THE BEST ADVERTISEMENT (Continued) it so badly that you get out your stationery and fountain pen and write a note of request, such an advertisement has pulling power. But what has the advertisement resulted in meaning to me? In the first place, there has been an educational value to my inquiry into the information sent me of which I am quite conscious. For instance, I am informed there is a difference between an investment and a business venture. I should have arrived at that conclusion by experience. I had not done so. I had continued to regard certain stock I had bought to be an investment. The fallacy is shattered by the explanatory statements in the booklet sent me. Then there is the idea of a goal. "Lack of a definite objective in life is probably the most frequent cause for failure," says the Straus booklet. I have long believed in that as a sound 40 Years Without Loss to Any Investor NOTHER year- another decade has been added to the record of W, Straus & Co. We now have been in businen forty years, and in all that is, no investor has ever lost a dollar of principal or interes, or suffered delav in pasment of either, on any security purchased of us Behind every bond we sell is this record, the most valuable We have prepared a new anniversary booklet, giving the reasons for our record, and outlining the growth of 8. W. Straws & Co. from a small beginning in 1882, to a nationwide organization, with offices in fifteen principal cities It is yours for the asking. Write for it today, and specify NEW YORK BOOKLET A 1205 Forty years without loss to any investor The appeal of this advertisement helped to split our third prize principle underlying the vocational and spiritual aspirations of my life, but had not applied it to my savings. I asked myself the question, "Why should the economic in my life be left to chance?" And then I read, "Decide on saving and safely investing a specific amount each month." I made the decision. And as I studied the ten points of the Straus plan for issuing and safeguarding firstmortgage bonds I further decided to avail myself of their experience. I followed the decision by making the initial savings investment toward a firstmortgage bond. This advertisement of S. W. Straus & Co. is, in my opinion, the best printed in The Outlook in 1921 because it has started me on a course that may make all the difference between a life of independence and one of dependence, and of .consequent unhappiness, in old age. I could not be happy to be dependent. My business ventures might turn out badly, as have many before mine. As a result of this advertisement, I have started the year 1922 with a larger outlook on life because better safeguarded in its economic aspects through acting on The Outlook's best advertisement printed in 1921. MRS. CORA P. RICHARDSON. Evanston, Illinois. GIVE THEM Baker's Cocoa TO DRINK The time for Vapo-Cresolene is at the first indication of a cold or sore throat, which are so often the warnings of dangerous complications. Simple to use; you just light the little lamp that vaporizes the Cresolene and place it near the bed at night. The soothing antiseptic vapor is breathed all night, making breathing easy, relieving the cough and easing the sore throat and congested chest. Cresolene is recommended for Whooping Cough, Spasmodic Croup, Influenza, Bronchitis, Coughs and Nasal Catarrh. Its germicidal qualities make it a reliable protection when these diseases are epidemic. It gives great relief in Asthma. Cresolene has been recommended and used for the past 42 years. The benefit derived from it is unquestionable. Sold by druggists. Send for descriptive booklet 31. The VAPO-CRESOLENE CO., 62 Cortlandt St., New York, or Leming-Miles Bldg., Montreal, Canada. USED WHILE YOU SLEEP OOKS that attempt to analyze and BOOK explain wit and humor are usually accounted pretty dull; but a chapter on the Technique of Wit in a new book entitled "Fundamental Conceptions of Psychoanalysis" keenly interests the reader both by its comments and its examples. Under the head of automatism the author says: By this mechanism a person falls into a certain trend of thought, gets accustomed to it and follows it automatically, regardless of whether it has logic or not. Examples: A dentist had to crawl under his auto in order to make some adjustment in the machinery. Applying the monkey wrench to it he said soothingly: "Now this is going to hurt just a little." The father of the bride, an undertaker, was busily engaged in getting everything ready for the departure of the newlyweds for their honeymoon. At last all the baggage was in the car, and after taking affectionate leave of his son-in-law and daughter he slammed the door of the car and cried to the driver, "Cypress Hills" (one of our great cemeteries). Illustrating the form of wit called ellipsis we find this paragraph: The question is asked, "Do you think ignorance is bliss?" And the answer is, "Well, you seem to be happy!" As is seen, at least one thought is left out between the question and the answer. This is listed under "the mechanism of outdoing:" A Jew and a Greek are in a café. Says the Greek: "You know, Jacob, the old Greeks were the most wonderful people that ever lived. They knew everything. Just recently they were digging around the Acropolis in Athens and they found wires, which shows that the old Greeks used telegraphy." Then the Jew: "That's alright, but I tell you the Jews were the most wonderful people. They recently dug around the walls of Jerusalem and did not find anything, which shows that the old Jews used wireless telegraphy!" An appreciative valentine for the doctor is published in the "Journal" of the American Medical Association, and some of our readers may like to clip it and hold it for sending next year to a good doctor: Dear doctor, you're my valentine: A contributor to the "Atlantic," talking of books and reading, says that among a multitude of books that he has read and liked there are only three that he has read more than once-"Vanity Fair," "Treasure Island," and Boswell's "Life of Johnson." Any one of a book(Continued on page 404) 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 THE FINANCIAL PROBLEM OF THE BONUS HERE are many things to be considered in connection with the proposal to pay a bonus to the ex-soldiers who served in the World War. 'The question of primary importance in connection with the bonus is how the money needed to pay it can be raised. Every one should remember that the Government itself has no money except the money that the people of the country have in their pockets. Any bonus paid, therefore, will be paid by the people themselves, out of their pockets, and included among the pockets which must be tapped are those belonging to the exservice men. The amount of money which would be required is variously estimated at from two to five billion dollars. The sum required the first year is said to be $850,000,000. Now, with the bonus left entirely out of consideration, it is figured that by 1923 Federal income will be some $300,000,000 less than Federal expenses. Is it feasible, or at least is it wise, to increase the country's burdens by approving any scheme to pay a bonus calling for such a vast outlay of money? People have suggested that the bonus can be taken out of the repayments of the allied loan. At the risk of digressing, let us consider this a moment. In the first place, many people have doubts that this loan will ever be repaid. Without discussing this possibility, it might be well to ask ourselves if it would be good business from a selfish point of view-to insist upon the repayment of The interest on this $10,000,000,000. this sum at 5 per cent is $500,000,000 a year. This interest would have to be paid in goods, for it is by means of trade that nations pay their debts. Taking gold would only demoralize the European currencies further, and the evil results would react upon us. The exchange rates make it almost impossible for Europe to buy, as it is, and our tariff laws do not help matters. If we want to consider our own interests above everybody else's, therefore, we should ask ourselves if it is wise to try to collect this loan. And if we do collect it, should the first claim on the money come from the ex-soldiers or from the holders of Liberty Bonds? If the Bonus Bill goes through, taxes will be raised and the cost of living will go up again. Business is not in such prosperous condition to-day that it can stand increased taxes. To quote from a letter of Senator Shields, "the economic and financial condition of the business, industrial, and agricultural and labor interests are demoralized, depressed, and suffering to an extent never before surpassed in the history of our country. Mines, mills, and factories are idle. Millions of acres of grain and cotton plantations go uncultivated and raising of live stock is being abandoned, all because the cost of production is greater than the market value of the products. The farmers of the country are not only unable to meet their obligations . . . but many of them are compelled to borrow money to pay taxes." In the face of such conditions, should Congress be permitted to impose additional taxes upon an already burdened people? In the depressed condition of business, can our people stand any further increase in their taxes? Can the ex-soldiers themselves stand increased taxes? Secretary Mellon has announced that unless drastic steps are taken $4,000,000,000 a year for the next three years will be required to satisfy the demands of the Federal budget. This means that every man, woman, and child in the United States would have to pay the Government about $40 a year in taxes. The tax for each family would be about $200. Add to this your State and local taxes, and ask yourself if you are in a position to have your taxes increased further. If we would bear constantly in mind that every nickel of Government, State, and city appropriations is paid by us directly or indirectly, more pressure would be brought to bear upon those who are in charge of Governmental expenditures to spend our money wisely and for necessary things. Before the war our National debt was FINANCIAL DEPARTMENT (Continued) in the neighborhood of one billion dollars. Now it is more than twenty-three times that amount. Is any one class of our people, for its own questionable benefit, justified in asking us to increase it further? Our debts must surely be paid some time, and if more attention were given to paying them and less to adding to them we should all be better off, the ex-service men included, to whom the payment of a bonus in cash installments, to quote Senator Shields again, "according to common experience, will be of meager benefit." Even the members of Congress who are urging the passage of the bill most strenuously cannot agree upon any method of providing the funds; the Secretary of the Treasury has expressed himself as against it; and President Harding has stated on several occasions his belief that the measures proposed for providing the means of payment would work serious harm to the industrial, economic, and social life of the Nation. He, along with all the thinking men of the country, wishes it might be dropped, at least under the conditions obtaining at present. QUESTIONS AND ANSWERS Q. Please tell me something about the Bush Terminal Buildings Company 7 per cent cumulative preferred stock. Is it a guaranteed issue? How have earnings compared with dividend requirements? Is it callable, and what is the yield at present quotations? A. This stock has a prior claim on assets consisting of New York City real estate with an assessed valuation of over $40,000,000. Preceding this stock are underlying bonds amounting to about $20,000,000, leaving an equity of about $20,000,000 for $5,000,000 of 7 per cent preferred stock guaranteed divi dends and principal by the Bush Terminal Company. Surplus earnings for the past seven years have equaled annually about five times dividend requirements on this stock, which is callable only at $120 a share. It is selling at present to yield approximately 7% per cent. Q. Please inform me what dividends the Pennsylvania Railroad pays on its stock; also the high and low quotations for the stock in 1921. A. Pennsylvania pays dividends at the rate of 4 per cent a year. This amounts to $2 a share, as the stock has a par value of $50. The high price this year was 41% and the low 32. FROM THE MAIL BAG THE OUTLOOK AND THE FARM ERMIT me to express my appreciation Pof your treatment of agricultural problems in recent issues of The Outlook. It seems to me that your attitude has been generous; at the same time, the fact that the editorial correspondence of Mr. Ernest Abbott concerning the Agricultural Conference at Washington, the editorials, the letters from subscribers, and the contributed articles have approached the agricultural topics from different points of view, has tended to insure their fair and unprejudiced treatment. It is extremely gratifying to us who represent the State colleges of agriculture and agricultural experiment stations to see so much public interest in agriculture. We are now seeing the general public take up and show a widespread interest in questions which have always been of utmost concern to us. This public appreciation of the Nation's basic industry cannot help but make it Lure You to Seattle "Center of the Charmed Land " And these so beautiful and so stocked with trout awaiting your fly are only two of the galaxy of out-of-door attractions awaiting your coming. It's a wonderland with a prodigal variety of charms-streams, lakes and waterfalls, the most entrancing mountain corntry and the loveliest sea country in the world. After a delightful cruise on inland seas, a leisurely luncheon, and a charming motor ride, one may dine 5,557 feet above sea level in Mount Rainier National Park. One can step out onto the glaciers and before one, in the words of John Muir, will "lie the most gorgeous Alpine gardens ever viewed." Big trees, lovely woodsy things, fine motor roads, and every known sport. But the really big thing is, the climate-it lures one out to enjoyment the year round. Come by train or motor. Come to our tourist bureau, 702 Third Avenue, Seattle. Maximum temperature Seattle, 1921-80. Seattle Chamber of Commerce 903 Arctic Building, Seattle, Washington |