An Air Battle (Continued) ing the beast. But my mind played havou with me, and made me lose the chance of a lifetime.

In that last fraction of a second, that molecule of time which was only required to bring down my first Boche—and it was

sure thing--I suddenly was possessed with a strange fear, yet not a fear for myself. As I have already said, my glasses

UNS and ammunition alone cannot win the war. had become oil-foggel, the Hun was camouflaged, and it was üifficult to recog

Shoes, shirts or leggings may seem to be small nize the large black cross on his wings.

details but in reality they are important factors. Just before I nosed down on him I had

Among other things which our soldiers needed, for protection determined for sure, by straining my eyes,

against the heavy snows and frequent rains of northern France, were that the German cross was there, yet in

6,000,000 raincoats or "slickers." that last fateful fraction of a second, that

Only a few concerns in the country were adequately equipped to tense moment when my hand was closing

produce the cloth required in the short time specified. One of our on the trigger handle, my decision, like the

clients, Pacific Mills, took over half of the order—30,000,000 yards. sudden cessation of current in an electric

They were able to do this by reason of recent extensions, planned magnet, lost its surety. My mind was smit

and executed to make them ready for just such an emergency. ten with the absurd idea that it was the

For many years, Pacific Mills has been steadily developing its French Sopwith we had been sent to pro

properties until it is now one of the largest producers of gray cloth tect! Yes, it was camouflaged like the Sop.,

and the largest textile finishing plant in the world. it had its outlines, it was a two-man machine and a two-strutter. So was the Sop.

Pacific Mills were ready when the government's call came. Could

you today meet a similar demand in your line of production ? The horror of bringing down a French machine seized me, and iny hand, as if pos

Perhaps a rearrangement of machinery, an improvement in some

department, a change in this or that shop system would put your sessed of an electric shock, released the trigger handle and allowed the machine

plant in a position to meet unusual war-time requirements. gun to remain silent. It was an awful

Write to our nearest office— let us know what your problem is. moment, that one which I had just gone

Also ask for the book, "Building with Foresight.” through. Imagine the outcome if I had

LOCKWOOD, GREENE & CO., ENGINEERS brought down å French machine !

Boston, 60 Federal Street

Chicago, 38 S. Dearborn Street I swerved my machine and went dashing

Atlanta, Healey Building

New York, 101 Park Avenue down below him, not passing him by more

Canada-LOCKWOOD, GREENE & CO. OF CANADA, Ltd., Montreal, P. Q. than thirty feet. Never before had'I been so close to another machine in the air. My eyes darted sideways to the gunner in the other machine. I could see the expression

PARTIAL VIEW OF PACIFIC MILLS, SOUTH LAWRENCE , MASS on the face of his leather-hooded head. It was an expression of tremendous surprise and fright. He was standing up in the cockpit, his hand dashing frantically, but too late, to his machine guns. Lord knows what the expression on my face was! For, as I dashed by at an incomputable rate, my eye glued back and up at the gunner, the silvery under sides of his wings came into view, and there, outlined and contrasted an;laced at the extremity of each wing, were the big black German crosses !

Down and down I went, smitten with a strange mingling of many sensations, included in which was the feeling of being struck with a brick on which was printed a composite photograph of all the damning words in the dictionary—and a brick hurled by myself. So it was a Boche, it was

I had him cold. I only hope that he is kept all the dogs and cats within this Nation the Hun, it was the animal I sought to

awake at night asking himself why the should be promptly killed outright, and

Frenchman didn't kill him. kill! I had had the bird in the hand and I

placing such a head tax on each of the anihad thrown him into the bush ! Down I

It was an opportunity that knocks but mals named would result in the payment went—then, seized with ancient but sound

seldom at the door of an aviator, and I had of a large tax in the aggregate and in the philosophy, I shouted out, and I could hear

left the door locked. The whole thing all killing of a goodly number of both dogs my shrieking words above the roar of my

goes to prove how much the millionth part and cats on which the owners would refuse engine: “It is never too late to mend !”

of a second counts in military aviation, how to pay such tax-both results to be greatly And I brought up my machine in a sudden

much momentary and rigid decision count, desired. swerve, mounted in an impossible spiral,

and how much the rigid adherence to such There has been and is, I understand, a

a decision counts. The infinitesimal parts seeking any prey once more. But I had

serious shortage of wool in our land, and dived lower than I thought, and by the

of time and these momentary and firm it is generally conceded by those who know time I got in firing range again and under

convictions are what weigh the scale one that countless thousands more sheep would the protection of his concealing tail plane,

way or the other. They may mean success be raised by the farmers of our country for he had now opened fire but ineffec

or failure, death for him or death for you. were it not for the ravages of sheep-killing tively on me, he had turned, opened up his Mr. Boche, I will get you yet!

dogs; many otherwise" perfectly good motor, and was fast on his way back to the

dogs will kill lambs, and even mature breeding-place of such animals. I franti

CATS AND DOGS

sheep, at the first opportunity. Furthercally opened fire, but to no avail. In a Now that the subject of increased taxa

more, the average dog of the larger breeds straight race he proved the faster, and soon tion as a war revenue measure is

consumes daily as much food as the average for

up was far ahead of me, safe over Hunland. consideration, a thought occurs to me: What that Hun is thinking I do not Why not place a tax of, say, $10 on every

As for cats, they kill more little chickknow. At any rate, he must be thanking his dog and $5 on every cat within the United

ens, also birds of positive economic value, god Thor that I did not shoot when I had States ?

than they do mice, and there isn't one cat him pointblank. He must also be cursing Personally, I think that as a food conser

adult person.

FINANCIAL DEPARTMENT

All legitimate questions from Outlook readers about investment securities will be answered either by personal letter 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 wil admit to its pages only those financial advertisements which after thorough expert scrutiny are believed to be worthy di confidence. All letters of inquiry regarding investment securities should be addressed to

SEATTLE, WASH.

Hoge Bldg.

ALBANY, N. Y.

Ten Eyek Bldg.
ATLANTA, GA.

Trust Co. of Ga. Bldg.
BALTIMORE, MD.

Munsey Bldg.
BOSTON, MASS.

10 State Street
BUFFALO, N. Y.

Marine Bank Bldg.
CHICAGO, ILL.

137 So. La Salle St.

CORRESPONDENT OFFICES
CINCINNATI, 0810
INDIANAPOLIS, IND.

PHILADELPHIA, PA.
Fourth Natl. Bk. Bldg.
Fletcher Savings &

1421 Chestnut Street

Trust Bldg.
CLEVELAND, OHIO

PITTSBURGH, PA.
Guardian Bldg.
KANSAS CITY, Mo.

Farmers Bank Bldg.
Republic Bldg.
DAYTON, OHIO

PORTLAND, ORE.
Mutual Home Bldg.
Los ANGELES, CAL.

Railway Exchange Bldg.

Hibernian Bldg.
DENVER, COLO.
MINNEAPOLIS, MINN.

PROVIDENCE, R. I.
718 17th Street.
McKnight Bldg.

Industrial Trust Bldg.
DETROIT, MICH
NEWARK, N. J.

RICHMOND, Va.
147 Griswold Street
790 Broad St.

1214 Mutual Bldg.
HARTFORD, CONN.
NEW ORLEANS, LA.

SAN FRANCISCO, CAL.
Conn. Mutual Bldg.
301 Baronne St.

424 California St.
LONDON, E. C. 2 Eng. 36 Bishopsgate.

SPRINGFIELD, MASS.

3rd Natl. Bank Bldg.
ST. LOUIS, Mo.

Bk. of Commerce Bldg.
WASHINGTON, D. C.

741 15th St., N. W.
WILKES-BARRE, PA.
Miners Bank Bldg.

Bonds

Short Term Notes

Acceptances

T

RAIDS

8% AHBickmore & Co

WAR-TIME INVESTMENTS
JHE investor has now before him a the company's last statement showed earn-

AB
quite unprecedented list of bargains. ings at the rate of approximately $40 per
The scarcity of money for working share.

capital, due primarily to the wastage We are passing through a critical time, of the war, is making itself felt to an ever- but the holder of high-class, long-term railincreasing extent. The old adage that way, public utility, and industrial bonds money goes where it is called is no longer which have, say, ten years or more to run so true as that the seekers of capital call can feel reasonably sure that he will fare with the loud and persuasive voice of high through to the return of more normal yield and unusual security to increasingly conditions without loss in principal or incritical money. Outstanding obligations terest. must sell down to the same inviting basis.

How great this discount is in legal rail- QUESTIONS AND ANSWERS way bonds was fairly shown when, after

Q. How did it happen that the Union Pacific more lengthy deliberations than usual, the Railroad Company made their recent offering of New York State Banking Department at

bonds publicly instead of going to the War Finance the first of this year marked the prices at

Department ? which the savings banks are permitted to

A. The War Finance Corporation has value their holdings in some cases as much announced that its function is to take over

on the market have little as twenty or thirty points above the market

loans only “in unusual cases,” when the or no effect on sound price. The Department's prices were not borrower would fail of accommodation

Public Utility Securities. purely arbitrary, but represent the intrinsic through the usual channels. It so hapworth of the securities as estimated by pened that the Union Pacific Railroad held For stability, safety and experts. When one looks down the list of in its treasury high-grade bonds of other

marketability, the shortcurrent quotations, it is still somewhat of a

roads having a market value of about
$25,000,000 which it could pledge as col-

term notes of these comshock to find the highest of this grade of securities selling on the average to yield in

lateral security for the bond issue of panies are an excellent the neighborhood of 5% per cent, and

$20,000,000 in question. It thereby made investment in these times. such bonds as Chicago, Milwaukee, and St. the new bonds so attractive that bankers

Let us send you

our Booklet Paul Railway Company General and Rewere able to sell them readily to the in

0-200 (Bond Topics) and a list of funding 4y per cent bonds yielding nearly vesting public to yield what is for these

these notes yielding as high as 742 per cent.

days but a fair return. The lender's lot, however, is not all a

Q- Is it better to invest in local securities or in bed of roses. His income and unearned

those listed on an exchange ? increment are favorite objects of the Gov

A. As a general rule, listing of securiernment's taxation, and when he turns for

ties on an exchange gives them a greater refuge, because of their tax-free feature,

salability than that enjoyed by local secuto the legal municipal bonds and shortrities. The latter, however, occasionally

III BROADWAY, N.Y. term bills, either discount or interest-bear

possess other attractive features that offset ing, he finds that they command a price to

this advantage, and “over the counter yield about 44 per cent.

traders, especially in larger cities, make a Aside from the Government notes of our

very close and active market in some of allies due within the next three years,

the better-known unlisted stocks and bonds. which render a return to the purchaser of Q. Is it worth the while of those having an inbetween 7 and 9 per cent, the short-term

come of $3,000 to $4,000 to buy bonds free of the

normal and surtaxes ? bonds most in the public eye at present are the new issues of $50,000,000 seven-year

A. No. Under the law now in force, as negotiated by us combine all the 6 per cent bonds of the American Teleneither of the supertaxes apply to incomes

advantages of safe and profitable investof this size. A single person having a tax

ments. We have been engaged in this phone and Telegraph Company and the Union Pacific Railroad Company ten-year able income of $3,500 during last year

business here for 36 years without loss

to an investor. would have paid 2 per cent on $500, the 6 per cent secured notes, which are offered on a 7.10 and 6.25 per cent basis respec

amount by which it exceeded $3,000, and Write for booklet and list of our offerings.

2 tively.

per cent on $2,500, the amount by which When the prospective investor has picked ing that his income was entirely from bonds

it exceeded $1,000, or $60 in all. Assum- The Humphrey Investment Co. out the class of security which makes the

This business established by L. U. at the rate of 54 per cent, the deduction Humphrey, later Governor of Kansas strongest appeal to him, he has taken but

of his tax would bring the return down to a step toward the solution of his problem.

Independence, Kansas All borrowing is, in the last analysis, a

about 5.40 per cent, while the investment question of credit, and each investment

of the same principal in a diversified list of

tax-free bonds would yield at the most offered should be judged upon its own individual merits. An unsecured promise to

5 per cent, or a little better. There is a

sufficient margin here to permit of even pay of one concern is oftentimes preferable to a first mortgage on the property of

more than the proposed doubling of the another. For example, there are a little

tax without altering the situation in this over $15,000,000 first mortgage sinking

respect. fund 5 per cent bonds of the American Q. The phrase "to yield a certain per cent"

has been explained to me, but I have not been able We are offering at par and acWriting Paper Company outstanding, after

to work out correctly any particular problem. I which comes $12,500,000 par value 7 per will be obliged if you can enlighten me.

crued dividend a limited amount of cent cumulative preferred stock, and $9,- A. The interest or dividends upon a 500,000 par value of common. The com- security are paid upon the face value,

the Participating Preferred Stock pany's earnings have been so small over a although the holder has usually invested of a long established New York period of years that. in April, 1918, there either something more or less. "To deter

State Industrial Corporation yieldwere 122y2 per cent accrued dividends due mine the yield on the amount invested the upon the preferred stock. In consequence income should be divided by the amounting an assured 8% and a probable the bonds, although due July 1 of next paid for the security, for the problem may year, sell at about 82 per cent of par. be expressed thus : What per cent of the

10% income. The preferred stock of the International amount invested is the income on the face Net Earnings over $40 per share. Paper Company recommends itself favor- value? ably as an investment at its present price, The above method suffices to determine

Send for full details. Letter O. for it gives an income of approximately the yield on a stock. In the case of a bond, 10 per cent. This stock has behind it à however, there is a further complicating A. D. CONVERSE & CO. substantial cash surplus and $19,750,940 factor, i. e., the definite date of maturity.

5 Nassau Street

Commercial Trust Bldg. par value of common stock, on which In figuring income yield on a bond pur- New York

Philadelphia

Farm

Mortgages

UNUSUAL Production and Yield

BIOGRAPHY

Questions and Answers (Continued)

THE NEW BOOKS chased at a premium it is arbitrarily assumed that the investor will deduct a This department will include descriptive notes, with or without brief comments, about books received sufficient amount from each interest pay- by The Outlook. Many of the important books will have more extended and critical treatment later ment, so that, if this amount is immediately

FICTION reinvested at the yield rate, the total of

acteristically a miracle-working Church.” Audacious Adventures of Miles McCon. such reinvestments, plus accrued interest,

When it had passed away, all real miracles

aughy (The). An Epic of the Merchant will, at maturity, equal the amount of the Marine. By Arthur D. Howden Smith. The

ceased, having accomplished their design premium. The holder of a bond bought at

George H. Doran Company, New York. $1.35. of “proving that a new revelation had a discount is expected to reverse this oper

Merchantmen as well as naval vessels been given from heaven.” The volume is ation or anticipate at the time of each

have to-day their war experiences, and Cap- distinctly valuable for its exposure of interest payment a proportionate amount tain Miles does more harm to the Hun than 6 counterfeit miracles,” to which it is mostly

devoted. of the discount which will be paid, in the many naval officers covered with medals. principal, at maturity.

He is a deeply religious captain, with a God and the War and “The Men Who This is a laborious and tedious mathe

crew made up about equally of Methodists Died in Battle." Some Lessons of the Presmatical operation. Tables in the form of

ent Crisis. By Archdeacon Paterson-Smyth. and Presbyterians.

The George H. Doran Company, New York. logarithms are published by means of which

Czech Folk Tales. Selected and Translated by $1. and simple proportion the yield may be

Dr. Josef Baudis, M.R.I.A. Illustrated. The
Macmillan Company, New York. $1.75.

History of the Christian Church (A). By determined. The results thus obtained are

Williston Walker, Ph.D., D.D. Charles ScribStandard-Bearers (The). By Katherine Mayo.

ner's Sons, New York. $3. not exact, but are generally accepted.

Illustrated. Houghton Miffin Company, BosQ. Will you kindly describe the various ton. $1.50.

The latest fruits of learning in a rich "rights," which are usually quoted at a very low The sterling tales of the Pennsylvania

field are here presented by Professor price. State Police by Katherine Mayo, some of

Walker, of Yale University. This will be A. Often when a corporation issues new which our readers will remember to have

a standard work for decades while more securities it offers them first to its stockread in The Outlook, and some of them

history is making. Covering so much in a holders at a certain price,giving to the holder they may have read in the “ Atlantic

single volume, it is a unique work. Narratof each share the privilege of subscribing Monthly for a certain amount of the new security. Post,” are here collected in a volume which

and the “Saturday Evening ing events exactly as they took place, and

free from bias, Dr. Walker also records Warrants are issued to the stockholders would belong in the best fiction of the year

the advances of the Church in the growing giving evidence of this right, hence the if the stories were not fact.

light of knowledge, and the consequent popular name. Rights are dealt in in terms Wife (The), and Other Stories. By Anton

development of Christian doctrine. Theol. of the old stock—that is to say, the warrant Chekhov. Translated by_Constance Garnett. ogy is treated as a growing science. The due on one share of old stock is called one (The Tales of Chekhov.) The Macmillan Com- record of “the interpretation of Jesus” right—and their value is determined by the pany, New York. $1.50.

during the first

century indicates that its difference between the market and the sub

end is not yet. The cream of the narrative scription prices of the new stock. For ex- Correspondence of Sir Arthur Helps, rises in its final period, the transition to ample, the stockholders in a corporation

K.C.B., D.C.L. Edited by his Son, E. A.

the modern religious situation, illuminated

Helps. The John Lane Company, New York. are given the privilege of subscribing at

$4.

by brief estimates of leaders of divergent par, to the extent of one-tenth of their

Sir Arthur Helps is little known to

schools. holdings, to a further issue of preferred the present generation except by his

TRAVEL AND DESCRIPTION stock which sells at 102. The holder of ten

“ Friends in Council.” Even that, his most John Pory's Lost Description of Plym. old shares would then have the right to popular, though perhaps not his greatest,

outh. Edited by Champlin Burrage. Houghsubscribe at par for one share of new stock contribution to literature, is now but little

ton Mifflin Company, Boston. $5. selling at 102. These ten rights would be read. His son has rendered a good service

This is a book that will be appreciated worth the difference in price, or two dollars, in collecting his father's letters, accom

alike by the bibliophile and the antiquarian. and one right, one-tenth of this, or twenty panying them with rather too brief notes ;

The first will love the excellent paper, the cents. but this is a good fault. Private letters are

uncut edges, the quaint typography, the better interpreters of character than books

facsimile maps and manuscripts. The secNOT ONE DOLLAR LOST or essays written for the public. One gets

ond will revel in a hitherto unpublished a better idea of Charles Lamb from his

document of great interest and value, which DANFORTH FARM MORTGAGE letters than from the “ Essays of Elia ;” a

is of special timeliness in view of the ap. better idea of Mark Twain from his re

proaching tercentenary of the landing of IX SIXTY YEARS

cently published letters than from his the Pilgrims at Plymouth in 1620. No Investor has ever foreclosed a Mortgage, taken a foot of land or lost a dollar on a Danforth Farm Mortgage. stories ; a better idea of George Eliot's For further information regarding our Farm Loans and Bonds write for Booklet and Investors' List No. 58.

real character from her published letters Western Front (The). Drawings by Muirhead than from her more carefully wrought and

Bone. Introduction by General Sir Douglas more artistic novels. Sir Arthur Helps's

Haig. The George H. Dorau Company, New

York. 60c.
letters should be welcome to all who are
BANKERS Founded A.D. 1858
WASHINGTON

It has been said that the portrait and the
ILLINOIS

interested in the study of their fellow-men,
and especially to those who are interested in picture are invaluable aids to the right

reading of history. As to present history, the life of the English people during the first

who, no matter how skillful, could fully three-quarters of the nineteenth century.

explain, without the aid of the pencil, the RELIGION AND PHILOSOPHY

conditions under which the soldiers are Christ's Challenge to Man's Spirit in this Investment

living in France ? At all events, Field World Crisis. By George William Douglas, D.D., S.T.D. Longmans, Green & Co., New

Marshal Sir Douglas Haig in his foreword York. 75c.

to these admirable drawings does not think Thrift Investment List We need the Advent season the

it possible.

year showing a varied offer

round. But especially in this war time we Winged Warfare. By Major William A. ing of 6% First Mortgage need the inspiration and suggestiveness of

Bishop. Illustrated. 'The George H. Doran issues. They are issues that season—as may be found in such ser

Company, New York. $1.50.
of more than ordinary
stability and safety. All
mons as those preached last Advent in the

Most of us know so little about aircraft issues are upon new, in- Cathedral of St. John the Divine, New

that we are confused and perplexed by the come-producing property. In each case the value

York City. Their subject is the essential multiplicity of new terms used by those of the property is double spirituality of human life. We realize, to

who describe air operations. A grateful or more than double the amount of the issue. use Dr. Douglas's words, that the point of

exception to most such descriptions is the Send for National Thrift death may be the point of life.

present volume. Not only does the author Counterfeit Miracles. By Benjamin B. War

write in non-technical language, but he field. Charles Scribner's Sons, New York City.

writes with the simplicity and straightFederal

forwardness of a young man. He is a very Dr. Warfield holds that Christ endowed Bond & Mortgage Co.

young man, but has already attained high his Apostles with miraculous power as the distinction. Indeed, he is, so far as we Harry W. Ford, Pres.

crowning sign of their divine commission, know, the only living person who has the GOL Griswold Street

Detroit and that they in turn transmitted it to oth- Victoria Cross, the Distinguished Service

“ The Apostolic Church was char- Medal, twice won, and the Military Cross.

ON A

WAR BOOKS

A.G.Danforth.&.Co

For July

Write for our National

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(126)