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CONSIDER THE EXTRA QUALITY YOV RECEIVE FOR THE PŘICE PAID W. L. Douglas shoes are made of the best and finest selected leathers the market affords. We employ the highest paid, skilled shoemakers, all work ing with an honest determination to make the best shoes for the price that money can buy.


SHOE When you need shoes look for a W.L. Douglas store. We own 108 stores located in the principal cities. You will find in our stores many kindsand styles

BOYS of high-class, fine shoes that we believe

SHOES are better shoe values for the money

$4.00 &$4.50 than you can buy elsewhere. Our $7.00 and $8.00 shoes are excep

W. L. Douglas name tionally good values. There is one point and portrait is the we wish to impress upon you that is

best known shoe worth dollars for you to remember.

Trade Mark in the W. L. Douglas shoes are put into all

world. It stands for of our stores at factory cost. We do not the highest standard make one cent of profit until the shoes

of quality at the loware sold to you. When you buy shoes

est possible cost. at any one of our stores you pay only The intrinsic value one small retail profit.

of a Trade Mark lies

in giving to the conNo matter where you live, shoe dealers sumer the equivacan supply you with W.L.Douglasshoes.lent of the price They cost no more in San Francisco paid for the goods. than they do in New York. Insist upon

Catalog Free. having W. L. Douglas shoes with the name and retail price stamped on the sole. Do not take a substitute and pay one or two extra profits. Order direct w. L. Douglas Shoe Co.,

President from the factory and save money. 167 Spark St., Brockton, Mass.


(Continued) As I see them, they are three in num. ber.

First and foremost is the fact that if genuine homes (and all that makes them priceless) are to be "sold" to the Nation again the task needs to be shouldered by those who have a perma. nent, selfish, monetary interest in the accomplishment. It can be attempted economically only by advertising, and that advertising must not be too nar. rowly intent upon the sale of individual commodities, but must sell the home idea, its comforts, its luxuries, and, above all, its social advantages-in other words, pride in the home must be re vived and made fashionable, not only among the moneyed classes, but throughout the rank and file of the public. Each for himself, home-building-material advertisers must phrase their mes. sages--and this can be done so that the desire for a home is fostered while the advertisements are also actively selling particular brands of merchandise.

Secondly, each manufacturer of building materials and home furnishings must feel the pressure of this need so personally that he will materially help to swell the volume of home advertising by his own publicity efforts, so that, in its total, it will hold its own or surpass the force of publicity behind the automobile or behind any other commodity which tends to reduce the per capita expenditure in homes.

There is a final moral, however, which is far broader in its application and is worth heeding by every reader who is either personally active or is financially interested in any commercial or industrial enterprise. It points a lesson which may be slangily stated, “You never can tell”-be wary of the future and do your thinking for to-morrow to-day.

Keep in mind that in 1900 we still doubting the survival of the automobile. A man who would then have dared prophesy that within twenty years it would be affecting home-building expenditures and competing with notable success for a considerable slice of the American family's dollar against even so-called “necessities"—such would have been hooted down.

In the light of that unforeseen reversal, I cannot but wonder what rockfounded industry, whose leaders to-day are complacently viewing their “assured" future market, is doomed to a similar jolt from a source now unknown. The motor

shoved the home rudely to one side.

Belts pushed suspenders out of fash ion.

The piano is no longer the social sine qua non that it once was; a period. design phonograph will serve instead.

National prohibition (the impossible) closed the doors of a host of breweries.

The unknown movies jolted the centuries-old legitimate stage and have emerged from the scuffle with a husky percentage of the amusement slice of the dollar.

Yet what would you ask to seem more






FOR APRIL 1, 1922.
State of New York, County of New York, ss.

Before me, a Notary Public in and for the State and county aforesaid, personally appeared Robert D. Townsend, who, having been duly sworn according to law, deposes and says that he is the Managing Editor of THE OUTLOOK, and that the following is, to the best of his knowledge and belief, a true statement of the ownership, management, etc., of the aforesaid publication for the date shown in the above caption, required by the Act of August 24, 1912, embodied in section 443, Postal Laws and regulations, to wit:

1. That the names and addresses of the publisher, editor, managing editor, and business managers are:
Publisher-The Outlook Company, 381 Fourth Ave., N. Y. City. Editor-Lyman Abbott, 381 Fourth Ave., N. Y. City.
Managing Editor-R. D. Townsend, 381 Fourth Ave., N. Y. City. Business Managers-The Outlook Company, 381
Fourth Ave., N. Y. City.
2. That the owners are: The Outlook Company, 381 Fourth Ave., N. Y. City.
Stockholders of The Outlook Company owning 1 per cent or more of the total amount of stock:
Lawrence F. Abbott..381 Fourth Ave., New York City N. T. Pulsifer..........456 Fourth Ave., New York City
Lyman Abbott........381 Fourth Ave., New York City Lawson V. Pulsifer....456 Fourth Ave., New York City
W. H. Childs ..........17 Battery Place, New York City Chas. Stillman, C.C. Stillmau, E. G. Siillman (Trustees

for J. A. Stillman)...55 Wall St., New York City Travers D. Carman ...381 Fourth Ave., NewịYork City

Chas. Stillmau. J. A. Stillman, E. G. Stillman (Trustees Walter H. Crittenden.309 Broadway. New York City

for C.C. Stillwan)...55 Wall St., New York City William C. Gregg......330 Prospect Av.H'kensack,N.J.

Chas. Stillman, J. A. Stillman, C.C. Stillman (Trustees Frank C. Hoyt........381 Fourth Ave., New York City for E. G. Stillman)...55 Wall St., New York City Helen R. Mabie ..Summit, N. J.

Dorothea V. A. Swift..27 East 62d St., New York City Harold T. Pulsifer ....381 Fourth Ave., New York City Robert D. Townsend..381 Fourth Ave., New York City 3. That the known bondholders, mortgagees, and other security holders owning or holding 1 per cent or more of total amount of bonds, mortgages, or other securities are: None.

4. That the two paragraphs next above, giving the names of the owners, stockholders, and security holders, if any, contain not only the list of stockholders and security holders as they appear upon the books of the company, but also, in cases where the stockholder or security holder appears upon the books of the company as trustee or in any other fiduciary relation, the name of the person or corporation for whom such trustee is acting, is given; also that the said two paragraphs contain statements embracing affiant's full knowledge and belief as to the circumstances and conditions under which stockholders and security holders who do not appear upon the books of the company as trustees, hold stock and securities in a capacity other than that of a bona fide owner; and this affiant has no reason to believe that any other person, association, or corporation has any interest direct or indirect in the said stock, bonds, or other securities than as so stated by him. (Signed) ROBERT D. TOWNSEND, Managing Editor. Sworn to and subscribed before me this 30th day of March, 1922.

(Signed) J. Lynx Eddy.

Notary Public, Westchester County : New York County Clerk's No. 72; New York County
Register's No. 4063; Certificate filed in New York County : Commission expires March 30, 1924.



firmly intrenched than did suspenders, pianos, breweries, and the speaking stage a few short years ago?

The precaution of wiser, more ample, more educational effort by each of the old-timers in advance of its vital need might have held a goodly share of what has now been lost.



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situation in Philadelphia, is in New England at the present time studying the great textile strike. We hope to present his report of his first-hand investigations in an early issue.



States Navy, presents in this issue an obvious but sometimes forgotten axiom of naval history, that the capital ship cannot be destroyed. For if all the battleships are eliminated, the capital ship will consist of the next most formidable class, even if the Navy is reduced to the state suggested in the story wherein the Secretary of War is made to inquire: "Where is the Army this morning?" "Sir, he is out rowing in the Navy."

*UGH J. HUGHES is Director of Mar

kets in the State Department of Agriculture of Minnesota and one of the keenest and sanest students of farm problems in the Middle West.


Mayor of Buffalo. He was born in Chicago in 1875 and educated at Yale and at the Buffalo Law School. He be. gan to practice law in Buffalo in 1898.


St. Address or R. R.





ENRY C. SHELLEY, a former editorial HEN

associate of Mr. A. S. M. Hutchinson's on the London "Daily Graphic," presents a character study entitled “The Author of 'If Winter Comes.'” Although Mr. Shelley was for a time literary edi. avoid personal liability by forming your organization on the

Save the usual incorporating expenses and taxes, and tor of the Boston “Herald,” he is an regulation Common Law Plan under a pure Declaration Englishman and the author of “Literary of Trust. National Standard Forms (the work of By-Paths in Old England," "The British recognized attorneys) furnish complete requirements with Museum,” etc. At one time Mr. Shelley which any one in any state can organize and begin doing busi

ness the same day. Pamphlet A-19 free. c. S. Demaree, contributed London correspondence on legal blank printer, 613 Walnut, Kansas City, Mo. literary and social topics to The Outlook.


A double-hung window ; 100% ventila- Zero dollars, offered by the Poetry Society of

tion; disappearing sash and fly screens ; Tight America for the best poetic drama sub

weatherstripped, glazed, fitted, hung

100% and completely assembled. Shipped mitted during 1921. His play depicted

Opening ready for use; built into any wall.

Write for full details. the life of Saint Francis of Assisi, and

5408 Cherry Street, was called "Il Poverello."

The Lunken Window Co.


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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

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AILWAY bonds are bonds issued by railway corporations.
Every one knows that. Every one is not familiar with

the various kinds of railway bonds, however, and it is our belief that a few words of explanation about the different railway issues may be of interest to our readers. This is a subject to which a large-sized book could easily be devoted, and, as our space is limited, we can do little more than mention the salient points in connection with it.

In considering any bond there are three points to bear in

mind: the security of the bond itself, the credit standing of the company which issued it, and the salability of the investment. The third point is minor to the others, but important none the less. We shall concern ourselves chiefly with the first two.

Both security and credit position should be carefully investigated, and one is often worth little unless the other too is satisfactory. The security for a bond is largely determined by the bonded debt per mile of road; the credit position, by the

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For Your Business with Europe

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MERICAN houses doing business with Europe have at their service

American banks in important centers abroad.

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The Guaranty Trust Company maintains important branches in London,
Paris, and Brussels. Each is a complete banking unit.

Our officers in these
cities know American business needs and methods and at the same time are

thoroughly familiar with foreign
business conditions. Current and
inactive accounts may be opened
at these offices, interest being paid
on balances.



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Branch offices and correspondents
in other cities enlarge the scope

our foreign service.

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There are many ways in which our
facilities can be of special value to
you. We invite you to make
known your needs and we shall
be pleased to give you full infor-

Guaranty Trust Company

of New York




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· earnings per mile. For example, two

roads may have net earnings of $5,000 per mile, but if one road has a bonded indebtedness of $100,000 a mile and the

other $25,000 it stands to reason that the bond issued by the road with the

lower indebtedness is the better investment. The first road is obliged to pay interest on bonds issued at the rate of $100,000 a mile, and its earnings are no larger than the second corporation with a bonded indebtedness of only onefourth as much. Obviously, the credit

position of the second road is better E than that of the first. It might even

happen that a given road would have so strong a credit position that its debenture bonds—mere unsecured promises to pay—would be rated better investments than the mortgage bonds of a weaker road. This does not mean to say that credit is necessarily more important than security; the point is that neither one should be emphasized at the. expense of the other.

In acquiring security it is well for the investor to find out just what portion of the railway system is pledged for the payment of his bond. Is it the main line, an important division, or merely a branch which is not essential to the prosperity of the railway and which it could easily get along without? On the answers to these questions may depend the value of the bonds as a highgrade investment.

Most of our great transportation systems are made up of numerous small railways which from time to time have been taken over and absorbed by the main roads. The small roads in nearly every case have had bonds outstanding secured by their properties. When these roads have been absorbed, they have become divisions of the parent system, which has also assumed the obligation of their outstanding bonds. Such bonds are what are known “divisional liens,” and if the particular division by which they are secured is essential to the main system they may be extremely valuable and high-grade issues. In fact, they are usually the underlying bonds which have a claim on the property prior to all the other mortgage bonds. And frequently they are difficult to buy, because the floating supply is small and because their owners, appreciating their investment qualities, are unwilling to part with them.

The divisional liens may or may not be secured by main-line mileage, but they rank ahead of all other bonds on that particular division. Next in rank come the bonds secured by a first mortgage on the main lines. They may not be a first mortgage on the mileage of the entire line, but the highest-grade ones are usually secured by a major part of it, and such bonds issued by our largest systems are usually regarded as investments of the best class. These bonds are easier to buy than the divisional liens, because they are usually outstanding in larger quantities and the supply is therefore more abundant.

After the first mortgages come the general mortgage bonds, which in most


WASHINGTON, the seat of our National Govern

ment, is a city of permanent institutions and permanent values.


The security back of our 7% First Mortgage Investments is improved, income producing business property in Washington.

That the investor will receive prompt payment of interest and principal in cash is evidenced by our record of no loss to any investor in 49 years.

Write for information about our Investment Savings Plan. We will also send you our illustrated booklet, "Washington, the Heart of America”, if you mention The Outlook.


Founded 1873





“I Guess-"

00 OFTEN a guess on investments

means as little as a guess on the weather. A carefully selected investment must be based on a study of facts—not guesses. Our representatives who talk with an average of 3,000 banks a day are welcome because they are offering securities which have been bought on facts, not guesses. Select your investments as carefully as your banker selects his.


(Continued) cases are refunding bonds as well, their due dates being more distant than the underlying bonds and a sufficient nuntber of them being reserved for paying off—or refunding—the prior liens upon maturity. In some instances these issues have been made to run a hundred years or more and the entire mileage of the company included in the property covered by the mortgage. Sometimes terminals, and even equipment, hare been included. These general mortgage bonds cover, in 'most instances, the same property covered by the divisional liens and the first mortgages, but are junior mortgages. That is to say, the divis ional liens and first mortgages rank ahead of them. To illustrate how this would work out, suppose a railway hai. outstanding $5,000,000 of bonds, due $2,500,000 in 1930 and $2,500,000 in 1935 secured on the properties of the various divisions acquired in making up the system; then come $15,000,000 of firstmortgage bonds due in 1940 and secured also by these same divisional properties and on the main-line mileage as well As time went on and it became neces sary to do new financing and raise more money, a general mortgage was created providing for the issuance of $40,000,000 of bonds due 1990. Twenty million of these bonds were to be issued imme diately, the balance being reserved to refund the $2,500,000 of divisional liens due in 1930, the $2,500,000 due 1935, and the $15,000,000 of first-mortgage bonds due in 1940. And of course every time an issue of underlying bonds is retired the general mortgage bonds themselves improve their rank, until they them selves will eventually become first-mort. gage bonds when all the issues ahead of them are paid off and canceled.

General mortgages have not been as popular with railway companies in late years as they were formerly. Their place has been usurped to a large extent by refunding mortgages, and in cases where refunding mortgages have been made and there was already a general mortgage the latter has usually been "closed"—that is, no more bonds can be issued under its provisions. Refunding mortgages operate in much the same way as the general mortgages, however. And usually such mortgages cover the same property and any additional property acquired-sometimes "to be here after acquired"-since the date of the general mortgage. Usually too the bonds may be issued at various times and at varying rates of interest, depending upon the state of the money market at the time they are sold. One big rail way, for instance, has 4, 5, and 6 per cent refunding bonds outstanding, all secured by the same mortgage. The refunding bonds, as their name implies are used to retire underlying liens, and when first issued are usually a first lies

a small amount of mileage_the amount acquired since the general mortgage—and may be second, third, even a fourth lien on other portions.

Convertible bonds are, as their name

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