S INVESTING AND SPECULATING NO many letters come to the Financial Department from readers who seek advice as to investment, but who are really considering speculation, that it is worth while to point out the difference between investing and speculating, and, incidentally, make clear the purpose of these columns. Among the recent inquiries from Outlook readers the following are typical: Although the common stock of the Railroad is not paying any dividend, I should like to buy some, if you think it a safe investment. Oil Some of my friends have invested in Company shares. This is a new company in California, and if they strike oil there will be a big advance in the price of the stock. Would you recommend that I put half of my savings bank funds in this? The Process Company, which has a patent for treating rubber, is offering its $10 shares at $2. What do you think of this as an investment? Do you think Russian bonds are a good investment at these low prices? The Motor Company, recently organized in Chicago, is going to make farm tractors. I understand this is a very profitable business. What do you think of the stock as an investment at $15? Do you think motor stock ought to be bought now, or will it go lower? I have $1,200 in the savings bank drawing 4 per cent interest. I want my money to earn more. I can get 12 per cent by investing it in mines. Would you recommend this? I have about $3,000 coming to me soon from a farm mortgage that has been paying 6 per cent. I would like to get 10 per cent to 15 per cent in some good stock. Please send me a list of such securities. All of these inquiries relate to speculation - not one is really an investment inquiry. They have been answered by personal letters, and in every case the Financial Editor has either sent an emphatic "don't" or else pointed out to the inquirer that advice as to speculation could not be given. The function of the financial information service of The Outlook, as we view it, is to give the facts regarding investment securities in order that our readers may make their investment purchases with a reasonable assurance that their principal will be safe and their interest or dividends will be regularly paid. To invest savings for the purpose of obtaining a desired rate of income for a given period of time, and later recovering the principal intact, is, as we see it, the normal purpose of those of our readers who come to The Outlook for information and advice as to securities. But it is quite another thing to put one's money into an enterprise with the hope that a very large profit may be made, and at the same time running the risk of getting little or no return and perhaps losing all of the principal. This is not an investment. It is a speculation pure and simple. We do not advise against speculationany one who has saved some money has a perfect right to risk it in speculation. But we do hold that we have not the right to offer advice as to how money shall be risked in speculation. This surely is not the province of the investment service of a National magazine. There is, of course, a certain speculative risk in all investments-even those of the highest character. In advising readers as to investments, we always seek to point out to them securities in which the element of risk is reduced to a minimum. But in cases where inquirers frankly state that they are ready to assume a considerable risk in order to get a higher rate of income we endeavor to recommend securities of established rank that, for one reason or another, are quoted at subnormal prices. During the past few months we have pointed out to business men seeking the advice of the Financial Department that the war has caused an abnormal depression in many high-grade stocks and bonds, and that investors who are accustomed to assuming risks and who have surplus funds which they can lay aside until after the war, be it a year or ten years from now, ought to take advantage of the opportunities now presented in the money markets. Not in many years have securities of the highest grade sold at such attractive prices. Many of the best securities are cheaper now than they were when sacrificed in panics of former years. The investor who puts such securities away now is speculating only on the triumph of democracy over autocracy and the permanency of free institutions. We believe there is very little risk involved in this speculation-so little, in fact, that it ought not to be considered as a factor. By the same token, we have from time to time recommended the purchase of sound railway securities because we believe that the Government's good faith in dealing with the owners of railway securities is not to be questioned. We cannot recommend the purchase of securities in new and unseasoned enterprises, because these are speculative. They involve a large risk. We can only offer advice as to securities that have stood the test of time and are generally recognized in the financial markets as worthy of confidence. At a time like this, when so many good seasoned securities are quoted at bargain prices, it seems a waste of the investor's time to consider securities of doubtful merit, even though they do give some promise of considerable profit. Speculation is a pastime that should be indulged in only by those who have money to lose. Investment is a business for those who have savings seeking work at a fair rate of return. WAR SAVINGS CERTIFICATES One of the best securities ever offered investors of moderate means is the United States War Savings Certificate. We hope that every reader of The Outlook will become possessed of at least one of these "Baby War Bonds." The Treasury Department will sell no more than ten of them to any individual, but of course there is no restriction as to the number of members of a family who may hold them. A war savings certificate paying the holder $100 on January 1, 1923, may be obtained from any bank or post-office at a cost of $83 in April, and 20 cents more each month to the end of this year. The blank certificate, to become a Government obligation for $100 five years hence, must carry twenty War Savings Stamps, costing in April $4.15 each, and one cent more each month this year. No individual is allowed to buy more than ten of these-that is, $830 present cost, $1,000 maturity value. This is one investment that cannot depreciate in market value, because the Government stands ready at any time before maturity to repay the principal plus about 3 per cent interest. Held to maturity the investment yields 4 per cent compound interest. As these Government securities can be bought on the partial-payment plan, by ESTABLISHED 1865 When the Market Repeated slumps keep investors guessing when there will be a recovery. Babson Service gives you facts so that you can anticipate the upward turn. Avoid worry. Cease depending on rumors or luck. Recognize that all action is followed by equal reaction. Work with a definite policy based on fundamental statistics. Particulars sent free. Babson's Statistical Organization Advisory Building 6% Farm Mortgages WE NEED MORE FOOD We need more food and it must come from the farm. The farmer must be financed. Our Farm Mortgages and Real Estate Bonds are safe, profitable and patriotic investments. Send for pamphlet "S" and offerings. Denominations $100 and up. Essential Investments Netting 4%% to 7%% Just as it is necessary to conserve fuel and food and to buy Liberty Bonds, so is it of vital importance that your surplus funds go into essential investments. Which investments are essential? Why are such investments now imperative if you would get the best return at the least risk ? These questions are answered in our brief folder, "Essential Investments," which we would be pleased to send you on request. Mention edition Z. An opportunity like the present to secure investments in essential industries at such high rates of yield is unprecedented and may not occur again. May we be of service to you? Peabody, Houghteling & Co. (ESTABLISHED 1865) 10 South La Salle Street Chicago (A876) BK ESTABLISHED 1863|||||| ESTABLISHED 1865 |||||| Investing and Speculating (Continued) means of 25-cent United States Thrift Stamps, they are an ideal investment for young people. in every line of household, educational, business, or personal If the 22,000,000 school-children of the country would each buy a Thrift Stamp a week there would be $5,500,000 a week pouring into Uncle Sam's war chest. Department of Classified Advertising THE OUTLOOK, 381 Fourth Ave., N. Y. NOT ONE DOLLAR LOST ON A DANFORTH FARM MORTGAGE IN SIXTY YEARS No Investor has ever foreclosed a Mortgage, taken a foot 66 The year of the publication in Harper's" is not given. In 1852, shortly after an attempt to assassinate Queen Victoria, Tennyson wrote two patriotic poems, one called " Britons, Guard Your Own," the other "Hands All Round." In 1882 he revised them. In some versions of " Hands All Round" the stanzas quoted above appear; in others not. Just why "Harper's' called these American stanzas a "suppressed poem " is not very evident. Perhaps some reader can tell. The poem "Hands All Round" is given, with the additions, in the second Lord Tennyson's life of his father. Oddly enough, in the " Household Edition" of Tennyson's poems, published in this country in 1899, the American verses are not included, while they appear in a "Complete Edition" published in America in 1880. THE ANGEL We find this unusual poem in Don Marquis's readable column "The Sun Dial," which is a daily feature of the New York "Evening Sun."-THE EDITORS. One night I dreamed that I was lately dead, But feared to venture out of time and A-G-Danforth & Co And he would understand me, having died." BANKERS WASHINGTON Founded A.D. 1858 ILLINOIS Then said the angel, very tenderly, "Do you not know me, sister? I am he." A SWAT THE PEACE FLY MONG our illustrations last week we republished from the New York "Globe" a striking cartoon entitled "Swat the Tsetse Fly, Whose. Sting Causes Sleeping Sickness and Death." The cartoon represented Uncle Sam, with a determined look on his face and holding a wire gauze fly-swatter in his right hand, about to put an end to a disagreeable-looking fly on the wall above his head which is buzzing peace talk. There will be no peace in this world in our day and generation, or in the day and generation of our children, grandchildren, and great-grandchildren, until the Pan-Germanists, who regard treaties as " scraps of paper" and assert that "Might makes Right" is the rule in international relations, are brought to their knees crying quarter and suing for peace. The duty of Americans is to fight chivalrously, decently, and to bind up their enemy's wounds wherever possible; but, first of all, to fight him and fight him hard until he agrees to pay some regard to the rights of small nations and to show a decent respect for the opinions of mankind in his treatment of the weak and helpless. Believing this, The Outlook has been more than glad to publish the anti-pacifist articles by Dr. Joseph H. Odell, which, judging from our correspondence, have attracted wide attention throughout the country. We think our readers will be interested in the following two letters which are taken from that correspondence: The Rev. S. De Lancey Townsend, The Outlook Office, March 12, 1918. All Angels' Rectory, New York City: Dear Sir-Our Subscription Department has brought to my attention your most welcome note in Mr. Lawrence F. Abbott, The Outlook : LAWRENCE F. ABBOTT, All Angels' Rectory, Dear Mr. Abbott-Thank you for your note of yesterday. The pity is that we Americans do not purr when we are pleased, while we are vociferous when we are displeased. You must know that the Odell articles are the nearest thing to an insurance against a negotiated peace with the Prussian butchers. They may seem critical, but they are the best support the President could have. Within a day or two I have written to George Haven Putnam that the American Rights Association This material might be condensed and modified slightly and utilized successfully as anti-pacifistic The Outlook is to day the one essential periodical in this country. Yours faithfully, S. DE LANCEY TOWNSEND. One of the finest American fighting epigrams is that uttered by Charles Cotesworth Pinckney, Ambassador of the United States to France in 1796: "Millions for defense, but not one cent for tribute!" To this The Outlook would add one other motto for Americans: "Not one shot for conquest, but a million volleys for the ravishers of Democracy!" France fights for peace and is respected by her enemies and loved by her friends; Russia talks for peace and is pitied by her friends and despised by her enemies. Brethren, let us fight! And let us support the President in every possible way in carrying out his fighting measures. THE OUTLOOK 381 Fourth Avenue, New York City AN ILLUSTRATED WEEKLY JOURNAL OF CURRENT LIFE Yearly Subscription, $4.00. At News-stands, 10 Cents a Copy Tours and Travel Delightful Summer Outing through the Great West for young people. Conducted by well-known artist and his wife. Reeervations made now. Start June 15. For particulars address 7,913, Outlook. Refs. exchanged. Hotels and Resorts CONNECTICUT Wayside Inn, NEW MILFORD Litchfield Co., Conn. The foothills of the Berkshires. A restful place for tired people. Good food and a comfortable home. 2 hours from New York. $14 a week and up. Booklet A. Mrs. J. E. CASTLE, Proprietor. MASSACHUSETTS HOTEL PURITAN Commonwealth Ave. Boston THE DISTINCTIVE BOSTON HOUSE Globe Trotters call the Puritan one of the most homelike hotels in the world. Your inquiries gladly answered OT-Costello-Mer and our booklet mailed If You Are Tired or Not Feeling Well you cannot find a more comfortable place in New England than Real Estate NEW HAMPSHIRE POCONO MANOR REDLANDS, CALIFORNIA LAKE SUNAPEE, N. H. Charning Summer Homes and Cottages, furused, for rent and for sale. Write for book lets. Sargent & Co., New London, N. H. Headquarters Lake Sunapee Real Estate. Twith Ederon Hillside Cottage, with modern conveniences, furnished for housekeeping; also good spring water. Situated between Hotel Look Off and Sunset Hill House.Address Miles Bowles, Sugar Hill,N.H. For SALE White Mountains. The pictur or RENT Hill, N. H. Wm. E. Satchell, Own esque Satchell Cottage, Sugar Furnished er, 162 Gates Ave., Brooklyn, N. Y. For Sale. Lake Winnipesaukee, Wolfebor N. H. New camp, furnished. Ten rooms, two sleeping porchies. All improvements Charles E. Birch, M.D., White Plains, N. Y. Lake Wentworth, Wolfeboro, N. H. Attractively furnished camp. 10 rooms. Spacious verandas,open fireplaces, 400 ft. shore front. Excellent bathing; rowboat, canoe. Golf club convenient. Rent $400 for season. Hudson Adv. Co., 141 Broadway, N. Y. City. An artistic, sparsely furnished old, remodeled FARM-HOUSE with one acre of land in a high, pieturesque village among the New Hampshire hills. 12 miles from Keene, 12 miles from Dublin and Monadnock Mountain. Near lovely lake for bathing. $200 for season of six months or less. 7,651, Outlook. NEW YORK OGUNQUIT, MAINE Country Home or Farm 150 acres SUMMER COTTAGES. FOR SALE and FOR RENT large list desirable Summer Properties in all locations in State of Maine. Full information of Maine Realty Bureau, Portland, Me. Seashore Cottage Rent for season 6 rooms and bath, fully furnished; hot and cold water. S. W. LITTELL, 138 S. Main St., Rockland, Maine. Thomaston, try summer home. 1X acres. For Sale. Beautiful coun wood and meadow, 15-room Colonial house; all improve ments, new, overlooking meadow and river. $18,000 or rent. Orange County, N. Y. Ad dress R. H. Hutchinson, Harrison, N. Y. ATTRACTIVE BUNGALOW For Rent for Summer Months Located directly on Trout Lake, three miles from Bolton Landing, Lake George. Built by present owner, who will rent for the entire season at moderate rental. Completely furnished. Six rooms with three bedrooms and bath. Kitchen with running water. Ice, wood, and rowboat included. For full particulars address 7,855, Outlook. Rent Lake George, East Shore com Seven-room Furnished Cottage. Boat, wood, ice, beautiful view. $100 per month, reduction for season. 7,909, Outlook. TO LET Shelter Island Heights, N. Y. Pretty furnished cottage, 5 master's, 3 serv ants' bedrooms; bath-room, open fireplaces. Sunset water view, shady grounds, large piazza. Near golf club and bathing beach. $550 season. RICHARD STORRS COE 42 West 52d St., New York. suitable for summer and winter residence. To Lease for the Summer Season with man's room. 5 acres, some woodland, large garden space, apple trees. Will rent for definite period if desired. Address H. T. Hutchins. M.D., 522 Commonwealth Ave., Boston, Mass. FOR SALE A BEAUTIFUL COTTAGE on the Ramapo River, four miles from Suffern, N. Y. 14 rooms and 2 baths. All newly furnished. Electric lighting, hot and cold water, large garage and large grounds. Good roads, For particulars write ADDING MACHINES THE Ray Adding Machine. Saves time, money, labor. Costs less than an average mis take-only $25. Adds with speed and accuracy of highest priced machines. Also directly subtracts. Used by U. S. Govt., International Harvester Co., B. & O. Ry., business and professional men everywhere. Handsome desk stand free. Send no money, but write for 2 Bidg., New York. BUSINESS OPPORTUNITIES SCHOOL FOR SALE. Two or three women teachers of right training and experience, pooling interests for ownership of first-class splendidly equipped school for girls, may, for $23,000 cash, secure desirable interest in and entire immediate management and possession of a school most desirably located, conservatively valued at $150,000 to $175,000. Owner, advanced in years, wishes to retire. Future income will provide means to complete ownership. Please give full information in first let ter. 5,702, Outlook. GIRLS' CAMP. Solicitors wanted to secure in or near New York members for best equipped, most attractive N. E. camp. Liberal compensation. Camp positions may be open for those bringing groups of girls; especially for those capable of instructing in music, art crafts, sports, etc. Address Camp, 94 Prospect St., East Orange, N. J. HELP WANTED Business Situations secretary. Must be efficient and have social WANTED, by large settlement, financial spirit. 5,737, Outlook. HELP WANTED Companions and Domestic Helpers WORKING housekeeper, good cook and capable manager, for family of two adults and three children in country home near New York (Westchester County). Other service kept. Best references required. 5,942, Outlook. REFINED Christian home, city advantages, reasonable wages, light duties, to willing country girl. Mackay, 863 President St., Brooklyn, N. Y. MATRONS, governesses, mothers' helpers, cafeteria managers, dietitians. Miss Richards, 537 Howard Building, Providence. Boston, 16 Jackson Hall, Trinity Court, Thursdays, 11 to 1. Teachers and Governesses WANTED, for next summer, an experienced teacher for three children, eldest thirteen. Must be able to play tennis well. Wages $100 a month or $70 and board. Personal interview in New York required. 5,698, Outlook. WANTED-Competent teachers for public and private schools and colleges. Send for bulletin. Albany Teachers' Agency, Albany, N.Y. TEACHER wanted, English preferred, to teach next year small group of children for 3 or 4 hours daily, 5 days a week, remainder of time free. College town in East. Salary for 8 months $600 to $800. 5,740, Outlook. HELP WANTED Teachers and Governesses CALIFORNIA needs teachers with graduate study. Consult Boynton-Esterly Teachers' Agency, Los Angeles, San Francisco, Cal. TEACHER domestic science, sewing, interior decoration, by girls' boarding school in Philadelphia, October. 5,734, Outlook. WANTED, in girls' school near Philadelphia, resident teacher of domestic science for the school year beginning September, 1918. Work consists of classes in cooking and sewing. Please state training, experience, and age. 5,738, Outlook. NURSERY governess. Young woman interested in Montessori principles for little girl 3 years. Intelligence and tact more important than experience. Instruction given in use of materials. Assist care of girls 8 and 9 attending school. Salary $35. Seashore in summer. Mrs. Scott, 2106 Spruce St., Philadelphia. TEACHERS needed now, and for positions September, 1918. Address THE INTERSTATE TEACHERS' AGENCY, Macheca Building, New Orleans, La. SITUATIONS WANTED Teachers and Governesses YOUNG French-Swiss gentleman desires position as tutor for French in good family. Would travel. Also painting and drawing. Highest references. 5,749, Outlook. Your Property If Is it For Sale so, use the next Special Real Estate Issue of The Outlook, which will appear on April 17. An advertisement in this issue will cost but a few dollars and will reach the class of people who will be interested property. in your Write us about your property and we will help you prepare a suitable advertisement. Copy for this number should be in hand not later than April 6. THE OUTLOOK Department of Classified Advertising SITUATIONS WANTED Teachers and Governesses KINDERGARTEN and primary teacher desires summer position. References exchanged. 5,733, Outlook. Business Situations LADY, refined, middle age, would like change of position in philanthropic or rengious work, assistant superintendent, or secre tary and stenographer where highest speed is not essential. Executive ability, initiative. Best reference. 5,731, Outlook. Companions and Domestic Helpers WANTED, by refined woman, position as housekeeper on gentleman's country estate or club, or care of motherless family. Not afraid of work. References exchanged. 5,717, Outlook. MIDDLE-aged gentlewoman, widow, desires position as hostess or managing housekeeper, preferably in home of widower with adult sons or daughters, where culture and executive ability will be valued. Salary governed by duties. References given and required. 5,735, Outlook. REFINED woman desires position as housekeeper in prívate home or hotel; capable of managing help. Would act in capacity of chaperon. References. 5,946, Outlook. A woman of mature judgment, educated, companionable, the mother of a family, desires a position of responsibility in a well-appointed home out of the city. 5,732, Outlook. SITUATIONS WANTED Companions and Domestic Helpers MANAGEMENT of household, American Protestant accustomed to very large establishments. Practical knowledge of conservation of food. Country place preferred. Box 8, Coolidge Corner P. O., Brookline, Mass. BY woman of culture, position as chaperon, companion, or housemother. Experienced in taking care of home. Proficient in French. Willing to travel. Best references. 5,736, Outlook. MISCELLANEOUS PATRIOTISM by Lyman Abbott, also verses of America-The Pledge to the Flag2 verses of The Star-Spangled Banner, all in a little leaflet. Further the cause of patriotism by distributing in your letters, in pay envel opes, in schools, churches, clubs, and social gatherings. 200 sent prepaid for 30 cents. Arthur M. Morse, Montclair, N. J. TO PARENTS ENGAGED IN PATRI OTIC WORK. UNUSUAL OPPORTUNITY. LADY living on Long Island, South Shore, will receive a limited number of young girls from eight to twelve years old, for the summer months. Simple home life, sea bathing, riding, outdoor sports. Highest references exchanged. For particulars address Miss M. C... 1819 Vernon Place N. W., Washington, D. C. WANTED-Defective persons to board. Address W., Pawling, N. Y. So Easy to Learn! This Test Lesson-and Whole Course in 5 Hours Here and Now K.I. Shorthand If you can grasp the lesson (at the right) within 5 minutes, you should learn the principles of K. L. SHORTHAND in 5 hours of spare time-after which acquire speed rapidly. This is the perfected quick and easy method. If you wish to know how fast it is possible to write in K. I. Shorthand, ask somebody to read this whole advertisement within a few minutes by your watch. Thus you'll realize the speed with which you should write after pleasant home or office practice. Hindrances of old systems eliminated; no shading, no worry about positions over, on or under lines-and you can read your own notes readily after months or years. Hence K. I. Shorthand is valuable for private_notes, diary, messages, etc. Used in rapid secret service work. "Talk as fast as you like. I am taking it down in K. I. Shorthand. With K. I. Shorthand you can take dictation in English, also adapt the system to French, Spanish, Portuguese and 18 other languages, in a practical way. This method is wonderful-so easy to learn that it astounds experts of old systems. It is as far ahead, we maintain, as an aeroplane is ahead of a kite or an automo bile is superior to a mule cart. Prove it for yourself! Stenography Simplified Most of the shorthand systems are taught at twenty to eighty dollars, and require 3 to 6 months' hard study-a big expense in money and time. NOW SEE WHAT WE SAVE YOU. We offer K. I. Shorthand, the complete system of simple, easily followed instructions for ONLY $5, postpaid. Moreover - and this is important personal instruction by correspondence FREE OF CHARGE. Why pay high fees? -you will be entitled to K. I. Shorthand is the GENUINE and GUARANTEED. Surprising progress; make notes as fast as a person talks. That you may have no doubts, we offer to refund your money if you cannot learn (one month's trial) and to pay $5000.00 in cash for a system superior in merit and standing to K. I. SHORTHAND applicable to the conditions under which we enroll you! Learn in 5 hours; then practice for speed. You'll be delighted with your progress. LEARN LIKE A PASTIME! Send Only $1. money-order, check. dollar bill or stamps $1 Make Your Success-Whether you are employer or em now and agree to pay $4 more for the K. I. Shorthand Outfit when it comes to you. Or save details by sending $5 with your first letter; then nothing further to pay. We are an established corporation, authorized capital $100,000. Your good will and recommendations to friends are what we mean to have. At the Lecture. very valuable efficiency at trifling cost. We will mail a pamphlet with further information, guarantee, ployee, whatever your age, here's your opportunity to acquire testimonials, etc., if you desire more information before enrolling; or send remittance today and you'll be delighted with what comes to you. Remember you are entitled to free correspondence instruction to improve your capability for speed, etc., in your own vocation. No other system at $5 includes this. Positively YOUR MONEY REFUNDED if you cannot learn; one month allowed. Write to the office nearer to you. Cut out or copy coupon below. Be sure to mention the name of this publication. King Institute 8 South Wabash Ave Chicago, Ills. or 154 East 32d Street New York, N.Y. KING INSTITUTE: Send K.I.Shorthand Course, complete, with money refund guarantee and certificate of enrollment entitling me to free private correspondence instruction. Enclosed is remittance. Name and Postal Address: FA--06 |