FINANCIAL DEPARTMENT

(Continued)

Springfield Mass.

or $240. In reality you lost even more than this, for the interest should be compounded.

People often forget this phase of investing. Not so the man of experience, and it is for this reason that he practically never buys stocks which are not paying dividends. It is a cold-blooded business proposition with him, and he knows what is worth while. Non-dividend-paying stocks usually sell at low figures, and on this account look attractive, perhaps, and cheap. But are they? Dividends are paid out of earnings, and if dividends are not being paid it is pretty safe to say that earnings must be unsatisfactory. In other words, the company's business is not in good condition, and the stock must be speculative. It is

North American Bldg. PHILADELPHIA

Pittsfield Mass.

Portland Me.

not everybody who can afford to speculate. People with plenty of money may be in a position to buy low-priced non-dividendpaying stocks, put them away in their safedeposit boxes, and do without the interest on the money invested for a considerable time, on the chance that some day the stocks will be worth a great deal more than they paid for them. It is true that people have made handsome profits in this way. These people realize, however, that they are speculating; if they lose their money they are prepared for it, and they can afford this risk for the chance of gain. But there are not many people so situated financially that they can afford to have any real percentage of their funds idle for any length of time.

There are plenty of non-dividend-paying

stocks to be had at the present time. They always are available. The question to decide is whether or not it is worth your while bothering with them. Perhaps they will begin to pay something soon, but this will depend upon earnings and will bear close investigation. By the time dividends are instituted the interest you have lost on your original investment may make the cost of the stock to you so high that the return on it-when you do get one is not a good one after all. For example, suppose we take the case cited in the first paragraph. Suppose you had held on to this stock instead of selling at a threepoint advance. Suppose you had held it for five years, and at the end of that time dividends were inaugurated at the rate of $2 a share a year. Your original investment is $3,000, but at the end of five years it really amounts to over $4,000, figuring the lost interest at compound rates, or to $3,900 figured at simple interest. This would make your returns slightly over 5 per cent, which is not a startling one on stocks.

It is best to buy dividend-paying stocks, and not only this, but stocks which have paid dividends over a period of years. You will notice among the stocks listed on the New York Stock Exchange that of two stocks paying the same rate of dividend one may be quoted considerably higher than the other. Very likely this is because it has a longer dividend record. If a company has paid dividends every year for twenty years, it has given proof of its ability to succeed; it has demonstrated the fact that its business is stable and well run. Naturally a stock of this kind is considered a better investment than one which has paid dividends only two years, or perhaps spasmodically, something last year and nothing this, with only prospects for the year to come. Consistent earning power is a warrant of worth, and the evidence of earning power is dividends. Conversely, the absence of dividends points to the fact that the company's business is uncertain and therefore speculative.

No doubt you receive circulars from banking houses giving lists of securities. which they recommend for investment. If so, you have probably noticed that certain bonds will be marked with an asterisk, and upon looking up the reference find that they are referred to as "legal for trust funds." This means that these securities fulfill the requirements imposed by the State authorities as to what kind of investments may be purchased for trust funds. It is further to be noted that every precaution is taken that such investments may be safe and not jeopardize either the principal or interest of the beneficiary. One of the requirements is that the bonds accepted as satisfactory shall have paid their interest promptly for a specified number of years. Now if trust funds can be invested only in the safest of securities, and if one of the principal evidences of safety is regular payment of dividends or interest, why is this not a good criterion for any investor? Further, there should be a safe margin of earnings over dividend and interest requirements, so that when a bad year comes along a fund is provided to take care of these obligations, and bond or stock holders suffer no loss. Further, no well-managed company pays out all it earns in dividends. How inadequate, therefore, must be the earnings of a company which can pay no divi

dends at all.

New companies, of course, seldom pay

FINANCIAL DEPARTMENT

(Continued)

dividends right away, for something must be earned before it can be distributed. And who can tell with any degree of certainty just what earnings will be? For this reason stock in a concern newly formed and just starting business is practically always a speculation. A glib salesman may draw wonderful word pictures of what earnings and dividends are going to be, but a past record is far more convincing than vague imaginings of the future. "Safety first" applies to many things, but to nothing more pointedly than to investments. Leave non-dividend-paying stocks alone, and investigate the dividend record of those you contemplate buying. Nine chances out of ten the past is a pretty safe augury of the future. Non-dividend-payers may look cheap, but in the long run it seems safe to say that if all the money ever made in stocks could be traced, that part going to the owners of standard dividend-payers would exceed by many times the profit accruing to those who bought the kind which paid none at all.

There has always been considerable confusion in people's minds about stock dividends and the income tax. The Internal Revenue Department has issued a ruling. covering taxation when stock received as a dividend is sold and results in a profit. This

FIRST FARM MORTGAGES ruling follows:
AND REAL ESTATE BONDS

One of Our Clients
from New York City Writes:

I have invested in Western Farm Mortgages since 1876 and have never lost one dollar, principal or interest. Wish I could say as much for my other investments. . . ."

If you have money to invest safely in cholce First Farm Mortgages, let us send you our descriptive pamphlet "S" and list of current offerings in amounts to suit.

37 Years Without the Loss of a Dollar
E. J. Lander & Co.

"Stock received as a dividend does not constitute taxable income to the stockholder, but any profit derived by the stockholder from the sale of such stock is taxable income to him. For the of purpose ascertaining the gain or loss derived from the sale of such stock, or from the sale of the stock with respect to which it is issued, the cost (used to include also, where required, the fair market value as of March 1, 1913), of both the old and new shares, is to be determined in accordance with the following rules:

(1) Where the stock issued as a dividend is all of substantially the same character or preference as the stock upon which the stock dividend is paid, the cost of each share of both the old and new stock will be the quotient of the cost of fair market value as of March 1, 1913, if acquired prior to that date, of the old shares of stock divided by the total number of old and new shares.

(2) Where the stock issued as a dividend is in whole or in part of a character or preference materially different from the stock upon which the stock dividend is paid, cost or fair market value as of March 1, 1913, if acquired prior to that date, of the old shares of stock shall be divided between such old stock and the new stock or classes of new stock in proportion as nearly as may be to the respective values of each class of stock, old and new, at the time the new shares of stock are issued, and the cost of each share of stock will be the quotient of the cost of the class to which such shares belong divided by the number of shares in that class.

(3) Where the stock with respect to which a stock dividend is issued was purchased at different times and at different prices, and the identity of the lots cannot be determined, any sale of the original stock will be charged to the earlier purchase of stocks, and any sale of dividend stock issued with respect to such stock will be presumed to have been made from the stock issued with respect to the earliest purchased stock, to the amount of the dividend chargeable to such stock."

At first glance they look alike. The outside shape is very similar in both cases.

But the inside? Ah! Now you're coming to it.

Inside there is a big difference indeed -all the difference between a Yale Lock and a lock that is not Yale.

Without the name there would only be two ways of finding out.

One would be to take the lock to pieces and look at its inside. The other would be by watching it at work, seeing how it stood up to every demand that a good lock is supposed to meet. Either way would satisfy you that Yale quality is very much of a reality.

But you don't have to do either of those things.

When you buy a lock, there's just one thing that you have to do to satisfy yourself that it's the sort of lock you really want-see the name Yale on it.

Without that name, a lock is not a Yale. But when that name is there you know that the inside of that lock has everything that makes a Yale lock. And it's the inside that counts.

Country Board

WANTED Refined woman wishes four paying guests at beautiful home on Hudson during fall months. Garage room. Jersey cream and milk. Fresh vegetables and fruits. Piazzas, sun room, open fireplaces. Private bath. 2,997, Outlook.

Real Estate

CONNECTICUT

BOARD AND ROOMS BUSINESS woman desires medium-sized room and board. New York, 70th to 100th St., West. References. 8,881, Outlook.

BOOKS, MAGAZINES

MANUSCRIPTS

STORIES, poems, plays, etc., are wanted for publication. Submit MSS. or write Literary Bureau, 325, Hannibal, Mo.

$100 will buy clergyman's library of 250 vols. Standard commentaries, reviews, sermons, essays, etc., miscellaneous encyclopæ dias, histories, biographies, dictionaries, and novels. Dorr, 15Albert St., Plainfield, N. J.

FOR THE HOME

GOLDEN Bantam sweet corn home canned in glass. Alma Hibbard, Gansevoort, N. Y.

WOMEN'S GOODS

MARY MOORE hand made dresses, one to six years, are for mothers desiring something different for their little girls. If your dealer does not handle them, write direct to William

One mile back from Long Island Sound, a Revolutionary house in first-class condition. Six master's, bedrooms and two baths with room for two inore. Two servant's rooms with bath. Fireplaces. Antique furniture. More than 30 acres of land. Brook. Shade trees. Orchard.Gravity water from unfailing spring. Sewerage system. Steam furnace. Electric lights. Hay barn. Double garage. Cowstalls. The Misses Banks, Westport, Fairfield Co., Conn.

Madison Avenue and First Street

A homey, Christian house, accommodating thirty guests. One block from the lake and away from the business section. For further

information address Miss M. A. MERRIMAN.

NEW YORK CITY

Hotel Le Marquis

12 East 31st Street

New York

Combines every convenience and home comfort, and commends itself to people of refinement wishing to live on American Plan and be within easy reach of social and dramatic centers.

Rates with Illustrated Booklet gladly sent upon request. JOHN P. TOLSON.

If so, write to Secretary JAPAN HOTEL ASSOCIATION

ton Square adjoining Judson Memorial Church. Rooms with and without bath. Rates $3.50 per day, including meals. Special rates for two weeks or more. Location very central. Convenient to all elevated and street car lines.

PENNSYLVANIA

DELAWARE WATER GAP, PA.

CASTLE INN

The Fireproof Inn of the Water Gap Unique and cozy. Steam heated, open fires. Golf, boating, mountain climbing, saddle horses. Sight-seeing cars to view the worldrenowned scenery. Also trolley rides through the mountains. For booklet and special rates Address T. T. Dolbey, Castle Inn. Formerly The Palmer, Lakewood, N. J.

Health Resorts

BYRAM LAKE HEALTH FARM

MT. KISCO, N. Y.

When ill or convalescent or in need of rest or recuperation Ideal location. Table supplied exclusively by farm produce. Outdoor gymnasium, tennis, boating, fishing, dancing, etc. Resident physician. Prospectus mailed upon request.

DUNEDIN LODGE

ON THE GULF Quiet resort for surgical and medical convalescents. Splendid climate, outdoor amusements all year round. Resident nurses, private baths. Excellent cuisine. Write for booklet. M. A. Richardson, Mgr., Dunedin, Fla.

NORTH CAMPS

RANGELEY LAKE
MAINE

Enjoy the Beautiful Fall Days in the Famous Rangeley Region Individual cabins, main dining-room. Fishing, hunting, garage. Excellent table. Address H. LINCOLN NORTH, Rangeley, Maine. NEW YORK

FENTON HOUSE Adirondacks

18 Cottages Altitude 1,571 ft. A noted place for health und rest. Write for folder and particulars. C. FENTON PARKER, Number Four, N. Y.

in the beautiful Connecticut Valley. Massage, electricity, and baths. Golf and tennis. 3 resident physicians. Under successful management for 30 years. E. S. VAIL, M.D., Thompsonville, Ct.

The Bethesda White Plains,

N. Y.

A private sanitarium for invalids and aged who need care. Ideal surroundings. Address for terms Alice Gates Bugbee, M.D. Tel. 241.

LINDEN The Ideal Place for Sick People to Get Well Doylestown, Pa. An institution devoted to the personal study and specialized treatment of the invalid. Massage, Electricity, Hydrotherapy. Apply for circular to ROBERT LIPPINCOTT WALTER, M.D. (late of The Walter Sanitarium)

for my $50,000 summer home, suitable for all the year. Box 238, Guilford, Conn.

RUSTIC BUNGALOW With 210 acres of beautiful rolling country- - one-half wooded Elevation 1,500 feet. Located on North Norfolk Road, 10 minutes by motor from Norfolk, Conn., over fine gravel road. Modernized hunting lodge with 3 master bedrooms, 3 baths, living room 33x18 with large fireplace, den, kitchen; 2 maid's rooms with bath. Also outbuilding with 2 extra sleeping rooms and toilet. 2-car garage and additional shed. Fine spring water supply with 600 gallon tank; gasoline pump. Piazzas on south and west. Superb views. Also 8-room farm house with barn on property. Ideal site for gentleman's club or hunting preserve. Offered at a low price on reasonable terms. Owing to change in residence, owner must sell. Apply to BRIARCLIFF REALTY COMPANY, 402 Madison Ave., New York City or AUGUST P. CURTIS, Norfolk, Coun.

FLORIDA

FOR SALE or RENT Completely Furnished, 8 and 4 Room Cottages, 21⁄2 acres in grove, facing Indian River,near Rockledge. Secure now. Blair, Box 32, Cocoa, Fla.

MASSACHUSETTS

For Sale Rustic Cottage, Fully Furnished Fine view and delightful air. Ten rooms, quartz fireplace, bath, hot water. In East Northfield, Mass. Protestant community. HART, 988 Bergen St., Brooklyn, N. Y.

NEW YORK

FOR SALE (no trade), $60,000

worth of buildings, 60 acres fine land, well watered, for $15,000. House with electric light, hot water heat, bath, etc. Suitable for a fancy stock farm, boys' camp, sanatorium or religious retreat. Two miles from Newburgh, N. Y. Inquire of J. A. P. RAMSDELL, Newburgh, N. Y.

Fo

PENNSYLVANIA

OR SALE-College Inn. A real bargain. Brick building, modern in every respect, ideally situated and arranged for College inn. Directly opposite rapidly growing college for women. Town and college need and will liberally support an Inn. Part time to responsible purchaser. 2,971, Outlook.

ROOMS TO RENT

WILL rent pleasant room in my comfortable home for winter; with or without board; middle-aged man preferred. References exchanged. Mrs. Carrie P. Leggett, Morristown, N. J.

BUSINESS OPPORTUNITIES

INVENTIONS wanted. Cash or royalty for ideas. Adam Fisher Mfg. Co., 217,St.Louis, Mo.

HELP WANTED

Business Situations

WANTED, October 1, earnest, cultured, Protestant woman, experienced in publicity and appeal work. Permanent resident position, delightful location. Must typewrite. Give details, references, salary in first letter. Leake & Watts Orphan House, Yonkers, N.Y. FIELD secretary. Must have enthusiasm for flowers and gardens. 8,876, Outlook.

WRITE photoplays: $25-$300 paid anyone for suitable ideas. Experience unnecessary; complete outline free. Producers League, 438, St. Louis.

RAILWAY traffic inspectors earn from $110 to $200 per month and expenses. Travel If desired. Unlimited advancement. No age limit. We train you. Positions furnished under guarantee. Write for booklet CM27. Standard Business Training Institute, Buffalo, N. Y.

RELIGIOUS WORKER, man, well qualified, whole time, by Presbyterian church, suburban city. Address B, 15 Park Row, New York, Room 1,714.

Companions and Domestic Helpers DIETITIANS, superintendents, cafeteria managers, governesses, matrons, housekeepers. Miss Richards, Providence, East Side Box 5. Boston, Fridays, 11 to 1, 16 Jackson Hall, Trinity Court. Address Providence. WANTED-Man and wife to take charge of cottage of 20 boys in an institution, the man to instruct a class in printing.Application should be made to Guy Morgan, Supt., Dobbs Ferry, N. Y.

HOUSE-mother wanted, $60 monthly and home; assistant house-mother, $50 monthly and home, must be good typist, September 14, in Seguin School, pupils (24) mentally backward; 10 teachers, 5 governesses employed. Also, governesses, $40 monthly, to assist in physical care and entertainment of pupils out of school hours; off duty mornings 10 to 12, afternoons 1 to 3, Saturdays and Sundays 4 consecutive hours, 14 days monthly. (No teaching, no household duties). Room (alone), board, laundry. Mention age, experience, church preference, references. Elsie M. Seguin, Orange, N. J.

WANTED-At modern institution for girls, assistant cottage matrons, salary 352 a month and maintenance; also grade teachers, laundry instructor, and parole agents, salaries $75 a month and maintenance. Ideal surroundings. Character references essential. Lock Box 287, Hudson, N. Y.

EXPERIENCED nurse for child two years, Protestant preferred, about 30 years old. Address Box 203, New Britain, Conn., giving experience, references, and wages expected. MOTHER'S helper-Refined American woman below 40, good cook, for Jewish family of three, child nineteen months, occupying six-room apartment, every convenience, in Brooklyn, N. Y. S. Rosenfeld, 3 Roma Court, Beach 51st St., Edgemere, L. I.

WANTED-Capable, middle-aged woman as mother's helper to assist with year-old baby. 284 Springfield Ave., Summit, N. J.

REFINED, cultured woman wanted to assist mother with the care of three children and house. Experience necessary. 8,861, Outlook.

WANTED, after Sept. 15, couple to do housework, family of two, at Chestnut Hill, Pa. Good references required. 8,772, Outlook.

FRENCH Protestant nursery governess for little girl of 5 who will go to school. References required. New York in winter. Mrs. L. H. Beers, Westhampton Beach, Long Island. PLACEMENT BUREAU for employer and employee: superintendents, housekeepers, matrons, governesses, secretaries, attendants, mother's helpers. 51 Trowbridge St., Cambridge, Mass.

Teachers and Governesses WANTED-Young nursery governess, English, French or American, for little girl of four. Small family living in Cherokee Park, Louisville, Kentucky. Must be educated, refined, of good character and breeding, capable of taking care and responsibility of child. References required. 8,800, Outlook.

HOPKINS' Educational Agency, 507 Fifth Ave. Governesses, nurses, housekeepers, die titians, attendants, companions, secretaries, teachers. Call.

GOVERNESS teacher for eight-year girl. Must have had special training with excep tional children. 8,875, Outlook.

WANTED-Tutor about 25 years old, for two boys, 13 and 11. Must be healthy and foud of outdoor sports, as well as able to give regular grade work. Family expects to spend part of winter in South. Reply with full particulars. 8,824, Outlook.

78

W.L. Douglas

THE SHOE THAT HOLDS ITS SHAPE

$7.00 $8.00 $9.00 & $10.00 SHOES

FOR MEN AND WOMEN

YOU CAN SAVE MONEY BY WEARING W. L. DOUGLAS SHOES

T

he best known

shoes in the

world. They are
sold in 107 W. L.
Douglas stores,
direct from the factory to you at
only one profit, which guarantees
to you the best shoes that can be
produced, at the lowest possible
cost. W. L. Douglas name and
the retail price are stamped on
the bottom of all shoes before
they leave the factory, which is
your protection against unreason-
able profits.

W. L. Douglas $9.00 and $10.00 shoes are
absolutely the best shoe values for the
money in this country. They are made of
the best and finest leathers that money
can buy. They combine quality, style,
workmanship and wearing qualities equal
to other makes selling at higher prices.
They are the leaders in the fashion centers
of America. The stamped price is W. L.
Douglas personal guarantee that the shoes
are always worth the price paid for them.
The prices are the same everywhere; they
cost no more in San Francisco than they
do in New York.

W. L. Douglas shoes are made by the highest paid, skilled shoemakers, under the direction and supervision of experienced men, all working with an honest determination to make the best shoes for the price that money can buy.

W. L. Douglas shoes are for sale by over 9000 shoe dealers besides our own stores. If your local dealer cannot supply you, take no other make. Order direct from factory. Send for booklet telling how to order shoes by mail, postage free.

CAUTION.-Insist upon having W.L.Douglas shoes. The name and price is plainly stamped on the sole. Be careful to see that it has not been changed or mutilated.

Wo Douglas

BY

8 September

THE WAY

The menace of malaria, according to the Report of the Rockefeller Foundation, is sometimes overlooked because of the unobtrusive effects of the disease as contrasted with other maladies. But, it says, " Malaria is a crippling and deadly disease which attacks or threatens the eight hundred million people who live within the zone of its influence. In India alone it is estimated that 1,300,000 die annually from its effects." The infection can be communicated only by the Anopheles mosquito, and this is being fought in many countries by the Foundation.

Melville E. Stone, veteran newspaper man, tells in "Collier's" " what he knows about condensing news. "One day," he says, "I was talking with a young man employed on a Chicago paper. What do you do?' I asked. 'Edit the telegraph,' he replied. And how?' I returned. By inserting the words which the correspondent eliminates to save telegraph charges,' he explained. Then,' said I, 'you do not edit at all. Your correspondents do the editing.' "" Mr. Stone's paper made it a rule never to exceed eight pages in size. But that was a long time ago-in 1881, when brevity was still a virtue in the daily

press.

"In a Southern hotel dining-room the traveler didn't like the taste of the water and asked the waiter about it. Dey ain't nothin' the mattah with dat watah,' sah. Jes' las' week dey had some of dem fellahs from the 'versity heal, an' dey scandelized dat watah and dey didn' fin' nothin' in it 'cept hydrophobia an' noxious gases.'

"Where is Antipods? I don't find it on the map."

"Yep, my bawldings and greenings are ripe."

"When we get to Pescanola we'll get more flims for my kadoak."

66

"An Englishman (not an Irishman this time) was asked what a botanist was doing. He replied, He's getting specimens for his hibernian' (herbarium)."

"A colored porter on the Pullman said, "That there road runs paralyzed with ours for sixty miles.'"

"A newspaper report of an accident during the performance of a child's play said: The child was assimilating (simulating) sleep when her dress caught fire."

A magazine advertisement offers to te boxing by mail. It is headed, "If. be called upon to-night to 1 proper remark about some o could you play a man's part

The words recall an ove sation between two stockbro "New York is a dangero You are likely to get he