new idea of getting high-priced talent from the outside and have always found it a failure, and now we are sticking strictly to the old policy." An enlightening discussion is that of Mr. R. M. Bell, Secretary and Treasurer of the General Fireproofing Company, of Youngstown, Ohio: "It is my belief that, as a general rule, the most efficient organization is that one which promotes its own employees to executive positions. "If a concern's policy is to go outside of their own organization to select men for executive positions, you then take away. all incentive for the employees to put forth their best effort and to study for the job ahead, and further than that, they will constantly have one ear open for a position with some other company. "Loyalty and team work are not in evidence. "On the other hand, when the course is to promote its own employees to executive positions, then the concern is holding out a price for every man in the company and those with ambition will strive to secure the honor. The directors or management know the weaknesses and faults of the employee promoted and can probably see that they are largely corrected. "The executive brought in from the outside is a stranger and whether he will or will not work with the organization and secure its cooperation is left for the future to decide. "Often an executive brought from the outside brings with him a few favorite clerks or heads of departments and this immediately tends to destroy what might be an effective organization. "There are, of course, times when all of the employees of a company have apparently fallen into a rut, and instead of keeping up with or ahead of the procession, they are lagging behind; then it is almost necessary to give everyone a good hard jolt by bringing in some new blood and a man who is strong enough to wake up everyone in the concern." 12 inside the organization only. It is also hard to realize the wet-blanket effect on the whole organization which is bound to result when it becomes suspected that outsiders are favored over insiders. "It is better to go to considerable expense and trouble to train an inside man, rather than to take the ready-made outsider. Furthermore, you may have to take just as much time and trouble to remold this outsider into your ways of doing business. "Of course, where the number of employees does not admit of a proper selection of material, it may be necessary to go outside the organization for your executives. There may also be cases where you may need a man of exceptional technical knowledge and experience, impossible to acquire in your own business. With us, however, we value the spirit of the man perhaps more than the knowledge he has acquired. We are most likely to find the proper spirit in those who have come up within the organization." "We promote from our own ranks whenever we have the proper timber for the positions to be filled. Our experience makes it a part of our policy to keep men coming along for certain classes of service, yet we do have occasional need to bring in new blood, especially in sales work. "It is a question of rapidity of growth of a business, as well as consideration of the length of time required for individual training. Transplanted talent is quite as uncertain as transplanted plants. It all depends on soil and climatic conditions. Quite frequently a plant does not do so well until it has been replanted. The individual develops new talents and new ambitions when placed in new environment. It all depends-there can be no rule or basic principle established; we must recognize the human equation and deal with it accordingly. Even the expert agriculturist makes mistakes and comes in contact with inexplicable conditions." To the same effect, Mr. M. J. Whittal, head of the M. J. Whittal Carpet Mills, Worcester, Mass., writes: "During my business career, I have tried both the infusion of 'new blood' and the development of 'raw material' with varying success. "I find that it makes little difference whether the executive happens to be from outside the organization or from inside the organization; it is the man's ability which counts. You can get just as good For just as poor men either way. Fair Play in Telephone Rates T is human nature to resent paying more than any one else and to demand cheap telephone service regardless of the cost of providing it. But service at a uniform rate wouldn't be cheap. It would simply mean that those making a few calls a day were paying for the service of the merchant or corporation handling hundreds of calls. That wouldn't be fair, would it? No more so than that you should pay the same charge for a quart of milk as another pays for a gallon. To be of the greatest usefulness, the telephone should reach every home, office and business place. To put it there, rates must be so graded that every person may have the kind of service he requires, at a rate he can easily afford. Abroad, uniform rates have 285 been tried by the governmentowned systems and have so restricted the use of the telephone that it is of small value. The great majority of Bell subscribers actually pay less than the average rate. There are a few who use the telephone in their business for their profit who pay according to their use, establishing an average rate higher than that paid by the majority of the subscribers. To make a uniform rate would be increasing the price to the many for the benefit of the few. All may have the service they require, at a price which is fair and reasonable for the use each makes of the telephone. These are reasons why the United States has the cheapest and most efficient service and the largest number of telephones in the world. Choose Jerseys To Supply the Family Milk An eminent doctor says: "Those buying milk by the quart, sold at a Nobody attempts to deny the truth of this statement. Jersey milk is richest in butter fat and the other solids which make milk valuable. If you keep one or a number of cows for your own use, there is all the more reason why those cows should be Jerseys. Your Jersey cow not only supplies you with rich milk, but she keeps it up. One of the well known Jersey qualities is her persistency in milk. She is easily kept, she produces milk economically, while her beauty and gentleness single her out as emphatically the cow to supply milk for the home. A membership in this Club will prove valuable to all Jersey owners. We have no Jerseys to sell, but we will gladly supply you with convincing Jersey facts. THE AMERICAN JERSEY CATTLE CLUB 324 W. 23d Street, New York City We'll please you or DAVIS DELICACIES The best fish in the world are brought into Gloucester. We get the first selection and deliver them to you fresh from the boats, in keepable packages, with the sea flavor retained. The best vegetables in the world are brought to our dock, after being packed, according to our standard, where they grow, in order to assure proper freshness. The best fruits in the world are unloaded at our wharf from Native Orchards, the South, the Pacific Coast and Across the Seas. No matter where you live, we guarantee to bring to your door Nature's choicest products from Ocean Farm and Orchard, packerd as they grew and packed to keep. OUR SEA FOODS range from the Mackerel (fresh or salted), Codfish (fresh or salted), Salmon, Lobsters, Crabs, Clams and Shrimp of our native waters, to the specialties of Italy, France, Portugal and the North Sea Ports. OUR FARM PRODUCTS include all the good things that grow in and near the ground, special cures of bacon, dried meats, pork-andbeans and other New England goodies. OUR ORCHARD SPECIALTIES are gathered from the selected crops of American and more Tropical Climes. All are of a quality rarely found even in the best markets. We are glad to send, upon request, our descriptive price-list, telling of the many specialties we handle and how Our free best to enjoy them. today and begin to get your share of these unusual delicacies. Frank E. Davis Company, 91 Central Wharf, Gloucester, Mass. Street.. (ity. State... inspiration and a constant stimulus to EFFECT OF THE WAR ON T HE business situation is be- stituting clear thinking for either P No Sensational Boom ROFESSOR EDWIN R. A. SELIGMAN, of Columbia University, writing in the New York Journal of Commerce, says: "So far as the immediate effects of Can be equipped with various type faces NOT only is the Corona Typewriter a standard machine in every particular-but it can be equipped with various type faces to meet the needs of different professionsDoctors and Druggists especially find it invaluable. Other notable features of the Corona are visible writing, full width universal key board, back spacer, stencil cutting device, front stroke type bar, folding carriage and aluminum frame. No other standard typewriter is at once so light, inexpensive and portable. The Corona weighs but 6 lbs., and when folded occupies but a corner in a suitcase. Booklet No. 93 will be sent anyone who writes CORONA TYPEWRITER CO., Inc., GROTON, N. Y. New York Office, 141 West 42nd Street, at Broadway Agencies in Principal Cities of the World How Weak Eyes are Strengthened by Exercise Nearly all eye weaknesses are simple and traceable to one reason When the eyes are affected by strain, nervous exhaustion or other causes, the muscles of the eye become flabby, and the eyes do not focus easily, if at all. The reason the muscles become flabby is because the circulation of blood is deficient. If the normal circulation of blood can be restored by a simple, safe exercise, the eye will regain its former strength and power. This fact is testified to by the greatest Professors of Ophthalmology in the world. For the past twenty years a simple exercise has, in a quiet way, been giving thousands independence from the wearing of eye glasses, and restoring their eyesight. These people have had some serious eye troubles too, as is shown by their voluntary letters to us, also from oculists who know the history of their cases. So if you wear glasses, no matter what your age-have weak, sore, strained or smarting eyes, let us tell you how the Ideal Eye Masseur gives this necessary exercise, gently and safely, over the closed lids for five minutes twice a day. Also how you may try it free for 10 days before you decide to purchase. Just ask for booklet No. 163K and full de tails will be sent you by return mail. THE IDEAL COMPANY 134 West 65th Street NEW YORK Canadian Office: 275 College Street, Toronto, Ont. the war upon our chief raw materials MEN OF IDEAS are concerned, the prospects are not and inventive ability should write for new "Lists of Needed In ventions," Patent Buyers and "How to Get Your Patent and Your Money." Advice FREE. RANDOLPH & CO., Patent Attorneys, Dept. 75, Washington, D. C. SUPPLY OF CAPITAL RESTRICTED bly overbalance any possible loss from a fall in the price of our raw materials." In the course of an able review of the situation written for the Alexander Hamilton Institute, Dean Joseph French Johnson, of New York University School of Commerce, sums up his conclusions as follows: "A striking feature of the situation is the uneven influence of the war on American industries. We shall probably see, if the situation continues, certain industries and commercial organizations working at top speed and making enormous profits, while beside them will be the empty offices and deserted factories of other industries. It is, of course, impossible to estimate at this time in dollars and cents the profits and the losses that will come to the people of this country. But, this fact stands out clearly that even though the profits and advantages we reap overbalance the losses, we must expect severe retrenchment on the part of many firms. "To further complicate the situation, we must consider also the probable sharp rise in prices of food and clothing, as they will affect the wage earners and salaried employees of the country. The present 'high cost of living' will in all probability be far higher within the next months." few The conservative, yet hopeful, view of these eminent economists may safely be considered representative of the best-informed thought of the country. The loose and bombastic talk to the effect that the United States was being ushered into an era of wonderful prosperity as a result of the war, which was at first so prevalent, has now given way to soberer discussions of the immense possibilities for good or for harm to our business interests. E Supply of Capital Restricted. VEN before the struggle opened, Mr. Frank A. Vanderlip, President of the National City Bank of New York, foretold the most vital result of the war-which seemed then only a vague threat- on American financial operations in these words: "The idea which some people have that a war would be beneficial to this country is a theory which belongs to the Stone Age of economics. A war would prove a great hindrance to necessary financing which many industrial plants and railroads must do in the near future." Right here is a serious problem which must be faced either immediately or in the near future by nearly every progressive business concern in the United States. How are maturing bond and note issues to be either repaid or refunded? How is the fresh capital which this country normally requires year after year to be raised under present conditions? How are the lines of industry that manufacture 287 Hundreds of Students have paid all or part of their college expenses by working under the CURRENT OPINION SCHOLARSHIP PLAN. Ambitious High-School Boys who want to go to college should write us at once and secure full information as to how to work for a scholarship in any college in America. College students already working their way through college should get in touch with us at once and secure choice territory while it is open. Write for "The Open Door to a College Education." CURRENT OPINION SCHOLARSHIP FUND 134 W. 29th Street, New York City exclusively "capital goods" likely to be affected? These are the questions You Can Weigh that are causing worry to the responsi- I Our Benefit in the Long Run. N THE long run we shall benefit. What is actually happening is that we are paying off-at a heavy discount debts that Europe has long held against us. Already hundreds of millions of dollars of American securities have been thrown back at us and we have bought them at bargain prices. This process is likely to continue-or at the best, the normal European demand for American securities will be much cut down. As a result, the rate of interest in this country is bound to advance. It will be difficult to sell stock and bonds or in any other way to raise fresh capital. We shall have to make up our minds to use more efficiently and more economically the capital already in our hands. As a nation we are in a position like that of the farmer who is forced to pay off a mortgage and is unable in consequence to buy the luxuries he would like to have for his family or even to buy new agricultural equipment. The farmer scrimps and saves for a few years and at the end of that time finds himself in full possession of the farm and prosperous enough to begin mak LEARN ladies' and children's hairdressing (incl. marcel ing investments in surrounding farms. waving), face massage, manicuring, beauty culture. Many earn $18 to 850 weekly. Home correspondence course. Pleasant, easy. 100 page book FREE. ELIZABETH KING Something like that will be our national industrial history during the next few years. T war Meeting American Obligations in Gold. HE vast sales of European-owned securities in the New York market prior to the opening of the left us owing immense sums payable in gold in the European capitals. It was impracticable to ship gold for some weeks after the opening of hostilities. Thereafter, owing to our cumbersome banking system, it would have been dangerous in the extreme to send out of this country the great quantities of gold-estimated at between $100,000,000 and $200,000,000that would have been necessary to fulfill to the letter the financial obliga women and have You Can Be So Well! -if you only knew how well! I build up your vitality at the same time I strengthen your heart action; teach you how to breathe,tostand, walk and relieve such ailments as Nervousness, Torpid Liver, Constipation, Indigestion, Etc. One pupil writes: "I weigh 83 pounds less, and I have gained wonderfully in strength." Another says: "Last May I weighed 100 pounds, this May I weigh 126 and oh! I feel SO WELL." Won't you sit down and write now for my FREE booklet? Don't wait, you may forget it. I have had a wonderful experience and I should like to tell you about it. Susanna Cocroft 624 Michigan Boulevard, Chicago Miss Cocroft is a college-bred woman. She is the recognized authority on the scientific care of the health and figure of women. For funds of $500 or more. wide selection as regards maturity and character and location of security, including many seasoned investments (repurchased from our clients) where a large amount of the original loan has been paid off serially, the margin of security correspondingly increased and the borrowers' ability to meet obligations proved. Ask for Circular No. 866 T. Peabody, tions of the bankers of this country. Houghteling & Co. Most bankers and business men seem to prefer to let the situation rest in the expectation that shipments of wheat and other produce will soon cancel our obligations. This would virtually amount to an informal moratorium. |