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who is able to look at a king calmly enough and to report details of court life, but whose only possible comment upon a king of beasts is: "Oh, I saw an enormous and very handsome cat. Come and look."
In "Aspects of the Novel" Forster presents, through a series of lectures delivered at Cambridge, his ideas on certain vital elements in the novel. His book is one which will speed even the most constant of readers farther upon the path of I his delight. It is so animating a thing that it is hard not to interrupt one's reading of it with applause and excursions to some particular book, long since known and loved, but touched by his hand into renewed and fuller life. It has that ever-welcome grace of saying clearly and brilliantly what many of us have groped for with dull wits.
The book is not a text-book for students or critics. Forster calls himself a pseudo-scholar and addresses such. As a matter of fact, he addresses every one who has more than a casual interest in the writing or the reading of fiction. In his lectures he gives no history of the development of the novel, either chronologically or by schools. By his already familiar skill in evoking the imaginations of his readers he carries us at first into a great round room where we catch our novelists from Defoe to Joyce, pens in hand, papers white before them, in the very act of creation, and discover unsuspected similarities in view-point, taste, and manner of writing. And, having rid ourselves by this means of the dating element in thinking about fiction, we are carried on to a discussion of the factors which compose it in a manner so engaging and from a standpoint so lucid and comprehensive that, whatever our own theories or predilections, we are absorbed and stimulated.
Forster devotes lectures-chapters in the book form-to various aspects of the novel. In discussing pattern he uses Henry James as protagonist. He permits us to supply our own examples of rhythm. Obviously, it is the motive of inexorable fate in Hardy's work which prompts us to call out to his characters (the Mayor of Casterbridge is the one this reviewer thinks of at once): "What is the use of this struggle for peace? Give it up. Look who's writing you." The divinity of humanity soars in ascending chords through Tolstoy. There are interludes, grave and gay, on fantasy and prophecy. And here conscientious readers who have tried unsuccessfully to read Melville, Lawrence, Joyce, and have repined therefor, receive valuable advice from Forster, who reminds them that when one goes out to
hear a prophet humility should be taken along, and the sense of humor left behind.
Forster, admitting wistfully that the novel must tell a story, still gives it scope to include such books as "Marius, scope to include such books as "Marius, the Epicurean" and Percy Lubbock's enchanting "Roman Pictures." The examples which he uses throughout which lie in the field of modern fiction should be valuable to those readers of the classics of fiction who are reluctant to try the new. This reviewer was particularly happy to find a good deal of space devoted to "Of Human Bondage," and to other less notable but fine modern books.
After all, Forster is a novelist himself, and a good one. If he pictures the novel, in many hands, as a sort of cockpit into which the author drops plot and characters to fight it out between them,
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it is not because his own work shows any such conflict. Most readers will agree that the finest novels are those in which the fight has resulted in a draw which leaves no bitter feelings on either side. Certainly in Forster's own books, "The Passage to India" and "The Room with 'a View," people and plot have achieved triumphant amity. Those might well be read again.
HE editor of this department will glad to help readers with advice and suggestions in buying current books, whether noticed on this page or not. If you wish guidance in selecting books for yourself or to give away, we shall do the best we can for you if you will write us, giving some suggestions, preferably with examples, of the taste which is to be satisfied. We shall confine ourselves to books published within the last year or so, so that you will have no trouble in buying them through your own bookshop.
Conducted by WILLIAM LEAVITT STODDARD
UBLIC attention has been drawn to stocks in the past two years as never before. In part this is a natural symptom of a bull market and prosperous times. In part it is due to an awakening to the real value of equities in the investment list-to say nothing of their value as speculations.
To a certain extent it has become fashionable to decry bonds, if not to deny altogether that they should have a place in any well-balanced investment list. It is pointed out, against bonds, that they represent debts; that they do not show appreciation; that the income return from them is fixed; and that because the income is fixed the bondholder in a time of rising commodity prices suffers an actual decline in earnings.
These arguments are not at all specious. They are sincerely put forward by thoughtful and experienced bankers and economists and they contain much valuable truth. But, in spite of them all, bonds have not been and, in our opinion, never will be left solely to the investment portfolios of institutions such as insurance companies and savings banks. They will continue to hold a stable place in the average man's and woman's investment list.
The reasons are not far to seek, but before giving them let us attempt to modify some of the extreme "anti-bond" statements of common-stock advocates. One of these is that bonds do not appreciate.
From a narrow, literal point of view this allegation can be substantiated. For example, if you buy a 5 per cent bond at par and hold it till maturity, you will receive par at that time-no more and no less. Your income will be exactly $5 per $100 invested. But if you buy a 5 per cent bond at 95 and hold it till maturity, you will have an appreciation of 5 points-not large, perhaps, but a 5 per cent increase of principal with little or no risk. If your bond is callable at 110, and if it is called before maturity, you will have an appreciation of 20 points, which is well worth while.
Looking solely at the income side of the bond situation, in addition to a wellassured fixed income-which is more to be desired than a declining income-you have from a 5 per cent bond bought at 95 a real income on the capital invested
HIS department will 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 service. Not more than five issues of stocks or bonds can be discussed in reply to any one inquirer. All letters should be addressed to The Outlook Financial Department.
of better than 5 per cent, as a matter of fact a return of 5.25, not taking into consideration the advance in price from 95 to 100, or, in case of a call, to 110.
It is true that the appreciation in bonds is a limited appreciation, but it is a sure appreciation and one not attended with any particular degree of risk.
The regulator of the price of bonds is, in the last analysis, money rates. If money drops to 4 per cent, a 5 per cent or 6 per cent bond tends to rise in price, and vice versa. If, therefore, we are in a period of gradually falling or consistently low interest rates, bond prices tently low interest rates, bond prices should continue high or should rise, and appreciation, irrespective of call features, should be considerable. This is the attractive speculative element in bonds.
Another anti-bond argument of some force is that a bond is a debt, that it is the instinct of the debtor to get rid of his debt as soon as possible, and that the bond-owner cannot be expected to participate in the growth and prosperity of the company as does the stockholder.
Now we can see no reason against owning a share in a debt of a wellestablished and prospering corporation, even in spite of the fact that the interest rate on the debt does not increase or the debtor declare stock dividends on the debt.
Business and governments could not continue without debts, and there is a very great social advantage in having these debts so financed as to increase the number of creditors. It is also to the advantage of the average investor to be able to participate in the great volume of debt which is needed in industrial, public utility, and municipal enterprises.
True, the debt may be defaulted either as to interest or principal and the
holder will suffer. But it is a risk that is incidental, not inherent.
We have never been able to agree with those who try to set up a case for bonds vs. stocks, or vice versa, with no compromise between these two classes of investments. No one can deny, however, that in any given case careful study will show that stock is better than a bond, or bond better than stock. A school-teacher with a small savings account between her and the world inherits $1,000. Had she best put this into a "triple A" bond or a good investment stock? Unless there are circumstances which make it possible for her to run the risk of a decline in the stock market, and unless it is impossible for her to get a relatively short-term bond at a conservative interest rate, she had best buy the bond. We would advise it. In other cases, for other reasons and under other circumstances, we would emphatically advise an investment stock.
The bond that, under certain conditions, is convertible into stock, or that has warrants permitting the purchase of stock at certain rates, is a well-conceived attempt to bridge the gap between these two classes of security. "Convertibles," of which there are many on the market, are well worth careful study. Because of the magnificent earning power of a certain corporation and because one of its obligations can be converted into common stock, there has been within recent years a rise of over 100 per cent in the market value of this obligation. The buyer of bonds should be alert to these opportunities.
In these paragraphs we have not tried to set forth anything but the more or less obvious factors which should be borne in mind by the investor and to warn investors against thinking that stocks are no good or bonds no good when making investments. The truth is not on the surface. Here are two absolutely different types of investments which have different functions, serve different purposes, are intended for different ends. He is extremely foolish who fails to recognize this fact and to be led astray by accounts of fortunes made in stocks, forgetting that fortunes are also lost in them too. Rarely does either happen in bonds; their function is to conserve. W. L. S.
Windows on the World
(Continued from page 311;
towns. Elsewhere in the Orange Free State and the Transvaal the national ensign will fly alone. It will consist of three broad horizontal stripes of orange, white, and blue, with the Union Jack and the flags of the two Boer republics in the white center stripe. And both Hertzog and Smuts declare that the last issue of racial conflict in South Africa has disappeared.
WENTY-FOUR WIVES in a harem on wheels are to accompany the King of Arabia and beguile his hours of leisure on his "frequent long trips through desert sections of his kingdom." He has had built in London two motor cars large enough to hold twelve of his spouses (or is the plural of spouse spice?)-without windows, since other men are not permitted to look upon the royal wives, but with tops open to the desert sun, air--and sand.
Now there is a husband who shows a brave disdain of what his better twenty-four-twenty-fifths may think and say of him!
HE GREEKS have a Looking-Glass Land way in politics. Pangalos, the former Dictator of Greece, has been found guilty of high treason, by a commission appointed by the Government that drove him from power and set up a different dictatorship. He is not to stand trial for two months, so in the meantime his condemnation in advance will doubtless spare him much needless anxiety as to the outcome. In some slower-minded countries it might be considered unusual to declare a man guilty, and then try him. But no Greek seems to have expressed any surprise at the reverse order.
Over every dictator's door is an invisible sign reading "Exit."
MEN'S PARADISE lasting five months a year distinguishes the Eskimo island of Nunivak, off the coast of Alaska. During this period, scientists have discovered, all the male population, "from weaned infants to the oldest patriarch," live apart in a semi-subterranean ceremonial lodge. Only at meal times do women enter to bring food. The men explain that the custom is necessary "to assure a good catch of seals." Perfectly simple-the first Eskimo Rotarians!
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New York City
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Hotel Judson 53 Washington Sq..
Melrose Lodge Tron, N. C., beautifully
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House for gentleman's family, fully furnished, near village. To reut for winter and spring. Apply A. B. ROOSEVELT, 30 Pine St., New York City. Tel. John 0809.
FOR RENT-Beaufort, S. C., on the Bay
Family or party of friends desiring to spend
COMPANION or COURIER. University man, traveled extensively, as companion to California, West Indies, anywhere, or would
Florida Oyster Bay, Long Island act as courier abroad. 8,144, Outlook.
Opportunity to become TRAINED NURSE. $15 monthly allowance. Ideal living conditions. Teunis, surf bathing. 3 hours from New York. 8-hour day. 2% year course. Age 18 to 2 2 years high school. Send for descriptive folder and application. Southampton Hospital Association, Southampton, Long Island, N. Y.
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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.
COCOA, FLORIDA tions, addressing 8,107, Outlook.
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for occupancy and am offering the others for
HOTELS NEED TRAINED MEN AND WOMEN. Nation-wide demand for highsalaried men and women. Past experience unnecessary. We train 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 AM-5842, Washington, D. C.
WANTED - An assistant in household duties. Education and refinement more necessary than experience. 8,143, Outlook.
WANTED-Protestant lady teacher-gover ness for girl 13. Country. Salary seventyfive dollars per month. Good reference. 8,141, Outlook.
WOMAN wanted as companion. The ser vices as a companion of a woman of social position are sought by a woman of means and culture. Please communicate complete infor mation as to personal history and qualifica
WANTED AMERICAN lady, companion-nurse, secre tary, managing housekeeper. Young, refined, unencumbered. 8,140, Outlook.
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HOUSEKEEPER-companion, private hom or school. Good references, moderate salary 8,145, Outlook.
NURSE, experienced, for invalid. Excellent physicians' recommendation. Can gy anywhere. 8,135, Outlook.
NURSERY governess, exceptional ability Best recommendations. 8,148, Outlook.
POSITION as housekeeper, to take full charge, desired, preferably in home where young girl needs care and companionship of cultured Protestant American lady capable of giving refined home environment. Acces Best references ex
REFINED middle-aged Protestant Amer can teacher wishes defective child or alint infant to care for, or position as compamucnurse to elderlies. $25 weekly. New Yor or New England preferred. 8,122, Outlook.
UNENCUMBERED middle-aged Protse tant woman, having had own home in Putl delphia, Pa., for past twenty years, deere position in Christian gentleman's refiss home. Foud of young people. Housekeep ing, companion, any position of trust. 8.1 Outlook.
WOMAN, refined, practical nurse, position; willing, useful companion to invad or elderly person. Best of references. Ba 292, Roslyn Heights, Long Island.
WOMAN, successful in school administra tion, wishes to become assistant to principal in private school at end of present scu að year. 8,146, Outlook.
TO young women desiring training in the care of obstetrical patients a six morts nurses' aid course is offered by the Lyng
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are provided with maintenance and given &
HE difficulty of keeping bevera g e s cold without diluting them by the addition of ice is not, in this country at least, entirely a hot-weather problem. We have recently seen it solved in two ways. One, by means of a glass jug which contains a removable glass cylinder that acts as
an ice reservoir and hangs in the center of the jug.
The other is a silver ball, a little smaller than a golf ball, seen at Ovington's. This ball contains distilled water, and it is frozen in the ice-box and then put directly in the glass which contains the beverage to be chilled.
Ovington's new store offers many suggestions for the last-moment birthlay or wedding gift buyer. Besides the ilver and glass and china there are nany unusual things that are beautiful and not too tricky. The modern art nirrors and lamps and clocks, for intance, or the glittering crystal trees, or he jade trees, six inches high, made by lever Chinese craftsmen with leaves nd flowers of varicolored jade, and rowing in square cloisonné pots. There re very modern console tables with road iron legs and black-and-white arble tops, and a nice selection of pewer, some of it consisting of reproducions of fine old Paul Revere designs. Pewter, by the way, is coming more nd more into favor as the beauty of its oft luster is becoming more appreciated.
THE genius of America expresses
itself in many ways, but in none more effectively than in raising the general standard of living. The best scientific, inventive, and artistic brains in America are being applied to the production of things that minister to our comfort, our amusement, or our sense of beauty.
The editors believe that no view of current affairs is complete that does not include some account of these things.
Liberty has recently introduced a pewter which contains no lead and which very closely imitates silver, particularly in the hammered
pieces. This pew
ter is said to do away with the objection which some people had to tea made in old-fashioned pewter teapots, due to a chemical reaction between the pewter and tea, which made the latter taste.
The entrance of the radio into American homes has spoiled the appearance of more than one living-room. Cabinets and loudspeakers of every shape and size, of every imaginable atrocity of proportion and design, have been invited into our houses to squat like obscene beasts at our firesides. Their voices were sometimes sweet, but their appearance was certainly against them.
More recently, however, these creatures have become more civilized. Their makers have spent some thought upon design, so that now-if they don't pretend to be bookcases or sideboards—we can look at them with some pleasure.
Which is a preface to saying that some of the best-looking radio reproducers which we have seen are those made by the Amplion Company. Nearly all the models possess the virtue of simplicity, and the cones in particular are quiet to the eye, that is-and not overloaded with meaningless decoration. We do not forget that the prime purpose of a reproducer is that it should
The golfer or yachtsman who hasn't enough Irish in him to get a light from a match in the wind will find at Dunhill's a new sports lighter made for use cut of doors. It burns with a flare that will withstand half a gale.
Dunhill has also a new house lighter which is the same width as the pocket lighter, but about four times as long. It will contain enough fluid to last for several months. Then there is the combination lighter and watch, with a small Swiss watch set in the side; and there are many sets of lighter and cigarette case, or lighter and tobacco pouch in leather and enamel.