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THE REPUBLIC". Some months ago, in an editorial, the brothers who nursed two nights a week in Editor-in-Chief of The Outlook, Dr. Lyman the New England Soldiers' Relief Rooms, Abbott, expressed the opinion that Julia situated on Broadway, near Fulton Street. Ward Howe's “ Battle Hymn of the Re- At the close of the war, when the Night public” is “not merely for our Republic; Watchers' Association disbanded, they had it is for all republics," and suggested that some closing exercises at which a large it might well be used as a national hymn chorus sang this hymn to music that I have for all English-speaking peoples. This edi never come across since. For forty years torial came to the attention of Mr. M. C. I remembered the tune, and then sang it to Coggeshall, of Summit, New Jersey, who a friend of mine, a musician, who wrote it recalls the singing of this hymn to music not down for me.” Mr. Coggeshall accompanied ordinarily associated with the words. He his letter with a copy of the melody. writes to us from New York City as fol- There have been several attempts to prolows: “ During the Civil War I had two vide for the “Battle Hymn” other music than

Slowly but with Vigor

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1. Mine eyes have seen the glo-ry of the com- ing of the Lord: He is trampling out the 2. I have seen him in the watch-fires of a hundred circ-ling camps; They have builded him an 3. I have read a fie - ry gos-pel, writ in burnished rows of steel: “As ye deal with my con4. He has sounded forth the trumpet that shall nev - er call re-treat, He is sift - ing out the 5. In the beau - ty of the li - lies Christ was born, across the sea, With a glo - ry in his

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A New Old Tune to The Battle of the Republic"

(Continued) the tune often sung to “John Brown's Body," with its Hallelujah refrain. One such tune has been written by Mr. Ralph Kinder, for many years the organist and director at Holy Trinity Church in Philadelphia. His music, which is effective and vigorous, has been published and has been performed by an orchestra under the direction of Victor Herbert.

Quite different in spirit and in rhythm, both from the familiar tune and from Mr. Kinder's setting, is the melody which was sung at the Night Watchers' celebration. It lacks some of the elements of popularity that are in both of the others. If it lacks the triviality that is sometimes associated with the performance of the familiar tune, it lacks also its spiritedness, and it has not the rapid movement of the music composed by Mr. Kinder. It is, moreover, in the minor key, which to many makes it perhaps forbidding. It is almost austere ; but it has the austerity of the martial. It emphasizes all that there is of the determined and the irresistible in the words. We print on the preceding page the melody which Mr. Coggeshall has supplied us, with a harmonization which we have given to it. THE EDITORS.


In The Nation's Service America is sending its best emblem which unites us in war men to fight for freedom, and for human liberty and national in their honor the whole land honor. The service flag is the is dotted with service flags emblem which unites us in carrying the stars of sacrifice. mutual sympathy for the men

It is a far cry from the who give themselves and for crowded city streets above those who give their men. which floats our service flag These flags should inspire to the telephone exchange all citizens to greater endeavor hidden in the front-line trenches. and greater sacrifice. As one But the actuating spirit of of the agencies of preparation service here and abroad re- and military support, the Bell mains unchanged.

System is honored by the opThe Stars and Stripes is the portunity to do its share.



A fund of more than a million and a half dollars has been raised for the purchase of books, the erection of buildings, and the administration of the service.

More than half a million books have been donated by the public, sorted and labeled by the librarians, and shipped to camps, forts, training stations, and naval vessels.

A hundred thousand books, mostly nonfiction, have been purchased for the camp libraries.

Thirty-four library buildings have been erected or are in course of construction from the $320,000 given by the Carnegie Corporation for this purpose.

Sixty-six men, mostly trained and experienced librarians, have been placed in camps as librarians and assistants. In addition many men are employed in a subsidiary capacity. Hundreds of other librarians are giving some time every day to this work.

Three or four hundred a branch libraries” have been established in the Y. M. C. A. and Knights of Columbus buildings, the Y. W.C. A. hostess houses, and the base hospital rooms.

Many deposit stations have been opened in company barracks and mess halls.

Hundreds of small military and naval camps, posts, and vessels have been supplied with books through chaplains, Y.M.C. A. secretaries, and other agencies.

Tons of magazines have been sorted and distributed to soldiers.

Automobile trucks have been purchased for the service in all the main camps, and daily deliveries of newspapers, magazines, and books are made to branches and deposit stations.

A despatch office has been opened at one of the ports of embarkation, from which books are being shipped to France and supplied to men while on board the transports.

All of these things have been done with the minimum possible expenditures for administration and the minimum possible formality in the actual service of the books.


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All legitimate questions from Outlook readers about investment securities will be answered either by personal letter or in these pages. The Outlook cannot, of course, undertake to guarantee against loss resulting from any specific invest ment. Therefore it will not advise the purchase of any specific security. But it will give to inquirers facts of record or information resulting from expert investigation, leaving the responsibility for final decision to the investor. And it will admit to its pages only those financial advertisements which after thorough expert scrutiny are believed to be worthy of confidence. All letters of inquiry regarding investment securities should be addressed to





Heavy Demand for 6% Bonds
Safeguarded Under Straus Plan


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ERE is a fact of profound significance: In these days of
war and of economic change, when the market for invest-

ments in general has slackened, the demand for first
mortgage 6% serial bonds, safeguarded under the Straus Plan,
has been steadily maintained.
This demand comes from thousands of investors, all over the
United States, old customers and new,
Nothing could be more clearly significant of the confidence felt
by investors in these bonds, and of the standing they have
gained for themselves in the security markets.
Their standing and the confidence investors show in them are
based on their record, their amply proven safety, and their
stability in value, demonstrated over a period of many years.
You should post yourself on the merits of these sound 6% bonds,
and learn the definite reasons for their widespread popularity. A
letter or a postcard will bring you full information. Write today for

Circular No. A-805


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Thirty-six years without loss to any investor •90..............17.0....


HOW NOT TO INVEST wo many inquiries regarding invest

ments of a doubtful or fraudulent character come to The Outlook that

it seems worth while to point out some of the pitfalls to be avoided by those readers who seek a safe place for their savings. In spite of the spread of sound investment teaching, and the vigorous efforts of the post-office authorities to keep fraudulent financial literature out of the mails, the wildcat company promoters continue to offer their wares and attract the money of the credulous.

At a time like this, when millions of Americans are for the first time putting their savings in securities, and a Nationwide appeal is being made for savings to finance the Government in the prosecution of the war, it is amazing that worthless financial schemes should continue to be offered by irresponsible adventurers to rob people of their money. But it is nevertheless a fact. Inquiries from many Outlook readers plainly indicate that the buccaneers of finance are still spreading nets for the unwary, and exchanging their cheaply printed stock certificates for the good money of uninformed investors.

For many years—ever since the days of the South Sea Bubble in England-one of the most alluring schemes for making money has been the printing of stock certificates in mining, oil, and other ventures, and selling them for the coin of the realm. Stock certificates costing but a few cents to print are sold for many dollars, and since the early days of wildcat company promoting countless reams of paper have been converted through the printing-press into certificates of stock and sold to the gullible for untold millions of dollars. The fortunes described in the promoters' literature are sometimes made, but not by the purchasers of the stock; the promoters, not their victims, get the money.

In the vast majority of these fraudulent promotions all the money that is ever made is the money subscribed by the small investors who buy the stock. The investors get the stock certificates and the company organizers get the money.

As proof of the worthlessness of these bubble companies, a test once made by the writer is illuminating. A record was kept of all new companies offering their shares in the advertising columns of a great Sunday newspaper in the course of a year. There were 125 mining, oil, and industrial companies. capitalized at $200,000,000. After three years every one of these companies, with one exception, had collapsed. The one remaining company died two years later. The millions of dollars of savings of credulous investors was all lost—that is, it was taken from the pockets of the invest ors and put into those of the promoters.

While there is no way of insuring investors against loss, it is possible to point out the most obvious pitfalls. It is hoped that these few “don'ts” will aid readers of this department in avoiding some of the inistakes investors so commonly make.

Don't buy stock that is advertised in circus-poster fashion. When pages of highpriced newspaper space are bought by promoters to tell the wonders of a new company, it is time for the prudent investor to guard his pocketbook. The bigger and more glowing the advertising, the more doubtful is the worth of the stock.

Beware of companies for which extravagant claims are made. If a promoter has a stock that is " going to pay very lig divi


dends,” there is no reason why he should offer it to small investors. If it really has the merit he claims, he can easily sell it in large blocks in the financial centers. Bankers and large investors in the cities are looking for “ sure things," and there is no need to peddle them around the country.

Inquire carefully as to the reputation of company directors. Look out for “guineapigs ”—men who sell their names to promoters to be used on boards of directors— ex-Senators, ex-Governors, former Government officials, " prominent business men," and the like. Make inquiry as to the experience of the directors in the particular business in which the company is engaged, and make sure that every one of the dirertors is a man of undoubted integrity and business honor.

Cast into the waste-basket promoters' literature describing the fortunes made by Ford, Carnegie, Rockefeller, and other millionaires. This is the commonest kind of bait to catch the unwary.

Do not buy stock that is “ soon to be advanced in price." This is an old trick.

When the promoter warns you that this is “ your last chance to buy at this low price," you may know at once that his wares are worthless.

Do not buy stock from a promoter who declines to state at what price he will buy the stock from you. Investors who are enticed into buying worthless stock find afterwards that there is no market on which it can be resold. A stock that cannot be sold as easily as it can be bought should be shunned by the investor who does not wish to lose his savings.

When in doubt, seek the advice of a trusted banker. Very often the worthlessness of a stock will be apparent to the officer of one of your local banks. If he is in doubt, write to the financial editor of any of the national magazines.

High dividend yields are a danger sign. If a stock is offered to you to yield a rate much higher than standard investments, there is something wrong with it. You cannot get something for nothing, and good investments do not go begging.

Never buy the securities of a company


How Not to Invest (Continued) that does not make full financial reports of its assets and liabilities, of its income and outgo. Take these reports to an experienced banker or business man to find if they will stand the acid test.

Glowing “ write-ups” in cheap financial journals are an indication of fraud. When a promoter sends you one of these “writeups” make inquiry as to the character of the journal printing it. You will probably learn that the publication lives by selling its pages to these get-rich-quick promoters.

Examine thoroughly into very new companies, not yet making profits, but expecting to. Ordinarily the prudent investor does not risk his savings in these new flotations. Almost invariably the shares of the best of them may later be purchased at lower prices. It is a good rule for the ordinary investor never to buy the shares of new companies until after their earning power has been proved. The vast majority of them never develop any continuous earning power.

Make sure that the money you pay for stock goes to the company and not to the broker or promoter. If the stock-seller turns only a small part of the money into the company, and keeps most of it as his “commission,” the scheme is a fraud.

Place little confidence in ordinary bank references. The directors and promoters may be men with bank accounts who pay their bills promptly, and yet may all be swindlers.

Investigate first and invest afterwards. Many foolish people invest first and investigate afterwards—when it is too late.

Wisconsin Dairy Farm Mortgages ALWAYS WORTH PAR

An ideal war time in70 vestment based on an

industry never overdone. Price regulation and taxation do not depreciate the security.

Write for our Booklet "12" MARKHAM & MAY CO., Milwaukee, Wis.

QUESTION AND ANSWER Q. I can save only a few dollars a month. I want to invest this where there will be no chance of loss, and at the same time I would like to get a good rate of interest. What do you recommend ?

A. You cannot get a large rate of interest without risk. You can get four per cent from a savings bank, and by purchasing War Savings Stamps your money will earn four per cent compounded quarterly. We would recommend (1) the savings bank, (2) War Savings Stamps, (3) Liberty bonds. You cannot always be sure of selling Liberty bonds for as much as you pay for them. The $100 bonds sold last year are now quoted around $97. But you are insured against loss in the purchase of War Savings Stamps.

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Free Booklets for Investors

" The Outlook for 1918." Dept. 0-13, Babson's Statistical Organization, Advisory Building, Wellesley Hills, Mass.

Booklet and Investors' List, No. 58, regarding “Farm Loans and Bonds." A. G. Danforth & Co., Washington, Ill.

“The Spread of American Thrift," by John Muir. John Muir & Co., 61 Broadway, N. Y.

Pamphlet “C," list of offerings on “First Farm Mortgages and Real Estate Gold Bonds." E. J. Lander & Co., Grand Forks, N. D.

Booklet 12, on “Wisconsin Dairy Farm Mortgages." Markham & May Co., Milwaukee, Wis.

Current Investors' List, No. 101, on “First Mortgage Real Estate Serial Notes." Mercantile Trust Co., St. Louis, Mo.

Circular 0-8, on “California Municipal Bonds." Oakland Street Improvement Bond Co., Hall & Jennison, Oakland, Cal.

Circular No. A-805, on “Straus Plan of First Mortgage Serial Bonds." S. W. Straus & Co., 150 Broadway, New York, or Straus Building, Chicago.

Booklet 0-18, on Guaranteed Farm Mortgages and List of Current Offerings.” The Straus Brothers Company, Ligionier, Indiana.

First Mortgage Real Estate Serial Notes offer what the successful investor always demands-ample security and good returns. These notes are secured by first mortgages on improved property, the ground value alone frequently having a value greater than the total of the loan. After careful inspection and investigation by our experts, we buy the entire issue of notes-in other words, back our judgment with our own money. Banks and other careful investors throughout the country have found these notes attractive, because the original notes are delivered to them. The genuineness of each note is certified by us, thus preventing forgery or over-issue, Our profit is the commission we charge the borrower. This plan enables you to invest $100 or multiples thereof; to choose maturities and diversify your investments. Interest 5%-5% % and 6%.

Write for our current investment list No. 104 Mercantile Trust Company

Capital and Surplus $9,500,000

Saint Louis
Member Federal Reserve Bank

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