Are You Overlooking Opportunities Just as a man changes methods or policies in his business to meet new conditions, so TH HE steady progress and change that are going on in the business and industrial world must be considered by the bond investor. Observation will make clear that new fields for investment thus develop, some attaining positions of outstanding strength and stability. The automobile is a notable example in the industrial world; realestate bonds, farm loan bonds, foreign bonds, have come into wide popular favor only since the war. Consider the motion picture industry. It is only about thirty years old, but it has grown to such giant proportions that gross receipts now approximate a billion a year. And what was at first a mere novelty has become almost a necessity in the lives of millions of patrons. The demand is active in all seasons and under widely varying conditions. It meets universally the need for recreation at a price within the reach of all. Another instance is the publishing business. Until recently great newspapers and magazines seldom went to the public for capital. But growth in this field has been so rapid that the publishing business is now a source of a considerable volume of attractive securities. Government Municipal Farm Loan The earning power of strongly entrenched publications Investors may add safety and often increase their Halsey, Stuart & Co. is on the alert for such investment opportunities, applying the same high standards of conservatism in their appraisal as in older fields of bond financing. It has underwritten, alone or with associates, bond issues of companies subsidiary to prominent interests in the motion picture industry-Fox Film Corporation, Fox Theatres Corporation, and Loew's Incorporated. In the publishing field, issues of such companies as The Chicago Daily News, Inc.; Evening American Publishing Company (Chicago); Minnesota Tribune Company (Minneapolis Tribune); Memphis Commercial Appeal, Inc.; Hearst Publications, Inc.; Hearst Magazines, Inc., and The Butterick Publishing Company. HALSEY, STUART & CO. INCORPORATED NEW YORK 14 Wall Street PHILADELPHIA III South 15th Street DETROIT 601 Griswold Street CLEVELAND 925 Euclid Avenue ST. LOUIS 319 North 4th Street BOSTON 85 Devonshire Street CHICAGO 201 South La Salle Street MILWAUKEE 425 East Water Street MINNEAPOLIS 608 Second Avenue, South 61 September 14, 1927 his will to do the best lawyer in the world cannot write the will he intends to make. A case is now pending in the courts of Rhode Island which illustrates this point. A very wealthy lady had her will drafted by a competent lawyer and in one clause directed, as she thought, that a certain portion of her property should go to the technical education of boys and girls. Her trustee was ordered to pay this money over to "such institution or institutions in the State of Rhode Island as they in their sole discretion may deem proper, provided that in making such payment the institution or institutions to which the same shall be made shall have an established course in either technical, industrial, household, or domestic training, and shall be recognized by the Board of Education for the time being of the State of Rhode Island." It would be a long story to tell why this trust is likely to fail, but a study of the case shows that, while the fault was in part that of the lawyer who drafted the will, the major fault was that of the maker of the will, who did not have clearly and definitely in her own mind, and who, in consequence, did not state clearly and definitely, exactly what she wanted to do. Her intention was plain enough, but a court cannot assume an intention when the language in which it is expressed does not express it. To sum up so far, it is good advice to say that no one should make a will unless and until he has definitely decided in his own mind what he wants his will to accomplish. A will ought to be a deliberately planned act. "Being sound in mind and body" is a phrase used in thousands of wills to indicate that the testator knows what he is doing. But even more valuable it would be for the testator to say: "Being sound in mind and body, having carefully deliberated, bearing no ill will toward any one, and not being in haste, I do now make this my last will and testament." Don't make a will when you are in a hurry, when you are angry, or when you are sick. To illustrate:1 The Hasty Will HERE, for instance, is what happens when a man acts hastily and with his mind set on getting through with an unpleasant task: A very wealthy man was getting ready for a hunting trip into Africa. A few days before he sailed he realized that his will, made years before, was hopelessly out of date. He sum 'These illustrations are taken from "Wills and Will Making," issued by the investor in Smith Bonds we can con fidently count you among our host of satisfied clients who may be found in practically every part of the world. For over half a century we have faithfully served First Mortgage investors but never more competently or conscientiously than we do today. Smith Bonds have become universally recognized for their safety and attractive interest return; they are issued in denominations of $1,000. $500. $100. and yield 6% to 6%%. a Become satisfied investor Ask for Booklet "6-43" No matter where you may be you can The F. H.SMITH CO. Founded 1873 Smith Building, Washington, D. C. moned his attorney and made a new will. He left large bequests to his wife. and children and to a few near relatives. He left a substantial sum to be divided among his servants, without mentioning any specifically by name. Finding that after these provisions at least $200,000 remained undisturbed, he left the residue of his estate, offhand, to two of his cronies, both men of very large means. He died of typhoid while on the trip. His provision for his immediate family was fair and just. But in his hurry he forgot that the widow of his first cousin was living in very reduced circumstances and that even a part of the $200,000 he passed over so lightly would have made a vast difference in her life. His provision for his servants was unjust, as it made no distinction between those who had been with his family for years and those whose employment might be merely temporary. The most deserving of all, his old gardener, got nothing, because the Court decided that under the terms on which he was hired he could not be classed as a servant. Another trouble with the hasty will is that the testator very often fails to get clearly in mind what he intends to do. A case in point is a will at present before the courts: The testator leaves a sum of money to his nieces, Mary and Marion-or, in case of their death before the provision for their benefit would take effect, provides that the legacy "shall be given to and divided equally between the children then of either of them surviving." Does this mean that the property which should have gone to them had they lived should be divided into two equal parts, and hence to their respective children, or that it should be divided into as many parts as there were children? Supposing that Mary had one child and Marion six, would Mary's child get one-half or one-seventh of the property? So much for wills made in haste. Case after case could be cited where kindly and considerate men did cruel things unconsciously, simply because they didn't take time to think. I The Angry Will T seems natural to a man to make his will when he is in a towering rage, and the angry will is very often the worst of all, because its injustice is usually worked on some one very near the testator-his children and immediate family. The fact that such a mood usually soon passes and cooler judgment leads to revocation doubtless keeps the great majority of such wills from reaching the probate courts. But by no means all. The recent death of a New York man in a motor accident brought out the fact that he was driving to his lawyer's office to revoke a will he had made a few days before. In a fit of rage over his daughter's refusal to give up her marriage to a young man he disliked, he had disinherited her. He saw the cruelty and injustice of his act, but death prevented his undoing the wrong. W The Sick-Bed Will ILLS made during extreme illness furnish many convincing arguments for attending to this matter when in full vigor of mind and body. When we are weakened or racked by pain, it is impossible to decide wisely the disposition of our property, or perhaps even to remember those whom we have intended to receive our bequests. It is fair to assume that an elderly Boston gentleman who died in the Far West intended to leave a substantial sum of money to the son of his former butler and his collection of Mexican pottery to a friend, a collector, like himself. His will, however, left the money to his friend, and a young man who lived in The Outlook for one room in a boarding-house received huge crates of pottery. Contrary to a popular impression, the proportion of wills that are successfully contested to those that stand is very small. In one large probate district it is said that less than one per cent of the wills probated each year are disallowed. Yet there are innumerable instances of specific clauses in wills which are "thrown out," and in practically every instance their failure can be traced to the mood of the will-maker at the time, to the temporary influences to which he was subject, or to the fact that he didn't do the thing which is at once the easiest and the hardest thing in the world, namely, to plan carefully and with a clear head what he wished to say, and then to say it in unmistakably plain English. W. L. S. To Inquiring Readers A Good List 7 shares North American common, 2 shares North American preferred, 25 shares Mountain State Power and Light, preferred, 90 shares Standard Gas and Electric Company, preferred, 19 shares Standard Gas and Electric Company, common, 100 shares Union Carbide and Carbon, common, 8 shares White Rock Mineral Springs, first preferred, 1 share White Rock Mineral Springs, second preferred, 7 shares Northern Ontario Light and Power, preferred, 18 shares Commonwealth Power Corporation, preferred, Forty shares National Power and Light, preferred, Seven shares American Gas and Electric, preferred, 28 shares General Electric, common, $2,000 Sierra and San Francisco 5 per cent Bonds, due 1949, $50 Liberty Bond, First, 4/4S, 70 shares Piggly Wiggly Company, preferred, 50 shares Piggly Wiggly Company, common. "This," we commented, "is a very good list and contains no really weak spots. Of course, some people feel that there is a certain degree of risk in holding industrial common stocks, but with such sound companies as you have we can see no undue risk. We are glad to note the size of your holdings in General Electric and Union Carbon and Carbide, both of which are excellent stocks. A 2. Interstate Public Service Company, First, Series D, 5s, due 1956. Secured by a general mortgage on the property of the company plus a pledge of a 999year lease and underlying bonds. population of over 350,000 served. Interest earned twice in 1926 and about 1.6 times in previous years. Rating Bxx. 3. Monongahela West Penn Public Service Company, First and Refunding, Series B, 52s, due 1953. Secured by a direct and general mortgage, as well as by a pledge of underlying bonds. Interest earned 1.78 times in 1926. Good franchises. Rating A. 4. Pickering Lumber Company (Del.), First Sinking Fund, Series A, 6s, due 1946. Secured by a first mortgage on timber equal to 100 per cent of the bonds and a mortgage on additional assets for another 100 per cent, these ratios to be maintained. Earnings not yet available, as business is a recent consolidation. Rating Bxx. 5. Wisconsin Power and Light, First Lien and Refunding, Series C, 6s, due 1944. Secured by a first mortgage on the entire property of the corporation plus a pledge of $8,670,000 underlying bonds. Interest earned 2.23 times in 1926. Legal for savings banks in Rhode Island. Rating Bxx. 6. West Ohio Gas, First and Refunding, Series A, 6s, due 1954. Secured by a first mortgage on entire property. Interest earned twice. Rating Bxx. 7. Milwaukee Northern Railway Company, First 5s, due 1961. This corporation is controlled through stock ownership by the Milwaukee Electric Railway and Light Company. The mortgage is secured by a street railway in Milwaukee and an interurban from Milwaukee to Sheboygan. During the last five years the interest was earned on an average over two times annually. Rating Bxx. 8. Long Bell Lumber Company, First, Series B, 6s, due 1953. A mortgage similar in essentials to that of the Pickering Lumber Company-200 per cent security. Interest earned 2.86 times in MUSCLE LUSCLE · offers sound investment securities LUSCLE Shoals frequently is sin. gled out to illustrate the potential industrial wealth of Alabama and the South. It is just one of the many power resources which are fast developing Alabama among the greatest of electrical states in the Union. Its superabundance of water power and water transportation is surpassed in no other state. But "white coal" is only one of the great natural advantages of Alabama. This Southern state is third in the production of coal and fourth in lumber in the United States. Inexhaustible deposits of native iron feed the great mills of Birmingham; native asphalt smoothes the way for heavy, all-year Chicago traffic over fine, state-wide roads; exceptional diversity of agriculture feeds sumptuously a growing industrious population. The increasing realization of the developing wealth in Alabama is but one reason for the increasing demand of American investors for sound Southern securities. It is plain that Southern progress, fast building on solid foundations, provides the basis for decidedly attractive investments. This house, which long has assisted Southern financing, is intimately familiar with the securities of sound Southern enterprise. Suggestions-diversified or for special requirements are gladly made to investors and institutions upon request. CALDWELL & COMPANY 501 UNION STREET, NASHVILLE, TENN. FACTS FOR INVESTORS The Outlook's Financial Service Department is at THE OUTLOOK, 120 East 16th Street, New York City Meet Him! The Wayside Inn The Wayside Inn Pine Ridge Camp the Pines. Ideal Distinctive Journeys Near East-Sailing September 20. 92 days, Constantinople, Cairo, Jerusalem, Angora, Khartum, and off the beaten track places of interest. Round the World-Sailing October 15. 173 days, timed for events and season-Chrys anthemum Season in Japan-Easter in Pales New Milford, Conn. At foot of Berkshires Ideal for long stay or week-end. Bright, airy rooms; all modern improvements. Scenic beauty, health, good living. 80 miles from New York. Mrs. J. E. Castle, Prop. Florida tine, etc. Contacts with leaders of various Winter Park, Florida natious. Home of Rollins College On a chain of beautiful tropical lakes. Educational facilities of the best. All public utilities. Adjoins Orlando. For information and literature write Winter Park, Maine South Carolina Actually Mid place for outdoor life in winter. Main house, and cabins with sleeping-porches. Modern improvements. Pure water. Electric lights. Excellent table. Rates moderate. Open all the year Write Miss SANBORN, Aiken, S. C. Real Estate California SELL or LEASE Belvedere, garden suburb San Francisco,, golfing, yachting, well-furnished 10-room house, fine location and condition. $22,000; $125 month. 8,587, Outlook. Connecticut Florida For Rent-Remodeled barn near Wash the Mediterranean and West In-Hotel Judson 53 Washington Sq.. dies. Steamship passages booked on all lines. No service charge. Board WANTED One to three boarders, Sept., Oct. Modern bathroom, electricity, fireplaces. In beautiful valley, near village and railroad station. Interesting walks. The Mary Louise Tea Room, East Dorset, Vt. Rooms to Rent One or Two Rooms to Rent in a home in a Jersey suburb to gentleman desiring an atmosphere of refinement. References must be exchanged. 8.595, Outlook. 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 Ave., Buffalo, N. Y. Superior accommodations; famous for good food. Write direct or Outlook's Bureau for rates, details, bookings. Fenton House Adirondacks 18 Cottages Altitude 1.571 ft. A noted place for health and rest. Accommodations for tourists. Write for folder ani particulars. C. FENTON PARKER, Number Four, N. Y. ington Green. Charming fall location. Big fireplaces, electricity, hot water, very comfortable furnishings. Available at once. Apply Miss Ruth B. Smith, Washington, Conn. New Jersey ORADELL BERGEN COUNTY Prospect Ave. HOME, eight rooms, all improvements, ga rage, beautiful grounds 100 x 200; schools, golf course. 40 minutes New York City. Exclusively residential. $13,500. W. D. NEUBERG, 225 Broadway, N. Y. City. West Virginia For Sale, Large Dormitory and Administration Building Combined Modern, in good condition, adapted for boys' or girls' preparatory school. Twenty-acre campus. Elevation 2,000 feet. Railroad connections and hard-surface roads. The former home of Davis and Elkins College. Can be bought at a bargain. Address JAMES E. ALLEN, Pres., Elkins, W. Va. 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 descriptive folder and application. Southampton Hospital Association. Southampton, Long Island, N. Y. A Mart of the Unusual Direct from makers. Harris Tweed deal sporting ma terial. Any length cut. Samples free. Newall, 127 Stornoway, Scotland BOOKS, MAGAZINES MANUSCRIPTS SPARE-TIME WRITING. Write articles that will sell. Turn your spare moments into money. Requires only ordinary writing ability. Real opportunities. Material everywhere. Information on request. Free-Lance Writer's Service, Box 85, Ashville, N. Y. BUSINESS OPPORTUNITY BOYS' or girls' camp, Lake George, fifty acres, fully equipped fifty campers. Long established. Lease or sale. Investment $500. W. R. Slack, Hague, N. Y. 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 managers, governesses, companions, mothers' helpers, housekeepers. The Richards Bureau. 68 Barnes St., Providence. HELP WANTED FAMILY living in country (near Albany, N. Y.) nine months of year are desirous of securing services of young Protestant Amer ican woman having had experience teaching children. To take charge and teach tw) girls seven and eleven years. In answering please give references and extent of experi ence. 8,006, Outlook. HOTELS NEED TRAINED MEN AND WOMEN. Nation-wide demand for highsalaried inen and women. Past experience unnecessary. We train you by mail and pat you in touch with big opportnuities. Big pay, fiue living, permanent, interesting work. quick advancement. Write for free book, Lewis YOUR BIG OPPORTUNITY." Hotel Training Schools, Suite AK-5842, Wash ington, D. C. OPPORTUNITY for young woman appre ciative of congenial home surroundings to assist with young children and light upstairs work. References exchanged. Mrs. Robbus 75 Heights Road, Ridgewood, N. J., or telephone Barclay 5018, for appointment. WANTED-Young gentlewoman as resi dent governess in Philadelphia suburb for little girl six years old, also as congenial, sympathetic companion and music teacher for girl 14 and boy 15, both attending day schools. College graduate preferred. Highest references essential. Give full details, includ ing age in first letter. Salary $75 monthly. Gentile. 8,019, Outlook. SITUATIONS WANTED COLLEGE GRADUATE desires position as tutor in South or Southwest. Recommen dations gladly furnished. 8,001, Outlook. COLLEGE woman desires home position. References exchanged. 7,989, Outlook. COMPANION-housekeeper. Middle-aged American Protestant, capable, experienced, care for one or two adults. Box 748, Engle wood, N. J. COMPANION-nurse, housekeeper, sewer. Reliable. 8,020, Outlook. COMPANION-secretary, governess, or any position of trust by refined, educated Gen tile. 8,000, Outlook. EDUCATED American girl will accom pany lady or tutor children while traveling. Much experience in Europe and Orient. Relerences. 8,024, Outlook. EDUCATED companion, helpful to con valescent; household assistant as family member. Experienced, adaptable, traveled Please state particulars. New York environs. 8,027, Outlook. GOVERNESS, companion, mother's assist ant. Educated, experienced woman. 8, Outlook. GOVERNESS, companion, teacher. Permanent position wauted by French-SWIS teacher; experienced. Moderate salary. Relerences. 7,876, Outlook. I want about two hours a day of interesting tutoring. I can offer a background of college education, wide travel, and colorful experience in tutoring. 8,018, Outlook. LADY of 'culture and refinement who has held executive positions wishes position an housekeeper-companion. 8,017, Outlook. NEW England woman to assume tull charge home; competent to manage ser vants. Good caterer, cheerful, willing. 8,021, Outlook. POSITION desired by refined, experienced woman, practical nurse. Matron, house mother, care invalid. 8,023, Outlook. REFINED young American college grad uate, Protestant, would act as companion to middle-aged lady or young girl. 8,055, Outlook. SEAMSTRESS, hotel experience on power machine, desires position, hotel or institu tion. References. 8,022, Outlook. TEACHER piano, violin. Experienced graduate New England Conservatory. 7,982 Outlook. MISCELLANEOUS TO young women desiring training in the care of obstetrical patients a six mouth nurses' aid course is offered by the Lyug-te Hospital, 307 Second Ave., New York. Ads are provided with maintenance and given monthly allowance of $10. For further par ticulars address Directress of Nurses. CORRESPONDENCE lessons in Enghsh Anna Wildman, The Clinton, Philadelph |