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FROM FAMINE FIELDS

BY MARTHA HASKELL CLARK TAM a little better than a movie show 1 Because I speak reality. You know That I was there, have worked and

shared and seen. And yet, like shadow pictures on the

screen, The scenes I paint bring but a passing

thrill Of pleasant horror. Self-complacent still, You murmur, “Sad! So sad!” and go

your way, While cards, and tea-rooms, and the

latest play Will reap their easy millions through

the week. You cannot sense the things of which I

speak. You are not heartless. Could I only lay One baby's body at your feet to-day, Or here and now bring swift before your

eyes One mother watching by her child that

dies You would be pitiful, would strain to

give,And thousands doomed by apathy would

live. Great God of Nations, give me words to

stir These sleek-fed aisles of broadcloth and

of fur!

One of the 250.000 who provide Bell Service.

At Your Service

Imagine a bird's-eye view In every center of popuof the United States. Imagine lation is a telephone exchange it criss-crossed with telephone and an organization of skilled wires or underground cables workers to give life to the connecting every city, town nation-wide facilities of comand hamlet. Imagine these munication. Every circuit wires reaching nearly must be tested; every inch of 14,000,000 destinations—in

wire watched and kept in city homes and offices and in repair; every switchboard 2,500,000 farmhouses.

operated day and night. Imagine all this and your;

But that is not all. There

is the new construction to meet vision is still short of the truth

the increasing needs of the regarding the Bell System. A telephone-using public. Every telephone at your elbow, a day, from one end of the counwire circuit to your farthest try to the other, thousands of neighbor. Apparatus which crews of linemen and cableembodies the latest develop men, and installers of every ments of an army of trained kind of telephone equipment, scientists. The picture is still carry on this work with the incomplete.

continued growth of the nation.

"BELL SYSTEM
AMERICAN TELEPHONE AND TELEGRAPH COMPANY

AND ASSOCIATED COMPANIES
One Policy, One System, Universal Service, and all directed toward
Better Service

THE TRAVELED

JOHN MILTON Tx Mr. Irving Bacheller's "What's the I Matter?” a surprising statement as to the traveled John Milton meets the eye. He says of Shakespeare: “Never in all his life, probably, did he travel so far as we go in a round trip from New York to Boston." Very good thus far; but he adds: “The same is true of Milton.” Please tell us this is a typographical interpolation instead of something that has escaped the editorial scrutiny.

That these observations may have a modicum of completeness, witness the brief account of Milton's travels. Though the elder John Milton was not a man of wealth, he was anxious to round out the education of his son as an English gentleman. Travel was almost the invariable elective in the education of an English gentleman. In April, 1638, Milton was on his way across the Channel for a Continental tour. He went to Paris, Nice, Genoa, and to Florence. In the last city he frequented the academies and met Galileo, saw his astronomical drawings, and looked through his "glass." He next spent two months in Rome. Naples lay next in his tour, whence he planned to go to Sicily and to Greece, but the news of the critical stage of the contest between Charles I and Parliament brought his journey to a premature end. But even then he did not hasten home. Two more months were spent in Rome. He left Rome for brief sojourns in Ferrara, Venice, and Geneva. He arrived in England in August, 1639, having spent about sixteen months in travel.

CLAUDE KINNICK, Alliance, Ohio. Professor of English.

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CONTRIBUTORS'
GALLERY

A Tour request, A ex-Governor Alfred E. Smith, known affectionately to his fellowcitizens of New York City as “Al Smith,” wrote an article on "The Port of New York Authority," which appears in The Out

look of this week. This rather cumbersome name means the private corporation which has been established by a treaty between the States of New Jersey and New York for the proper development of the harbor of New York as a great receiving and exporting shipping port. Governor Smith's article will be of vital interest to the inhabitants of the region of New York who are desirous of preserving their business interests, and equally vital to the farmers and manufacturers of the West who wish to distribute their products on the Eastern seaboard in an economical fashion. Governor Smith was born in New York in 1873. DOROTHY CANFIELD, whose married

name is Mrs. J. R. Fisher, is widely known as an American writer of fiction and as a contributor to many magazines, of which The Outlook is proud to be one. In addition to the five announced stories in the series of "Human Byways” (of which the fourth appears in this issue) The Outlook has accepted a new article of the same character which relates to Mrs. Fisher's own great-grandmother, and which seems to us perhaps the finest study of New England character which we have had from her pen. D ICHARD B. WATROUS was born and I brought up in Wisconsin. He was for many years editor of the Milwaukee "Telegraph." He has written much on civic subjects, the preservation of scenic wonders, and housing. In the interests of the last named he went to Europe in 1913 for a study of what had been done there. Mr. Watrous is serving as a representative of The Outlook in Washington, and has, on occasion, made special investigations to obtain information for editorial use. QAMUEL HILDEBRAND is an ichthyologist

who has been associated with the United States Bureau of Fisheries for eleven years. He is the author of numerous scientific papers and books and has made many important investigations leading to the discovery and the determination of the value of top-feeding fish as agents for the control of disease. mwo articles on the ship-subsidy ques

Ttion are contributed to this issue. One, “All Dressed Up and No Place to Go,” is by Frederick H. Chase, the wellknown lecturer and writer. The other is written by George Haven Putnam, President of the Free Trade League and of G. P. Putnam's Sons, the publishing company.

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much cheaper

this year to our wondrous west

- the place for your vacation, an Empire of Enchantment, unmatched in its outdoor possibilities. Go via the Burlington - you'll like its in. viting hospitality, its thoughtful attention to your comfort and convenience. Fare substantially reduced; Government taxes removed.

Write for free book describing region that interests you. If you want more than one book, send 6c for postage. P. S. Eustis, Passenger Traffic Manager, C. B. & Q. R. R., Chicago

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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

TO PROMOTE RECOVERY N TOT long ago a letter came to us from a woman who asked Perhaps a “spring rise" is coming. We hope it is; but we

our opinion of a number of speculative stocks she was should like to see any one who could convince us that it is a I holding on margin. She wrote glibly of the expected certainty. The plain truth is, that nobody knows, and any "spring rise" in the stock market, and wondered if she had man or woman who speculates on the fluctuations of stock best sell out and take her profit when it was over, or wait prices is going to lose a lot of money some day. until the end of the year and make still more money. Who All of this is somewhat beside the point we want to make, said that there is a "spring rise" coming, and, if any one did which is that we hear a great deal of talk nowadays about say it, what sound basis has he for such a statement? People business recovery. Almost any one will tell you that things who make predictions about the future course of the stock mar- are certain to be better soon, but not many can give reasons ket are liable to get themselves and their friends into consider for their belief that this is so. Like the woman and her "spring able trouble, and merely because we want a thing to happen is rise," they want business to be better, and therefore they think no guaranty that it will happen.

it will be. We too think things are improving; but before our Nothing in this world happens by chance.

industrial life can be put back upon a sound and permanent

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THE standard first mortgage real estate bonds underwritten by

S. W. STRAUS & Co. offer you real safety and the best interest
return consistent with safety, because-
They are backed by our record of 40 years without loss to any investor.
They are safeguarded by the time-tested scientific provisions of the
Straus Plan.
They are based upon the best security-improved income-producing

real estate.
For forty years these bonds have given thousands of investors safety,
satisfaction, and an assured income. Not one of these investors has
ever lost a dollar on any STRAUS bond or been compelled to wait a
day for payment of either principal or interest.
Investigate this record and these bonds. Our booklet “40 Years Without
Loss to Any Investor,” is yours for the asking. Write today and specify

Booklet D-1205

S.W.STRAUS & CO.

ESTABLISHED 1882 OFFICES IN FIFTEEN PRINCIPAL CITIES INCORPORATED

New YORK-Straus Building CHICAGO-Straus Building
40 YEARS WITHOUT LOSS TO ANY INVESTOR

Copyright, 152, by 8, W. Straus & Co.

“As my bankers in New York said to me"

done.

There are international problems to be solved, and, while some of the nations are getting their affairs in shape and are well started on the road to recovery, others, of which Russia is a notorious example, are in a chaotic state with no prospect of prompt betterment. The foreign market for American goods has largely disappeared, and one of the main causes of our present business depression is our inability to sell our surplus of goods abroad. Another thorn in the flesh of business is the fact that buyers, not yet convinced that prices are on a permanent basis, are unwilling to commit themselves for any appreciable time in advance; they are ordering for immediate needs, and nothing else. The result is that business is a sort of hand-to-mouth, day-to-day affair, slow moving and spasmodic. Politics, in Washington and in other parts of the world, have played their part in hinder. ing the recovery we all of us so earnestly desire.

Again, after every period of prosperity there comes a corresponding time of depression. During our post-war inflation years there was a demand for all kinds of goods, and not only were the large concerns taxed to capacity to supply the buyers' wants, but numberless little companies sprang into being all over the country. So long as business was good the little fellows prospered, but when the demand for their products diminished, and in many cases disappeared altogether, they were not sufficiently strong to weather the storm. Failures have been common and numerous; the "weeding-out process" is going on, and, while it means hardship for many, the results are bound to put business as a whole on a sounder basis.

What it all amounts to is that we are obliged to heal the wounds suffered by a whole world at war. It is not easy and it cannot take place overnight. There has been a violent, though natural, reaction from the period of inflation and prosperity through which we have passed, but it seems to us that we can depend upon our new banking and credit system to see us safely through. It stood up under the strain of the biggest war in history, and it would seem as if we were justified in pinning on it our hopes of ultimate recovery.

One thing, however, we should bear constantly in mind, and that is that our present world is different from the one we lived in before the war. New problems must be faced and there are new jobs to be done. On the other hand, we should also remember that the economic fundamentals are always the same, unchanged and unchanging. And it does not pay to try short cuts. People who attempt them sooner or later invariably come to grief. Fine theories are promulgated which fool people for a time, and rainbow chasing becomes a popular sport with those who are averse to facing facts, but eventually the old truths assert themselves and the time spent in worshiping false gods proves to have been wasted.

Schemes for revolutionizing our bank

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IN every city, no matter how small, there are some manu| facturers and business men who make it a point to be in New York once or oftener during the year.

The Equitable has the privilege of serving hundreds of them. They arrive, register at the hotel, make their business

calls, and then drop in at The Equitable.

Sometimes they have banking business to transact; sometimes they want merely to check up their own business observations and opinions with those of men at the heart of the financial district. In either case their welcome is equally cordial and sincere.

We shall be glad to have you numbered in this company of The Equitable's friends from out of town. Come in on your next visit to New York. You will bring us information from your section that will be of value to us; and we shall find ways to make our service valuable to you. Our Uptown Office, on Madison Avenue at 45th Street, is convenient to your hotel. Send for our booklet "Equitable Service"

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FINANCIAL DEPARTMENT

(Continued) money, for making one section of the country pay taxes for all the rest, attempts at class legislation, and political dilly-dallying all collapse of their own accord eventually. Our industrial and social structure is a delicate and intricate piece of mechanism made up of countless wheels, and every wheel has cogs in it and every part of the machine must do its work if the whole is to function properly. Which means to say that every one of us is a part of the big machine and it is for us to see to it that we do nothing to clog the wheels. We all know what our job is, and we can do the most good to ourselves and every one else by sticking to it. How often it has happened that a man who has made a success in one line of business thinks that fact proves that he can make a success of anything he tries, and the result is complete failure! Because a man is a great manufacturer or inventor is no reason to suppose that he is also a great banker or railway man. If every man would do his own work and not try to settle all the affairs of the rest of the world, the world and the man himself would be better off, and in the present instance our industrial recovery would be immeasurably easier. Every man is but a cog in the wheel, and if he tries to take the place of the wheel itself the whole machine is going to slow down.

People are learning this lesson gradually. They must learn it if good is to result, and the knowledge may be gained either of a man's own accord or from bitter experience. Unfortunately, many people learn only from experience, although it is perfectly possible to profit by what others have done. The recent disclosures in regard to bucket shops and the thousands of people fleeced by them are only further evidences of the fact that Barnum was right, and that, in spite of countless similar experiences proving the futility of trying to get rich without work, there is always a crop of people ready to try it. And no doubt many will blame Wall Street. But if any one would take the trouble to think about it, why should what is known as Wall Street be blamed for the operations of certain dishonest persons who rent offices in New York's financial district? As a matter of fact, the business men of Wall Street, the real Wall Street, probably have less sympathy with dishonesty than any body of individuals in

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Our 7% Safeguarded First Mortgage Investments are sold in denominations of $1,000, $500 and $100, outright or under our Investment Savings Plan.

Write for Booklet No. 7

The EH.SMITH COMPANY

Founded 1873
FIRST MORTGAGE INVESTMENTS

WASHINGTON, D. C. ALICILOIDOITOONITOIMIIIIIIDIINIT

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