FINANCIAL DEPARTMENT

(Continued)

many years made a practice of distributing stock dividends. The business and earnings of these corporations have shown a tremendous increase during the past twenty years, and in most instances this new stock has become exceedingly valuable. People who purchase the socalled Standard Oil group of stocks and who consider only the straight cash yield do not, as a general rule, obtain a very high yield. Atlantic Refining Company stock, for instance, selling at $1,300 a share and paying dividends of $20 a share a year, yielded only slightly more than one and one-half per cent. The explanation of the high price has been of course the large undivided surplus and the prospect of a big stock dividend. Announcement has just recently been made that the Atlantic Refining Company has declared a 900 per cent stock dividend. Fifty thousand shares of stock have been authorized and but 5,000 issued; it is proposed to distribute the 45,000 shares so far unissued among the stockholders. Further, the report states that the directors hope to pay $1 a share quarterly on the new stock. Every man who owned one share of stock will now have ten shares, and, instead of $20 a share a year, he will now receive $4. But he will have ten shares instead of one and his income I will be doubled. If expectations are realized, therefore, this particular stock dividend is exceedingly valuable. They do not always have such beneficial results.

There is one result of stock dividends, however, which is always good, and that is the benefits accruing to preferred stockholders from such distributions. The declaration of a common-stock dividend means, as we have seen, that a corporation's surplus is being capitalized. It is probable that the largest part of this surplus consists of real estate, plants, equipment, and the property of subsidiary companies. When these assets are once capitalized, they cannot be dissipated, and common stock issued against a surplus of this kind means that it is to be kept as an asset. It cannot be disposed of, and the position of the preferred stock will be strengthened accordingly, for preferred stocks have a right prior to the common to all fixed assets. If, therefore, the fixed assets are increased, the result is additional security for the preferred stock.

The point for a common-stock holder to decide is whether it is more profitable for him to keep the shares received as a stock dividend, trusting that his income will be at least as much as formerly and that possibly the value of his holdings will increase, or to sell the new stock and take the cash. If he sells, he has to pay an income tax; if he holds on, he doesn't. But a bird in the hand is worth two in the bush, and oftentimes a dollar in cash proves more valuable than two dollars in prospect.

Stock dividends on the face of things are of no particular benefit, and increasing the number of shares and reducing

Rates for a single room without bath and with 3 meals, $5-6 in cities and popular resorts, $4-5 in the country

AUTO TOURS IN EUROPE

Parties of 3 or 4 personally escorted by members of Cambridge University between April and Oct. Selected itineraries. High class cars. Competitive rates. Write for booklet early to D. GUNSTON, 15, Station Rd., Cambridge, Eng. EUROPE BECKONS

WE can make your travel EASY OUR TOURS include Rome, Switzerland, Netherlands, France and British Isles. Sailing June 27. Twelfth Season.

ROOMS WITH PRIVATE BATH on the steamer for those enrolling early. HIGH GRADE TOURS at a very MODERATE PRICE. Write for an Illustrated Itinerary to

WORTHWHILE TOURS 17 Aldworth St., Boston 30, Mass.

FREE TRIP TO EUROPE will be given an organizer of a small party. Established 1900. BABCOCK'S TOURS. 13 Halsey St.. Brooklyn.

EGYRE, GRE Evate party sailing in

GREECE, and PALES

February. Also IDEAL SUMMER TOUR of EUROPE. RESER European Tours, 171 8. Oxford St., Brooklyn, N. Y. Residence

Dresden, Germany and chaperon

age. $100 monthly. Party of older girl students sailing April 15. Apply 8,363, Outlook.

EUROPE 1923

Travel with us to the picturesque capitals
of the Old World: Edinburgh, London,
Paris, Brussels, Amsterdam, Rome.
Send for new booklet, Europe 1923
THE TEMPLE TOURS
65 A Franklin Street, Boston, Mass.

Lady, experienced in foreign travel

recently returned trom a year's visit in Europe, wishes to escort one or two ladies on similar trip, spring and summer. 8,389, Outlook.

A

Boarders Wanted

limited number of boarders can be accommodated at Owens Heights through

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. KNOTT Management.

NORTH CAROLINA

Pinehurst

NORTH CAROLINA

Hotels and Resorts PENNSYLVANIA

Pocono Manor

Winter

American Plan

Inn

References Required

The happy land of winter sports and healthgiving rest. Skiing, skating, tobogganing and snowshoeing, Bracing climate, excellent food, comfortable rooms, personal attention.

The ideal week-end trip.

Less than three hours from New York via the D. L. & W. R. R. It is suggested that reservations be made at once.

H. ARTHUR HALL, Manager Pocono Manor, Pa. "Pennsylvania's Most Healthful Resort" Towanda, Pa., Woodleigh. Winter accommodations. Positively well heated. Steam,electricity, bathrooms, sun pariors, open wood fires, good cooking, abundance of cream, good milk, fresh eggs, vegetables, fruits. Booklet. Moderate terms. Address Miss ELIZABETH LAMB.

Health Resorts

Sanford Hall, est. 1841 Private Hospital

For Mental and Nervous Diseases

Comfortable, homelike surroundings; modern methods of treatment; competent nurses. 15 acres of lawn, park, flower and vegetable gardens. Food the best. Write for booklet. Sanford Hall Flushing New York

VAN VALEN SANATORIUM

YONKERS, N. Y. Psycho-Therapeutic Treatment. Booklet. BOOKS, MAGAZINES

MANUSCRIPTS

SPEAKERS.-Special subjects prepared; lectures, articles, orations, debates. Expert service. Authors' Research Bureau, 500 Fifth Ave., New York.

BUSINESS OPPORTUNITIES

SAFE 8% FIRST MORTGAGE INCOME CERTIFICATES additionally secured, tax exempted, quarterly payments. Permanent or reconvertible. Ask circulars. Home Building & Loan Co., Jacksonville, Fla.

EMPLOYMENT AGENCIES WANTED-Competent teachers for public and private schocls. Calls coming every day. Bend for circulars. Albany Teachers' Agency, Albany, N. Y.

TEACHERS needed for January, February, and September, all departments of schools and colleges. Special terma. THE INTERSTATE TEACHERS' AGENCY, Macheca Building, New Orleans, La.

SECRETARIES and social workers, dietitia s, cafeteria anagers, governesses, matrons, housekeepers, superintendents. Miss ton, Trinity Court, Fridays, 11 to 1. Address Providence.

lent fare. Mrs. Early Owen, Prop., Zebulon, Ga.

Real Estate

FOR SALE 5-room modern cottage

and 5 acres grapefruit and oranges. Perfect condition. Captiva Island, Fla. Ideal winter home at a bargain. Address J. Sanchez U., Captiva, Lee Co., Fla.

Hotels and Resorts

CONNECTICUT
NEW MILFORD,

Wayside Inn Litchfield Co., Conn.

The foothills of the Berkshires. A restful place for tired people. Good food and a comfortable home. 2 hours from New York. Cadet A. Mrs. J. E. CASTLE. Proprietor. ASSACHUSETTS

fellowship, true sport. CAROLINA HOTEL Now Open

Holly Inn and Berkshire

Open early in January
GOLF-SHOOTING-RACING-MOTORING-
RIDING-DRIVING-TENNIS-AIRPLANING
Weather for November and December-
like late Fall in New England

For Reservations or Information address:
General Office, PINEHURST, North Carolina
VIRGINIA

idge Hall, Wellesley Hills, Come to Mountains of Virginia

Kine location. Running water in Tasant forest walks and country ble a specialty. $15-$25 a week.

FALL AND WINTER SEASON. Excellent table, reasonable rates. Hunting. 8,387, Outlook.

STATIONERY UNUSUALLY desirable stationery for any type of correspondence. 200 sheets high grade note paper and 100 envelopes printed with your name and address postpaid $1.50. Samples on request. You can buy cheaper stationery, but do you want to? Lewis, 284 Second Ave., Troy, N. Y.

OLD Hampshire bond; 100 sheets (6x7) and 75 envelopes, printed, $2 delivered. Franklin Printery, Warner, N. H.

HELP WANTED Companions and Domestic Helpers WANTED Gentlewoman as managing housekeeper, with highest references. Refer to Miss E. Grant, 1 East 75th St., New York City. WANTED Working housekeeper. No washing, all cooking, some cleaning. Three in family. References required. Write M. B. B., 52 Arlington Place, Buffalo, N. Y.

Business Situations

HOTELS NEED TRAINED MEN AND WOMEN. Nation-wide demand for high salaried men and women. Past experience unnecessary. We train you by mail and put you in touch with big opportunities. Big pay, fine living, interesting work, quick advance inent, permanent. Write for free book, YOUR BIG OPPORTUNITY." Lewis Hotel Training Schools, Room 5842, Washington, D. C.

SITUATIONS WANTED

Professional Situations GENTLEWOMAN whose personal experience and social position renders her competent wishes to become associated with a private school for girls as social director or house mother. Salary not of first importance. 3,137, Outlook.

TRAINED nurse desires position as com panion to invalid lady. Would prefer traveling, South or elsewhere. Highest references. 3,142, Outlook.

Business Situations

YOUNG man with a wide and varied experience in child welfare work, recently superintendent of an orphanage, desires executive or sub-executive position. Conversant in French, Italian, and German. Capable grade school teacher. Best of references. 3,038, Outlook.

COLLEGE graduate, trained librarian with eight years' experience, wishes special library position in New York City. 3,133, Outlook.

FRENCH lady, speaking English, German, French, and Dutch, desires position in New York as interpreter or governess. Highest references. 3,144, Outlook.

Companions and Domestic Helpers COMPANION to elderly lady or semiinvalid after January 1, 1923, by middle-aged trained nurse. No objections to country. References. 3,115, Outlook.

WANTED- Position as companion for elderly person, semi-invalid, or children over six years, by woman of responsibility and refinement. Satisfactory references. 3,127, Outlook.

of ability and refinement. Understands the HOUSEKEEPER, supervising, by woman

management of household and servants. Excellent references. 3,136, Outlook.

AS managing or working housekeeper by cheerful, refined Protestant widow; country gentleman's or motherless home.' Highest references. 3,140, Outlook.

COMPANION to lady; travel, go South. Managing housekeeper, widower, one or two children. Christians. References. 3,143, Outlook.

NEW York or near-Englishwoman (lady) wants position February, Chaperon girl, or companion. Trained and experienced secre tary-stenography and typewriting. Nonresident part time secretarial if desired. 3,141, Outlook.

COMPANION-housekeeper position desired by gentlewoman; some institutional experience. 3,139, Outlook.

YOUNG woman, refined, educated, hospital training, will act as companion, social secre tary. Will travel. References. 3,146, Outlook

WIDOW, speaking French-housekeeper hostess, companion, any position of trust Will travel. Highest references.3,134, Outlook. CULTURED woman as companion or housekeeper for widower. elderly couple, motherless home. Will travel. Highest references. 3,147, Outlook.

POSITION as housekeeper by thoroughly reliable young woman. South preferred. 3,148, Outlook.

Teachers and Governesses GOVERNESS, German, French, experienced teacher of young children, wishes po sition. 3,135, Outlook.

MISCELLANEOUS

CHILD to board. Protestant family. Excellent environment. Mother's care. Near Scranton, Pa. 3,129, Outlook.

FREE TUITION, mcluding even board and room, to young women ages 18 to 35 learning in New York City institutions a recognized profession, paying $200 month salary on graduation. Apply for details to 1101 Times Square Bldg., New York City.

TO young women desiring training in the care of obstetrical patients a very thorough nurses' aid course of six months is offered by the Lying-In Hospital, 307 Second Ave., New York. Monthly allowance and full mainte nance is furnished. For further information address Directress of Nurses.

MISS Guthman, New York shopper, will shop for you, services free. No samples. References. 309 West 99th St.

GRADUATE nurse and physician will take into their home and care for small children. References exchanged. 3,112, Outlook.

LADY taking independent ten-week Mediterranean trip, sailing February, wishes protégé. Small fee. References exchanged 3,116, Outlook.

Cortez CIGARS

"S

BY THE WAY

KIM milk used to be considered as nearly worthless as anything might well be," a chemist says in "Collier's." "Now it turns up as hair combs, fountain pens, and paper sizing. I recall a manufacturer who was making a water paint out of glue and gypsum. He found a German product which was better than glue, but the Germans wanted 30 cents a pound for it-which was more than he could pay. The German product, on analysis, proved to be only a mixture of casein and lime. Casein is easily prepared from skim milk. We made some for him. The man's factory was in a dairy country. Since then he has accumulated a large fortune selling his improved paint. He might well quarter a cow on his coat of arms."

In a recent examination of students before a medical board in a Southern State, according to the "Journal" of the American Medical Association, one question asked was: "Give the quantitative analysis of uric acid." Following the examination there was much discussion among those examined as to the fairness of this question. Finally a colored applicant who had just graduated from a Northern institution said:

"Last night I was kinda expectin' a question on uric acid, so I got down my book and looked it up. The article was so long and such hard readin' that I decided no white gentleman down in Virginia would ever ask any such question so I stopped studyin'."

"A new book on George Borrow is very welcome," says the editor of the London "Sphere." The book's title is "George Borrow, Lord of the Open Road," and the author is R. Thurston Hopkins. "For more than twenty years after his death," the editor goes on, "Borrow's works were much neglected, and his life an enigma. Since then there have been many books. I myself have perpetrated one. Naturally I think my life of George Borrow one of the best biographies in the English language. The reviewers did not think so when it appeared, but then I have never pretended to attach much importance to the judgment of the critics."

COOK'S

TRAVELERS' CHEQUES

In Dollars or Pounds Sterling SAFETY LIQUIDITY - CONVENIENCE Holders enjoy all the inestimable advantages inherent in our network of 150 offices and our world-wide banking connections New York Chicago Philadelphia Boston Los Angeles Montreal Toronto

San Francisco Vancouver

The £90,000 which Lloyd George is to receive for his memoirs is in marked contrast with the £20 which Milton is sometimes said to have received for "Paradise Lost," remarks the New York "Evening Post." "It is said that Winston Churchill will receive nearly £50,000 for all rights to his memoirs. The Kaiser is a bad third with £40,000. When we pass from lump sums in advance to royalty checks, we of course enter quite another field. It is stated

that A. S. M. Hutchinson has already received the tidy sum of £70,000 for 'If Winter Comes,' and more is rolling in. What H. G. Wells got out of the 'Outline of History' seems not to be known, but it is known that Wells is a millionaire." Some of these profits represent chickens before they are hatched, for American papers have canceled contracts that would have brought £40,000 to Lloyd George.

"In regard to Texarkana," a corre spondent says, "you did not go far enough with it. The name is taken from three States-Texas, Arkansas, and Louisiana. The main street of this city is actually divided between the States of Texas and Arkansas."

"He says that animals of the cat specie will never forget an injury," a special article in the New York "Herald" says. The writer who uses "specie" as the singular of species is matched by the man who speaks of "working in a quart mine."

A well-known efficiency engineer, according to the "Treasure Chest," took his children to see the great steamship. the Majestic. He wanted to impress on their minds the fact that the Majestic was the biggest steamship ever built, so he took them all over the boat and explained everything to them in detail. When they arrived home Dan, who was the spokesman for the crowd, began with the thing that had impressed him most: "Oh, mother, just think, they had two dining-rooms. After you had eaten all you wanted in one dining-room you could go into the other and eat some more and they wouldn't know anything about it."

"At the risk of seeming to indulge in national boastfulness," says the author of "Rome and the World To-Day," "I believe it can be said that there is a striking resemblance between the busts and statues of the leaders in Roman history and many of the public men of the United States a generation ago. I knew a former Federal Judge who could have sat for a bust of Julius Cæsar. Justices Miller, Bradley, Strong, and Harlan, of the Supreme Court of the United States. each had the same type of countenance as Cicero. Is it to be taken as an indication that our National stock and character are changing, since such faces are not to-day found in our National Congress and in our courts?"

"One reason why the Leader is often a little bit late in coming out," says the editor of the Tarpon Springs (Florida) "Leader," "is that we frequently have a number of fair visitors who come in to leave a news item or an ad, or something of the kind, and at such times we al ways, like a true Southern gentleman. take our pipe out of our mouth and lay it down somewhere and after they are gone it always takes about fifteen minutes to find it again."