that improves with age BONDS are the golden milestones

of the thrifty. The habit of careful investment mounts up income for you year by year. Your maturing interest is there to greet you as time goes on.

What securities will you choose? To whom will you turn for expe rienced advice?

You may find near at hand one of our Correspondent Offices. At any one of these, experienced bond men will give you personal attention, practical helpful service, and definite recommendations of carefully chosen securities, whether you are already an investor or wish now to start the habit and start right.

THE NATION'S
INDUSTRIAL

PROGRESS

Believing that the advance of business is a subject of vital interest and importance, The Outlook will present under the above heading frequent discussions of subjects of industrial and commercial interest. This department will include paragraphs of timely interest and articles of educational value dealing with the industrial upbuilding of the Nation. Comment and suggestions are invited.

A SUCCESSFUL EXPERIMENT IN CO-OPERATION

BY H. E. LESAN

OME clever writer-I think it was Mary Hopkins once stated in a magazine article, "Christmas is not a season; it's a state of mind."

So is co-operation a state of mind. It means "operating together," and nothing else. Profit-sharing, bonus systems, health insurance, welfare work, sick benefits, old age pensions, all indicate a better state of mind than there used to be between capital and labor-at least a better state of mind than capital used to have toward labor; but they don't necessarily cover the vital point of "working together," the really necessary state of mind.

They do not always, perhaps do not usually, establish the desired confidence and good feeling on the part of employees that they are intended by the employers to inspire.

Now take the many plans for the future of the railways, for instance. What are they but efforts, though perhaps crude efforts, to express a new state of mind in the direction of co-operation?

The Outlook has asked for a story about a proof of real co-operation, which was furnished this year in the advertising done by the United States Railroad Administration through three Regional Passenger Traffic Committees and seven advertising agencies.

I shall tell the story, and then frankly, if I can get by with it, attempt to get before the jury some more propaganda for further co-operation in industry, and for its necessity in the solution of the world's present pressing and vital industrial and sociological problems.

The armistice had been signed. Feverish shipments of great quantities of war materials were no longer necessary. Freight tonnage was dropping rapidly. A public which had made prompt and loyal response to the earlier appeals of the Railroad Administration to curtail pleasure travel as much as possible during the war did not know that the exigency had passed, and passenger revenues were badly off. And everybody knows to what point wages and the prices of materials had gone.

HOW COULD PASSENGER REVENUES BE
INCREASED?

At Washington the Director-General, Mr. Hines, and his Assistant, Mr. Claggett, and the Director of Traffic, Mr. Chambers, and the Assistant Director, Mr. Fort, conferred regarding what might be done to increase revenues. Certain action

Sound advice. The Administration would adopt it. It was the sort of advice they had hoped for. Yet how should it be done? Could the railways engage indiscriminately in the old-style advertising of competing points and competing trains, filling one part of the country with more advertising than could possibly pay and another section, like Mother Hubbard's dog, getting none? Would such advertising be placed direct by some railways and through advertising agencies by other railways, as had been their custom in days past, and none know what the others were doing?

No. The Government must have cooperation-must have "working together " in railway advertising. So Mr. Fort called to Washington the Regional Passenger Traffic Committees and the advertising agencies which in the past had had the most experience in railway advertising. They gathered there on March 17, the anniversary, according to tradition, of another historical character who was unbound by precedent, and to them Mr. Fort and Mr. Claggett outlined the situation.

Addressing first the Regional Passenger Traffic Committee, Mr. Fort asked: "Čan we take one million dollars of the Government's money and expend it profitably in advertising to produce passenger revenues-spend it on a strictly business basis without the injection of politics, spend it to advertise the National parks and resorts of the entire Nation as a whole, giving every section advertised, as well as every section advertised to, an equally deal?"

square

The Passenger Traffic Committees stated that they had no doubt of it.

ADVERTISING WORK MUST BE CO-
OPERATIVE

Then, addressing the advertising agents, Mr. Fort asked: "Can you gentlemen take this appropriation and expend it for these Regional Passenger Traffic Committees in the manner we have just discussed and co-operate with each other and with each Regional Committee under their direction and attain this result efficiently, harmoniously, and without embarrassing the Railroad Administration?"

The reply was another prompt "Yes," following which Mr. Fort and the railway officials retired to confer about details from their standpoint, leaving the representatives of the seven advertising agencies to confer regarding methods of making good their readily given promise.

Around the table in a conference room in the Inter-State Commerce Building sat fourteen or fifteen representatives of seven advertising agencies from New York, Chicago, Atlanta, and Jacksonville, Florida.

Most of them had not even known the errand on which they had been requested to come to Washington. Many had never met before. Some had met each other in bitter competition. But the co-operative

HE surest clue to motoring satisfaction is an owner's enthusiasm. The owner of the average car displays it occasionally-whenever he happens to get a few more miles from his tires than the maker guarantees, or a little more distance than usual from his gasoline, or when he covers ground in a day's driving than he thought he could.

more

Franklin Sedan owners are always enthusiastic motorists, because they continually get and often exceed :

20 miles to the gallon of gasoline 12,500 miles to the set of tires 50% slower yearly depreciation But their records of economy are not the only things they are enthusiastic about. What counts as much with Franklin Sedan owners is their ability to out-tour the average touring car and at the same time enjoy a riding comfort, ease of control and safety in handling, which leaves them unfatigued at the end of a full day's run. Alsofreedom from punctures, blowouts and other tire accidents.

All of this is the result of Franklin Light Weight and Flexible Construction, the same principles that give Franklin economy.

Also, Franklin owners tell you that they would never give up the benefits of Direct Air Cooling (no water to boil or freeze) that they will never go back to the draining of radiators, the using of anti-freeze mixtures in winter, or the watching of thermometers in