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-cessors.

This doubt finds its official recognition in the suggestion that these new bonds will be made to yield 4% per cent interest.

These are the two problems that confront the Treasury Department to-day: First, how to insure a full and enthusiastic subscription to the new issue to a probable amount of ten billion dollars; and, second, how to prevent the immediate depreciation of these bonds in the open market once "the drive" and its patriotic enthusiasm have passed and the new bondholders meet the acid-test of financial conditions.

Secretary of the Treasury McAdoo has publicly expressed a feeling of confidence in the dependability of the American people in this exigency when he said, "We have created a patriotic army of ten million bond-buyers in this country," evidently meaning to imply that they will again respond to the lure of the Nation's need and 41⁄2 per cent interest.

"I can call spirits from the vasty deep," declared Glendower.

"Why, so can I, or so can any man," answered Hotspur. "But will they come when you do call for them?"

It is not that the absorptive power of the country has been exhausted by the assimilation of two Liberty Bond issues together with all of the other demands created by war, but that the rank and file of Secretary McAdoo's bond-buying army is short of ammunition is not to be doubted. Yet, while the conditions are not as favorable to-day for the flotation of another huge bond issue as they were a few months ago, the necessity for a full or over subscription is no less pressing. It is my purpose to suggest a method by which the success of the Third Liberty Bond issue may be assured in advance without resort to any drastic measures or uneconomic rate of interest. Nor do I believe that such a result can safely be left to patriotism plus 42 per cent.

The small wage-earners, who constitute the rank and file of Secretary McAdoo's bond-buying army, the little man who has contributed $1 a week for fifty weeks out of his total income of $20 per week, has found that since he made that investment the remaining $19 have a smaller purchasing power dollar for dollar than before he helped to win the war. He has seen further that each of these dollars loaned to Uncle Sam quickly shrunk in value to only about ainety-four cents. His patriotism may be all right, but, while his ability to invest further has been lessened, he may be pardoned if unacquainted as he is with the ways of finance he begins to doubt the value of a form of security that so quickly shrivels under the test of open market conditions.

Among the non-commissioned officers of Mr. McAdoo's bond-buying army-those, let us say, enjoying incomes from earnings of from $1,000 to $5,000-a similar condition exists. The cost of war has fallen upon them more heavily proportionately, perhaps, than upon any others. Their obli

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Sanctuary for Savings (Continued) gations are greater, and their earning power is not increased.

Reliance for the successful flotation of the Third Liberty Bond issue must therefore be placed most largely upon those who have a surplus to invest, or other investments that they may be induced--not compelled to transfer to this form of holding The success of the forthcoming issue will depend, not so much on the amount of interest that these bonds will yield, as upon the amount of interest that can be created in them on the part of those who are still able to invest.

It is possible to put behind this Third Liberty Bond issue some one feature that will at once assure a heavy oversubscription and at the same time correct the recognized evil of selling at leisure after buying in haste. Is it possible to create an interest in the new issue that will be so great as to amount almost to compulsion, not only as to purchase, but also as to permanent holding? I believe that to be entirely possible without offering an uneconomic rate of interest, and in spite of the depression consequent upon the coalless holidays.

We have to meet an extraordinary condition that calls for extraordinary treatment. "New times," says Lowell, "demand new measures and new men. The world advances and in time outgrows the things that in our fathers' time were best." The new measure that this time calls for is one that might well have been established long ago by law, even as it has been established by individuals in practice within a somewhat narrow scope.

One of the problems that confronts every man as he begins to acquire something more than is necessary for his immediate needs and those of his family is how to secure some portion of that surplus to those he loves; how safely to put something by for the proverbial "rainy day" that will secure to his dependents at least the bare necessities of existence.

It is no longer a reproach to a man to say that "his house is in his wife's name." Rather is it a reflection upon his forethought and consideration if it is not. The economic wisdom of such an act is recognized by many of our newer States, which provide homestead exemptions covering not only the house but its contents to a reasonable amount. Beyond this there is no recognized legal sanctuary, unless we except life insurance and annuities.

time, be taken advantage of, should the holder so elect. This feature would be expressed, perhaps, in a coupon attached to the bond, which would be, in effect, an agreement with the Government that the holder sought this sanctuary. When properly executed, the sanctuary would then cover only the original holder under that agreement and would expire with its sale, since it would not be transferable. Thus these bonds could be purchased in the usual way by banks and brokers for sale to their customers with the sanctuary feature intact and unused, but available to the first purchaser who should elect to take advantage of it.

Were the Third Liberty Bond issue to carry with it this principle of sanctuaryproperly guarded from abuse and misuseit would become the part of wisdom for every man possessed of any property whatever to seek this security for some portion of his possessions. In other words, it is possible to make these bonds a legal sanctuary into which may be placed the reserve that is intended for the protection of the family, and, as such,exempt from attachment and from inheritance taxes. It is quite possible to provide against the abuse of this privilege by stipulating that the purchaser must be solvent at the time of purchase and for two years thereafter. ~ By this provision it would become impossible for these bonds to be improperly used for the sequestration of funds that should belong to creditors, and the burden of solvency at the time of purchase and for the two years thereafter should fall upon the holder.

These bonds would differ in no way from any other Government issue, except that the sanctuary feature could, at any

It is easy to imagine a business man of comparatively small means, anxious as to a future that is not yet entirely secured, seeking this form of security in preference to placing real estate in the name of his wife. It is easy to imagine this man meeting some unforeseen financial storm requiring the sacrifice of something in order to weather it. There can be no question but that these exempt sanctuary bonds would be the last to leave his possession.

Many details of such a form of bond must necessarily be worked out by financial experts. The possession of such a bond would be better than the ownership of gold dollars to a like amount. For the gold dollars might be subject to litigation and seizure. There is no legal sanctuary for gold. It is not exempt from attachment, however solvent the holder may have been at the time of acquirement.

To bequeath such exempt sanctuary bonds by will is better than life insurance for a similar amount, for the dual reason that behind them is the full credit of the United States Government, and, further, because their payment and that of their interest could not be, under any circumstances, subject to possible litigation, save to show that their purchaser was solvent at the time of purchase and for two years thereafter. The value of insurance is sometimes affected by questions of the solvency of the company issuing the policy or by contentions that there are flaws in the original application of the insured persons. These questions sometimes have to be settled by litigation. be settled by litigation. The value of Liberty Bonds is free from all such questions. They are good for their face value as long as the United States Government is solvent. A further exemption which these bonds might carry is freedom from the imposition of inheritance taxes, since the sanctuary thus afforded is primarily for the protection of dependents, with the Federal Government itself as a trustee.

wards that Government will be greatly influenced. They cannot be "agin' the Government," for it will be their Government, protecting their interests and their families, so that this increased army will become not only better investors but better citizens, with a deeper patriotic interest and a warmer feeling of loyalty for their country. For "where your treasure is there your heart is also."

To be fully effective and to insure an over-subscription in this time of stress, this exemption and sanctuary feature should apply to this bond issue and to this only; not to establish a precedent nor to set a new custom. If it be made plainly and clearly understood that these bonds are the first and the last ever to afford this exempt sanctuary for savings, this issue will be quickly and fully subscribed.

With a Third Liberty Bond issue carrying this exempt sanctuary for savings feature, together with the present exemptions and the possible exemption from inheritance taxes, our bond-buying army of ten million may become a bond-buying army of thirty million, for the sanctuary appeal will not be solely to the man of great means. Again may we arouse the interest of the small-salaried man who has already bought as much as he can afford while keeping a little something by in the proverbial stocking for his wife's protection. Hoardings, under these circumstances, will come out, and Uncle Sam will be made the trustee for the wife's protection. Let these small investors once feel that their savings are safer in sanctuary bonds than in a stocking or in a bank, that the wife's little heritage is secured by the Government of the United States, and their mental attitude to

THE APATHIST

BY THOMAS ADDISON, OF THE VIGILANTES

Apathy! I'm beginning to think that your apathist (to coin a word) is pretty nearly as bad as your pacifist. You can at least pillory the pacifist, plant the red flag over him, and warn straight-out Americans to give him a wide berth. But your apathist! What, in heaven's name, are you going to do with this chap? He isn't a traitor, he isn't a false propagandist, he isn't even a willful obstructionist. He is simply a human invertebrate-a dead weight in a warworking community that has got to be lugged along because there's nothing else to do with him.

I know Mr. Apathist, and you know him. As a rule he hasn't any one of his immediate blood in the Army-he and his are all safe, sound, and snug. You seldom see him at a patriotic rally, or on a committee to boost the Red Cross, or in a Y. M. C. A.

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over there" drive, or buying smokes for Sammies. But he buys Liberty bondsyou bet! And War Saving Stamps and Thrift Stamps. Good business, that; you can't lose. But these other things they are begging for-there's plenty of time to come across for them when we really begin to fight. And, you know, it's not so sure that we will have to fight. Something is likely to happen before we get to the firing linepeace, or a revolution in Germany, or something. And, anyway, the Government is running this show, and taxing the life out of us to do it. The Government doesn't need my help. I'm just one in a hundred million. Let the fellows who have the money and time to spare do the shouting. I've got all I can attend to keeping up with my growing business.

You've heard Mr. Apathist talk just like that. I have, anyway. He has ten tons of coal in his cellar when the State fuel ad ministrator says the limit is two; there are a hundred pounds of sugar in his pantry when the grocer is allowing but three pounds a week to a family of four; he burns up gasoline joy riding on Sundays when the Government begs the people to help conserve the supply on hand.

What's the matter with this chap? I'll tell you. He is afflicted with mental myopia. He is devoid of imagination. He is a mate rialist, a hedonist, an unspiritual clod of clay-self-centered as a turtle buried in the mud. He believes only in what is jammed up to his nose-what he can taste, touch. smell, and hear. He can't visualize this he couldn't do it if he was furnished with a telescope that would give him a

war;

The Apathist (Continued) close-up of the bloody trenches in Flanders, or an audiphone that would let him hear the roar of the great guns. The moment he put the instruments aside he would lapse into his former sense of aloofness from the scene. Three thousand miles away! What interest could he have in a thing so remote? If the Germans were fighting on the next block-why, yes! He'd grab his gun and go out with the neighbors to head 'em off. He'd fight for his home with any man. But across the seas!

That's your apathist! Dear Lord, how I would like to put a pin in every chair he sits in-in every bed he lies in-in every shoe he walks in-in every hat he sticks his head in. If I could only prod him, body and soul, until he was all awake and alive, and would pitch in and do a he-man's work for the holiest cause humanity's sun ever flamed on! If I only could!

THE CONDUCTORETTE

BY G. M. AIRE

An Amsterdam Avenue car stopped at Seventy-ninth Street and three noisy young fellows in civilian dress got on. From the moment of their entrance it was quite evident that they were bent on making the little woman in the conductor's chair feel uncomfortable. An excuse for finding fault with her was taken by one of them immediately when the car started with a sudden lurch that seated all three of them unexpectedly.

"It's a wonder you wouldn't learn something!" he flung at her.

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"She didn't jerk us," another corrected; but," he added, "she's no business in a man's place, so she hasn't."

"Of course she hasn't," agreed the third. "Why don't you go back to your own business? You've got no right to be taking a good man's place in here," the one who had first spoken snarled at her.

Not one word in reply had she made; but "a good man's place" roused her. "Did you say that I am taking a good man's place?" she asked, directing herself to the last speaker.

"Yes, I did say just that," he retorted. "You're doing some good man out of his job." He was quite proud of himself.

Her cheeks were flaming, but she answered him, quietly: "All the good men are in khaki.'

At Eighty-seventh Street three silent young fellows left the car. A short ride had given them their money's worth.

A GALLANT ENEMY

A member of the British force in Meso

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potamia, in a letter to an English paper Important to Subscribers of a change in your address,

referring to the death of General Maude, says: "On the day of the funeral there was an enemy airplane over Bagdad, and the firing of the anti-aircraft guns formed an appropriate requiem for the dead soldier. Whether the Turks were then aware of General Maude's death is unknown, but two days later an enemy airplane again appeared over the city, and, coming unscathed through the gunfire and eluding two attacks in the air, swooped down over the British residency to drop a message of condolence. Of course it was not war, but it was a gallant action, and our acknowledgment of it, I understand, was conveyed in the same way. The Turks admire a good soldier, and had reason to respect General Maude."

When you notify The Outlook both old and new address should be given. Kindly write,

if possible, two weeks before the change is to take effect.

STALL'S BOOKS

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The Outlook Classified Advertising Section
SPECIAL REAL ESTATE ANNOUNCEMENTS
The issue of April Seventeenth will also contain a Special Real Estate Section
particularly adapted for announcements for the Sale
Sale or Rental of
Rental of Property.

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I got spot cash for my property in less than
two weeks. Made sale myself, so had no fees
or commissions to pay. And you can do the
same if you will get and follow The Simplex
Plans for Selling Real Estate. No matter
where your property is located these success-
ful Plans will show you how to make a quick,
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If you want to learn how to turn your real
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convincing proof of what these Plans have
done for others and what they can do for you.

CALIFORNIA

SANTA BARBARA, CALIF.
Attractive House for Sale
on finest residence street. Lot 78 x 226. Eight
rooms and two baths. Open fireplaces in six
rooms. Running water, gas, electricity and
telephone. Furnace for heating when neces
sary, and new gas range. Centrally located,

CONNECTICUT

9-ROOM FURNISHED COTTAGE
COLEBROOK, near Norfolk, Conn.
House linen. Open fire. Rent season, $175.
R. N. Hornor, 3716 Chestnut St., Phila., Pa.

CORNWALL, CONN.
FOR SALE-Furnished house, 12 rooms, 2
baths, sleeping-porch, open fireplaces, fur-
nace; one acre of land, barns, icehouse. Ad-
dress Miss H. KELLOGG, 61 Broadway, N. Y.

Fir Crest, Meriden, Conn.

For Sale-Beautiful country home and
practical farm. Situated in the heart of
the finest agricultural district of New
England. Less than two and one-half
miles from the center of Meriden and of
easy access to all the largest markets.
Large and attractive grounds. Wonderful
situation for a sanatorium. Nearly 400 feet
elevation. Address Mrs. GEORGE E.
BUTLER, P. O. Box 833, Meriden, Conn.

near trolley line and beautiful park. Price NEW LONDON on the SOUND
Several large furnished houses to rent. One
exceptionally fine. Very desirable. Also a

$11,800. Complete furnishings may be pur-
chased if desired. Easy terms a rare oppor-
tunity. Will also consider renting.

Asa W. Waters, 45 Oxford St., Cambridge, Mass.

MURRAY BAY
(POINTE-AU-PIC), QUEBEC
For rent (or sale)

Former summer residence of late Mr. Justice
Harlan, of U. S. Supreme Court-12 rooms, 2
baths, completely furnished; fine tennis
court; wide view of St. Lawrence and Lau-
rentian Mts.; ten minutes' walk to golf links;
delightful summer colony. Also two smaller
Murray Bay cottages. Address MURRAY BAY,
Room 18, 394 Dorchester St., West, Montreal.

Farm for Sale

160 acres in Niagara district, Ontario, Canada.
50 acres grain, 20 acres fruit, balance pasture
and woods. 9-roomed frame house, tenant
house, barn, silo, pig pens, etc. Beautiful view
over Lake Ontario. Near village and trolley
to Hamilton. Bargain. Write at once to

Owner, P. O. Box 92, Bearsville, Ontario.

To Delightful Cottage 10 rooms, 1

Let
bath, 2 stone
fireplaces. Situation unsurpassed, overlooking
Passamaquoddy Bay and surrounding coun-
try. Rent $300 for season. 7,733, Outlook.

Sixteen Island Lake, P. Q.

Canada. near Montreal. For sale or
rent, 8-room and 2-room summer cottages.
Motor boat, etc. For photos, etc., write E. A.
Cook, 327 College St. N. W., Washington, D. C.
CONNECTICUT

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Nine-room house, two barns, eighteen acres $1,200. J. H. JONES, Arlington, Mass.

Rangeley Lakes, Me.

FOR RENT

One of the most attractive campe on Rangeley Lake

19 rooms, completely furnished; gas, aqueduct water, icehouse, stable, garage, boat-house private dock and float; spacious grounds tennis court. Hunting, fishing, boating, bath ing, automobiling. For particulars address

Mrs. G. B. Gilman, 14 Allen St., Bradford, Mas

6 rooms and bath

Seashore Cottage Rent for season fully furnished; hot and cold water. LITTELL, 138 S. Main St., Rockland, Maine

FOR SALE OR RENT

SMALL POINT BEACH

Near Bath, eastern horn of Casco
Bay. Modern ten room cottage, two baths
Apply DR. FOLTZ
Chestnut Hill

Philadelphia

from business) all or part 2000-acre SORRENTO, MAINE., TO LET

tract choice, tillable Minn. land.
Enough timber for fencing; spring creek
water. Interstate highway; ten miles live
railroad town; excellent markets. Mail route,
telephone, good community. Profitable sub-
division, improved or unimproved, Price and
terms reasonable.MCKINLEY, Saint Ansgar, Ia.

Modern cottage in style of old farmhouse, on seashore. Beautiful views, ideal summer cli mate, swimming pool. 8 rooms fully furnished 2 baths, 4 fireplaces. Apply to Mrs. L. E ROWE, 281 Benefit St., Providence, R. I.

For rent for summer season

MAINSTAY

Formerly summer residence of late Chie Justice Fuller. A comfortable furnished cot tage at Sorrento, Maine, across Frenchman' Bay from Bar Harbor. Contains usual living rooms; five double, one single bedrooms, two bathrooms. Is equipped with modern plumb ing, electric lights, and open fireplaces. The house has been newly renovated. Swimming boating, tennis, motoring and golf. Price $50 for season. Address MAINSTAY, 7,669, Outlook

Rent Squirrel Island, Me. season of 1918 7-room cottage in beautiful locality. Phote and particulars. F. J. C. Little, Augusta, Ma

FOR Rent, York Harbor, Maine

Furnished cottage, ten rooms, three baths screened veranda, open fireplace. Garage i desired. Rent moderate. Apply to Joseph C Bridges, Real Estate Agent, York Harbor, Ma

Summer Camp in Maine

For Sale or Rent

On wooded point extending into beautifu lake. Camp consists of bungalow, separate dining pavilion with attached kitchen, store rooms and isehouse, boathouse, launch, fleet of small boats and canoes. At present fully equipped as a Camp for Boys. Would make wonderful summer place for gentleman. Fo

W. L. ALLEN, 81 N. Moore St., N.Y. ISLESFORD, MAINE full information and terms write 7,837, Outlook
POMFRET, CONN. Opposite Mount Desert. Summer home for

MINNESOTA

FOR SALE OR EXCHANGE

Dellwood Farm

1,200 ACRES

A country home with a farm, 3 miles from St. Paul, Minn., and 2% miles from White Bear Lake and just south of the late J. J. Hill's famous Oaks Farm. Improvements: 1 main house, 12 rooms, heating plant, etc.; 3 tenant houses; large barn, chicken house 181 240, piggery, sheep sheds, granary, etc Woven wire fencing. Suitable for stock raising, truck farming and grain, with markets 3 miles away. This is an un city property that they wish to exchange usual opportunity for some one with for a country home close to a big city, with big possibilities to make money. Send for full details with particulars of what you can offer

(F) E. B. Woolf & Co., 79 W. Monroe St., Chicago, I

MASSACHUSETTS BERKSHIRES

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located; modern buildings, electricity, wo ice, river through property. Photos. Ow could stay. Or will rent house furnished for season. Box 296, Gt. Barrington, Mass

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For rent, furnished, two cottages near fine bathing beach. Modern conveniences. Living-room, dining-room, kitchen, laundry, two maids' rooms and toilets, seven and five master bedrooms, two baths and sleeping porch. Garage accommodations and tennis court. Rent $1,000 and $800. Address

B. V. WHITE, 110 E. 23d St., New York City.

Cape Cod, South Harwich

Three fully furnished, finely located summer homes. Two directly on shore.

Miss W. P. NEEL, Milburn, N. J.

CAPE COD Ocean Front

Housekeeping bungalows. 5 and 6 rooms and Furnished bathroom; fireplace. $130 and $150 season.

L. S. RICH, Truro, Mass.

IPSWICH, MASS.

TO LET FURNISHED A beautiful country estate situated on high land with extensive view House of eight bedrooms, four bathrooms, sleeping porch, billiard room, living room, dining room, etc. Garage for two cars, with man's room. Tennis court, gardens, etc. Rent $1,200. May be seen on application to G. A. BARKER, Tyler Building. Ipswich, Mass. Further particulars of FREEMAN & LAWRENCE, 55 Kilby 3treet, Boston, Mass. For rent, in Jamaica Plain, Mass. Furnished house, five master's, two maids' bedrooms, four baths, sun room; location desirable: rent moderate. Apply to Miss ANNE LEE, 1 Storey Place, Jamaica Plain. In Northfield, Mass. A ten-room resi

dence on beautiful Main St. Modern conveniences. 15x25 living-room, with large open fireplace. Barn, garage, fruit, 3 acres fine soil. Write Owner, W. W. COE, Westfield, N. J. No. Scituate Beach, Mass. 11-room house,

furnished; 5 chambers, bath, piazza; near golf links, bathing-beach. Rent $700. Garage, J. RICHARDSON, 101 Milk St., Boston, Mass.

PIGEON COVE, MASS.

OR SALE. Modern high-class small soil. Stable, shade, fruit, berries, etc. About one mile from center. Choice neighborhood. H.B. BEACH,100 Holmes Road, Pittsfield, Mass.

For Williamstown, Mass.

Sale in 12 rooms, 3 baths. Garage. 5 acres land, drives, shrubbery. Tennis court. Central. Also farms. JOSEPH TAVELLI, Spring St.

Fifteen minutes from Penn. Station, N. Y Fine, modern brick-stucco house for sale Three stories five bedrooms bath and tw toilets; steam heat electricity and open fire place. Beautifully located in most accessible suburban district with frequent electric trail

service to New York. Address

W. A. Rice Room 511 287 Fourth Ave., New York

on shore of LAKE CHAMPLAIN ESSEX, N. Y. TO RENT-Furnished cottage, si rooms and bath. $300 for season. Address A. L. WEBSTER, 112 East 40th St., New York.

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