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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.




APITAL and labor are almost always fertile topics of conversation. The coal strike and the railway strike have brought them prominently to the fore once again, and talk of the strikes usually leads to a discussion of our whole industrial system. It is to be expected that many divergent opinions are held of the merits of capital's stand as opposed to that of the unions, and on the other side the unions' actions as they affect and are affected by capital. It is not my purpose here to express an opinion on this absorbing subject, but merely to quote an opinion I heard offered a short time ago, and

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The House Which Has Never Sold
An Unsafe Investment

THE shrewdest way to judge any investment offered to you is to investi-
gate the record and reputation of the Investment House which offers it.
Ask these questions:

Has the House offering the investment ever recommended and
sold a security which has suffered default?

If not, has its business been large enough in volume, long enough
in time, to afford a real test of the safety of various offerings?

The House of S. W. STRAUS & CO. urges you to ask these questions of
every investment house which offers securities to you.

Our own answer is clear and unequivocal: we have sold securities for
40 years without loss to any investor, and our business is nation-wide
in scope, involving the sale of hundreds of millions of dollars in safe
securities. Let us tell you the reasons for our record. Write today for our
booklet which describes the safe bonds we offer in $100, $500 and
$1000 amounts. Ask for


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run, they have in them great possibilities of good. In union there is strength, is a saying which may apply to organizations of laboring men as well as to bodies politic. But simply because a thing is inherently good is no guarantee that in practice it will work out for good. Further, it is an unescapable fact that a nation, or a business, or an individual, or an association of any kind which ignores everything but his or its own desires and wishes is due for trouble.

Labor-meaning many labor unionshas in numerous instances during the past few years pressed its own claims without regard for their effect upon the rest of the community. That is not only a selfish policy, but short-sighted, and the result has been a great loss of prestige to the unions and a sharp decline in the number of men enrolled on their lists of members.

Labor has not been intelligent, and is paying the price. Ill-advised strikes have not only alienated public opinion, but caused serious dissension in the ranks of the unions themselves. While waiting at a railway station the other day I fell into conversation with one of the company's employees. I asked him what he thought of the shopmen's strike. "My own union was on strike a couple of years ago," he said. "I was out for three months, and the only result was that at the end of the strike I was five hundred dollars poorer than when the strike started. If my union strikes this time, I resign."

Actually many union men have surrendered their cards because they are unwilling to strike themselves or pay assessments for the support of those who are out. In other words, many union men are in doubt about the degree of intelligence being shown by their leaders.

Production is the source of all wealth, strikes hinder production, and the strikers can no more escape the results than any one else. Unions in many cases consistently aim to keep down production, having the misguided notion that by so doing they are benefiting themselves, when, as a matter of fact, it is the laboring man who is the greatest sufferer from such a condition. Another assumption on which the unions are prone to act is that every man's work is equally valuable. But it isn't, and it never can be. This assumption kills the efficient man's initiative, however, and deadens his ambition. The good man earns no more than the shirker, so what's the use in trying? Any system which breeds this attitude cannot rightly be termed intelligent.

The argument may be advanced that capital is not intelligent, but merely powerful. The answer to that is that power which is not backed by brains is always of short duration, and capital has not only been powerful for a long time, but is still fairly robust even in these days of sovietism and communism and syndicalism. Capital is strong because it has recognized the existence of economic laws, while labor, to its sorrow, has frequently assumed they can be


Expediting business abroad

AN AMERICAN export firm cabled its representative in care of our Paris Office to call upon an important customer in Naples.

Our travel expert looked up schedules and connections for the representative, purchased his tickets, helped him secure passport visés and gave him a letter to our Naples correspondent. While the salesman was en route, our office wired ahead to reserve hotel accommodations.

Upon his arrival in Naples, our correspondent there accorded him a number of courtesies in our name and honored his Equitable Letter of Credit, paying him the equivalent of his dollar drafts in Lire, at the prevailing rate of exchange.

Facilitating the transaction of foreign business and saving the valuable time of our customers' representatives are daily services rendered by our offices abroad.

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Bridges to Wealth


ENETIAN nobles of the sixteenth century inlaid their gondolas with jewels and gold—a fashion abolished by a famous edict, curbing extravagance, which stipulated that all gondolas be painted black. Today it is not legislation that enforces careful expenditure, but the burden of increased taxes and commodity prices, and the swift changes of modern life.

Foresight points to the need of building an income for the future, which is met by systematic bond-buying, year by year. The sound basis of municipal bonds makes them a most satisfactory investment for that

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or ignored. Russia, of course, is the "horrible example" of what happens when these fundamental facts are disregarded.

Supply and demand is the basic principle on which all business is conducted. Men who conduct successful businesses must keep constantly in touch with the demand for their products and fix the supply to meet it. There is considerable agitation for year-round employment for everybody, and some day it may be possible to accomplish this. But is it fair to an employer to expect him to keep his whole force employed, when he knows he cannot find a market for the goods produced? Every one knows that at harvest time a farmer needs lots of help, but who expects the farmer to keep all of that help on his pay-roll throughout the winter when there is little work to do? Businesses also have their harvest times and their winter seasons, and their help, too, must be regulated to meet these requirements. If it is not, the business is doomed to certain failure. No employer throws men out of work for the fun of the thing; he realizes that if his plant can be operated at capacity he personally will benefit along with the others, and it is not human nature willingly to forego profits.

Similarly, most employers-capitalrealize that it is good business to keep their employees contented, to pay them good wages, and furnish them with good working conditions. Supply and demand, however, must largely determine wages, and when wages are cut it is because of this economic law and not capital trying to grind down labor. All of which is bound to bring hardship upon individuals; but no workable suggestion has ever been made as to how this situation can be avoided. In our present state of development it seems impossible to make everybody happy, and the policy which does the most good for the greatest number is the best one to follow. Moreover, if any one argues that the laboring man is not well off under a capitalistic system, let him compare the condition of labor under such a system with its condition in a place where capital does not control.

Capital may not always be as generous as it might be, and yet there are hundreds of instances to prove that it is not as "hard boiled" as it is sometimes pictured. Whether the motive is philanthropic or shrewd, is beside the point. Probably it is a combination of both; but the fact remains that capital has for years been growing constantly more alive to the interests of labor and working in those interests. Which is no more than intelligent.

Many people may not agree with all these sentiments. But, I believe, most people must agree that capital is powerful whether it is intelligent or not. And its power comes from the possession of

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When you buy high-grade bonds from this bank, you know at all times the strength and responsibility of the institution you are entrusting with your monthly payments.


The Atlantic Trust Company has capital and surplus of $2,000,000 and resources of more than $6,000,000. The bank is supervised by the State Bank Commissioner; its books are examined twice a year by State officials; it is required by law to publish a financial statement in the newspapers five times a year.

Under the Atlantic Trust Investment Plan you can buy the same high-grade bonds in which this bank invests, and your money earns bond interest from the date of your first payment.

Ask for booklet No. 128



Write for full information about banking by mail: 4% on savings 3% on checking accounts.

Are You An Investor? During the past year the
Financial Editor of The
Outlook has helped hundreds of Outlook readers to solve
intelligently their particular investment problems. Perhaps
you are contemplating a shifting of your present holdings
or have fresh funds to invest. In either case we shall be
glad to give you specific information on any securities in
which you may be interested. A nominal charge of one
dollar per inquiry will be made for this special service.
The Outlook Financial Department, The Outlook, 381 Fourth Ave., N. Y. C.

Write for this Booklet

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Money may be the root of all evil, but in this world, to date, nearly every man is for himself, and money is a very convenient weapon to have in the battle of modern life. Labor appreciates its value just as much as does capital, and dues and assessments are an important part of union activities. And every intelligent, far-seeing man realizes that with money-or capital-his chances for success are greatly enhanced.


gent use may not always be made of money, but no one can deny that it is intelligent to save and invest money. Capital, no matter how small, spells power, and power means independence, the goal of every ambitious man.


Q. I understand that you have an investment department that gives good advice about investments. I would like to know as to what is your opinion on the South American bonds, such as I inclose you $1, Brazil, Chile, and Argentina. which I notice in your magazine is your charge.

A. This personal inquiry referring to the South American bonds issued by the Governments of Brazil, Chile, and Argentina has general interest.

Most of the South American Governments have found it necessary to finance themselves in this country and have floated bond issues, interest and principal of which are payable in dollars. Some of the South American countries have not had a particularly good record in meeting their obligations. Argentina has the best record in this respect, and we consider the Argentine bonds to be a good investment. Bonds offered by Brazil, Chile, Uruguay, and Bolivia might probably be considered a fair investment for a business man who can watch political and business developments in these countries. Most of these bonds are now selling on the New York Stock Exchange to yield from 7 per cent to 8 per cent-the high yield is a measure of the possible risk involved in holding these securities. We believe, however, that all of these Governments are becoming more stabilized and that they will make a much better record in meeting their obligations than some of them have done in the past. We therefore believe that these bonds are deserving of consideration as part of an investment fund where the bulk of one's holdings is made up of more conservative securities.

Organizing a Company?

Save expenses and taxes by organizing on the popular, COMMON LAW plan under a pure DECLARATION OF TRUST. Anyone, anywhere, can fill in DEMAREE STANDARD FORMS, issue shares and begin doing business at once. Insist upon DEMAREE FORMS, the original, nationally-accepted forms, approved and used by well known attorneys. Send for large, free pamphlet (D-19) containing much information that you will need. C. S. DEMAREE, Legal Blank Printer, 708 Walnut, Kansas


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Increase Your Knowledge of


VEN though a consistent

Ebond buyer, there may be

some points about bonds,
concerning which you desire
more complete information.
If an investor in other lines or
a beginning bond buyer, you
owe it to yourself to become
fully informed on the merits
of bonds as investments.

Answered-Terms Defined"

In the thirty-six pages of this booklet
are discussed the questions which our
extended experience has shown are
those most frequently asked by bond
buyers. Its contents also include non-
technical definitions of the most com-
monly used bond terms.

MAIL COUPON BELOW and copy of booklet will be sent promptly without obligation.

& CO.

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Health Resorts


SAFE 8% FIRST MORTGAGE INCOME CERTIFICATES additionally secured, tax exempted, quarterly payments. Permanent or reconvertible. Ask circulars. Home Building & Loan Co., Jacksonville, Fla.

ESTABLISHED, exclusive girls' boarding school of Washington, D. C., seeks woman of administrative ability to take charge of academic department and who could invest several thousand dollars, taking part interest in school. Fine opportunity. State age, experience, and give references. 2,148, Outlook. START profitable mail-order business at home. We teach you by successful method. Particulars free. Walhamore Company, Mail

Sanford Hall, est. 1841 Order Dept., Lafayette Bldg., Philadelphia,

Private Hospital

For Mental and Nervous Diseases

Comfortable, homelike surroundings; modern methods of treatment; 15 acres of lawn, competent nurses. park, flower and vegetable gardens. 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 comfort and convenience. Accommodations of superior quality. Disorder of the nervous systein a specialty. Fred. W. Seward, Sr., M.D., Fred. W. Seward, Jr., M.D., Goshen, N. Y.

70 North 18th St., East Orange,

The Poplars Provides most pleasant

accommodations for semi-invalids, nervous or convalescents wishing the comforts of home. Excellent food. Terms moderate.

Board Wanted


Member of Outlook staff and his wife desire to share a pleasant home as paying guests from October 1 to June 1, within reasonable commuting distance of New York. Garage facilities are required and location near golf club desired. 8,165, Outlook.

Country Board

Morristown, N.J. The Oaks,

Olyphant Park Two very attractive large rooms, together or singly. 3 minutes from station, easy commuting. Excellent cuisine, comfort and home life.

Real Estate


A high-class hotel Orange Grove, north of Upland, Cal.,

Directly in the fashionable club and shop ping section. Within five minutes' walk to all principal theaters. patronized by those desiring the best accommodations at moderate cost.

THE beauty, fascination, and mys- REDUCED RATES DURING SUMMER

tery of the Orient lures visitors from all over the world to

Rates and map gladly sent upon request.

JAPAN Hotel Le Marquis

The quaintest and most interesting of all
countries. Come while the old age customs
prevail. Write, mentioning "Outlook" to
Care Traffic Dept.

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

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12 East 31st Street

New York

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 matic centers.

Rates with Illustrated Booklet gladly sent KNOTT Management. upon request.

Hotel Hargrave

West 72d St., through
to 71st St., New York
300 rooms, each with bath. Absolutely
fireproof. One block to 72d St. en-
trance of Central Park. Comfort and
refinement combined with moderate
rates. Send for illustrated booklet J.

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near mts. Paved road. 20 acres, 12-year grove. $40,000. 3,000 boxes on trees. Water. HUGH H. CRAWFORD, 201 Alta Loma, Cal.




DIETITIANS, cafeteria managers, governesses, matrons, housekeepers, superintendents. Miss Richards, Providence, R. I. Box 5 East Side. Boston Office, Trinity Court. 16 Jackson Hall, Fridays, 11 to 1. Address Providence.

WANTED-Competent teachers for public and private schocis. Calls coming every day. Send for circulars. Albany Teachers' Agency, Albany, N. Y.

DIRECTORY for secretaries and social workers. Miss Richards, Providence, R. 1. Box 5 East Side. Boston office, Trinity Court, 16 Jackson Hall, Fridays 11 to 1. Address Providence.

WANTED-Teachers all subjects. Good vacancies in schools and colleges. International Musical and Educational Agency, Carnegie Hall, N. Y.


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. You can buy cheaper stationery, but do you want to? Lewis, 284 Second Ave., Troy, N. Y.

HEAVY weight, Kalma Linen Finish folded note size stationery, choice of white, blue, buff, or gray. Your name and address printed on 100 sheets and 75 envelopes $1 delivered. West of Denver 10% extra. Dept. H, Paramount Paper Co., Kalamazoo, Mich.


Business Situations

EARN $110 to $250 monthly, expenses paid, as Railway Traffic Inspector. Position guaranteed after 3 months' spare-time study or money refunded. Excellent opportunities. Write for Free Booklet CM-27. Standard Business Training Institute, 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, Room 5842, Wash

WANTED-In Hartford, Conn., young wo man of refinement for work in a tea-room. High school education required. Box 2,164, Outlook.

In Florida-For Rentington, D. C. Two completely furnished cottages, modern improvements; one 3 rooms, bath, for $225 for season; other 8 rooms, sleeping porch, sun parlor, garage, dock, $500, November till May. E. J. BLAIR, Cocoa, Fla., Box M. Fishing, hunting, Facing Indian River. Secure now.

Furnished housekeeping apartments. Adults only. Ocean, Indian River, fishing. Golf. $150 to $300 to May 15. Miss EMILIE ROBERTSON, New Smyrna, Fla.

The Knickerbocker


FOR SALE Unusual opportunity-long and well-established fully equipped tea-room. Splendid opportunity for two friends. Address 7,947, Outlook.

NEW YORK Strout's Farm Catalog. 1,200 bargains. Just out. Equipped farms $600 to $50,000; big woodlots; self-sustaining homes. The pick of 33 states. Copy free. STROUT FARM AGENCY, 150 BM Nassau St., N. Y.C.

For Rent, Furnished in Pleasantville,

N. Y., small house on wooded hilltop, near owner's house; one mile from station; large living-room with open fireplace, kitchen, bath and two bedrooms; furnace, garage. $75 a month. Ideal for writer. Transportation to station if desired. Owner, S. Boyd Darling, Pleasantville, N. Y.


DOG OWNERS, amateur or professional. Here is your opportunity. New book, "Care of Dogs," free, contains helpful, instructive information on feeding, training, diseases. Every dog owner needs it Book mailed free with a 3 months' trial subscription to "Sportsman's Digest," America's popular illustrated Dog and Hunting Magazine. Send 250 to-day (coin or stamps). Sportsman's Digest Pub lishing Co., 527 Butler Bldg., Cincinnati, O.

Companions and Domestic Helpers WANTED-Young lady's companion to act as chaperon during Winter in Washington. Prefer English woman. References required. 2,039, Outlook,

MOTHER'S helper or child's nurse-companion, Protestant, for three small children. Assistant nurse kept. Apply Mrs. Frederick V. Geier, 2319 Grandview Ave., Cincinnati, Ohio.

WANTED-Young woman, governess-companion, well educated, Protestant, attractive appearance and personality, cheerful and active, able to play piano, to take care of and be companionable to two children, girl ten, boy seven, both going to school, and to take charge of household during occasional absence of parents. Previous experience secondary to ability and proper reference. Residence Boston. Good salary. Answer 2,166, Outlook.

NURSE, experienced, two boys 3 and 6. Edward W. Walker, Hartsdale, N. Y.

Teachers and Governesses EXPERIENCED governess to teach boy 7, and physical care of girl4%. State age, method of teaching, experience. References. Connec ticut summers. Florida winters.2,147.Outlook.


Professional Situations TRAINED nurse, unusual ability, experi enced, quiet, sunny disposition, desires posttion companion elderly person or semi-invalid. Competent to manage home. Accustomed to traveling. Highest credentials. 2,088, Outlook. NURSE, efficient, refined, good reader. Can travel. Physician's testimonial. 2,170, Outlook.

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