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Permanent Fireproof Buildings for Munition Works

(Continued) Patent Fire Arms Manufacturing Company, of Hartford, Connecticut, erected high-grade permanent reinforced concrete buildings, and the Aberthaw Construction Company has been called upon three times to carry out the work of erection.

The first of these structures was the Commercial Building, erected in the spring of 1916. Foundations were begun for the Commercial Building in February, and the building was completed in June, 1916.

Military activities necessitated additional facilities, and in order to increase their production of United States Army revolvers Aberthaw was called in to construct a four-story building, 490 feet long by 60 feet wide, with wings at each end approximately 60 feet square.

The building attracted Nation-wide publicity on account of the speed with which it was erected, the contractor requiring forty days from foundation to roof. The progress schedule was made up at the beginning of the job and was published broadcast in the magazines by means of circular letters, and notices were posted around the plant so that every workman knew exactly what had to be done and when the job had to be completed.

In addition to this fact, the construction work ran into freezing weather in the late fall, and, although this presented additional obstacles, it did not hinder the rapid completion of the job.

Four months later, in April, 1917, the Aberthaw Company was called in for the third time for a new building—in this case a one-story building 490 feet 6 inches long by 260 feet 6 inches wide.

The policy of the Colt's Patent Fire Arms Manufacturing Company in erecting permanent fireproof buildings of this kind is certainly commendable. Such buildings can be erected with the utmost speed when undertaken by a large contracting organization, and are a permanent asset requiring no repairs or maintenance.

There Are Guns

That Send Out Joys

A TRAVELING ARGUMENT

AGAINST WASTE

(From the Iron Age") A novel scheme was decided upon by the Westinghouse Electric and Manufacturing Company to bring home to the employees some idea of the amount of food products and manufacturing material wasted each day in its plant at East Pittsburgh, Pennsylvania A storage battery truck was fitted up as a traveling exhibit and driven up and down the shop aisles. The truck was loaded with a collection of the food wasted by the employees, including bread, butter, cake, crackers, pickles, cheese, fruit, etc., as well as copper, zinc, lead, mica, rubber, felt, gum, and similar manufacturing materials much of which could be used again to advantage. A large sign was placed over the truck calling attention to the load.

It is estimated that the foodstuffs wasted per day amounted to between $35 and $50, the cost of which comes out of the employees' pockets. The waste of the manufacturing material runs into hundreds of dollars daily, and would be a total loss to the company were it not for the fact that a force of men is continually employed assorting this apparently scrap material, and either turning it back to the stock-room for use in the plant or classifying it so that the highest price may be obtained for it as scrap.

There are guns in our mills which boom every minute, to send outairy grain foods which taste like bubbled nuts.

Whole grains of rice or wheat go in them. Or pellets of hominy. And they come out airy, flaky tidbits, eight times former size.

That's how Puffed Grains are made— by Prof. Anderson's process. Their flavor comes through an hour of toasting in a fearful heat. Their flimsy texture comes through steam explosion. A hundred million food cells in each kernel are thus blown to pieces.

Why This Bubble Form? Many people think we do this to make fascinating morsels. To make grain foods flavory, thin and flimsy so they fairly melt away. To make them food confections.

But a college professor-a scientist-invented this strange process. And the only object was to fit whole grains to easily digest.

Ordinary cooking, baking or toasting breaks part of the food cells in grain. But our method alone breaks them all.

So these are the ideal grain foods. Every granule is fitted for digestion. Every atom feeds.

That's why these three grains—which can be puffed—should be largely served in puffed form. That is their most delightful form. It is their hygienic form. Served at any time—at meals or between meals—they avoid any tax on the stomach.

If you knew Puffed Grains as experts know them you would serve them many times as often. There is nothing like them nothing in grain food so attractive, nothing so perfectly prepared.

Puffed Corn Puffed Rice Puffs Wheat

Each 15c Except in Far West

FINANCIAL DEPARTMENT

21

All legitimate questions from Outlook readers about investment securities will be answered either by personal letter om in these pages. The Outlook cannot, of course, undertake to guarantee against loss resulting from any specific invest. ment. Therefore it will not advise the purchase of any specific security. But it will give to inquirers facts of record or information resulting from expert investigation, leaving the responsibility for final decision to the investor. And it will admit to its pages only those financial advertisements which after thorough expert scrutiny are believed to be worthy of confidence. All letters of inquiry regarding investment securities should be addressed to

THE OUTLOOK FINANCIAL DEPARTMENT, 381 Fourth Avenue, New York

MARALARIALOGUEIRIDORINARIATIKISALIMISHARAIKAN IALAKUSARIUMIRIACULORILATELIKIHIGALILISEIKAITAR AULALIAIKAINERARNA LA IN 0000000000000000000000ww.

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To the 100,000,000 People and the 10,000,000 Bond Holders in America

THERE are now more than 10,000,000 bond holders in the

1 United States, as against only 300,000 a year ago. The
sale of the three Liberty Loans has made this a nation of bond
buyers-most of them lacking experience in investment and
without facilities for safekeeping their securities.
We offer to all investors the following invaluable service:

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1. We solicit orders for Liberty Bonds

in all denominations (without
profit or commission).
We will store Liberty Bonds in
our vaults without charge, clip-
ping the coupons, if desired, and

remitting to bondholders.
3. We will make collateral loans on

such bonds.
4. We advise all investors to hold

Liberty Bonds until maturity.

JARDUNARIOAD AKINAKIDANURILERIMINADALARANORMALARININGUNIBAURAINANANAKONDAINONINDAKLIDIRONDINAMOBIERNOORUMINUNILORADORNALINKINIAURINALDIRAANHANDORABARANIRODALMAKINANANANANANAN

However, should an emergency
make it necessary to turn bonds
into cash, we will sell them for
the owners at the market price at

a nominal charge.
5. Our statistical department is ready

at any time to furnish full and ac-
curate information on the various
Liberty Loans, their conversion
privileges, market, and the like, for
the guidance of investors.

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Thirty-six years without loss to any investor

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following:

DANFORTH FARM MORTGAGE

IX SIXTY YEARS

No Investor has ever foreclosed a Mortgage, taken a foot

of land or lost a dollar on a Danforth Farm Mortgage. For further information regarding our Farm Loans and

Bonds write for Booklet and Investors' List No. 58.

FRAUDULENT FINANCIAL ADVERTISING
THE Investment Bankers' Association a flat prediction that they will advance in

of America has issued a statement to market value. In times like these, no one
the public on “ Fraudulent Financial can predict with any degree of certainty

Advertising.” It ought to be read by what is going to happen in the world, and every investor who is tempted to risk his especially what is going to happen to secumoney in enterprises advertised in “ circus rities. We all know, of course, that one of poster” manner.

the effects of the war has been to raise the We reprint from the pamphlet the fol- rate of interest, and as interest rates go up lowing :

prices of securities having a more or less fixed The reason that so many millions of dol

rate of return naturally decline. In other lars annually are sunk in worthless securi words, prices of securities adjust themselves ties is that the sellers of such so-called

in the market to the rate of interest. When investments make alluring promises of

4 per cent is a normal interest for good longgreat profits to be derivel from a few dol

term loans, high-grade 4 per cent bonds ·lars. If deliberate misrepresentations and

will sell around par. But when interest recklessly loose statements are eliminated

rates advance to 6 per cent, then 6 per cent from advertising and circular matter, get

bonds will sell around par, and 4 per cent rich-quick operators will not be able to make

bonds, naturally, will sell considerably below their fraudulent schemes pay.

par. In investments one does not get some

If the war continues any considerable thing for nothing any more readily than in

length of time (and there is no guarantee any other branch of merchandising. It is

that it will not), there will be a further entiring misleading, therefore, to use state

enormous destruction of capital, and increasments which will lead investors to believe

ing rates of interest will be paid by the belthis to be possible, such as the following

ligerent Governments for new loans. The taken from one piece of copy advertising a

effect of this will be to depress the prices promotion that failed utterly :

of ordinary corporation securities. « The best investment ever offered to the As we have repeatedly said in the FinanAmerican public."

cial Department of The Outlook, we be“ Immense profits on small investments.”

lieve that the best investment for any “ $1,000,000 a month profits.”

American to make in these days is in the “ You take no chance."

securities of his Government. One who has « Golden Harvest." .

$1,000 to invest may now obtain through Some of the other more dangerous bad

the purchase of Liberty Bonds $42.50 inpractices which invariably mislead are the

terest a year, and the second Liberty 4s

have recently sold on a 44, per cent basis. Trading on reputation or earning power

But it must not be forgotten that of another company, such as implying that

many private corporations and many pria new automobile company will be as suc

vate borrowers-farmers, for example—are cessful as the Ford Motor Company,or using

engaged in supplying the Government a name which sounds similar to a well

with the materials it needs for the proseknown trade name to imply that the well

cution of the war. These companies and known person or corporation is interested

individuals when they are in need of new in the new company.

capital to expand their productive power Offering securities where the corporation

certainly deserve to have the capital. It is has not a well-defined financial plan cal

in the National interest that a market be culated to carry the company through poor

found for their securities. The Governtimes as well as good times.

ment at present, through the Capital Issues Giving undue importance to the name of

Committee, at Washington, passes upon all the banks acting as trustee or registrar,

new applications for capital and approves and implying thereby that these banks in all that are in the National interest. any way are responsible for the securities. Among the many high-grade bonds now The fee for such services paid to banks or

selling at attractive prices are these: trust companies is very small, and the serv

Railroads.

Maturity. ices do not insure safety of securities.

Atlantic Coast Line Railroad First Offering to let people in on the ground

Consolidated Mortgage 4s......... July 1, 1952 floor.

Baltimore and Ohio Railroad Prior

July 1, 1925

Lien Mortgage 3%8............... Stating that securities are as safe as Chica

Chicago, Milwaukee, and St. Paul Government bonds.

Railway General Mortgage Series The use, by a dealer concern, of a name C4%s.............................. May 1, 1989 which implies that it is a bank or trust Illinois Central Railroad Refunding company when it is not such.

Mortgage 4s..................... Nov. 1, 1955 Using the word guarantee as applying Minneapolis, St. Paul, and Sault Ste.

Minneapolis, St. Pau to the security when no guaranty exists.

Marie Railway First Consolidated Playing up subheads in copy on one

Mortgage 4s.......

...... July 1, 1938

New York Central and Hudson River subject matter in such a way as to make it

Railroad Refunding and Improveappear that the subhead emphasizes the

ment Mortgage 4%s.............. Oct. 1, 2013 security, such as a guaranty on a part of Northern Pacific Railway General an automobile by a manufacturer as imply Mortgage 3s.........

Jan. 1, 2047 ing that the stock for sale is guaranteed by Pennsylvania Railroad General Mortthat manufacturer, etc.

gage 4%s..........

June 1, 1965 The appeal to patriotism, except in the Union Pacific Railroad First Lien case of selling “ Liberty" bonds.

and Refunding Mortgage 4s.. June 1, 2008 Offering to give “ Liberty" bonds away

Southern Pacific Railroad First Re

funding Mortgage 4s............. Jan. 1, 1955 with so many shares of suspicious stock.

Price Yield

Public Utilities. Maturity. About. About. QUESTION AND ANSWER

American Telephone and Q. Will you kindly give me a list of six or eight Telegraph Co. Collatgood stocks and an equal number of bonds which eral Trust 4s......... July 1, 1929 82 0.20% you believe are now cheap and are bound to appre- Consolidated Gas Co. ciate in value?

(N. Y.) Convertible DeA. We dislike very much to recommend benture 6s............ Feb. 1, 1920 101 5.40% particular issues and at the same time make

(Continued on following page)

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SLATTERY&CO

(Inc) Investment Securities

(Founded 1908) 40 Exchange Place New York

BY THE WAY

Mother: Keep a jar of Musterole handy

19

Question and Answer (Continued)

Price Yield Public Utilities. . Maturity. About. About. Interborough Rapid

Transit Co. First and Refunding 5s......... Jan. 1, 1966 86 6.00% Laclede Gas Light Co.

(St. Louis) First 5s... May 1, 1919 · 986.75% Western Union Tele

graph Co. Funding and
Real Estate 4%s....... May 1, 1950 87 5.35%

Industrials.
American Agricultural Chemical Co. !

First Convertible 5s.............. Oct.
American Can Co.' 15-Year Deben-

ture Sinking Fund is............. Feb. 1, 1928 American Smelting and Refining Co. First 5s...........

........... Apr. 1, 1947 Armour & Co. Real Estate First 4 3...............:

........... June 1, 1939 Bethlehem Steel Co. First Extension

Sinking Fund 5s.................. Jan. 1, 1926 Central Leather ('o. First Lien 58... Apr. 1, 1925 Republic Iron and Steel Co. Sinking

Fund Mortgage 58. ................ Apr. 1, 1940 United States Rubber Co. First and

Refunding 5s.................... Jan. 1, 1947 Virginia-Carolina Chemical Co. First

15-Year 5s........... ............ Dec. 1, 1923 Western Electric Co. First 5s....... Dec. 31, 1922

Foreign Governments. American Foreign Securities Secured Notes 5s............

Aug 1, 1919 Anglo-French External Loan 58 ..... Oct. 15, 1920 City of Paris External Loan 6s... ... Oct. 15, 1921 Dominion of Canada Notes 5s........ Aug. 1, 1919 Dominion of Canada External Loan Gold 5s........

...... Apr. 1, 1926 French Republic Secured Convertible 5%s..

........... Apr. 1, 1919 United Kingdom of Great Britain and

Ireland Secured 58................ Sept. 1, 1918 United Kingdom of Great Britain and

Ireland Secured Convertible 5%8.. Feb. 1, 1919 United Kingdom of Great Britain and

Ireland Secured 5% s.............. Nov. 1, 1919 United Kingdom of Great Britain and

Ireland Secured 5%8.............. Nov. 1, 1921

Among the industrial preferred stocks the following are recommended :

Per Cent.
American Beet Sugar ....
American Car and Foundry.....
American Locomotive.......
American Smelting.....
Bethlehem Steel...........
American Tobacco...
American Woolen........
United States Steel........
Central Leather............
General Motors.......
International Nickel.........
Republic Iron and Steel...

Goodness gracious! Everybody's coughing and how are we going to move that old congestion 'way inside? “A good old-fashioned mustard plaster” says somebody. Fine - if only it would not blister!..

How about Musterole ? The very thing! Give us that pure white ointment. Rub it in over the place. It won't blister. And can't you just feel how it gets down underneath the skin and penetrates?

Musterole is made of oil of mustard and other home simples. Just rub it on the skin. It goes down to the seat of the congestion. There it generates heat. But it is a peculiar nonblistering heat. That heat disperses the congestion.

But the most peculiar part of Musterole is that a few moments after you have applied it you feel nothing but a delighting sense of coolness. And relief is usually immediate.

Congestion and coughing usually go when that clean, pure, white ointmentsearches them out. Musterole comes in 30c and 60c jars -hospital size $2.50 at all druggists. The Musterole Co., Cleveland, Ohio

Contrasting the characteristics of different races, “ Collier's” Russian cortespondent says that an Englishman may sometimes rub you the wrong way, but if he asks you to go hunting with him in Africa and says that he will meet you six months from now in latitude 30 north, longitude 37° east, you can go right along getting your outfit ready. If, he says, General Hindenburg should tell you that you had broken Rule 772 and would be shot at : sunrise, there would be no chance of escape because the commandant overslept or forgot it, or got a present of ten thousand rubles. But if a Russian says ten o'clock to-morrow morning, neither you nor he necessarily expects him to be there - he merely approves in a general way of the ten-o'clock idea. This lack of sharp attention to time, of dependability as to detail, is, says the correspondent, one of the reasons why the Russians have failed in “ the special and highly technical game of making war.”

A Washington man, a Southern paper says, while motoring through Virginia, stopped one day at a toll bridge he had often passed over and found a new keeper in charge. “Where's the man who used to act as keeper here?” asked the motorist. “ He's dead, sir,” was the reply. “ Dead? Poor fellow ! Joined the great majority, eh?” “Well,” said the new keeper, cautiously, “ I wouldn't like to say that, sir. He was a good enough man as far as I know.”

A list of plays which have had one thousand consecutive performances in England or America includes the following: * Our Boys," a comedy presented about thirtyfive years ago, which held the record for twenty years with 1,362 performances ; “ Charley's Aunt,” 1,466 performances ; “ The Private Secretary,” “A Chinese Honeymoon,” “ Peg o’ My Heart," and “ Romance," a popular play which is now running in London.

“ The Zuloaga exhibition closed in the Palace of Fine Arts in San Francisco on March 14, with a record-breaking attendance. The total paid admissions for the four weeks registered over ten thousand, which is twice the paid admissions registered by the exhibition when it was shown in New York City.” So says an item in the “ American Art News." The population of San Francisco is placed at about 463,000, while that of New York is estimated at over 5,600,000. The figures furnish food for thought.

A letter appealing for books for sailors, recently published in this column, contained the phrase “ volunteer and drafted sailors." A naval officer writes in comment on this letter:

The writer of the letter must be misinformed, because there are no “drafted sailors” in the service. There is nothing quite so odious to an enlisted man or officer in the regular Navy as to be called a drafted sailor. Every man in the regular Navy is a volunteer, and a willing one, too.

A foreign-born American citizen, one of the really patriotic variety, on being jok: ingly called only an immigrant,” replied, according to the “Typographic Messenger:" “I have nothing to be ashamed of. I really have more right to be proud of my Americanism than you. You came into this country naked, and I came here with my pants on. You came here because you couldn't help it. I came because I wanted to."

This amusing retort reminds the “ Mes. senger” of Booker Washington's similar

6

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By the Way (Continued) reply to a proposition to solve the Negro problem by sending our colored population to Africa : “We colored folks have a better right to stay here than anybody else except the Indians, and they have been driven out by the whites. We were so highly thought of that we had our passage money paid. You can't say that of any other class of immigrants."

“ The law recognizes a distinction between the care due to a passenger on the train and that due to one who is merely on the platform waiting to get on. To the former the railroad company owes the highest degree of care, while to the latter it owes ordinary care not to injure him.” This distinction, which it will be wise for travelers to keep in mind, was made in a recent case before the Indiana Appellate Court. In this case a passenger had sued for injuries received while attempting to board a moving train with a child in his arms, when his foot slipped through a defective step. If he had been on the train trying to get off, the case would have been different. But surely no one ought to try either experiment while holding a child in his arms!

Are the children of the present day making anything that will be as charming and as lasting as the “ samplers” made by the little girls of a century ago? In a recent sale of a collection of these curiosities in New York City many well-preserved specimens were shown. One of them began with four different styles of A B C, then went on:

EUNICE TAYLORS SAMPLAR
WORKED IN THE UTH YEAR. OF MY AGE 1817

Education forms the tender mind Just as

The twig is bent the tree is inclined Another, starting with three varieties of the alphabet, continued :

Let modesty that heaven born maid
Your words and actions grace
Tis this this only that can add

True lustre to your face
ANNE MOISE BORN NOVEMBER 2 A.D.

1793 Æ. 12 YEARS SCARBOROUGH Y 1806 The most elaborate, both in its needlework and its sentiment, ran as follows:

Jesus permit thy gracious name to stand
As the first effort of an youthful hand
And while her fingers oer the canvas move
Engage her tender heart to seek thy love
With thy dear children let her have a part
And write thy name thyself upon her heart
When death shall close her peaceful eyes
Fit her to reign with thee above the skies

ABIGAIL DUTTON GAFFREY 1826 Not every large business succeeds in developing a capable manager from its own staff of employees. An advertisement in a New York City daily shows that one of the la igest grocery firms in the country must look outside for such a man. It reads in part:

Comptroller.-Wanted, a competent office manager of sufficient experience to fill the position of comptroller of our business. . . . Salary to start $7,500 per annum. Address, in confidence, etc.

A protest of Norwegian shipping associations against German atrocities on the high seas is published in “Shipping." In part it reads : To the German People:

On October 17, 1917, a convoy composed of thirteen unarmed ships, together with its escort of two English torpedo-boat destroyers, was destroyed in the North Sea by German cruisers. Without warning these neutral merchant vessels--and among them five were Norwegian-were shelled and wholly destroyed, no opportunity being given the crews to save themselves nor any attempt whatever being made to rescue them. Those seamen who were fortunate enough to get into lifeboats were themselves made the target for direct gunfire from the German cruisers and a large number were killed in this manner.

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New Negligees and Washable Silk Skirts at McCutcheon's

Reg. Trade-Mark The new Spring models are ready, a wide variety of dainty Boudoir Gowns, Underwear, Negligees, Skirts, Caps, Brassieres, etc., from the simplest styles at modest prices to the more elaborate and costly. As usual, our showing includes Lingerie of both French and American manufacture. New Boudoir Gowns New Washable Silk Slip-over of Charmeuse in

Skirts Pink, Blue, or Lavender, fine

Skirt of Flesh-color washable

si shirring at waistline, $10.75.

Satin, two Scalloped ruffles ; Gown of Coral or Light Blue lengths, 34 to 36 inches, $6.95. Crepe de Chine, slip-over model, Cream Lace, shirred back and

Skirt of White Tub Silk, double

front and front to form waistline $12 75

back, extra-large

size, lengths 36 to 38 inches, Boudoir Gown of Blue or $4.95. Pink Crepe de Chine, Empire model, neckand sleeves trimmed

Skirt of White Tub Silk, double with fine Lace, elastic at waist,

front, Scalloped ruffle, lengths $11.75.

34 to 36 inches, $2.95. Gown of Crepe de Chine in Skirt of White Tub Silk, three Lavender, Blue, or Pink, top of Hemstitched tucks, double Georgette Crepe, Skirt has panel, lengths 34 to 36 inches, box-plaits, $13.75.

$3.95.
Write for new illustrated Spring and Summer Catalogue
James McCutcheon & Co.

Fifth Avenue, 34th & 33d Sts., N. Y.

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ADSCO HEATING

Atmospheric System of Steam or Vapor Heat The ADSCO Valve opens 4, 42, 34, to use just that much radiation. With the ADSCO Regulator at source of supply, you have positive control of fuel as well as heat needed in each room. You save 20% to 30% fuel ; 10% to 15% installation cost. No noise-no complicated devices.

Write for Bulletin 133-0 Please give names of your architect and steamfitter. If you are interested in heating a group of buildings ask for our bulletin on “Central Station Heating." Dealers write for proposition. AMERICAN DISTRICT STEAM COMPANY

General Office & Works, No. Tonawanda, N. Y.

Branches : New York Chicago Seattle

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