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standard for one's own human contribution to the future. A study of eugenics enables one to make a fascinating addition to such family records, one that will be a real contribution to science, as well as a document of direct practical value to one's descendants.

This can be done by filling out the blanks upon a printed form supplied by the Eugenics Record Office, which are scientifically arranged for the recording of the distinctive physical, mental, and moral traits of an individual, along with the usual biographical data of birthday and birthplace and parentage. A complete family record on these forms extending even only so far as grandparents, uncles, aunts, and cousins, will reveal, to any one who takes the trouble to work it out, unsuspected and fascinating relationships of body and mind and spirit with his kindred. It will provide also, if he wishes it, a body of information for expert study that will help him solve many problems in the rearing of his children, and, for those disposed to trust not wholly to sentiment, a helpful guide to prudence in marriage.

WHAT EUGENICS REALLY IS

strains of tulips. Eugenics, then, is not a "cause" or a "crusade." It is simply a body of known facts available to the use of people who take as much interest in the form, bodily welfare, vigor, type of mind and qualities of character of their children and grandchildren as they do in the color, form, and perfume of the flowers in their garden.

Nature herself is, of course, the first and the greatest of eugenists-otherwise the human race would long ago have been obliterated for lack of intelligence and strength to survive. By this is meant that nature provided man with the instinct by which "like tends to mate with like." The strong and the intelligent admire strength and brains, and tend to marry them. The weaker and the less intelligent not only tend to follow the same instinct, but are reënforced in that tendency by being rejected by the better type. Those who, through abuse, disease, or accident, sink to a lower level, tend to find mates at that level.

WHY DID YOU GET MARRIED? UT nature's intention is often defeated by the accidents of propinquity. Men and women will marry;

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stood by the general public. It has been variously misrepresented by ignorant critics as propaganda for birth control, as a cloak for free love, as a scheme to achieve state interference with the right to marry, as a form of controlled human breeding, as a visionary plan to produce a mythical race of supermen, and as an attempt to substitute science for religion. All these grotesque misstatements have been made and believed.

Eugenics is none of these things: seeks to do none of these things. Eugenics is a science, as exact as botany; and, in many of its principles, identical with that science. As much is known about the heredity of human traits as is known. about the heredity of color and form and fragrance in flowers. As much is known about the effects of crossing dissimilar strains of human beings as is known. about the effects of crossing dissimilar

will marry their inferiors. Nature's intention is at other times defeated by false standards that men themselves raise up, that blind them to the natural values. Thus, marriage for money is not only a violation of romance, it is also a violation of the laws of biology, for it is the setting up of the mere possession of money as an evidence of the possession of the more important qualities of mind and character that make the acquisition of money possible to their possessor.

The daughter may inherit her father's fortune; but, unless her mother was her father's equal, she is far less likely to inherit his brains. At times in history, too, men have set up artificial standards of beauty, that have destructively altered the physical and mental character of whole races by shifting the interest of the best types of men to the second-best types of their women.

How can the world use eugenics? The answer lies with the parents of children. The first step is for the parents to learn the facts-to find out what science can tell them about the inheritance of human traits. Some practical suggestions in this direction will be given below. The second step is for parents to devise the means, best adapted to their own children, to get into those children's minds the right ideals, based upon those facts, about the kind of people they ought to marry-and by "the kind of people they ought to marry" is meant those most likely to complement and strengthen the heritable virtues of the children themselves. A world of harm has been done, for example, by the frequent iteration of the idea that the happiest marriages are the marriages of "opposites."

Exactly the contrary is the fact. The endlessly surprising differences in viewpoint and emotional response between the sexes is quite sufficient an attraction to supply all the variety that is needed to make marriage permanently interesting. To make it happy, above all else it is necessary that there shall be an equality of physical powers and intellectual capacity. The mating of physical strength with weakness is unjust to the one and oppressive to the other. The mating of intellectual power with dullness is fatal to the happiness of both. And in both cases, the hereditary prospect is full of difficulties. Many a clever woman has known the anguish of seeing her children develop into good-looking nonentities like their handsome father; and many an ambitious man has seen his children grow up with the physical disabilities of a weakling mother. Parents who understand heredity can do much, by social tact, to guide the companionship of their children into the right channels.

NATURE AND THE "F. F. V. 's"

T SHOULD here be said emphatically that nature is no snob, and does not distribute hereditary benefits by reference to the Social Register or Dun and Brad

street's. street's. With equal emphasis it should be added that nature is not an anarchist, either, and does not withold hereditary benefits because of social position or wealth. Nature simply does not pay any attention to these considerations. She considers solely the muscle and bone and nerve and brain. These elements are in some people so grouped that they are beautiful or wise or gracious or all three. In other people they are so grouped that they are the opposite of these characters. It is these elements that parents should consider. Provide your grandchildren with the right human legacy, and they will furnish for themselves the trappings of social position and money.

WH

WHERE TO BEGIN?

HERE can parents learn these things? Albert E. Wiggam's "The Fruit of the Family Tree" tells much of it in popular form. Herbert E. Walter's "Genetics" is an elementary text book in the science of it. The Eugenics Record Office of the Carnegie Foundation, at Cold Spring Harbor, New York, can supply exact information and advice. With these references for a beginning, any interested person can easily pursue the subject farther-and, if he goes no farther than these three, he will learn much of profound interest and practical value.

Eugenics is not a panacea for the ills of the human species. It is not a quack prescription guaranteed to produce a super-race. But it is a science that bears about the same relation to individual and family welfare and happiness that medicine and surgery bear to the diagnosis and treatment of disease, and about the same relation to national and racial welfare that preventive medicine bears to the prevention of destructive epidemics. It is not a compulsory device for wholesale. practice on the public at the hands of government or scientists. It is a body of knowledge available for the voluntary use of such individual persons as may be wise enough to use it.

'N THE January number of this magazine Mr. David F. Houston wrote entertainingly of the democratization of industry through increasing ownership on the part of workers. He was writing out of a unique experience in public life as Secretary of the Treasury and Secretary of Agriculture and now as head of the securities end of the corporation whose stock is more widely held than that of any other in all America.

It was a cheerful and inspiriting story. He says that the ideal and the sensible thing is for every worker to become a capitalist. He points out that the wider industrial foundation and the sounder financial structure of many big corporaations to-day are due to the fact that thousands of employees have traded millions of dollars in salary and wages for stock and have become interested owners rather than casual employees-343,000 stockholders of the American Telephone and Telegraph Co., 300,000 in the Standard Oil group, 158,000 in the United States Steel Corporation, 144,000 in the Pennsylvania Railroad, and so on, including in each case very large numbers of employees.

This is the work of only a few years, but it is growing into a great popular movement. In fact, the saving of money, and the investing of it in securities after it has been saved, are the general order of the day. Almost any one you meet these days can carry on at least a short conversation rather learnedly on the subject of stocks and bonds and his investments in this or that. And a most encouraging and cheerful sign of the times is that a large number of far-sighted men in the banking world have seen the handwriting on the wall and have come out to meet the oncoming march of new in

There is, also, very noticeably

a radical change in the tone of our Thrift speakers and writers. They talk and write now of your "program" for your insurance, your savings, and your investments. The Fear stuff which formerly froze the blood in your veins and brought you up staring straight into the glassy eyes of Poverty, has turned into cheerful plans of what money saved will do for you-education, travel, advancement, and the good things of life in general. All of the banking machinery is now working both sides of this record, as we shall see.

Consider the savings bank, how it has changed its habits. From a formidable and forbidding atmosphere, where folks used to go to serve the bank rather than to be served, it has been turned now into a clubby sort of a place, where the great bankers step out in the open and welcome all comers, even to the extent of discussing the investment of excess savings in bonds or of setting up a family budget. And the national banks and trust companies, seeing the money-saving habit coming on apace, have carefully spread the welcome mat at their front doors. Resultcheerful savers of money have carried into banks of all kinds more than twenty billions of dollars (as of June 30, 1924), and the number of these savers is probably close to forty millions.

Then, not so long ago, Uncle Sam himself got into the money saving business, organizing the United States Postal Savings System. You simply hand your money in at the Post Office and the Government takes care of it for you, pays interest on it, and transfers it from place to place if you move. This service is now supplied at some seven thousand offices throughout the country and on October 31, 1924, about one hundred and thirtyfive million dollars stood to the credit of thousands of men and women. Many of

these depositors are foreigners who were accustomed to government savings systems through the postal service in their home countries and who have come to know the real value of the great American dollar, and how to save it.

Other urges to save, in the way of ideas which have the good effect of committing people to definite plans, have produced almost astonishing results. The Christmas club is one. This is a savings plan which more than six thousand banks offer. In December, 1924, Christmas Clubs had for distribution nearly a quarter of a billion dollars, put in by close to six million people. And just to show how system holds folks and how the general run of humanity appreciates some spur to a good work, and will respond, this huge sum was not all spent for the knickknacks of Christmas, but the plan was applied to other purposes as well. An estimate, based on investigations in previous years, indicates that about 45 per cent. goes for Christmas purposes, 28 per cent. goes back into savings, 12 per cent. is applied to insurance premiums and mortgage interest, 11 per cent. for taxes, and 4 per cent. for what might be called fixed charges. A real inducement to save starts a lot of people on the right road.

Even school children are learning the saving story along with the three R's. There is the school savings system in coöperation with banks. It worked in more than nine thousand schools (192324 school year) so well that more than two million pupils had almost fifteen million dollars on deposit-many children, much "little" money, great savings —a sort of Woolworth business of savings banking.

Also, there is the cheerful story of the building and loan associations. In some ten thousand local associations, having about seven million members, more than four billion dollars are invested. That accounts for many a nice little home.

Yes, and even in the dignified investment business, the Wall Streets, State Streets, and La Salle Streets of the country welcome the savers of money, and

distinguish between the savers and the speculators. At present the savers have a considerable "edge" on the situation. More facilities are being made for them and less for the speculators. The once despised real estate mortgage has helped this. When a Chicago mortgage banker saw that the day of the very big mortgage had come and that men of great wealth were not increasing fast enough to make a ready market for big mortgages, he hit upon the happy idea of splitting a mortgage for $100,000 into two hundred pieces of $500 each, and as there are many more people who have $500 than there are those who have $100,000 all he had to do was to tell his sales story in a cheerful tone, which he straightway did, and now just this one company sells as many as $10,000,000 worth a month. Being something of a merchant as well as a banker, he proposed his bonds as a savings proposition, with the result that he opened up a new and wide field for promoting the savings idea on a business basis.

Accumulating money through buying bonds, once the proud possession of the rich-" the bloated"-added a thrill to the whole savings business. The pressure on old-line bond houses was too much to withstand, so they let down the bars with bonds of small denomination and partial payment plans and in walked Mr. Small Investor in large numbers. He was not any too welcome, but it doesn't matter much now for, welcome or not, he is there to stay, and he has an amazing capacity for stowing away good bonds for cash or by time payments.

Thus, there is a happy progression in the new systems of saving money-through the little known Postal Savings. System, the better known, almost jolly, modern savings banks, Christmas clubs, school savings, the neighborly building and loan association, the once exclusive bond houses, which now become bond stores and lose none of their essential qualities in getting better acquainted outside of "the carriage trade," and the still bigger democratizing element in industry-the owner-worker.

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EN who keep well informed regarding business conditions and sometimes make money speculating in stocks are not examples for uninformed women and inexperienced men to follow. These latter are not mentally equipped or trained to undertake such operations, and nine times out of ten they cannot afford to take the risks involved. Securities that fluctuate less in price are more suitable for them, unless they buy high grade stocks when prices are low for the good return they give and pay little attention to their market movements thereafter. When they try to emulate the successful speculator, they usually come into the market after stocks have reached high levels and when the experienced stock purchaser is getting ready to sell. It seems well to call attention to this at the present time.

One of the most difficult things for investors to realize is that different degrees of safety are needed for different investment purposes. A retired Connecticut business man who had $10,000 invested in Liberty Bonds wanted to know how he could invest another $10,000 to bring his average return up to 6 per cent. The Liberty Bonds gave 41; the rest would have to bring in 7 to give the 6 per cent. average he wanted. He was a retired business man with a family and no income except that from these investments. Still, his case was not so bad as that of a woman in Texas who wrote that she wished to get 7 or 8 per cent. on a few thousand dollars because she needed a higher return than she was getting on her funds invested in Liberty Bonds.

Neither of these two would be justified in risking the loss of any of their principal in order to get the high return they were after. The man was beyond the age when

he could go into business again to recoup a loss; the woman's earning power was comparatively small and her capital represented too many years of careful saving to justify her in taking any risk in the investment of it. And the truth is that a majority of investors fall into one of these two classes, be they men or women.

The first thing to decide is the amount of risk that one can afford to take with his funds. The investor must decide that for himself. Then he should stop to realize that high yield and little risk do not go together. After reaching this decision and this realization the choice of securities can be undertaken.

It is not always easy, however, to tell whether a security is suitable for one's purpose or not. The service of a good investment banking house is helpful at this point and is one of the best safeguards that the investor can employ to protect himself from too risky issues. Nevertheless, the investor should form his or her own judgment whenever possible, and when that is not possible, it is well to get the advice of some disinterested authority.

A widow in the South sent in her investment list for criticism. It had been purchased from a leading investment house, but among the good bonds in the list were some of the junior mortgage bonds of one of the weaker railroads of the country, bonds not suitable for a widow's investment. An inquiry brought forth the information that an enthusiastic bond salesman had aided and abetted her in placing these bonds in the list, in order to give her the high return she desired. This case illustrates both the danger of the investor seeking a higher return than goes with safety and the danger of depending solely on the investment house, which is likely to be prejudiced in favor of issues which it has for sale.