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...

the fourth State in productive wealth

ERBERT HOOVER recently said, "North Carolina has made more economic progress in the last few years than any state in the Nation."

To be specific: North Carolina is now paying the fourth largest amount of Federal Taxes among the states of the Union. It manufactured products worth more than one billion dollars in 1926. It now generates the fifth largest amount of hydro-electric power of all the states. It distributes this power over the most extensive transmission system in the world.

In this state is the largest towel factory, the largest underwear plant, the largest hosiery mills, the second largest aluminum plant in existence. Here 28% of America's furniture industry is located. Its tobacco industry is

Chicago

the largest. It has silk mills, tire factories and hundreds of others... well diversified.

The progress of North Carolina is but an example of the progress of the whole South. Each step forward adds lasting values to the securities issued by Southern states, cities, railroads, utilities and corporations. Sound Southern securities offer today investment opportunities which will seldom recur in this country.

Caldwell & Company have been closely associated with Southern financing for many years. We have helped supply the means for a number of prospering Southern enterprises and have helped many investors to add attractive investment securities to their holdings. We will gladly make recommendations to you.

CALDWELL & COMPANY

value of the rights to buy stock in this trust company was $13.20 a year. During the same period the dividends averaged $12 a year, so that, calling the rights income, the return was $25.20 per year. The value of this stock as an investment may easily be seen when it is realized that ten years ago a share could be bought for $250.

But this does not tell the whole story. Assume that in 1918 you bought twelve shares at $250, or $3,000. In 1919 you got two rights which called for subscription to two shares of stock at $100 a share. You invested, let us say, the $200. In 1925 there was a 42 6/7 per cent stock increase. You got six rights at $150 a share, and you invested $900. Again in 1926 came the opportunity to invest in four shares for $600, and in 1927 in six shares at $175 a share. The sum total of these opportu

nities and operations was that today you would be holding thirty shares of stock at a cost of $ 5,750, or $191.66 per share! The market value to-day is about $400 per share, so that your thirty shares (if you had them) would be worth $12,000, or over twice your investment during this ten-year period. In the meantime you would have received dividends of $12 per year on each share, or a return of over 6 per cent on each dollar invested. Present market value of $400 a share shows an increase of 108 per cent on total investment.

How many stocks that are advertised in screaming circulars by high-pressure sale campaigns can promise anything like this?

Why bank stocks tend to act in this way is a long story. To those who are interested we commend Mr. Walter H. Woodward's recent study called "Profits

The Outlook f

in Bank Stocks" (Macmillan). summarize part of what he has to say this point, bank stocks are attracti first, because they measure up to the quirements of an investment-that is say, principal is safe, income steady, a marketability ready. In addition th is appreciation in value over a period time. But this is not all. A bank sto is a capital stock of a corporation t has no bonds or preferred stock call for a share in the earnings. Banks almost public utilities, are subject rigid Government supervision, and k on a fairly even keel in good times in bad alike. The modern bank is tually a "department store of finan offering a variety of services, and t profiting from diversification of out The stockholder's double liability feat Mr. Woodward considers, in the cas a well-established metropolitan bank be negligible.

"As for bank stocks being a man's investment," says the writer, would seem, rather, from the points ready covered, and particularly bec of the almost certain appreciation value which they will show if held f reasonable period, that they lend th selves very readily indeed to the req ments of the small man and fit ne into his modest investment prog The investor who chooses to refe himself as poor certainly does not ex to live on his investment income. cannot; that's what makes him He can afford, above all other me buy bank stocks because over a p of time they will make him, not po but richer. An examination of a fully prepared chart of twenty-five resentative New York bank st showing their price ranges throu period of twenty-odd years, reve very decided upward trend, and ever recessions in price have occur is of great interest to note that each point is higher than any preceding point." W. L.

To An Inquiring Reader Canadian National Railways

"The Canadian National Rail 41⁄2s, Equipment Trust Certificate which you refer are a high-grade in ment. In fact, it is hard to find a secure bond than one of this type

"While it is a rule that one s diversify one's investments, yet in a like this I do not see that you wou taking an undue risk in placing a part of your funds in this issue. If. ever, you have other things in mi equal security, it would be better to spread your investments."

HOTELS NEED TRAINED MEN AND WOMEN. Nation-wide demand for highsalaried men and wonen. Past experience unnecessary. We tram you by mail and put you in touch with big opportunities. Big pay, fine living, permanent, interesting work, quick advancement. Write for free book, YOUR BIG OPPORTUNITY." Lewis Hotel Training Schools, Suite AL-5842, Washington, D. C.

MOTHER'S helper-Young woman of gentle birth over twenty years. To take entire charge of one little girl aged 2 years and to make herself generally useful. Must be experienced and fond of children. Home in suburbs of Philadelphia, small, with one servant. State age, previous experience, wages expected, and reference. 8,093, Outlook.

NURSERY governess, visiting or resident, for two young children, school age. Swiss or French-Canadian preferred. Desirable position, good salary. Experience and reference necessary. 8,095, Outlook.

AMBITIOUS young woman desires secretarial position. University and secretarial school training. Speaks French. Will go anywhere. References. 8,089, Outlook.

AMERICAN lady, companion-nurse, secretary, managing housekeeper. Young, refined, unencumbered. 8,075, Outlook.

AMERICAN widow, unusual ability as housekeeper, economical manager, experienced in care of children, preferably in motherless home. 8,090, Outlook.

COLLEGE woman, experienced teacher, desires position; governess, companion, mother's assistant. Please state particulars. References. 8,067, Outlook.

EDUCATED woman would go to Florida as companion to woman. Expenses. No salary. 8,081, Outlook.

ENGLISH girl, good family, requires post companion American lady. Fluent French. Experienced traveler. Drives car. Interview, if possible, London or Paris. Write Wilkinson, Aldeburgh Lodge, Aldeburgh, Suffolk, England.

EXPERIENCED tutor, woman, would go to Florida for winter. Elementary subjects. 8,082, Outlook.

GOVERNESS-Refined young lady desires to be governess to one or two children. 24 years age. 2 years' college work. References exchanged. 8,086, Outlook.

BUSINESS OPPORTUNIT

WANTED-good clean proposition to s mit to large foreign capital. What have y F. Woodward, 218 Majestic Building, Deat Col.

MISCELLANEOUS

INTERESTING CAREER for bright a and women in advertising, sales-planning business writing. Am now instructing good-sized group by mail. Textbooks of lege standard used. Only properly quali subscribers accepted. If ambitious for b ness success, write for prospectus. No n bows or princely salaries promised, be have helped hundreds to qualify for hig responsible work. 25 years' business writ and educational experience. S. Roland H advertising counselor and agent, Box Easton, Pa.

TO young women desiring training in care of obstetrical patients a six mon nurses' aid course is offered by the Lying Hospital, 307 Second Ave., New York. A are provided with maintenance and give monthly allowance of $10. For further ticulars address Directreas of Nurses.

MOTHERLESS child can have loving and training-mental, moral, spiritual pleasant suburban home of experien teacher. 8,084, Outlook.

By the Way

Commercial candor is expressed in a sign noticed in a haberdasher's window on Dearborn Street, Chicago. It read: "English Broadcloth Shirts $1.85. They wear well for a short time."

A

BOSTON

newspaper dated sixty-one years ago contains the following news item: "A man about 46 years of age, giving the name of Joshua Coppersmith, has been arrested in New York for attempting to extort funds from ignorant and superstitious people by exhibiting a device which he says will convey the human voice any distance over metallic wires so that it will be heard by the listener at the other end. He calls the instrument a 'telephone,' which is obviously intended to imitate the word 'telegraph' and win the confidence of those who know the success of the latter instrument without understanding the principles on which it is based. informed people know that it is impossible to transmit the human voice over wires as may be done with dots and dashes and signals of the Morse Code, and that, were it. possible to do so, the thing would be of no practical value. The authorities who apprehended this criminal are to be congratulated, and it is to be hoped that his punishment will be prompt and fitting, that it may serve as an example to other conscienceless schemers who enrich themseives at the expense of their fellow-creatures."

Well

In a Sunday school situated in one of the suburbs there was a slight disturbance one day among the smaller pupils.

A small boy had slapped a little girl. The teacher was quick to rebuke the youngster. "Jackson," she said, "no gentleman would strike a lady."

The boy was all ready with his reply. It was. "Well, no lady would tickle a gentleman."

According to a survey made by the United States Department of Agriculture, there is one radio set on every fourth farm in the country. There are 1,251,000 sets on farms now to 145,350 in 1923.

From "Hardware Age:"

"I think there is company downstairs." "How do you know?"

"I just heard mamma laugh at one of papa's jokes."

G

Every year now has 135 weeks, if are to believe the advertising men. Marion, of the Los Angeles Chamber Commerce, has compiled a list of the nar of the various weeks set aside each ye such as "Safety Week," "Clean-Up Wee "Children's Book Week," etc. During Oc ber we are supposed to celebrate "Ap Week," "Better Speech Week," "Fire P vention Week," "Girl Scout Week," "M agement Week," "National Picture Wee and "Pharmacy Week."

From "Life:"

Wythe: "Blythe is certainly a mo chap, isn't he?"

Smythe: "So he's been telling me."

T

an

HE three following words are those understood by all people. are in common use everywhere. T peculiarity consists in the fact that in case of the first two, adding an St word already ending in s, you chang plural word to a singular word; and in case of the third, by removing a fin you render plural what was singular fore. The first is by the celebrated Ge Canning, the other two of later produc The answer to this puzzle known as Curious Trio" will be found in these umns next week.

1. There is a word of plural numbe
A foe to peace and tranquil slumbe
Now, any word you choose to take
By adding "s" you plural make;
But if an "s" you add to this,
Strange is the metamorphosis.
What plural was is so no more,
And sweet what bitter was before

2. There is a word in number plura
Whose character, unique and dual
Sets grammar at defiance;

If it to singular we'd change
We add an "s." "Tis also strange
That, by the same appliance,
What first was masculine we make
The feminine gender now to take.
3. I'm not a fruit, but this I'll say
A lemon that is juiceless
I'm like in one particular,
I'm altogether useless.
Another point I end in "s;"
Remove this final letter.
'Tis singular I'm plural now,
And useful, which is better.

Answer to last week's anagram: "St "tames," "mates," "teams," and "meat

Feline Culprits and Canine Companions

By LAWRENCE F. ABBOTT Lights Down. A Review of the Theatre:

207

"Saturday Evening Post" Night 213 By FRANCIS RUFUS BELLAMY

The Week:

The Baseball Championship.

For Safety in the Air

Light for the Farmer.

195

An Interview by DIXON MERRITT with CHARLES LANIER LAWRANCE

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195

195

Positively Her First Appearance 209 By ELIZABETH DREW

211

198

By EDMUND PEARSON

198

198

199

199

Japan's Financial Recovery . Thunder in the Balkans

199

By FRANCES LAMONT ROBBINS

199

216

Not on the Fence, Anyway
Ambiguity

A Reader Takes Issue with the
Interstate Commerce Commission
The Outlook Nods

Children and Politicians in Denver

222

222

222

201

201

202

By the Way

203

According to the Cartoonists

Atlast-a Long Felt Human Want is Filled by this great necessity-Dr. Farrington's portable for the

Reading Table Lap

Conserves the Life of Your Eyes Here is the helper you have always needed. It saves your eyes-conserves your energy-insures correct posture-prevents eyestrain-permits concentration with real relaxation and absolute comfort. The FARRINGTON supports books, magazines, reading matter, typewriter, writing materials, etc., at just the right angle to insure correct vision, regardless of position. It will help everyone who reads, writes, draws, etc.

IDEAL FOR CHILDREN
Don't let your child hump! It's dangerous!
Eyestrain, distorted organs, curved spine and
retardation of normal development results.
The Farrington compels correct posture.
Students Delight In Its Use

Prof.E.L. Eaton, Universi-
ty of Wis., says: "It is a
joy to read a book of any
size, resting easily in a
rocking chair. Thousands
will now have a new joy
reading while resting.
With the Farrington every
one can increase their ca-
pacity for mental effort.

Sit right-read right-feel right Think what this means! Comfort, enjoyment, greater mental and physical energies. Greater facility for the mechanics of reading and writing. Genuine relaxation. The Farrington allows you to assume a comfortable position when reading, writing, etc.

Indispensable to Invalids

Used with detachable metal legs for Reading in Bed by sick, invalid or crippled patient in home, hospital or sanitarium. Used on beach or in the camp for eating, cards, etc.

THE OUTLOOK, October 19, 1927. Volume 147, Number 7. 16th Street, New York, N. Y. Subscription price $5.00 a year. Office at New York, N. Y., and December 1, 1926, at the Post