then is the time for them to sit down and with calmness and fairness evaluate their own and the other's contribution. There is nothing difficult, nothing unreasonable about this proposal. Thousands of partners today, the world over, are doing that very thing. They are doing it peacefully and fairly and without disturbing the lives or comfort of their neighbors. Among them, there is every conceivable form of partnership, with every conceivable plan for the sharing of partnership benefits. What men can do as individuals they can do collectively.

The solution of our troubles lies in getting together-in the right way. There is plenty of getting together now -too much of it, in fact, the wrong kind, in which the getting together is on opposite sides of the fence.

We can get together in other things. We have demonstrated that fact often and conclusively. Whenever we feel like doing so, we do it effectively. On such occasions it is noticeable that concentrated and intelligent effort takes the place of loose talk. Perhaps that is a clue to some of our trouble in getting together in the present instance.

Anyway, it is worth while trying. We are getting nowhere with the present system. A change in system might buck up the game.

The only men we know of who have been trained in the use of firearms are service men-men who served their country in the greatest war of all time -men who saved this country from Hun domination. Does he make the charge that ex-service men are today furnishing the criminals for New York's "Wave of Crime"?

We challenge the statement with confidence that the records of the courts of New York City will not substantiate what the Mayor has said. If the truth were known it would be found that there are few ex-service men who actually served with combat divisions in France among those brought before the courts in New York.

It is a well-known fact among those who know anything about the military service that it is one of the greatest institutions we have for instilling the spirit of true Americanism into the youth of the country. The soldier's every day life is filled with a spirit of loyalty, discipline and a respect for law and order. It is inconceivable that he should become a criminal.

It

The New York Tribune makes a flat denial of the Mayor's statement: says: "Few former service men are found among those arrested. The new cruited from the ranks of the draft criminals for the most part are redodgers-from among those who did not register, or, if they did, are among the 173,000 shown by official figures to have evaded Army duty."

stand it has taken in the matter. It is We congratulate the Tribune on the most gratifying to the Service to have a metropolitan newspaper of the stand

ing of the Tribune come out flat-footed and deny a statement that casts a slur

on the Military Service.

The Mayor will have to seek other causes for the "Wave of Crime" that is sweeping his city.

From Holland-Because of a dread of Bolshevism.

From Italy-Because of depreciated currency in pay envelopes.

From Spain-Labor troubles, Bolshevism and high cost of living.

From Poland-To escape radical conflicts and poverty.

From Ireland-Mostly young women seeking better employment and more tranquil lives with relatives here.

From Czechoslovakia-Because of a nausea for all things European since the war.

From Portugal-Political disorders and depreciated currency.

It will be noted that many of these people-probably the best of them-are leaving to escape Bolshevism. If they will remember this always and not allow themselves to be exploited by the Bolsheviki, I. W. W. and Communist Agitators that are running rampant up and down the land they will render their new home a service as well as help to stamp out in this country the very thing that they have left the old country to avoid.

Varied Ground

The following is the text of a paragraph of a letter received from one of the members of the Association:

Some time years ago, in an effort to make the INFANTRY JOURNAL of maximum benefit to Infantry Officers, I endeavored to have a column or department started in the magazine which was to be headed "Helpful Hints" or some other equally appropriate name. Officers were then to be invited to send in any innovations, new and novel ways. of doing things, short cuts or other peculiarly practical things that were in vogue in their organization in order to be of benefit to the Infantry as a whole. I still believe that such a department would be of inestimable value.

THE INFANTRY JOURNAL does maintain such a department in the magazine in Varied Ground. This department is an open forum where our members may do all of the things suggested.

Officers are urged to submit items for Varied Ground. We want to make the department of real value to the service and earnestly solicit your cooperation and assistance.

Φ

Loyalty to American Flag

"Go home! For your honor, for the credit of the church, and, as a token of loyalty to the American flag, go home!"

These were among the words addressed to the mob of Irish sympathizers who stormed a club in New York

City because the British flag was flown beside the American flag in celebration of the Mayflower tercentenary.

In the course of the riot Monsignor Lavelle came out on the steps of his church-St. Patrick's Cathedral-which

MA

ANY Army officers are so situated that it is impracticable or difficult to secure competent advice on the subject of investments, and the purpose of this column is to give unprejudiced suggestions as to desirable securities that may be purchased with reasonable safety by our members.

All data which may be given, as well as opinions expressed, will be based on information we believe to be reliable, but the correctness thereof is in no degree guaranteed by the INFANTRY JOURNAL or the U. S. Infantry Association, nor does either assume any responsibility therefor.

With this precept, it may be said that the column will be largely prepared by an expert banker, who for himself and others is daily engaged in buying and selling high class bonds and securities. The opinions he may express are his honest conviction at the time he is

writing.

Bearing in mind that our members as a class, are not wealthy, we are going to discuss only those securities that may be purchased in small denominations. To an extent, this limits the numbers of desirable bonds that may be secured, but does not necessarily detract from the value of those recommended.

This column is intended to be helpful and will be continued only so long as it serves that purpose. The Editor can only know whether it is measurably successful by the comment thereon that he receives. So if any of our readers find it worth while they should let us know.

It is intended also to furnish information herein relative to investments

already held by our members. An inquiry addressed to the Investors' column will be answered in an early issue of the JOURNAL, but of course without disclosing in any way the identity of the inquirer.

If it seems desirable, we may later offer facilities through the Association to purchase for our members securities desired by them.

As a preliminary to definite recommendations, something should be said about the different character of stocks and bonds available for purchase, and if what is to be said seems rather elemental to our more experienced readers it should be understood that this column is intended primarily for those who have not hitherto been in the habit of investing their savings.

In making any investment whatever first consideration must be given to the amount available and the purpose of the investment. The first part of this question practically answers itself for each of us. The second part requires a little more consideration. Are we saving up, say, to be able to purchase a home when the day of retirement comes and the good wife can gather her lares and penates about her and settle down to real enjoyment of life? On the other hand are we merely saving up something against the inevitable day of change of station and the incidental expense? Do we wish to make an investment for the greatest return consistent with reasonable safety, or can we afford a little measure of risk and consequent larger interest or dividend return? Do we intend to reinvest the dividends or interest and thus

compound our investment? Must the investment be in such shape that it may readily be converted into cash on a day's notice, or have we otherwise provided for emergencies and can thus afford to purchase a security that may be attractive in other respects, but is not quoted on the exchanges in New York, Boston, Chicago, and so on?

All of these questions must be answered before we are in position to determine the best form of investment for our needs.

Starting then with the highest class of obligations, we have first, the regular bonds of the United States Government. These are absolutely safe both as to principal and interest, though the latter is usually at a very low rate on account of general recognition of the superior character of the bond. Then there are the special bonds, such as the Liberty loans. These intrinsically are as good as gold, and will be paid in full. at maturity. The low prices at which they are selling today is merely a reflection of the enormous number of such bonds and the fact that the interest return on other comparatively safe purchases is very much greater, due to the present scarcity of money and the willingness of large borrowers to pay almost any rate of interest in order to secure needed funds to meet other maturing obligations or to provide for extensions and betterments in industry, so that the owners will be ready to meet the demands of trade when the pendulum again swings towards more prosperous times.

Next, after our own government bonds, come those of some foreign countries, not all by any means, but the more stable and conservative. France recently put out 8 per cent bonds, against the highest 434 Victory's of

this country. Following these, perhaps are the bonds of large industrial enterprises or trunk railways. All bonds, however, even of one company are not of equal value. They are the promise of the enterprise to pay a certain amount at a certain time, and are usually a first mortgage on the assets, or some part of them, of the borrowing corporation. They differ in this respect from stocks, which are merely interests in a share of the concern, and may or may not pay dividends, depending upon the success of the business. The character of the bond is usually indicated by its name, as first mortgage bond, refunding bond, construction bond, and so on. The rate of interest paid depends upon the standing of the borrowing company and the security back of the issue, coupled with the difficulty at this particular period of securing money in the open market.

Among high class investments should be mentioned those of states and municipalities; likewise public utilities such as gas and electric companies, street railroads, water powers favorably located, etc. Then too, bonds of strong industrial companies are oftentimes safer than those of weak railroads or public utilities.

The stated rates on these classes of bonds run all the way from 2 per cent on some U. S. bonds to the 8 per cent mentioned on the recent loan of the Republic of France.

The price at which many of these bonds are selling in the market today makes them very attractive investments, because interest is paid on the face value of the bond, whereas many of them may be purchased now at a great discount. The fact that they are low in price does not affect their intrinsic