Financial Department (Continued) and extravagance. We believe the only sure remedy for the high cost of living is increased production and the stabilization of prices in conformity with wages now being paid. The price of commodities is regulated by the day's labor of a man, and the unit of compensation is not a dollar but the purchasing power of a dollar, and the average price of commodities is raised or lowered by the average compensation received for one hour's work by every man or woman. "Any workman who demands a greater proportionate return for his labor than his fellow-workman in other lines is as guilty of profiteering as the grocer who charges exorbitant prices for the necessities of life, and wage increases paid to certain workers by the Government will result in higher prices being set by the profiteers to all purchasers alike. "Be it resolved that demands for shorter hours and increased pay to meet present living costs is uneconomic, unwise, and not to be encouraged, to the end that normal conditions may be brought about, with special privileges to none, but justice to all, and sure and swift retribution for those who may attempt to profiteer in the necessities of life." "AROUND AND AROUND THE MERRYGO-ROUND" The railway unions ask for higher wages, and if these demands are granted the cost of transportation of commodities is increased by just that amount. The reason for these demands is the high cost of living, and has no bearing upon the value of their services to the community, and they are little concerned regarding the source from which these higher wages are to be derived, failing to see that the increased cost of transportation for which they are directly responsible must result in higher commodity prices to the consumer. They have thus increased the cost of living to themselves as well as to all consumers. Likewise the farmer who receives higher prices for his wheat and his potatoes must in turn pay higher prices for shoes and clothing, so that the manufacturer of these products may in turn pay him his prices for food. What will be the end of this profiteering? We all know that prices cannot always be increasing, and that in time the peak will be reached and the inevitable break must come. The present idea uppermost in the minds of most profiteering consumers seems to be, "I will exact the last penny from the consumers of my goods and look out for myself, and the rest of mankind can look out for themselves." The weakest link in the chain is sure to give way sooner or later under the strain, and then the whole system of higher and higher costs will tumble. Federal investigations into prevailing high prices may help, but only by unselfish and individual effort can we hope for immediate relief. What are you doing to reduce high living costs? PATRIOTISM To-day we are paying the price of war and its waste. To overcome this we must be over-industrious and practice such frugality as we have never known before. This is true patriotism to-day. Conservation of food, clothing, shoes-not higher wages to enable us to spend more lavishly Downtown Office: 16 Wall New York BANKING DEPARTMENT WHEN you place your business account with us you have the satisfaction of knowing that your largest business requirements can be met and your varied banking needs be satisfied to the smallest detail. As a member of the Federal Reserve System, the Bankers Trust Company offers you all of the advantages of the best commercial banks besides the advantages of complete trust company service. FOREIGN DEPARTMENT WHEN you become a customer of our Foreign Department you take advantage of the best existing world-wide banking facilities because we are co-operating with hundreds of great banks in all civilized parts of the world. You can make use of our service, for example, for -transferring funds by telegraph or cable -issuing travellers' credits in dollars and pounds sterling -collecting of foreign coupons -securing credit information and reports on trade conditions -issuing documentary credits payable in all parts of the world -financing imports and exports. BOND DEPARTMENT WHEN you become a customer of our Bond Department you will have the investment experience of the Bankers Trust Company at your service. Our officers will be glad to review your lists of investments and advise you that they may be suited to your needs and sufficiently diversified. Because it is our policy to offer to our customers only such securities as we are willing to include in our own investments, you will find in our current offerings-sent to you on request-a carefully selected list of securities which we are buying for our own account. BANKERS TRUST Member Federal Reserve System Astor Trust. Office: 5th Avenue at 42nd Street New YouK THE PEAK OF PRODUCTION The manufacturing plants of this country are to-day not only working to supply the normal demand, but are also attempting to fill up the yawning hollows caused by inactivity during the war. With continued capacity production more than supplying to-day's requirements, overproduction is sure to become in time an accomplished fact, with a slowing down in one industry after another as the peak is reached, and as labor is released from those industries new employment must be sought. Labor seeking employment, instead of the opposite being the case, will mean lower wages, and this will, in turn, make lower prices possible. It is said that the Government is borrowing almost a billion dollars a monthtwice its revenue from taxes. While this continues, while the Government is borrowing in competition with private enterprise, we cannot hope for cheap money or lower prices or anything but inflation in all lines. Private enterprise must be run economically to succeed, but the contrary may be true as regards Government borrowings and purchases, and this competition may be expected to continue for at least six months more in some instances, although it is indeed gratifying to observe offerings by the Government of overstocked supplies, and just as soon as we are given the opportunity to buy 500,000 blankets, for instance, at sale prices, the mills manufacturing this article must of necessity slow down until the supply may be absorbed and a new demand created. There are many hopeful signs of relief; the change will be gradual, but the turn has been made; it is now only a question of patiently waiting for more tangible signs, and the old adage is to-day most aptEverything comes to him who hustles while he waits." 66 INQUIRIES In this period stock market activity this department is daily receiving from The Outlook subscribers requests to give information about or to comment upon stocks of every character. "Do you believe this company's stock is a good investment and is the house which markets it reliable and trustworthy ?" And in most cases it is necessary to reply in the negative and sound a warning to the subscriber, for the securities inquired about are often not worthy of the name, and have attracted the writer by appealing advertisements in the daily papers. In contrast to the usual run of letters one was recently received requesting advice as to whether the writer should invest her money in Equipment Trust Certificates of one of our prominent railway companies. ? Business this Fall? WITH opinions of leaders widely apart, WI some saying business will boom while others fear bolshevism or Europe's bankruptcy, the only basis of judgment for us is facts, figures, vital statistics. BABSON'S Barometer Letter of September discusses the situation quite fully and supplies many valuable suggestions. Bulletin on Request A copy of this bulletin will be mailed gratis to rated concerns. Write on your business letterhead. Write for letter 2436 of the Babson Statistical Organization Wellesley Hills, Mass. DANFORTH FARM MORTGAGES represent the highest type of investments. They have stood the test of wars and business depression since 1858-60 years, and always worth 100%. Interest paid promptly at maturity. FARM MORTGAGE BONDS in $500 and $1,000 denominations For further information regarding our Farm Loans and Bonds write for Booklet and Investors' List No. 58. A-G-Danforth & Co BANKERS WASHINGTON Founded A.D. 1858 Increasing ILLINOIS Your Income The purchase of taxable bonds yielding high returns is often more profitable than low yield tax exempt securities. It is of paramount importance, however, that you should know when it will be to your advantage to buy taxable bonds. This can only be determined by a close analysis of your investments which we will gladly make. For the convenience of investors, we have prepared a table showing the yields of taxable bonds equivalent to the yields of various tax exempt securities. Send for our pamphlet 0-345 "Taxable or Tax Exempt Bonds." AHBickmore & Ca III BROADWAY, N.Y. Financial Department (Continued) It was certainly most gratifying to learn that this subscriber had selected such a splendid channel of investment, and we have deemed it worthy to call to the attention of our readers the fact that these certificates of short-term duration and reasonably high yield represent one of the safest investments one can make. Defaults upon Equipment Trust Certificates are practically unknown-their record being even better than that of municipal bonds. QUESTION AND ANSWER Q. The writer has $4,000 coming due on August 15 which during the past five years has been earning 5% per cent. How would you suggest that this sum be invested to give a net income of at least 1 per cent more than I have enjoyed, preferably short-term notes? A. Owing to the present condition of the investment market, we believe that bonds of long maturity should be selected, but as you ask for short-term notes we give below a list with attractive yields for your consideration, and trust that you will make a selection with due regard for your own investment requirements-possibly one railway, one steel, one packing company, and one tobacco company note for each $1,000 available. Rate. Per Security. Cent. American Thread... 6 Am. Telephone.... 6 American Tobacco.. 7 Anaconda Copper.. 6 Armour & Co..... 6 Armour & Co..... 6 Bethlehem Steel... 7 Bethlehem Steel.... 7 Baltimore & Ohio.. 6 Canadian Pacific.... 6 Central of Georgia. 6 C., B. & Q. joint... 4 Cudahy Packing.... 7 Del. & Hudson..... 5 Domin. of Canada.. 5% General Electric.... 6 General Electric.... 6 Great Northern.... 5 Hocking Valley.... 6 Laclede Gas Light.. 7 Liggett & Myers... 6 Philadelphia Co.... 6 Procter & Gamble. 7 Southern Railway.. 6 Swift & Co.... 6 U. S. Rubber...... 7 Bid. Asked. Yield. Per Per Per Cent. Cent. Cent, 100% 101% 5.80 95 Due. Dec. 1, '28 Feb. 1, 24 9914 99% 6.10 Nov. 1, '23 103% 1034 5.95 984 Jan. 1, 29 99% 6.15 June 15, 20 100% 100% 5.55 June 15, 24 100% 100% 5.80 July 15, 22 101% 1024 6.15 July 15, 23 101% 102 6.35 Apr. 1, 24 96 7.00 •Mar. 2, '24 99% 100% 5.95 June 1, 29 July 1, 21 July 15, 23 Aug. 1, 20 Aug, 1, '21 July 1, '19 July 1, 20 Sep. 1, '20 96% 974 6.40 94% 954 6.75 101 101% 6.55 99% 995 5.35 99% 994 5.65 100% 100% 4.65 100% 100% 5.30 984 99% 5.90 97 Mar. 1, '24 974 6.60 Jan. 1, 29 99% 99%.7.00 Dec. 1, 21 99% 1004 5.90 Feb. 1, '22 97 961⁄44 7.35 Mar. 1, '23 102% 1034 5.95 Mar. 1, '22 97% 98% 6.65 Aug. 15, 21 99% 100 Dec. 1. '23 103 6.00 104% 5.80 "CHICAGO RACE RIOTS" Charles W. Holman in his recent article on the Race Riots in Chicago says: "Many (Negroes) have bought tickets for their old homes in the South." According to the reports of investigators this is not correct. Some colored people in their flight left the city. A number of young men involved in the disturbances fled to escape arrest. Some have gone to the South. The number who have accepted transportation from Southern representatives to return to labor are very few. The facts are that more colored people of the South have come into Chicago since the riots than have gone away. Some who have gone South have said they expect to return and bring their friends with them. A. L. Jackson, Secretary of the Colored Y. M. C. A., Harvard graduate, and a leader, says: "The colored people see that if they can't make it in Chicago then it is no use for them to try somewhere else. Of all places they don't want to go back South." He also said their better wages, their freedom from the constant discrimination that they have in the South, and the chance to vote make them prefer the North. Here something may be done to give them justice and a fair chance. DUNCAN C. MILNER. Growing In Favor € FIRST MORTGAGE BONDS It is plainly evident that more and more people are coming to regard Federal Bond & Mortgage Company bonds as the most desirable bonds to be had. As you know, this company has a reputation for being notably conservative and painstaking in its selection of property upon which to make loans. And this unswerving adherence to the highest standards has had its effect. Investors have come to realize that in selecting the 6% First Mortgage Real Estate Serial Gold Bonds offered by this company they get bonds of unusual safety and stability. So that each month shows a substantial increase in the number of those who want Federal Bond & Mortgage Company bonds in preference to any others. Mail your request today for "Questions and Answers on Bond Investment" Federal Bond &Mortgage Co. ANOTHER PLUM CREEK ADVENTURE I was much interested in "The New Great Thing" [an Indian adventure story] in your issue of August 6. The mention in that story of Plum Creek brings back to me a very peculiar coincidence. In the 70's telegraph operators were very scarce in Southern California, being mostly of the home-made variety and known professionally as "plugs." Whenever a real operator would drift in, he was very likely to be made the subject of heroworship. In 1875-6, aside from railway operators, there were but two knights of the key in San Bernardino County, both plugs, Will Boren at San Bernardino, and myself at Riverside. Boren told me one day that a first-class operator named Williams had drifted into "SB" and invited me to come up and get acquainted with him, which I did. I found Mr. Williams a very agreeable gentleman, with a good-sized fund of stories of his own experiences which he would narrate in a quiet, matter-of-fact way which convinced Boren and me that he was telling the truth. He said that he had been operator at Plum Creek, Nebraska, before the front of the U. P. reached there. Plum Creek, he explained, was a stage station-that is to say, stages stopped there only to water man and beast. He was the sole inhabitant, the telegraph company making a test station of it. He saw no one except when the stages (one each way, daily) stopped a few minutes, as before stated, for water. He had no company but his own thoughts and the clicking sounder, and his thoughts were not good company because he could not forget for a minute that his predecessor had stopped suddenly in the middle of a conversation, leaving the wire open, and when the next stage stopped there he had been found at the instrument, dead, scalped, and a stake driven down his throat. Williams had stuck it out for three or four weeks, and then threw up the job. He said that if he had remained much longer he would have gone crazy. This was the story he told Will Boren and me in 1875 or '76, I cannot now recall which. Now for the coincidence. In 1879, in some local paper-I think it was the Colton "Semi-Tropic "-that carried a lot of "boiler-plate," I found a story, told as a personal experience of the writer, who claimed to have been operator at Plum Creek, under the same conditions as narrated by Williams. All the Indian tribes were nominally at peace with the white man. One day a shadow falling on his desk startled him. He looked up instantly, reaching for his revolver at the same time. An Indian stood at the door, and, before the operator could shoot, made the peace sign in the sign language of the plains, of which the operator knew a little. The operator managed to make out that the Indian was a Blackfoot who had been captured by the Crows, had escaped, and was trying to get back to his own tribe. He was nearly starved, and wanted food and water. The operator supplied his wants, and the Indian stayed with him for some time, gladly doing such chores as he could, and they became good friends. When he had fully regained his strength, he left to try to reach his own people, and the operator thought the incident was closed. Several weeks passed, and once more the operator was startled by the sud den appearance of an Indian, this time in full war regalia; but before the operator could get action with his pistol, the Indian addressed him in English, of which he knew a few words. It was the same Indian, and, between his scanty knowledge of English and the operator's scanty knowledge of the sign language, he managed to make the operator understand that his tribe were on the warpath against the whites; that he had managed to get away from his party, and, by forced marches, had come on, a few hours ahead of his companions, to warn his friend. The operator must leave on the first east-bound stage. As there was nothing to indicate an outbreak, the operator was skeptical at first, but finally became convinced that the Indian was telling the truth. He wired the news to Omaha at once, and said that he should come in on the first stage. Omaha was decidedly skeptical-took no stock in an Indian outbreak, believed that the solitude had affected his brain, etc., but finally said they would send a man to relieve him at oncewait till man arrived. The operator said he would not wait-would come in on first stage, and that any one coming to relieve him was coming to certain-and probably most unpleasant-death. He took the next stage, the driver and passengers of which treated him with the pity commonly be stowed on one whose mind has broken down under the strain of too prolonged solitude. They met the west-bound stage with the relief operator on board, and the operator solemnly warned him of the danger he was going into, only to be met with the same pitying looks and manner. He arrived at Omaha a day or two later, late at night, and went to bed at once. When he woke the next morning the newsboys were crying the morning papers"Indian Outbreak-Operator at Plum Creek Killed." He hurried down and bought a paper and read that the relief operator at Plum Creek had been found lashed in his chair, scalped, and a stake driven down his throat. I have never checked up the details of the story, but I have often wondered if Williams wrote the "boiler-plate" story; or if the two chapters were by two different men; and if the whole story is true. EDWARD NORTH. Los Angeles, California. WHAT THE NEGRO WANTS I have read in your issue of August 20 R. H. Leavell's article, "What Does the Negro Want?" and your editorial note thereon. I venture to think that Mr. Leavell is mistaken in saying that the Negro wants only equal opportunity. What the Negro really wants is identical opportunity, a full and free social and political intercourse with the white. He accepts segregation only as the second-best thing and because it is the best he can do. It is because the Negro child is made to feel uncomfortable in the general public school of Ohio that he is sent to a school for his own race. I this because I have seen some of the say methods used to make the Negro know that he is not a welcome mate in the Northern school. I approve the opinion of the editor that segregation will bring the best results for the Negro, but no one North or South should be blind to the fact that what the Negro really wants is free and unhampered social intercourse. G. W. PASCHAL. Wake Forest, North Carolina. BY THE The garment business in New York City is of such magnitude that a daily paper, the "Daily Garment News," has been started to advance its interests. Its price is two cents, and it is full of trade news. An interesting article in one issue discusses the question whether Paris is again to be the arbiter of fashions. Mr. Frederick Bode, "President of the Millinery Chamber of Commerce," is quoted: "We are not dependent upon Paris styles. While Paris excels in certain styles, we excel in others. Hats, as hats go, are better made in this country than any other." Another importer holds a contrary view: "As evidence of how absolutely necessary to our fashions are the ideas of Paris, one has only to look back over the period of the war. During those years American fashions slumped disgracefully. Every nation of Europe looks to Paris for guidance in style." An example of the humorous element in the " Daily Garment News" is found in the following despatch from Atlantic City: This place was taken by storm yesterday when two "bathing widows" in regulation black crepe veils, which flowed backward from their tight-fitting caps, appeared on the beach. The suits of dull material were abbreviated enough to show that the "widows" were of the proverbial merry type. Did they bathe? What a foolish question! France's soldiers and politicians have of course overshadowed her litterateurs of late years, but perhaps now the latter will be coming to the fore. The thought is suggested by a chance reading of Alphonse Karr's witticism, "The politicians and the litterateurs will increase indefinitely in numbers, because they are men following the only two trades that any one ventures to adopt without having learned them." The humor of the Scandinavian countries is unfamiliar to most Americans. Here are some examples of that humor taken from recent issues of Scandinavian papers: Lars Stranna and Elias Vasbotn were caught on a fiord by a storm. It grew dark and the boat was dangerously tossed about by the elements. Finally Lars said, "Kneel on the tiller and say the "Our Father' for both of us, Elias." Elias complied, but had not got more than halfway through when Lars cried out, "Stop! Stop! That's enough! We don't need any more! I can see land!" Corporal (to dull-witted recruit): "Have you a brother?" Recruit: "Yes." Corporal: "Is he as silly as you?" Recruit: Yes." Corporal: "What is he?" Recruit: "A corporal." It was in the Spanish 'flu period and old Oppigar lay at death's door. The priest came and told him he must forgive his enemies. Oppigar promised to do so with the single exception of Peter Svingen, against whom he had a very special grudge. But the priest insisted that even Peter must also be forgiven. "All right, then," said Oppigar, "I will forgive Peter also-but if I get well I'll have it out with the old Scoundrel!" "Tell the doctor to come at once! A mouse has run down my sister's throat!" "Well, why do you want the doctor? Can't you send the cat after it?" A correspondent of an English_paper recently indulged in this bull: "Lest a whisper of the hidden hand be heard-." Was it an English clergyman who said to his congregation, "Brethren, the muddy A subscriber writes: "Your note in By the Way of August 6 about a centenarian brings to mind my neighbor. She was born in May, 1817, and is therefore 102 years 3 months old. Two years ago she recited to me a poem, printed in The Outlook ten years previously, on The Death of Lincoln,' which she had committed to memory when she was 90 years old and recited when she was 100. She is in possession of all her faculties, but cannot read much now, so occupies much of her time in playing solitaire or seeing her friends." An English weekly contains this example of an ambiguous sentence: "From Llandindrod you proceed along the lovely valley of the Ithon, growing more beautiful as you proceed." The" Journal of the American Medical With naught but optics tries to cope; 'Say, Doc, which nostril do you treat ?" " A correspondent of the Topeka "Capital" tells "how hot it is in Kansas," as follows: "With the sun making the air almost as hot as an oven a young blackbird spied a crock of water setting in the sun, and, making a dart for it, plunged in. The bird gave a sharp squawk of pain as it touched the water, then turned a couple of flips in the air, and beating it like the wind for the shade of a tree, shook itself vigorously, dislodging a handful of feathers. Mr. Boyle found the water so hot he could not bear his hand in it." The cafeteria system, according to "Popular Mechanics," is being applied to young pigs in the Corn Belt section. These "pig cafeterias," it says, are based on the discovery that small pigs are competent to select the menu best suited for them; they "consist of little houses with feed hoppers supplied with corn, meat, meal, wheat byproducts, salt, and other delicacies. A bar fence keeps the big pigs out of the cafeteria." Culver City, California, now claims the largest motion-picture studio in the world. It cost a million dollars, has two complete theaters and six huge production stages, and covers forty acres of ground. In a single scene of Geraldine Farrar's new play, "The World and its Woman," produced in this studio, 2,800 people appeared before the camera. The recipes that are given on the woman's page of the daily papers are often wonderful concoctions; with the aid of the linotype artist they are sometimes positively funny. Here is one that has apparently been "cooked up" in the Mergenthaler melting-pot. It is printed in the New York "Evening Telegram :" To a cup of stewed, strained tomatoes add one-half teaspoonful of sale, one teaspoonful of sugar, grated lemon skin, the juice of half a lemon and a tablespoonful of olive oil. Cook this till well mixed and serve hot. add oneshrdlu uetaoin un un un ununan RIGHT FROM THE FISHING BOATS TO YOU FAMILIES who are fond of FISH can be supplied DIRECT from GLOUCESTER, MASS., by the FRANK E. DAVIS COMPANY, with newly caught, KEEPABLE OCEAN FISH, choicer than any inland dealer could possibly furnish. We sell ONLY TO THE CONSUMER DIRECT, sending by EXPRESS RIGHT TO YOUR HOME. We PREPAY express on all orders east of Kansas. Our fish are pure, appetizing and economical and we want YOU to try some, payment subject to your approval. SALT MACKEREL, fat, meaty, juicy fish, are delicious for breakfast. They are freshly packed in brine and will not spoil on your hands. CODFISH, as we salt it, is white, boneless and ready for instant use. It makes a substantial meal, a fine change from meat, at a much lower cost. FRESH LOBSTER is the best thing known for salads. Right fresh from the water, our lobsters simply are boiled and packed in PARCHMENT-LINED CANS. They come to you as the purest and safest lobsters you can buy and the meat is as crisp and natural as if you took it from the shell yourself. FRIED CLAMS is a relishable, hearty dish, that your whole family will enjoy. No other flavor is just like that of clams, whether fried or in a chowder. FRESH MACKEREL, perfect for frying, SHRIMP to cream on toast, CRABMEAT for Newburg or deviled, SALMON ready to serve, SARDINES of all kinds, TUNNY for salad, SANDWICH FILLINGS and every good thing packed here or abroad you can get direct from us and keep right on your pantry shelf for regular or emergency use. With every order we send BOOK OF RECIPES for preparing all our products. Write for it. Our list tells how each kind of fish is put up, with the delivered price, so you can choose just what you will enjoy most. coupon for it now. Send the Name.. Street.. City.. Frank E. Davis Co. 284 Central Wharf, Gloucester, Mass. Please send me your latest Fish Price List. .State... |