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PROGRESS Believing that the advance of business is a subject of vital interest and importance, The Outlook will present under the above heading frequent dis cussions of subjects of industrial and commercial interest. The department will include paragraphs of timely interest and articles of educational valne dealing with the industrial apbuilding of the

Nation. Comment and suggestions are invited.




(From the Iron Age") While conditions in this country by no means have reached the point that made wholesale employment of female labor in munitions factories a necessity, as in Eng. land, an increasing number of American manufacturers are substituting women for men in the lighter forms of work. England has employed women on work as laborious as the machining of 6-inch shells, but their employment in this country has been largely confined to fuse work and similar operations which can be performed on drill presses, screw

machines, and other smaller tools. A Dayton, Ohio, factory is employing close to 5,000 women in this manner; a Baltimore, Maryland, munition maker now has about 1,800 at work, and in various other industrial centers women are being employed in gradually increasing numbers. A Bloomfield, New Jersey, fuse maker is now seeking a considerable force of women, and the factories of Jersey City, New Jersey, have decided to try them as a means of solving the labor shortage there. At a meeting of Jersey City manufacturers to discuss the labor question the statement was made by the employment director of the city of Rochester, New York, that machine shops in his city had found women more efficient than men in certain classes of work. He sain} that there is a wonderful field for women in the machine shop."

Varying conditions have led to the employment of women. In some cities employ. ers have been driven to it by the shortage of male labor. A Baltimore manufacturer believes it to be patriotic policy to employ women on work which they can do as well as men, so that more men may be released for the shipyards and other heavier forms of labor where women cannot so satisfactorily be used. In most cases the women receive the same pay as men for the same work. Fuse makers in particular report that women have more patience with such small operations as drill press work, which becomes deadly monotonous to men workers.

Visit One of the National Parks

Have you ever been to YELLOWSTONE NATIONAL PARK ? Here in one small corner of our country are assembled some of the world's greatest natural curiosities in the form of hot springs of varied colors, active geysers, and a canyon in pastel shades. Or have you followed some of the delightful trails in GLACIER NATIONAL PARK or ROCKY MOUNTAIN NATIONAL PARK that are so full of interest to the mountaineer and nature-lover?

At each of the Parks the most comfortable of accommodations in the form of camps and hotels can be found for the entertainment of the tourist.

A most delightful tour can be made including all three of the above-mentioned Parks ; or a visit to any one of them is most enjoyable. Let us plan your trip. There is no charge to Outlook readers for this service. TRAVEL AND RECREATION BUREAU





(From Construction") When the European war started in 1914

. munition factories everywhere sprang existence, and many of these were temporary and cheap structures, intended only for the period of the war. The folly of erecting buildings of this type has been proved by the great number of fires which have started in plants making war supplies, and many of the explosions which have completely destroyed entire plants have been caused by fires starting within the plants

. As opposed to this policy of constructing cheap, temporary buildings, the Coll's

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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


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



(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 out airy 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 Aimsy 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 themnothing in grain food so attractive, nothing so perfectly prepared.

Puffed Corn Puffed Rice Puffs Wheat

Each 15c Except in Far West


All legitimate questions from Outlook readers about investment securities will be answered either by personal letter or in these pages. The Outlook cannot, of course, undertake to guarantee against loss resulting from any specific investment. 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

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1. We solicit orders for Liberty Bonds However, should an emergency

in all denominations (without make it necessary to turn bonds
profit or commission).

into cash, we will sell them for
2. We will store Liberty Bonds in

the owners at the market price at
our vaults without charge, clip-

a nominal charge.
ping the coupons, if desired, and 5. Our statistical department is ready
remitting to bondholders.

at any time to furnish full and ac-
3. We will make collateral loans on curate information on the various
such bonds.

Liberty Loans, their conversion
4. We advise all investors to hold privileges, market, and the like, for

Liberty Bonds until maturity. the guidance of investors.
We invite all investors to make subscriptions for Liberty Bonds through
us and to call at any of our offices and let us explain our Liberty Bond
service in further detail. If unable to call, write us today for particulars.


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per cent

Is This A
Good Time To Buy?

Will there be a spurt or a falling off? Babson Service tells you what to expectreliably forecasts the long swings of the market.

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.

Write to Dept. 0-19 of Babson's Statistical Organization Advisory Building

Wellesley Hills, Mass. Largent Organization of its Character in the World



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.

HE 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 derived 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 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 following:

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

Committee, at Washington, passes upon all Giving undue importance to the name of the banks acting as trustee or registrar,

new applications for capital and approves

all that are in the National interest. and implying thereby that these banks in 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

Maturity. ices do not insure safety of securities.

Atlantic Coast Line Railroad First

Consolidated Mortgage 4s... July 1, 1952 Offering to let people in on the ground

Baltimore and Ohio Railroad Prior floor.

Lien Mortgage 348...

July 1, 1925 Stating that securities are as safe as

Chicago, Milwaukee, and St. Paul Government bonds.

Railway General Mortgage Series The use, by a dealer concern, of a name C4%2s...

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. to the security when no guaranty exists.

Marie Railway First Consolidated

Mortgage 4s. Playing up subheads in copy on one

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%8....

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, 2017 ing that the stock for sale is guaranteed by Pennsylvania Railroad General Mortthat manufacturer, etc.

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

Southern Pacific Railroad First ReOffering to give “Liberty” bonds away

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

Public Utilities. Maturity. 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 6.20% 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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From Investments Your investment profits depend on something more than the mere decision to buy stocks or bonds, Any broker can execute orders for securities when you so desire. But it is the knowledge of WHEN and HOW best to buy that makes investments profitable to you.

Our fortnightly publication Investment Opportunities tells WHEN — and our copyrighted TWENTY PAYMENT BOOKLET tells HOW. Both sent gratis upon request for 63-OL.

gage 4%s..

Price Yield
About. About.



(Inc.) Investment Securities

(Founded 1908) 40 Exchange Place

New York

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