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PIEDMONT COLLEGE

“ WON'T YOU WORK A

LITTLE FASTER ?” BY PORTER EMERSON BROWNE, OF THE

VIGILANTES

DEMOREST, GA. Appeals to the Christian and Patriotic People of America for Help in this Time of Stress

WHY?
I. Because this College is an Asset of Great National Value

1. It is ideally located: In the great Piedmont section, on the edge of the Blue Ridge mountains, in a region of entrancing beauty, in one of the two most healthful counties of the United States, in the geographical center of the Southeast, on the greatest railway system of the South.

2. It has a special field of incomparable needs and possibilities: While its doors open to all classes, its special field is the descendants of the non-slaveholding families of slavery days—the Scotch-Irish of the Southern mountains and the pure Anglo-Saxons of the Southern lowlands. Four-fifths of the white people of the South never had a slave, while slavery robbed them of every industrial and social opportunity.

From this stock came the greatest of all Americans. Abraham Lincoln's mother was from the mountains, his father from the lowlands. He was born and had his childhood in a cabin poorer than the average mountain cabin. Piedmont College has for its field the millions of these kinsfolk of Lincoln.

They are a sturdy, loyal race. A New England minister visiting one of their schools wrote, “The number of six-footers here is unreasonable." In one mountain county so many enlisted for the present war that no draft was made in the county. In one lowland county one hundred and fifty-two were drafted, all passed the physical examination, and not one asked for exemption. Yet in the State in which this county is located thirty thousand drafted men signed with a cross because they could not write their names. We have no blood in America of better natural endowment. What an asset to develop for our Country!

3. It has an unusual record : Chartered September 7th, 1897, in twenty years its influence has transformed the mountain region about it. It has sent hundreds of teachers into the mountains and lowlands of the South, and hundreds of workers into other walks of life--ministers, lawyers, farmers, endowed with ideals and trained for service. It has developed and donated to the town in which it is located a self-supporting public school system, promoted a sewer system and water-works for the town, is introducing better farming methods, truck gardening, new breeds of cattle and hogs, is developing fruit culture and leading the way in many things in the practical life of the people.

4. It has a good beginning in equipment: It has four hundred acres of land, uses twenty buildings of various kinds, has the beginnings of ten industries, has about $300,000 worth of property, including a little over $100,000 of endowment funds. It has forty-eight teachers and workers, and although many of its students are in the army and navy, it opened this year with crowded buildings-young men and women in about equal numbers.

5. It is training coming leaders for the South and the Nation: It has students from thirteen States, and from this great field it is bringing new, fresh, and vigorous forces into our national life. It is disseminating ideals which rapidly germinate into valuable material, intellectual and spiritual assets.

6. It is thoroughly Christian : It exerts no pressure, uses no fervent evangelistic methods, yet so earnest are the students who come from these awakening people, so practical, wholesome and Christian is the spirit of the institution, that every member of its twenty graduating classes has taken a Christian stand and every graduate, with perhaps one exception, is “making good ” in the world today.

(With most devout apologies to the late Mr. Lerris

Carroll) • Won't you work a little faster ?” said the

People of the State; “ There's a crisis close before us and we

haven't time to wait. See how eagerly the soldiery is drilling on

the shore ! Won't you give 'em shoes and guns and

things so they can win the war? Will you, won't you, will you, won't you,

will you win the war? Will you, won't you, will you, won't you,

will you win the war? “ You can really have no notion how suc

cessful they will be When you give 'em ships and food and

things and send 'em 'cross the sea !" But that State replied, “ Quite so, quite so.

We could not do before The things we could, or would, which

would, or could not, win the war. Would not, could not, would not, could not,

would not win the war. Would not, could not, would not, could not,

would not win the war. “We're doing everything we can. Recall,

if that don't suit yer, The further from the past we get, the closer

to the future.” But the People shook their heads and said,

“ That's rather less than more, For it doesn't give us victory or help us win

the war. Will you, won't you, will you, won't you,

will you win the war? Will you, won't you, will you, won't you,

will you win the war?"

II. Because War Conditions have Cut Off a Large Part of its Regular Donations

1. Its Budget calls for $50,000 in donations in addition to stated income to cover regular expenses and necessary extras.

2. It has cost life-blood to secure what has been secured (something over $20,000) and the work grows more difficult every day.

3. $10,000 is imperatively needed immediately and $20,000 more before the end of its fiscal year, June 30th.

It will be a calamity to have this institution, with such a field, such a record, and such need of its work, disastrously crippled, as it surely will be unless assist. ance is quickly given. Donations of any size will be gladly welcomed and promptly acknowledged.

Make checks payable to Piedmont College, and mail to the Treasurer, George C. Burrage, Box 174, Demorest, Ga., or for this month and next to Pres. Frank E. Jenkins, Room 85, 289 Fourth Ave., New York City.

Do Not Fail this Christian College in its Hour of Distress in the Year When it is Doing its Most Successful Work in Helping Make Democracy Safe

This advertisement was made possible by a special donation from a friend of Piedmont.

SACRIFICE THE ORDER OF

THE DAY BY LIEUTENANT-COMMANDER HENRY VAN

DYKE, U. S. N. Former United States Minister to the Netherlands When the first Liberty Loan came out, I subscribed as much as I could.

When the second Liberty Loan came out, I found that I could subscribe something more to that.

Now I am getting ready to subscribe something more to the third Liberty Loan when it appears.

Why should any American be surprised or grieved at being called upon for selfdenial in these perilous and glorious times ? We cannot win this war with a couple of million soldiers and sailors and ninets. eight million slackers. Everybody, from the youngest to the oldest, from the richest to the poorest, m.st lend a hand.

Sacrifice is tl . order of the day.

Our lire intius country for the past halfcentury ha: been too easy, too prosperous, too comfortavle, too free from care. It has tended to a false self-complacency and a silly sense of immunity from all dangersas if all the liberties and privileges which we enjoy were ours by a divine right and could never be threatened or taken away from us.

Such a state of feeling tends to fatty degeneration of the heart, mind, and conscience.

Now this war has come to shake us out of that dangerous condition and to teach us that we must all be ready to defend the things which we value most if we wish to keep them. It is a hard experience for all of us, and for some it will be a sharp and

Sacrifice the Order of the Day (Continued) bitter trial. But nothing is worth having which is not worth making a sacrifice for.

Those who do not take a part in that sacrifice now, either by personal service or by the consecration of their resources, are not worthy of the name of American. The happiest and most enviable are those who can do both.

The argument for the Liberty Loan as one of the absolutely indispensable munitions of our country in this war is too plain to need statement.

The argument for the Liberty Loan as the safest and surest investment in the world to-day ought to have weight with that prudence which is not altogether an unworthy part of patriotism. But I should not stress this argument too strongly. For, after all, it is not self-preservation that we must think of first. It is the preservation of the life and honor of our country.

My little daughter, twelve years old, was the first in our family to subscribe to the first Liberty Loan. She said to me one day in October: “Father, I have done something without asking your permission, but I hope you will not be displeased." “ What is it?” I asked her. “Well,” she said, “I took my money out of the savings bank and bought a hundred-dollar Liberty bond.”

Was I displeased? I guess not!

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BAPTISTS, IMMERSION, AND THE RIGHT OF PRIVATE

JUDGMENT The editorial in The Outlook for December 19 on “ Mr. Rockefeller's Contribution to Christian Union " opens up a question that needs a full and free discussion. The Outlook rightly says that “what distingnishes the Baptist churches is their spirit of individual liberty.” Putting it into the old formula, it is “the right of private judgment.” We Baptists have boasted of this principle for ages. The one and only great step we need to take to-day is to be consistent in its application in our churches. For example, no Baptist church that I have ever known thinks of making belief in missions an indispensable prerequisite to church membership—that question is Jeft to the individual's own judgment; and yet what sane man would ever put the two things, immersion and the missionary spirit, on the same level? The missionary spirit in our churches is infinitely more important than any form of baptism can ever be. If we leave the greater thing to the individual's own spirit and judgment and refuse (as we do) to let him exercise that same judgment on the lesser thing, are we not in danger of being classed with those of olden days who “ strained at a gnat but swallowed a camel'? Does not this action put us with those who tithe - mint and anise and cuminin, and have left undone the weightier matters of the law”?

* The right of private judgment” has practically won out in the matter of the communion; and many Baptist churches have already taken the same stand with regard to immersion.

The best basis for church membership is that given in Acts x:"I perceive that God is no respecter of persons : but in every nation he that feareth [reverences] him, and worketh righteousness [does right), is acceptable to him." And all such ought to be acceptable as church members.

GEORGE Doxo BROOKES,

Pastor First Baptist Church. Johnstown, Pennsylvanin.

In Quaker Oats, 1000 calories of nutrition cost 5 cents. In the larger package a little less. So the average daily need-2500 calorieswould cost 12 cents in this food.

Of course, one likes mixed diet. But what we urge in these days is-mix in what oats you can. Every dollar's worth used in place of meat saves an average of $7. Every pound used in place of four means more bread for our allies.

The oat is Nature's supreme food. No other grain can match it in flavor and nutrition.

Oats are plentiful and cheap. You can serve five dishes of Quaker Oats for the cost of a single egg.

Make this favory dainty the entire morning meal. Serve it in big dishes. Then mix Quaker Oats with your flour foods. They will add delightful flavor, and will help conserve our wheat.

In these high-cost days—in these war times more than ever the oat is the food of foods.

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FINANCIAL DEPARTMENT

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 investment. Therefore it will not udvise 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

THE OUTLOOK FINANCIAL DEPARTMENT, 381 Fourth Avenue, New York

Individual Income Tax Return Blanks

for Incomes in Excess of $3,000
THE TREASURY DEPARTMENT This Department will be glad

1 has approved the blank form to aid you in making your income
for Income Tax returns on indi tax return and in clearing up
vidual incomes in excess of $3,000. your income tax problems.
A copy of this blank (Form 1040)

Our various
may be obtained at our offices.

correspondent

offices, located in the important A representative of the Internal

investment centers, are also Revenue Bureau is located in

equipped to render valuable serv-
the office of The National City

ice in this connection.
Company and is co-operating
with the experts in our War There will be no charge for this
Tax Department.

service.
The War Tax Department supplements the various departments in this Company
which are making a study of specific classes of securities. Through these depart-
ments The National City Company will be glad to submit offerings of securities
or to make timely suggestions regarding investment problems. Send for circular 2-67.

The National City Company
National City Bank Building New York

So. Louis, Mommerce Bida

BOSTON, Mass.

10 State Street
ALBANY, N. Y.

Ten Eyck Building
BUFFALO, N, Y.

Marine Bank Building
CLEVELAND, OHIO

Guardian Building
PITTSBURGH, PA.

Farmers Bank Building
DETROIT, MICH.

Dime Bank Building
Bonds

CORRESPONDENT OFFICES
PHILADELPHIA, PA.

CHICAGO, ILL.
1421 Chestnut Street

137 So. La Salle Street
WILKES-BARRE, PA.
Miners Bank Building

Bank of Commerce Bldg.
BALTIMORE, MD.

KANSAS City, Mo.
Munsey Building

Republic Building
WASHINGTON, D.C.

MINNEAPOLIS, Mixa,
741 15th Street, N. W.

McKnight Building
ATLANTA, GA.

DENVER, COLO.
Trust Co. of Ga. Building

First Nationn) Bank Bldg.
NEW ORLEANS, LA.
303 Baronne Street

Short Term Notes

SAN FRANCISCO, CAL

424 California Street
Los ANGELES, CAL.

Hibernian Building
PORTLAND, ORE.

Railway Exchange Bldg.
SEATTLE, WASH.

Hoge Building

LONDON, E. C. 2 Exo.
36 Bishopsgate

Acceptances

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MITTI

SAVE THE SAVINGS BANKS
READER has sent us the following seeking advice on the exchange of savings
A letter, which we reprint with our banks deposits for investment securities.
comment thereon:

To all of them we have made the same
I am putting most of my current savings into

answer : “ Keep your money in the savings

bank.” We have gone so far as to say to United States Government bonds, but I have $1,000 in the savings bank, and I want to get it earning

readers who desired to purchase Liberty more. Will you kindly suggest a few issues suitable Bonds or War Savings Stamps with savings for this small investment? I have offered to me bank funds that it is better to leave savtwo $500 bonds to return about 6 per cent. I am ings bank deposits untouched, and use only getting only 4 per cent from the savings bank.

new savings for the support of the Govern

ment. Generally speaking, we do not recom

We do not believe that money should be mend the withdrawal of funds from savings

taken out of the savings banks to be loaned banks for the purchase of investment securities. The great savings banks of the

to the Government. The credit of the Gov

ernment is more likely to be disturbed than country are institutions conducted without profit for the purpose of enabling people of

aided by such a course. Over and over

again it must be reiterated that the need of small means to invest their savings at a fair

the Government now is for current savings. rate of interest with absolute security. Savings banks perform a great function in

The war cannot be financed by the sale of the country. The funds deposited in them

securities by one citizen to another. This

does not increase the wealth of the country are invested by the trustees with great care

by a single cent. New wealth can come under rigid State laws for the protection

only from new production, and the billions of depositors. About $5,500,000,000 is now on deposit

that we must put at the service of the Govin American savings banks—an amount

ernment to bring the war to a victorious equal to the entire stock of money in the

end must come out of our current produc

tion and our current savings. country. But the savings banks do not hold the money intrusted to them by their depositors. If they held the money idle in QUESTIONS AND ANSWERS their vaults, it would be earning nothing, and therefore the banks could pay no inter

Q. A circular of the — Company was mailed

to me by a firm of investing bankers who are memest to their depositors. All of these savings

bers of the New York Stock Exchange. It debanks funds, excepting a very small amount scribes certain 7 per cent gold notes, issued in 1917 of till money, are invested in high-grade and maturing in 1920. With each $1.000 note is a bonds, mortgages, and loans. In other stock option warrant entitling the holder to buy words, the small savings of millions of within a certain period 25 shares of stock at $15 a people are through the savings banks share. I cannot understand why this concern should mobilized to finance a very considerable

try to float the stock at $15 when it is being sold

on the exchange at $30. proportion of the capital needs of the country. This $1,000 that you have in the A. The convertible bond is an excellent savings bank may now be loaned to a medium for providing new capital for a wheat farmer in the Mississippi Valley, or corporation. It is, in fact, an option to purit may be loaned to a railway that has used chase before the end of a stated time the it for the building of new tracks. All the stock of the corporation at a stated price, savings banks deposits are at work in the usually fixed at a point considerably higher country producing wealth. Your interest than the market valuation when the bond from the bank is your share of this wealth is issued. If the corporation prospers and production, turned over to you in payment the market value of the stock rises above for the use of your capital.

the conversion price during the period, If you withdraw your funds from the then the privilege becomes of value to the savings bank, the bank will probably not bondholder. For example, in the case of be obliged to sell any of its securities to get the corporation you mention, if during the the money for you, because some other period during which the bond can be conindividual will be making a deposit while verted into stock at $45 a share, the stock you are withdrawing yours. But if a great rises, say, to $60 a share, the holder of the many people, like yourself, decided that convertible bond has the privilege of conthey preferred to do their own investing in version into stock at a cost to him of $15 and securities rather than have it done by the selling the stock on the market for $60, savings banks trustees, the result would be thus making a profit of $15 a share. that the savings banks would be obliged to In recent years convertible bonds have sell securities to get the funds to pay de- been a popular and desirable form of corpositors, and it might be that the very poration financing, especially in providing securities sold would be the securities new railway capital. Among the railway bought by the depositors.

companies that now have convertible bonds It must be plain to any one who stops to outstanding are Atchison, Atlantic Coast consider the function of savings banks that Line, Baltimore and Ohio, Chesapeake and any wholesale withdrawal of deposits would Ohio, St. Paul, Erie, New York Central, New force a heavy liquidation in our markets of Haven, Norfolk and Western, and Southern the high-grade securities now in the vaults Pacific. When Mr. Harriman was buildof the banks. At a time like this, when the ing up his Pacific system, he used the confinancial markets of the world are burdened vertible bond with great success, and the with an unprecedented volume of securities purchasers made handsome profits. The for the prosecution of the war, it is unthink- convertible bond is a desirable method of able that the savings banks should be obliged providing new capital for a growing corto force more securities on the markets. poration because it facilitates the raising of Of course the Government would not allow capital when there is no adequate market such a thing to happen. The Secretary of for new stock; while at the same time it the Treasury would consider it a paramount makes it possible to put the company's duty to keep savings bank credit as sound financing on a sounder basis later on, by as the credit of the Government itself. reducing the debt and increasing the cap

A number of inquiries from Outlook read ital if the growth of business during the ers have been received the last few months period of conversion advances the market

MIINI|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||II|I ESTABLISHED 1865 M

First mortgage on modern hydro

electric property. Cash cost of se

curity three times

loan. Net earnings four

times interest. | Issued with ap

proval of a State Railroad Commission. Company supplies

power to industries of vast importance in times of peace as well as war.

|||||||||||||||||||||||||||||||||||| ESTABUSHED 1865 ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||HT||||||||||

Send for Circular No. 10042.

Peabody, Houghteling & Co.

(ESTABLISHED 1865) 10 South La Salle Street

Chicago, Il.

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Liberty Loan

Questions

How many times do you find questions coming up in your mind concerning Liberty Loan bonds which you can't answer?

You can easily and quickly learn almost any fact concerning Liberty Loan procedure by consulting our conveniently indexed booklet.

Send for Booklet H-48
* Your Liberty Bond."

Questions and Answers (Continued)
value of the stock above the conversion
price.

It is always desirable to finance a com-
pany with as little debt as possible, com-
pared with the amount of share capital.
The reason for this is that in a period of
lean earnings a company with a large debt
may be unable to pay its interest, and so be
forced into bankruptcy; if the bulk of the
capital is in the form of stock instead of
bonds, then the reduction in earnings and
the consequent reduction of dividends does
not affect the solvency of the company.
Interest on bonds must be paid, but divi-
dends can always be reduced or passed.

We discussed in these columns several months ago the dangerous growth of railway debt as compared with capital in the form of stock. A railway with a large proportion of debt has a very narrow margin of safety in periods of thin earnings. Nearly all the railway bankruptcies of recent years have been of companies that were unable to sell stock and were forced to issue an abnormally large proportion of bonds. When earnings fell off, these companies were unable to meet their obligations to their creditors or bondholders, and were forced into receivership. The convertible bond is a means of bridging a company over a period in which it cannot provide needed capital requirements by the sale of new stock, and gives it the opportunity later on, if earnings sufficiently expand, to readjust its financing on a sounder basis.

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Index
Above Par, (Page) 10. Destroyed Bonds, 10, 11.
Accrued Interest, 17, "Dollar a Week, 15.
Baby Bonda, 16.

Excess Profits Tax, 5.
Ranks, 10, 12, 13, 14, 16. Exchanges, 6.
Borrowing, 11, 14, 15. Face Value, 9,
Conversions, 6, 8.

First 3% Bonds, 4, 5, 6, 7, 8.
Coupons, 12, 13, 15. Free Safekeeping, 11.
Dates of Maturity, 4, 8. Future Value, 9, 10,
Dates of Redemption, 5, 8. Germany, War with, %, 6.
Dates of Interest, 7, 8, 17. Higher Rates, 6, 7.

etc.

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ON A
DANFORTH FARM MORTGAGE

IX SIXTY YEARS
No Investor has ever foreclosed a Mortgage, taken a foot

of land or lost a dollar on a Danforth Farin Mortgage. For further information regarding our Farm Loans and

Bondo write for Booklet and Investors' List No. 58.

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First Mortgage Certificates

1918 Income and Federal TAX REPORTS

(Registered) PAYING 5% SEMI-ANNUAL INTEREST Denominations, $200-$300-$500-$1,000-$3,000

Secured by an equal amount of first mortgages
on real estate deposited with First National
Bank of Kansas City, Trustee, and the assets
of the Waddell Investment Company.

Ask for our Booklet
“ FIFTY GOOD REASONS

and Financial Statement

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Q. I own the following railway stocks :
10 shares Mil., St. Paul & S. S. Marie, costing $714

BANKERS Founded A.D. 1858
WASHINGTON

ILLINOIS 5 shares Sonthern Pacific, costing .......... 98 10 shares Atch. Top. & Santa Fé, costing ... 96 10 shares New York Central, costing ....... 86

CONLIN'S Would you advise selling these stocks at present prices, taking a considerable loss, and reinvesting the proceeds in higher grade securities with the possibility of getting a better return on my money ? I am a holder of both issues of Liberty bonds and Tells individuals, partners, fiduciaries, and corporashall invest in the bext issue. I have about $1,000 tions how best to prepare 1918 tax reports for the to invest. What would you advise me to purchase ?

income tax, excess profits, capital stock, stamp and

every other Federal tax. It answers every question A. We presume the “ Soo " stock is not and tells precisely what to do in your particular case. the common stock of this company, but the The only complete, up-to-date, authoritative book Wisconsin Central leased line stock that

covering all Federal taxes.

Includes the laws, amendments, treasury decisions and me pays a dividend of $4. If you sell these ulations to Feb. 1, 1918 and the combined advice of five stocks on the present market, you would

recognized experts, 704 pages. $3.00 per copy.

At your bookseller or from receive about $2,500 for them. Your divi

Save time, energy and PRENTICE - HALL, INC. dends are $180 a year. In other words, avoid errors by using

Publishers your investment is selling in the market

this book as your guide. 70 Fifth Ave., New York now on a basis of about 7.2 per cent. You could invest this money in bonds or other we can certainly anticipate a rise in the securities of greater stability, but if you market value of these stocks when peace is did so you could hardly expect to receive in sight. as high an interest yield. High-grade rail As to the further investment of $1,000 way bonds are now selling to yield from that you are now considering, we think you 5 to 6 per cent, and there are some excel would do well to diversify your purchases lent public utility bonds that yield at cur of securities. You have the choice of highrent prices from 6 to 7 per cent. Some grade farm and real estate mortgages, of short-term securities, including international underlying railway bonds of undoubted obligations, can be bought to yield a still stability, seasoned public utility bonds, and higher return, but we think that, under the short-term corporation and Government circumstances, you would do well to hold securities. Any of the large financial instiyour railway stocks, all of which are of tutions advertising in The Outlook will be high rank. As was recently pointed out in glad to give you a selected list of securities these columns in a discussion of Govern of these various descriptions. ment control of railway financing during We suppose that you are putting some the war, the dividends that you are now of your savings in the Government War receiving on these railway stocks will un Savings Stamps. We know of no better doubtedly be paid during the period of the investment. They return about 4 per cent war, and there is every reason to believe and are easily converted at any time into that when railway financing is readjusted cash. We think that every investor who is after the war the Government will deal accumulating savings ought to put a verfairly with the owners of railway securities. tain portion of his savings at the disposal

While a long war would mean a further | of the Government by the purchase of decline in the market quotations of these War Saving Stamps. These can be bought stocks, we believe that the dividends are as at post-offices, banks, and retail stort well assured as any corporation dividends; throughout the country.

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