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Replying to the widow's daughter, the Argentine 7s due 1927 to yield 6.05 per cent. Investment Editor wrote, “There are Bordeaux 6s due 1934 to yield 7.80 per cent. only two investment fields in which it Brazil 8s due 1941 to yield 8.32 per cent. seems possible to-day to get 7 per cent.

France 71s due 1941 to yield 7.48 per cent. return on one's money with a good degree Marseilles 6s due 1934 to yield 7.78 per cent.

Lyons 6s due 1934 to yield 7.80 per cent. of safety. Those are the foreign govern

Queensland 75 due 1941 to yield 6.10 per ment field, about which you inquired,

cent. and the real estate mortgage bond field.” Queensland 6s due 1947 to yield 5.70 per Continuing, he wrote:

“As a rule we would not advise the Sao Paulo (City) 8s due 1952 to yield 8.15 per placing of all of an inheritance, such as cent. your mother and you have in hand, in Soissons 6s due 1936 to yield 7.55 per cent. any one or two investment fields. Greater safety is to be secured by greater diversi

In addition to these there are as many fication, and there are risks in these two more foreign government and city bonds fields that are not found in some other that cannot be called before 1934 that fields—that is what accounts for the might be added to the list. Those inhigher rate of return.

clude the Japanese 6 s due 1954, callable On the other hand, the writer is in- in and after 1939 at 100, Belgium 6 s due clined to believe the foreign field offers 1949, callable the same year at 105, and some of the most attractive investment the Austrian guaranteed 75 due 1943, possibilities to-day in such bonds as the callable in 1934 or after at par. These new German 75, French Republic 7}s, latter bonds, however, can be redeemed State of Queensland 6s, Belgian Govern- for the sinking fund at par on any interest ment 63s. But these are not securities date. The German 7s due 1949 are rethat are usually recommended for a deemable at 105 for the sinking fund widow's investment.

annually. "In parenthesis we might say that we An example of the effect on prices of think your 'hard headed' friend would the short experience that American indo well to switch from the French 8s, vestors have had with foreign bonds is to which can be retired soon by the French be seen in the Austrian Government Government at 110, into the 7ts, which issue, which was brought out partly in cannot be retired before maturity in this country and partly abroad. In the 1941. If the credit of France improves London market the sterling bonds of this in the next several years, the 7s should issue, bearing 6 per cent. interest, were sell far above the 8s.

selling around 92, to yield about 6.85 per “Coming back to your problem, we cent. to maturity, when the 7 per cent. think it would be well to place $4,000 of dollar bonds brought out here were this money in Liberty bonds, as has been selling at 94 to yield 7.60 per cent. to suggested, and if you must have 7 per maturity. cent. on the total, divide the rest between As American investors get better acsuch foreign government issues as we quainted with foreign issues they will unhave mentioned and real estate mortgage doubtedly become more popular. But bonds purchased through houses of high sight must not be lost of what has hapstanding and long experience in that pened to Russian bonds and to Germany's field.”

pre-Dawes issues. The Corporation of There are ten foreign government and Foreign Bondholders reports that nearly municipal bonds listed on the New York ten billion dollars worth of principal and Stock Exchange bearing high interest interest is in default on foreign governrates that cannot be called for retirement ment issues that have been floated in the before maturity. At this writing they English market. Investors, therefore,


, are selling to give the following yields to should well diversify their selections in maturity:

this field

Betting on the Country's Future

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HAVE read your page in the should go entirely bad, or cease to pay World's Work for several years and dividends in times of depression, he would have come to think highly of your still be getting a return which would comopinion. I would like to ask the pare favorably with that of the best

following information if you are will- bonds. ing to favor me with it.

It is more difficult, of course, to choose "I have $2,500 which I would like to common stocks that are not likely to go invest in the common stocks of some large, bad than it is to choose high grade bonds. well-managed companies, dealing in staple For that reason those who cannot afford articles of general use, which have possi- to take risks with their money and who bilities of growth. Such companies as

need a fixed income from their investGeneral Electric, U. S. Steel, National ments to live on, should confine their inBiscuit, and similar companies were a vestments to high grade bonds. few years ago.

In reply to this inquiry the Investment "I have in mind Allied Chemical, Editor wrote: Westinghouse Electric, Pacific Gas and Electric, Southern California Edison. It strikes us that your scheme of investing “Any information you can give me and $2,500 by dividing it among the common

stocks of five large, well-managed companies any suggestions you care to make will

in various fields that seem to have possibilities be gratefully received."

for growth is one of the best plans that you This letter came from a man in Massa

could follow. chusetts, where investors' thoughts natur

In selecting five stocks for your purpose, it ally turn to stocks because of the high

seems to us that your suggestions of Allied tax rate on bonds; but why should it not

Chemical & Dye, Westinghouse Electric and come from anywhere in the country? It Manufacturing, and one of the California shows a desire to make investments that hydro-electric companies could not be imhave the possibility of growth, indicates proved upon. an appreciation of the risk in such invest- In adding to this list we would suggest such ing, and shows an understanding of the

a railroad stock as Southern Railway common, class of securities that should be chosen

which seems to have good possibilities because

of the great industrial expansion in the South, for such an investment—"common stocks

and American Tobacco new $50 par value of large, well-managed companies, dealing

common stock, which gives a return of more in staple articles of general use.”

than 8 per cent. and also seems to us to have This man believes what J. Pierpont good possibilities ahead of it. Morgan said about the person who was a “bull” on the United States, and he Some reader might ask, “Is this not had investment knowledge enough to speculation?” It may be, but if so, it know that he should distribute his bets is legitimate speculation. Montgomery on the future growth of the country. Rollins, in “Money and Investments,

No criticism can be made of such in- defines speculation as “buying in expectavesting when done by a person who can tion of a rise in value

having no afford to run the risks of partnership in regard for the income-producing capacestablished businesses and who possesses ity.” And investment, he says, is buying the investment intelligence disclosed by “with the purpose of obtaining an interest this man. To start with, on a diversified return upon the money; any increase in investment of this character, he can get value of the principal being but a seconda present return of nearly 7 per cent. on ary consideration, but the safety of the his money. If a fifth of his selections principal a first consideration.”

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to read the first three pages....


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E DARE you to read vulgarity of speech though he may some-
the first three pagęs.” times be, stands out as not the least com-
Leaping like live things manding of them all.
from a sufficiently ar- His early tutelage, received at the ner-

resting book jacket these vously able hands of Edgar Allan Poe, words create in the mind of the casual sowed in him the seeds of a wide variety buyer at a book stall a feeling of pleasure of astonishing qualities. “The Murders able unrest. He may not succumb at in the Rue Morgue” thrilled and horridly first; he may even go upon his way, at mystified our grandparents who must least for a few hundred yards; but in the have inwardly repeated with a deeper end those startling words and the alto- fervor, "From battle, murder and gether too sinister figure staring, purple sudden death, Good Lord deliver us upon yellow, from that jacket, work their after a late reading, and “The Gold Bug” spell. He returns and buys and that was obviously studied with care some evening devours not only the first three, thirty years later by the perfectly inbut all the pages, with a feverish concen- vincible Sherlock Holmes. Fitz-James tration that leaves him at bed time eager O'Brien, a brilliant and imaginative Celt for bright light and reliable companion- who came to this country from Ireland, ship. He resists with difficulty the published during the early 'fifties stories shameful little voice that bids him look which further exemplified the growing under his bed and peer into the recesses of interest which our type began to arouse. the clothes closet lest the unpleasing in- “The Diamond Lens” and “The Lost dividual of the jacket, in reality the Room" may still be read with bated greatest criminal of all time and the breath and here too may Holmes have arch enemy of the white race, be subtly profited. hidden in the shadows waiting to work his With this last named gentleman, our evil.

In the end, he sleeps fitfully. But type reaches the peak of his early de he is inoculated. His taste in fiction is velopment. Now, when crime rides crystallized at last. The romances of seemingly triumphant with science and great criminals and greater detectives invention at its elbow and is brought have claimed him for their own.

down at the end of three hundred odd And so they have claimed their thou- pages only after the direst struggle, even sands and tens of thousands. They have now with all the added appanage of horror become a type of fictional literature as that comes from the misdirected use of clearly defined as any other, the straight lethal rays and invisible agents of deadventure, the humorous, the problem struction, the mysteries so calmly and novel and the rest, and should one visual- inevitably solved by Holmes still thrill us ize these types as men and women stand- as they did when years ago we sat shivering together in a line, the one of mystery, ing quietly over the “Speckled Band" somewhat dishevelled, a little obviously or the

or the "Musgrave Ritual.” With his dressed perhaps and prone to a certain pipe, his quiet strength, his absolute om

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niscience, he has become as tangible a figure man is unable to speak with any conin our minds and as firmly fixed chrono- tinuity. He does not, in fact, speak at logically as Chinese Gordon or the G. O. all. He "raps." He “jerks.'

He M., Dizzy or the Diamond Jubilee. It is “barks." To have been able to drawl

” three or four years now since his last bow would have saved him. There are times was made, but he holds his own with the when it seems as if, after all, Dr. Fu younger men whose prototype he is, the Manchu might be justified in getting a surprisingly staccatto Nayland Smith of bit of his own back, but our allegiance Fu Manchu connection or

does not long wander. That the scientifically minded

sinister Chinaman chills the Craig Kennedy.

spine and makes the simple Emerging then with

process of turning out the honors from the school of

light and getting into bed Conan Doyle, our type in

an unbelievable penance. the two decades of the

Mr. Rohmer, in his latest new century, since Holmes

books “The Brood of the belongs actually in the

Witch Queen" and "Grey nineteenth, keeps pace

Face," excells in workmanwith invention and the

ship and a certain scholarly sciences to the unbounded development handling of his material these earlier tales. of his resource. He becomes a trifle "Grey Face" in particular, is an exless dignified perhaps, he begins to over- tremely clever thriller, the mechanism of dress a trifle, but he is packed with a which recalls somewhat the fascinatingly terrible knowledge and a ruthlessness that cryptic stories of Algernon Blackwood, would have surprised even the forbidding whose hero, John Silence, is after all the Professor Moriarty of Conan Doyle. It peer, though in a slightly different field, is chiefly with Sax Rohmer and Arthur of Holmes himself. B. Reeve that this development takes Arthur B. Reeve, while his criminals place and to Mr. Rohmer must the credit are the more familiar type whose capture go for creating the most unforgettable or demise we sometimes read of in the criminal character in this field of fiction. papers, created Craig Kennedy, a charac“The Insidious Doctor Fu Manchu" with ter the more impressive because the soluhis giant and poisonous fungi, his scor- tions that he arrives at are accomplished pions and bloated spiders, his dacoits and with a touch of genuine scientific ability. evil henchmen, moves as in a yellow mist He does not, like Rohmer, rely on the of venom through stories whose fault lies inscrutable East for a sinister glamour, chiefly in an exaggeration of horror, a but on the commonplace surroundings clapping of Pelion upon Ossa, until the with which we are all familiar-New York, mind, shocked at first into a flame of Long Island, any American city. And interest, becomes eventually dulled. who shall say that his method is less

“The Return of Doctor Fu Manchu" effective, for as a corpse in the thoroughly was an event much looked forward to. unexciting milieu of a tomato bed is He returned, as ever the incarnation of more terrifying than one on a silken divan evil; as ever urbane, soft-spoken, deadly, in a harem transplanted to Half Moon and in every page nearly accomplished Street, so usually is crime stalking unthe erasure of Nayland Smith and his expectedly through streets with whose somewhat stuffy friend Petrie. Nearly, every inch we are familiar, more fearful but not quite, and we breathed again. than if it were staring horridly from a setNayland Smith, be it said, measures up ting whose very unfamiliarity half hints very fairly with his brethren in the sup- at the existence of foul play. pression of crime save for one character- Equal to anyone, perhaps in the achieveistic which not uncommonly irritates the ment of an atmosphere of downright flesh reader to a pitch of frenzy. The poor freezing terror, is the versatile Mary

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Roberts Rinehart when she thitherward marred, alas, but in his time “The Lone turns her pen. "The Circular Staircase,” Wolf” promised brilliantly, and after all, later dramatized under the title of “The the number of his followers to-day does Bat," is an example, and “The After not denote that this promise was entirely House" whose plot obviously enough belied. is gathered from a sensational murder of Without much question of doubt if one twenty or more years ago that some may were to be asked who was the best known yet remember, the axe killings upon the author of such books, however, E. Phillips sailing vessel Herbert Fuller

Oppenheim would be the which were never solved,

answer. In the first place though the Mate, a slightly

he is so astonishingly pronegrescent individual

lific as to defy obscurity named Bram, was twice tried

and in the second, his plots for them, is another. Anna

and characters are genuinely Katharine Greene is a vet

interesting. It is difficult to eran influence in the field

choose one book from three and she it is who presented

score, but at a hazard “The to her readers that subtlest

Great Impersonation" would of daggers, the icicle, which, having ac be the choice. With Oppenheim, as it was complished its mission and slain its vic some years ago with E. W. Hornung tim, melted ruddily away into nothing. whose genial "Raffles” pursued a ques

Louis Joseph Vance and Frank L. tionable career with perfect urbanity, our Packard share between them the distinc- type becomes less emotional and more tion of having created two very debonair cerebral. There is little hair-raising circrooks whose crimes, however, may hardly cumstance in Oppenheim, nothing, really, so be called, since in the final analysis which would challenge the reader's inand somewhat paradoxically, their se terest to the extent of causing him to quels are beneficial to society. Packard's leap three feet straight in the air were conception, Jimmy Dale, anonymously someone to drop something on the floor hidden behind the cognomen "Gray Seal” back of him. But there is the challenge is a gentleman, a member of exclusive to one's wits and it is there that, curiously clubs and endowed with plenty of money, enough, he secures a tremendous following whose hobby is housebreaking and safe among busy men who seek in their hours cracking. This hobby he frequently in- of freedom relaxation in figuring out the dulges, but somehow or other his victims problems that Oppenheim sets them. are always rogues and like Robin o' Melville Davisson Post is another who Lincoln, he harms not the needy or de- applies to the construction of his stories serving. "The Adventures of Jimmy a sound knowledge of some one thing and Dale" divert one but do not entirely depends not entirely on his imagination. escape that pitfall that lies in the path Mr. Post possesses knowledge of many of all such-a certain monotony of execu- things, including law, and it was his tion and lack of freshness in plot.

familiarity with this last that completed Louis Joseph Vance succeeds better. the effect of that admirable if gruesome “The Lone Wolf” though in these latter short story "The Corpus Delicti." days grown less convincing, started out Not even the briefest survey of the as an extremely interesting and highly treatment accorded our type in the hands cultured criminal with the instincts of a of writers either American by birth or by sportsman and no mean one into the virtue of their public would be adequate bargain. Paris was his favorite play without mention of Richard Washburn ground and he knew it thoroughly and it Child's “The Velvet Black.” This collecwas not without regret that we remarked tion of masterly short stories like those of his reformation and really inexcusable Wadsworth Camp in the “Communicatlapse into love of woman. A young man ing Door” fringes now and again upon

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