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city are readily seized upon by the pupils. such astonishing growth as this, for the They are keen to discern matters of more first commercial exhibition of motion than passing interest; and, in the light of pictures was made only seventeen years previous training, even these twelve- or

ago. But even more noteworthy than fourteen-year old children are able to their financial importance is the educahandle such topics with profit and with tional influence of the pictures. They evident pleasure.

reveal new possibilities to teachers of By the kindness of the city merchants, history and science, and they put a new the schools obtained invoices, freight bills, weapon in the hands of social reformers and contracts of sale, and other like papers of sanitary engineers. Elsewhere in this trade and these, in part, take the place of magazine the educational service of the the time-honored books of arithmetic. pictures is described at length. Both The work is made as interesting as possible commercially and educationally they are a to the children; for they are doing problems remarkable and most useful addition to the of real life, and the names in the problems resources of modern civilization. are the names of firms and businesses that they hear and see every day.

ABOUT JOY IN ONE'S WORK The public school children of Nashville are having their minds trained to work by N INCIDENTAL word was recently studying real life, and the people of Nash

published in these pages about the ville cannot help taking a keen and active

enjoyment of life while a man's interest in schools which take such an work goes on.

Should a man look upon interest in them. The schools are a part his bread-earning as an unwelcome task, of the life of the city, not, as is often the to be hurried and done with confusion and case with public schools, institutions apart at the risk of his health, with the hope from the life of the city.

of reaching an early period of retirement

when he may do what he will and “really THE MOTION PICTURE INDUSTRY enjoy life?" This has provoked inquiries

and experiences. ORE than twenty thousand mo- In the first place, the subject lacks a

picture theatres in the United wide interest, for few men can consider IV States take every day the nickels it at all. Those who can ever voluntarily and dimes of probably five million patrons. retire before they must do not make a A recent estimate is that approximately large part of the working community, 200 million dollars are invested in the although they might wisely make a larger business and that it utilizes the labor of part than they now do. But suppose a about five hundred thousand people man can hope to retire at an early period directly or indirectly.

and live thereafter without painful work, Here are the sums invested in a few of is he justified in regarding whatever rethe old and basic industries of the United spectable occupation he has as a bore or States, as shown by the last census: copper, as merely a method of earning enough tin, and sheet iron products, 217 millions; money to retire on? And, if he so regards furniture, 227 millions; petroleum refining, it, is he likely to enjoy his retirement? 181 millions; anthracite coal mining, 246 He will make a very doubtful experimillions. The motion picture industry ment. Whatever a man do during his already ranks with these. Perhaps an active period, he ought to do with such even more striking comparison is with orderliness and thoroughness as to get from the printing and publishing business, which his daily and monthly and yearly labor is one of the oldest and most widely dis- the pleasure that comes from doing his tributed of all industries. Motion pictures task well and the additional pleasure of utilize more than a third as much capital so doing it that he performs a real service. as is used by that great business.

To do anything wholly for the money it Perhaps no industry except the manu- brings is not to do it well enough. And facture of automobiles has recently shown those men who contract the habit of working wholly for money are likely there- 75 feet wide and 12 feet deep, connecting by to unfit themselves for the enjoyment of both Lake Erie and Lake Ontario with the a period of retirement. For the right- Hudson River to New York. Boats of 3,000 minded man makes agreeable companion- tons, capacity will be able to ply between ships in his daily work, he finds problems Buffalo or Oswego and New York, transthat call for all his brain and character - shipping goods from Duluth and Chicago for endurance, for fair judgment, for just and Detroit and Toronto. dealing, for doing as he would be done The total length of the canal will be by; and all these are the very warp and 434 miles. More than 130 million cubic woof of successful living. If he so "rush yards of excavation will be dug (Panama, things” that he sacrifices these enjoyments 242 millions), and the total cost will be 108 and this discipline and this human relation- million dollars (Panama, 375 millions). ship, he will discover that in his period Fifty million dollars' worth of the work is of ease the lack of this very experience now done, and the canal will probably be will make life seem barren. Few men are opened in 1915. And one state is paying better, or are likely to become better, the bill. · than they show themselves in their daily The hotly controverted questions, work.

whether it will ever be sufficiently used to The kind of man to retire from money justify its cost, whether railroad developearning labor with the hope of really ment has made canal traffic obsolete, and enjoying life is the man who has really whether in any event the mere existence enjoyed life during his period of hardest of such a canal will operate to keep freight work. And you will deceive yourself if rates reasonable and thus justify itself, you imagine that in idleness you will time alone can answer. At least it is a develop virtues or a capacity for sensible monumental undertaking. enjoyment that you did not have during your working years.

THE SEA-LEVEL OF FINANCE "I have a library of books that I have collected which I wish to read with con

HE danger of a European war is tinuity of attention"- SO writes one

passed – there is a new danger of gentleman; "and I've been 'rushing things'

la European war. So the changing to get money enough to give years to this game goes on; and, while nobody regards enjoyment before I die.” If he cannot a general conflict as imminent, almost find time to read before he reaches later every man who knows European politics middle life, is there any reason to hope fears that it will come. This expectation that he would read after that period, if already very seriously affects the finances leisure should come to him? It would be of the world. American securities that wise to "rush things” a little less, to get were held in Germany in particular have what joy he can from his present work been coming home in sufficient quantities and at least to begin his reading now. very seriously to lower their price. The Few of us change after we have passed fifty governments of Europe, especially the

German, have been having trouble in
A CANAL HALF AS BIG AS marketing their own securities.

All this means that the financial world is

perfectly aware of the necessity, as GerHE state of New York is building – many looks at it, of German expansion;

and has more than half finished and, by some unhappy event, which no one

- the Barge Canal that will require half as much excavation (though in a less Finance, of course, has its sea-level. concentrated area) as the Panama Canal, Whatever disturbs the markets or the and that will cost one third as much. credit or arouses the fears of any people

The Barge Canal will lift the old Erie has its immediate effect in the market places Canal from a tow-path route for little of all other nations. A slowly subscribed boats to a small river, nowhere less than loan of the German Government affects the


prices of American railroad securities. It the way Congress really works. It is affects the chances of China's borrowing more interesting now than ever because of money. It affects, more or less, the do- the new players in the game. mestic markets of every country in the In early numbers of the World's WORK world that has a considerable foreign trade.

Miss Sarah Comstock will write true por

traits of women of real achievement not A FEW ANNOUNCEMENTS

stories of women whose achievements are

notable only because they are the deeds of OLLOWING Mr. Hale's article on women, but because of their inherent and

“Watching President Wilson at fundamental significance.

Work” will come others by him on Mr. C. M. Keys, who writes in the next "Who Governs the United States," -- a number “Canada's Cure for Strikes," was graphic picture of the men who make Wash- a classmate of Mr. Mackenzie King, the ington what it is, and an intimate picture of author of the Canadian Arbitration Act, the machine that governs us. There is no when he first achieved prominence, curimore interesting study than a study of ously enough, by leading a student strike.





VERY year, as the building due course he “took out” ten shares of season comes around, the that association's stock; and a little World's WORK hears from more than a year ago he moved into a people all over

the country

fine new house, built with the aid of $2,000 who are trying to save money

that the association had lent him. to invest in homes of their own.

Without going into the mathematics of “But it will take such a long time to this investor's experience, a few of its accumulate enough in the regular way," phases may be explained briefly, to show complain most of these folks. “Isn't how such associations work. Every share there some way to build and pay back?” of this particular association's stock repre

A question like that was asked three or sented an ultimate value of two hundred four years ago by a man who recently dollars, and called for monthly payments wrote again to this magazine about of one dollar in dues, to be continued another kind of investment, and incident- regularly by the holder, or subscriber, ally told how he had followed the until the total of the sums paid in, inadvice that had been given on the former creased by the pro rata distribution of the occasion, and how pleased he was with association's profits, amounted to the the outcome.

fixed value of the stock. It is timely to refer to his case, because Ten shares, then, gave the holder an it is typical. He was a salaried worker, ultimate claim against the association living in a small town in New Jersey. He amounting to two thousand dollars. explained that he had managed to save Against this he had the right to borrow, enough out of his monthly earnings to pay upon presentation of satisfactory real on the instalment plan for a good building estate security. The procedure was for lot. But, even with a start as good as him to apply for his loan in accordance that, he had begun to despair of realizing with certain rules laid down in the assohis ambition, until he heard of a certain ciation's by-laws, to be awarded his money building and loan association in a neigh- by entering into an agreement to pay a boring town, and learned how it had for “premium” of one dollar a month, or ten years been assisting people just like himself cents a share, besides his dues, with an to earn their homes for good and all. In interest charge of 6 per cent. a year. He was then ready to sign the contract with is in four states — Pennsylvania, Ohio, his builders.

Illinois, and New Jersey. There is room, Meanwhile, it was necessary for him even in the states where they are now most to pledge to the association the shares numerous, for more institutions of the which represented his future savings and, kind. An extension of their usefulness in addition, to give a first mortgage on his was recently urged officially by Mr. George property. Upon becoming a borrowing C. Van Tuyl, Superintendent of Banks of member he had to pay into the treasury, New York state, in which are 229 local in addition to the regular dues on the associations with a membership of 140,000. shares, the premium and the interest on In his report to the legislature on the the loan, all amounting to twenty-one 15th of March, the Superintendent said: dollars a month. In from ten to twelve “There is probably no considerable years after the first payment at this rate village in the state in which a properly he will have paid off the mortgage, prin- conducted savings and loan association cipal and interest.

could not be organized to advantage, and This illustration is of the working of one it is quite possible that their development of the many plans used by the true, or in the rural districts of the state would "local,” building and loan associations satisfy existing demands for coöperative - the kind that stand for savings and for lending institutions. They certainly enhomes through coöperation. Of these courage thrift and home-owning, and there are more than six thousand in the enable the honest and the frugal to obtain United States. Most of that number loans whenever adequate security can be are strictly mutual: that is, they extend furnished, either by the individual boronly to members the right of management rower, himself, or through the coöperation and the privileges of borrowing money of other members.” and sharing profits. They are called But the usefulness of these societies is "local,” “neighborhood," or "home- not all on the side of the borrower. Instead” associations, or sometimes, as deed, if they did not afford to the man who in Massachusetts, "coöperative banks,” can save only by fives and tens a safe because they lend money only on property means of investing for income, they would whose value can be determined easily fail in their purpose of promoting the through personal inspection by their own ownership of homes. Reports of the competent officers, and, obviously, only to associations of two typical states show people whose responsibility is known, in a that for every borrowing member last general way at least, to all whose interests year there were four who were merely are at stake.

investors. Such associations have to be distin- In scarcely any other way can an inguished sharply from the so-called "na- vestor of limited financial experience keep tional” associations, and other types of his savings so closely under his own eye. loan companies, organized, not like the Jones may not want to build, but he does locals, as semi-philanthropic institutions, not hesitate to entrust his monthly surbut as ordinary business corporations, plus to his local society, because he knows conducted solely for the personal profit it will be wisely employed in making up a of small groups of stockholders and officers, loan to some fellow citizen whose house, lending money on "risks" in remote places, which he may watch grow from its and not infrequently managed as purely foundations, will be mortgaged to protect speculative enterprises.

him; and because he believes his neighThe pity is that the local building and bors, Smith, Brown, and all the rest, wiji loan association idea is not wider, geo- keep up their payments of dues, premium, graphically. The six thousand in the and interest to the last extremity to prowhole United States have nearly two and tect their properties from foreclosure. a half million members, who own coöpera- Perhaps Jones may have studied the tively more than a billion dollars of assets. reports of Mr. C. S. Cellarius, Secretary Yet one half of their total membership of the National League of Local Building and Loan Associations, which show that abuses, of management, serving to bring these are among the most economically home to investing members the stern :managed financial institutions in the world fact that they are not depositors entitled and that, even in localities where the lend- to interest, as they sometimes erroneously ing rates are comparatively low, they have, believe, but stockholders, everyone entitled as a rule, no difficulty in declaring divi- to his proportion of the profits, but also dends of at least 5 per cent. He probably liable for his proportion of the losses. knows that, if he wishes to withdraw his But, after all, the record of these local savings before his shares have obtained societies is remarkably clean. Next to their full value, he may do so by giving the carefully regulated savings banks, reasonable notice and by agreeing, per- probably no other kind of institution is haps, to accept a slightly smaller division more fit to cater to the needs of the small of profits than he would otherwise be investor. It would be a wholesome thing entitled to.

to see them commanding a larger part of It should not be imagined, however, the small savings of the Nation, to the that the building and loan society can exclusion of some of the more modern assure investors of “absolute safety.” instalment investment schemes of doubtThere have been not only mistakes, but ful suitability for the financial novice.







TANDING just inside the Mr. Flynn had just been made chief of
door of one of the Federal the Eastern division of the Service.
Court rooms in the New York “This new broom will sweep you both
Post Office building one after into a long term prison before it's worn

noon in the summer of 1903, out,” said the big man — to himself. Mr. William J. Flynn, now head of the The dapper little Italian was Vincenzo United States Secret Service, and an Lupo; the man with the crippled arm Assistant United States District Attorney Giuseppe Morello, both ex-convicts from watched two of the worst Italian criminals Sicily. Mr. Flynn's first important task stroll jauntily to liberty. One of the as head of the division had been to arrest criminals was small and dapper, the other Morello and Lupo, with several of their powerfully built and of medium height gang, for counterfeiting. But the two his right arm crippled and the hand thrust principal rogues had been mere spectators into the edge of his coat.

at the trial and conviction of their subor"These pigs of the American police dinates, for the Secret Service agents had are not of the calibre to deal with you been unable to connect them with the and me," remarked the Italian with the counterfeiting enterprise. Hence Morelmaimed arm in an undertone that reached lo's complacent reflection that the AmeriMr. Flynn, as it was intended to do.

can "police pigs” were not competent to “A new broom sweeps clean - nit,” cope with him and Lupo. observed his companion.

Morello and Lupo are now serving 25

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