September 28, 192 Club is growing, and we are getting sales. We have also a traveling collection of pictures which we send anywhere on guaranty of expense and protection. We have also a circulating library of rare music as well as one of books relating to art and music. My job in the Art Alliance is to edit its Bulletin, and it is one which keeps me in constant touch with its many activities. IMOGEN B. OAKLEY, Philadelphia, Pennsylvania. We append the regulations of the Philadelphia Art Alliance showing how pictures may be borrowed: REGULATIONS FOR BORROWING 1. The pictures may be borrowed by members of the Circulating Picture Club only. 2. During the year each member may borrow twelve paintings or twenty-four etchings, although only one painting or two etchings may be borrowed at one time. 3. Membership in the Circulating Picture Club is open to members of the Art Alliance and to members of the Pennsylvania Museum, and to others who may be recommended by either group. 4. Membership shall be ten dollars per year. 5. Application for membership may be made at the Art Alliance or the Pennsylvania Museum at any time. All the pictures will be for sale at prices ranging from $5 to $500, and may be paid for in installments, but the borrowing of a picture incurs no obligation to buy. 11 The Parian Gate, Manila $750 Manila and return Visit Honolulu, Yokohama, Kobe, Shanghai and Hong Kong en route Take advantage of this attractive roundtrip fare and realize your dream of travel to the Orient. Included are meals and first class accommodations on a palatial President Liner. The ports ofcall are gateways to the ancient countries of the Far East-each fascinating in itself. You see Hawaii, beautiful beyond compare. Then Japan, island kingdom of unusual charm. Here old ideals are giving way to modern progressiveness. China with its quaint river life, great cities and unique architecture holds much to lure the visitor. Finally Manila, at the crossroads of the Pacific, gay and international. Visit near-by Baguio, delightful mountain resort. Go in luxurious comfort on a great President Liner. Hospitable public rooms, private staterooms that are spacious and equipped with beds not berths. Personal service and a cuisine which justifies the highest praise of world travelers. Liberal stopovers at any port. A Dollar Liner sails every week from Los Angeles and San Francisco for the Orient (via Honolulu) and Round the World. Fortnightly sailings from Boston and New York via Havana, Panama and California. A sailing every two weeks from Seattle to Japan, China and Manila via the American Mail Line. A sailing every two weeks from Naples, Genoa and Marseilles for Boston and New York. For complete information communicate with any ticket or tourist agent or 125 Real Estate St. Johns River Eight-acre estate, closely adjoining Harriet Beecher Stowe 7 bedrooms, 3 baths, extra lavatory, ex- HOTEL POTOMAC Washington, CAMP in FLORIDA Thirty D. C. ONE BLOCK SOUTH OF CAPITOL Quiet location. Florida Winter Park, Florida Home of Rollins College On a chain of beautiful tropical lakes. For information and literature write Winter Park, Florida Massachusetts Hotels LENOX and in Write to The Outlook Travel Bureau New York City HOTEL BRISTOL 129-135 W. 48th St., N.Y. Evening Dinner and Special Blue Plate Service in Grill Room For comfort, for convenience to all parts of the metropolis, for its famous dining service come to Hotel Bristol. You'll feel at home." A Mart of the Unusual Hotel Judson 53 Washington Sq.. Harris Tweed Direct from makers. Ideal sporting material. Any length cut. Samples free. Newall, 127 Stornoway, Scotland Conserves, Jams, Jellies, Preserves The Ralston Jam Kitchen, 856 Hoffman St., Elmira, N. Y. Instruction Opportunity to become TRAINED NURSE. $15 monthly allowance. Ideal living conditions. Tennis, surf bathing. 3 hours from New York. 8-hour day. 2% year course. Age 18 to 32; 2 years high school. Send for descriptiv folder and application. Southampton Hospital Association. Southampton, Long Island, N. Y. New York City Residential hotel of highest type, combining the facilities of hotel life with the comforts of an ideal home. American plan $4 per day and up. European plan $1.50 per day and up. SAMUEL NAYLOR, Manager. New York Hotel LENOX.North St., west of Delaware North Carolina Melrose Lodge stated, offers real com Tryon, N. C., beautifully fort, excellent food. Capt. T. D. JERVEY. De- cottages, Ten rooms, water, electricity, on exclusive lake front, hard surface road; five-acre plot New Jersey RENTRE fond remaining to board; ENT REASONABLE. House, with choice residential neighborhood; convenient Cranford, N. J. To rent, fully HELP WANTED HOTELS NEED TRAINED MEN AND WOMEN. Nation-wide demand for bizi salaried inen and women. Past experienc unnecessary. We train you by mail and pa you in touch with big opportunities. Big pay fine living, permanent, interesting work quick advancement. Write for free books YOUR BIG OPPORTUNITY." Lesi Hotel Training Schools, Suite AK-5842, Wash ington, D. C. WANTED-Young woman as mother' helper or nurse for children aged 2 year and 6 months. Small home in town 1 hou from Philadelphia. Pleasant position for ou interested in modern methods of child train ing. 8,051, Outlook. SITUATIONS WANTED ADAPTABLE, refined, capable young wo man, some hospital training, as companion care motherless home, or nursery governesa A 1 references. 8,057, Outlook. COLLEGE graduate, 27, with teaching ex perience, wants work in New York City 8,064, Outlook. COMPANIONABLE housekeeper, woman of refinement, would like position where or maid is kept; capable, economical, and wit highest references from present employer who is going abroad. Address Miss Wilburn Rockhurst, Marius St., Kingston, N. Y. COMPANION and housekeeper for elderly or business people, near Boston, Novembe to April. Educated American Protestant good health, good family, forty-six years Owner and manager of summer tea room Would enjoy doing much of the work. Pl ant environment preferable to high salary References exchanged. C. C., East Dorset, V COMPANION, by young Washington wo man of refinement, some secretarial expen ence. Salary moderate. References e changed. 8,052, Outlook. COMPANION-nurse-Refined, educated middle-aged lady, widely traveled; or ma ager in tea room. Experienced in both imes References. Philadelphia, Pa. Address 8,68 Outlook. CULTURED, experienced, and capab young woman as companion, helper. Colle education. Excellent references. 8,01 Outlook. EDUCATED, experienced woman as go erness and mother's assistant. 8,056, Outlook GRADUATE nurse with special prepar tion in administration is available as manage of club, school, or any opening calling fo services of well-prepared executive. Outlook. KINDERGARTNER with some nurse training desires position as companion o FOR SALE-NEWPORT, R. I. governess. Experienced. 8,062, Outlook. CLOSING ESTATE E. L. M. KELLER, 301 East 20th St., N. Y. City BUSINESS OPPORTUNITY PUBLICITY SERVICE, highly experienced man; reasonable charges. Printed matter, press material, letters, publicity surveys, prepared for schools, organizations, individuals. New York City and East. Highest references. 8,060, Outlook. STATIONERY WRITE for free samples of embossed at $2, or printed stationery at $1.50 per box. Also business printing at low prices. Lewis, stationer, Troy, N. Y. EMPLOYMENT AGENCIES INSTITUTIONAL executives, Social workers, secretaries, dietitians, cafeteria nanagers, governesses, companions. mothers' helpers, housekeepers. The Richards Bureau. 68 Barnes St., Providence. HELP WANTED WANTED Experienced governess and companion for two girls, ten and twelve, in Detroit. College graduate, American or English Protestant under thirty preferred. Required to tutor three months in Florida in winter. French and music desired. 8,036, Outlook. MANAGING housekeeper. Experienced refined. 8,061, Outlook. NEW England woman to assume fal charge home. Good caterer, cheerful. Ex ceptional references. 8,049, Outlook. PHYSICAL directress desires college G private school resident position. 8,658 Outlook. REFINED middle-aged lady, seeking a home with refined people where at least one servant is kept, will give service for home Competent in every way. Highest references New York City only. People only in co fortable circumstances. Laura 1. Sagens 43 Elm Ave., Mt. Vernon, N. Y. TEACHER piano, violin. Experienced graduate New England Conservatory. 19 Outlook. WOMAN of forty, educated, experienced wishes position as companion, or housekeeper in motherless or bachelor's home. High references. 8,047, Outlook. YOUNG woman wishes position as chac feur and companion. Excellent ariver. F reference. Willing to travel. 8,053, Outlo YOUNG woman with two years' exper ence in office of a pediatrist, also teaches experience, desires position as companion child. Competent to take full charge. High est references. 8,048, Outlook. MISCELLANEOUS TO young women desiring training in the care of obstetrical patients a six mouth nurses' aid course is offered by the Lyne-le Hospital, 307 Second Ave., New York. A are provided with maintenance and give a monthly allowance of $10. For further t ticulars address Directress of Nurses. WIDOW, unincumbered, between 40 and of education and refinement, seeking pleas home and congenial companionship in anbar ban town, willing in exchange to look al small cottage in absence of owner, who is business woman and widow. Must have impeachable references. 8,054, Outlook September 28, 1927 Financial Department Conducted by WILLIAM LEAVITT STODDARD The Financial Department is prepared to furnish information regarding standard Investment securities, but cannot undertake to advise the purchase of any specific security. It will give to inquirers facts of record or information resulting from expert investigation, and a nominal charge of one dollar per inquiry will be made for this special service. The Financial Editor regrets that he cannot undertake the discussion of more than five issues of stocks or bonds in reply to any one inquirer. All letters should be addressed to THE OUTLOOK FINANCIAL DEPARTMENT, 120 East 16th Street, TH Is Capital Sacred ? HIS is not as revolutionary an article as the title might suggest, though to some ultra-conservative minds, particularly in our older and richer communities, like Boston and Philadelphia, the thesis may well sound Bolshevik. Over a year ago a lady entered the office of the trust company which manages her affairs for a heart-to-heart talk with her favorite officer. (The lady is on toward her sixties and has an income of some $3,000 from her own capital). In the course of the conversation it developed that she wanted to take a trip across the continent to California but found that her income was insufficient for that purpose. She had estimated the cost over and above her regular living expenses at about $500. "I have never been West," she said. "I have a lot of friends out there whom I have not seen for years. We are all getting old. It seems as if this was the time to meet once more before we die." "Well," said the bank officer, "why don't you draw on your capital to do it? It is not restricted by any trust deed. It is yours to use as you please." "What!" exclaimed the lady. "Spend my capital? Why, I wouldn't think of such a thing. I am surprised at your suggestion." Before answering her the bank officer sent for a statement of her account and with that before them on the desk proceeded to outline his argument as follows: In the first place, to take $500 out of capital would reduce income by about $30 a year. On the basis of a $3,000 annual income for one person the loss would not be serious. In the second place, the capital fund from which it was proposed to take this $500 had shown an appreciation of about 6 per cent in the last two years. The spending of $500 out of this appreciation would still leave the fund larger than it was at the outset. In the third place, the children of the owner of this property were grown up and in comfortable circumstances so that the difference of a few hundred dollars in their mother's estate would be of no consequence to them. "But," protested the lady at this point, "I have been brought up to believe that one's capital is sacred, that one should never touch it. Once you begin to spend it, you might get the habit, and in the course of time nothing I would be left!" The bank man settled himself well into his chair before replying. This, he knew, was the nub of the whole matter. "My dear lady," he said, "I agree and I don't agree. Let us examine the situation thoroughly. As I have pointed out, to use $500 of your capital will not reduce your capital below what it was a couple of years ago. Your question is, 'Is it not bad policy to spend my capital? Is not capital sacred?" " "Yes," said his customer, "that's just it." Our first consideration is the protection of your principal; our second, providing you with an adequate income Over a half century's experience in the first mortgage field enables us to select issues and to surround them with safeguards that continue to add to the enviable record of this House. Smith Bonds are Safe Bondsissued in denominations of $1,000. $500. $100.- yielding 6% to 62%. Detailed information regard- Ask for Booklet "6-45" The F. H.SMITH CO. Founded 1873 Smith Building, Washington, D. C. 285 Madison Ave., New York City Branch Offices in Chicago and Other Cities 127 Kindly send booklet and information regarding. SMITH BONDS. NAME ADDRESS "6-45" "Capital," continued the bank man, "is money. It is built up out of money earned; in other words, out of income. You may not have earned the money, but some one did. Instead of spending it for living expenses, he invested it and thus made it earn more money, which is considered income and hence may be spent. The theory of the sacredness of capital is that once income is called capi- THE STROKE OF THE MOMENT tal, it should be inviolate." Without doubt this is a useful and practical theory. If we spent our capital indiscriminately, it would soon go. But it is permissible to transfer or spend capital in various ways which, at first glance, look like spending it. For example, the purchase of real estate is a capital expense and in most cases an investment, and under many trusts capital may so be used. One can think of other uses for capital which are in reality not dissipating it, but altering its position without altering its function. Coming now to the case in hand, it is usually considered wise and proper to invest capital for elderly persons in annuities. An annuity is a device to guarantee to an individual a fixed income for life. Now a very little figuring with pencil and paper will show that the pay Get your favorite machine at a saving of 40% to 60%. Latest models Underwoods, Royals, L. C. Smiths, Remingtons, remanufactured like new from top to bottom, 5-year guarantee. 10 days free trial. Sold direct on EZ monthly payments. Write for latest catalog-FREE Young Typewriter Company Dept. 8859 CHICAGO Typewriter Headquarters 654 W. Randolph Street A Discussion of the Foreign Debts A series of articles by eminent American and foreign writers. Also articles by real, everyday Americans who write to the daily press. Price $3.00 Postage prepaid OSWALD CHEW 826 Commercial Trust Bldg. Philadelphia, Pa. THE OUTLOOK RECOMMENDS BOARDING SCHOOLS FREE Catalogs of all Boarding Schools and Camps in U.S. and Europe. Preparatory, Finishing, Military, Collegiate, etc. Educators refer Boys or Girls or Parents here. Free Public Bureau -State Chartered. 20th year. FREE Advice on schools (or summer camps) meeting needs. American Schools Association 1212 0 Times Bldg., N. Y., or Stevens Bldg., Chicago CAMPS INFORMATION The Outlook for September 28, 1927 ments by the annuity company to the Annuities specifically disregard the Why is it in any way dangerous for an elderly person to arrange his affairs in such a way as to secure some of the benefits of an annuity without giving up control of his entire capital? If this is done conservatively, the depletion of capital will be so slight that income will be affected at the minimum; the withdrawals of capital will be so arranged that enough will last to take care of the owner for his or her entire expectation of life. It is probably a beneficent myth that capital is "sacred" because the innate spendthrift tendency in all of us tends to lead us along the primrose path of using all the money on which we can lay our hands for current expenses. But this is no reason that we should deprive ourselves of the wise employment of capital for purposes that are ordinarily achieved by the use of income. Capital is nothing but conserved earnings which, to be sure, has taken on somewhat of a new character because it has been conserved. In the last analysis, capital is to serve, not to be served, and the final measure should be the degree of service to which it can be put. W. L. S. To Inquiring Readers Two Vacancies, European Travel School sold, is large. Against this is the fact Intensive study combined with travel. No loss of time preparing for college. 8,593, Outlook. "What you get from an annuity is a combination of returned principal and income on principal. "I should think that an annuity would be very desirable for one in your circumstances." As to American Woolen Preferred— that the American Woolen Company is "If you sell and convert your pro- The situation of the Chicago school superintendence is not surprisingly exceptional. Every school system has had similar attacks. It can happen to any place. Meantime, in normal schools, in university departments of education, in State and National associations, a real technic of management is developing, sending out young superintendents who know how to get children taught. The management of all sorts of productive The Mutual Life Insurance Company of organizations is being perfected. After "No one can decide what to do but yourself. I have attempted to analyze the situation to help you. If I have overlooked anything, please feel free to call on me again." New York "The Mutual Life Insurance Company of New York is a very strong company. Their Life Annuity Plan, with whose general outlines we are familiar is an excellent plan. a while the people who are footing the bills-parents and citizens-will organize and say, "Here you, this isn't a matter of party politics. Never mind that. How good is the teaching? That's what we're paying for." |