traversing a plain, finding a way and brooking no denial, goes on and on until it meets the sea.

Expansion

A million new subscribers

were linked to the Bell System during the past two yearsputting into operation a million new routes of talk, and a corresponding increase in all intervening facilities such as switchboards, cable and long distance lines.

No other country is so well equipped as the United States for telephone communication. Yet, because of this because the telephone is so useful-the demand for service keeps growing greater.

TELEPHONE

demand in the United States is greater than the growth of population. It is an intensive growth. An increasing percentage of the population is seeking telephone service.

The Bell System is providing for more investment, further technical achievement, more wires, switchboards and stations and more subscribers. The American people require the best service. the best service. The best service means the most comprehensive service, not only for

the necessities of to-day, but

The growth of telephone for the necessities of the future.

TELEGRAPH CO

AND

BELL

SYSTEM

ASSOCIATED

COMPANIES

BELL SYSTEM"

AMERICAN TELEPHONE AND TELEGRAPH COMPANY AND ASSOCIATED COMPANIES

One Policy, One System, Universal Service, and all directed toward Better Service

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The Financial Department is prepared to furnish information regarding standard investment securities, but cannot undertake to advise the purchase of any specific security. It will give to inquirers facts of record or information resulting from expert investigation, and a nominal charge of one dollar per inquiry will be made for this special service. All letters of inquiry should be addressed to THE OUTLOOK FINANCIAL DEPARTMENT, 381 Fourth Avenue, New York.

T

STOCK DIVIDENDS

HE United States Supreme Court has ruled that stock dividends are not taxable as income. A tax is payable on this form of income only in case the stock received is converted into cash; dividends of course may subject the owner of the shares to a surtax.

The declaration of a stock dividend means that a corporation's surplus is being capitalized. There seems to be some apprehension on the part of corporations that an accumulated surplus, if it is a substantial one, may be subjected to a tax on the

ground that it is larger than the legitimate requirements of the business demand. It has been suggested, therefore, that many of the corporations which have piled up big surplus accounts have adopted the stock-dividend method of cutting them down in order to escape the possibility of having them taxed. It is of course impossible to say whether this is or is not the case. The fact remains, however, that stock dividends have been of frequent occurrence this past autumn, and more are rumored. Many stocks have advanced in price on the strength of such

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41 Years Without Loss to
Any Investor

ANOTHER year has been added to the record of S. W. Straus
& Co.-a record of prompt payment of both principal and
interest in cash for 41 years without the loss of a dollar to any
bondholder.

This record has been a guide to safety and satisfaction for tens
of thousands of Straus investors, in every state in the Union
and many foreign lands.

In considering the investment of your January funds, this rec-
ord is a basis for your confidence. We are now offering a well
diversified list of sound first mortgage 6% serial bonds, in
$1,000, $500 and $100 denominations, secured by the highest
type of properties in the larger cities of the country. We sug-
gest that you write for our January investment suggestions, and
specify

BOOKLET A-1305

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rumors; many stocks have advanced in price merely because the issuing corporations have large surpluses and speculators have professed to see good possibilities of a stock dividend.

The close observer will have noticed, however, that, while many stocks show immediate advances in price on stock dividend rumors, most of them do little advancing after the dividend is definitely announced, and in numerous instances actually register declines. What is the value of a stock dividend to a stockholder, anyway?

Suppose a corporation has ten thousand shares of stock outstanding and is paying annual dividends of $9 a share. Its dividend requirements are $90,000 a

year. Suppose this corporation decides
to pay a stock dividend of fifty per cent.
This means that the number of shares
will be increased to fifteen thousand, and
that each stockholder will now have
three shares of stock where previously
he had two. On the face of it he is fifty
per cent better off than he was before.
In order to maintain annual dividends
of 9 per cent, however, it will now re-
quire $135,000, in place of $90,000, an
increase of $45,000 a year, the same pro-
portionate increase here as in the case
of the outstanding shares. Suppose,
however, that earnings are no larger
than they were before, and that $90,000
is still all that the corporation can afford
to pay out in dividends. What happens?

Well, the dividend rate is reduced from $9 to $6, and the total amount disbursed remains exactly the same. And the man who owned two shares and received $18 a year on them in dividends now possesses three shares and still receives $18 a year. Is he any better off than he was before? Not so far as his income is concerned. He is better off if the three shares he now owns will bring more in the market than the two shares he had previously, but the market price of a stock is largely determined by earnings and dividends, so that the chances are that he is in just about the same position financially as before.

The companies comprising the Standard Oil group of corporations have for

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O

Big Business and Complete
Banking Service

NE of the largest corporations
in its line in the United States
began its relations with us by plac-
ing certain securities which it owned
in the safekeeping and care of our
Trust Department. Now, the cor-
poration is a customer of several
main departments.

The corporation's general banking
and loans are handled through our
Banking Department.

Through our Foreign Department
the corporation has at its command
the facilities of our branches

abroad and complete foreign bank-
ing service.

In connection with a readjustment
and increase of capitalization, we
acted as depositary and agent, and
through our Transfer Department
we act as transfer agent for the
stock.

This corporation, like many others,
has found it advantageous to have
as a banking connection an institu-
tion equipped to render promptly
and efficiently any financial
trust service.

We shall be pleased to discuss in detail with you the exceptionally
broad facilities which an account with us places at your command

or

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