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to smoke and chat and give me some cheering information.

"Do you know," he said to me, "that, taken on a twenty-year basis of average, there has never been a majorleague ball club that earned 2 per cent?"

That was consoling! My club would have to earn 5. per cent before I was even. Personally, I don't believe that statement true-it must be a little more than that-but he insisted on it.

Later we did find, though, that if we had invested that $700,000 or 1:ore in gilt-edged securities we should have made more money and should have been free from all worry.

But right there is the catch in it. The worry is what our subconscious minds wanted. Having discovered those disconcerting facts, do you think we got ready to sell out and quit? Not on your life. We were going to have a winner. So we set about to spend more money, and did.

We had got in the public eye. Don't let anybody tell you they don't like that. That is one of the main fascinations. Nominally we were the heads of a bigleague baseball club, but it gradually dawned on us that the public was the board of directors. That's a real combination for fun and excitement, even if it doesn't always pay big dividends. Everybody told us how to run our ball club, and to everybody we listened.

We lost so much money that first year that I am afraid to look it up.

At the end of six years, with varying success on the field, we checked up and found that we owed ourselves $160,000, advanced to the club. But we were close to the pennant now and-well, we stepped out and spent some more. Luck was with us.

We did win the pennant, and the crowds were so big all season that we came pretty close to getting even for all we'd lost in the six years.

I'll never forget how proud we were of our players and how proud we thought they were of us. We gave a big dinner to the team and "yessed" each other for several hours.

Then came the show of appreciation. We sent out new contracts in January. Half of them came back unsigned. On account of having won the pennant, fully

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big increase in salary.

We were very indignant at first, but after many squabbles we compromised by paying the increases demanded.

The next season our club took a slump and we barely cleared a profit of 2 per But here is where we made money cent. -on paper:

A group of financiers offered us a million dollars for our ball club. By buildincreased the value of our holdings, even ing up the team we had unconsciously though our books showed no profit. But we didn't cash it because King George and all his horses couldn't have pulled us out of baseball. We wanted to win another pennant to show that this first one was not a fluke.

W

What the "Yankees" Cost

HEN it comes to overhead expense, baseball makes any ordinary big business look like a piker.

The owners of the New York American League club assure me, for instance, that their overhead is a little over $600,000 a year. The same can be said of the Giants. I mention those two because they have the biggest city, the biggest park, and the biggest crowds. The overhead of other clubs is in proportion to that. Obviously a club operating under those conditions cannot exist unless it is strong enough to be factor in the race for the pennant.

As a good example I take the New York Americans-"Yankees," they are called. I am permitted to give a rough estimate of their expenses.

To begin with, the two wealthy owners of that club paid for the franchise and players under contract $850,000. Immediately they spent more than enough to run that up to a million. Mind

you, they didn't even have a park, but used the Polo Grounds at a rental of $60,000 a year. There are but seventyseven games played a year on the home grounds, which means nearly $1,000 a day rent.

Including the rent, the scores of employees, such as ticket sellers, turnstile men, watchmen and special police, advertising and insurance against rain, and so on, the daily expense is about $2,500, or $193,500 for the season.

Traveling expense, railroad fare, and hotel bills, while on the road, are in excess of $75,000 for the other seventyseven days.

Players' salaries, manager's salary, attendants, and so on, amount to approximately $120,000.

To sum it up:

CLUB has to figure on making its real money at home. Unless a team happens to be an immense drawing card on the road, the receipts and expenses will about break even. You see,

a club gets a much smaller percentage of the receipts while on the road than at home.

On the road a club is paid 50 per cent of the general admission, which is nowadays fixed at 50 cents. The home

club gets all the additional price for

grandstand and boxes. In other words, our home attendance means to us about 82 cents for each patron. On the road it is 25 cents-half of the general admission.

In New York a home club is unusually fortunate because in that city the great majority of people want the highpriced seats, which range from $1 to $1.50. There are not so many of the latter. The big bulk of tickets are sold at $1, plus the tax of 10 cents. Bleacherites pay 50 cents, plus the tax.

To make a reasonable profit it is easy to see that a New York club must play to at least a million people in its seventyseven days on the home grounds. Up to a few years ago that was unheard of. Last season, though, the Yankees and Giants both drew well over a million people and made money. But they have

got a lot of back expenses and invest

ments to wipe out.

As I said, it all depends on whether or not the home team is winning and up in the race. When the Boston Red Sox were in a slump last year the St. Louis club went there for a series of four games. The attendance of the entire four games was not as great as that for a single game when the Red Sox were in a close fight for the pennant.

And another thing-when one club is winning game after game the other clubs are losing game after game. The winner, in other words, is getting the money while the loser is suffering. But for that constant and ever-rising hope the second-division clubs would go broke.

That's what my cheerful friend meant in the smoking compartment that day when he declared that over a period of twenty years no club could show a net profit of 2 per cent.

Last winter I went to the annual meeting of the minor leagues as a representative of our big-league club. While I was interested in their deliberations and plans for the next season, my main purpose was to get a working agreement with some minor-league clubs by which we could get new players. All our players or practically all are

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developed and graduated from the minors. If we take their stars, they must have something in return. That thing is not always money. Obviously,

if all transfers were on a cash basis, some of the clubs would soon have all money and no players.

The life of a ball player in the big league averages about eight years.

In one respect baseball methods could be used very handily in a lot of business enterprises. Our clubs have to be kept up with new blood. We have constantly to build from the bottom. Many business firms have gone to seed from a lack of that kind of vision.

After their eight years baseball. players usually go back to the minors. As a result the minor leagues are made up of very young, very old, or very mediocre players, while the big leagues, to maintain their class, must have their athletes at their top form.

One Way to Keep Solvent

SI say, these winter meetings are

A supposed to blot the purpose of

discussing improvements, economies, and so on. As a matter of fact, the main magnet that draws is a chance for club owners, managers, and players to meet their old cronies,, to brag and to reminisce.

"Well," one old minor leaguer said to me one night, at the end of a protracted discussion on ways and means, "every year I come here and learn how these things ought to be done, but"-he smiled and reached for his glass-"every fall I find the deficit just about the

same.

"What is your business-your regular business?" I asked.

"I am in the paint and varnish business. Have been pretty successful at it too. If I didn't make money out of that, my ball club would break me. At that," he added, "my wife says that

zen.

baseball is what made me successful even if it hasn't ever made me a nickel." This was a new angle. I was curious. "You see," he explained, "I found after the second year that the club was costing me $5,000 a year. I simply couldn't give up the team. My name was linked with it in our town so as to make me a sort of public-spirited citiMerchants said the club had put the town on the map. So I got ambi tious. It occurred to me that if I could organize a paying contracting and building company it would offset my losses on the ball club. That's exactly what I did. I worked so hard at this, in addition to my paint and varnish concern, that the contracting company made a profit of eight thousand dollars. Now, according to my wife's way of cal culating, that made my owning the ball club a clear profit.

"Yes," he laughed, "that's it. I make a living out of the paint and varnish business and run a contracting concern on the side so as to keep my ball club. in the race."

My reference to playing the game with chips may not have been clear. I meant that an owner must not be afraid to make plunges, to take big chances.

The successful club owner must play with chips regardless of what they represent. Otherwise he will look on the money when it is green and weaken in his judgment. If, for instance, his judg ment tells him that he must have a certain player to complete the machinery of his team, price must not stand in the way. He must simply shove in his stack of chips-play his hand and let the banker settle up at the end of the season. Usually his judgment is sound. All he has to do is to employ his money as part of the big game, and not count it.

Many a big bluff in poker would never be called if the player had to call it with a five-dollar bill instead of five blue chips.

and I stumbled into a chair. An orchestra was playing and the room seemed to have quite a few people in it, but I couldn't see who anybody was until Rissa leaned over and grabbed me. "Here you are!" she said. "What is this all about? Bill is very mysterious. Did you tell him you were here? He's waiting for you.'

I was so excited that I stood up and called out: "I'm here, Bill!"

"Good for you, Flops!" he called back and pushed over to me. I could see his white shirt front in the dark.

"Let her go, boys!" he said, and suddenly there was a buzzing and a clicking and a great circle of light flashed on a screen at the end of the room.

"Pigs and Poets, a Drama of Rural Life, by William Etheridge and Owen Ottley," we read, and then the orchestra began to play "The Old Oaken Bucket,' and there was Lovaline, leaning over the Baxter well!

HE milked the cow and fed the hens, and the children all ran on, and Sarlesy fell down and cried, and Clarry was so sweet with him-it was really awfully pretty! Mr. Baxter seemed to be the hired man, and most of the captions, as they call those little writings that come between, reminded me of Rissa so much that I finally remembered they were what she had suggested to Bill.

Suddenly there was Bill himself-he was her brother, and wanted to sell the farm to pay his gambling debts, but Lovaline wouldn't. Owen was her lover, and knocked him down, and they had a fight. Owen was a poet. But it wasn't the people that were most importantit was the pigs.

They were everywhere. Pelléas actually fell into the well, and Bill went down and got him out-it was really thrilling to see him jump down and disappear. And dreadful, too, because he might have died! He wouldn't take a rope. And Mr. Baxter fell down with the two pails, just as he really did, and

Pêche Melba ran around upsetting everybody, and Penelope looked too graceful and lovely for words. Clarry was really the best actress, though. The children were all there, crazy with excitement. And I had thought they were out walking with mademoiselle!

All at once Sarles nudged me hard There were Bill and Lovaline in a little glade near a lovely pond, and she was begging him not to sell the old farm and he was very rough with her an pushed her off. Finally he relented and kissed her good-by, but when she begge him to let her marry the poet and liv on the farm, he said it was already sold and her pet pigs too, When we saw he crying on the grass, we understood i all.

"The young devil!" Sarles muttered "I'll give him a good piece of my mind! I was crying, from pure excitement. "This'll have to be shown in all th 'Granfords, Floss, and that darne seamstress shall go, if I drag her ther by the hair!" he said.

"What on earth is Sarles mutterin about?" said Rissa, but I was cryin and laughing together, watching myse tying up Mélisande, in a blue sunbonne

And what do you think? Those boy had sold that film for thirty-five hu dred dollars and given Miss de Van, and the camera man two hundred an fifty each and kept fifteen hundre apiece!

The man that bought it said t script was rotten, Bill said, and t acting was too punk for words, but t pigs alone were worth the money.

Rissa was rather stiff about it, a said that it might not prove the be experience for Bill in the end, but Sarl was as delighted as the Ottleys, a they were too proud of Owen for word

Sarles said that Bill was the on member of the family who had show any capacity for handling live sto Rissa, he pointed out, just managed) break even, but Bill was a real farm for he had proved that you could ma money out of pigs!

Are Children a Nuisance? THE Fergusons were tired of their children! It seemed that all their happiness had been suddenly blighted by the cares and worries of parenthood. Their own children were millstones about their necks which day by day dragged them further into despondency. Life became unbearable-it couldn't go on-something must snap. Then came a wonderful opportunity for two

whole weeks they could be care-free lovers again

forgetting the kiddies, everything except themselves. But did they know their own children? Were they able to face the real acid test of parenthood? Read for yourself this delightful story, "Spring Hills," by Marion Langdale Chatfield in Woman's Home Companion for April.

Is Your Town Safe from
Disease and Epidemic?

N China the doctors are paid when the family is in good health, but not one "tael" when there is sickness. It is up to the doctors to keep

the people well or starve to death them

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The

April

What Makes a Play
Successful?

HE PLAY," says one. "The acting," asserts another. "Well, what about the clothes?" asks the third--of course a woman. And why not? The stage has always been-and will always be one of the most successful mediums for showing clothes. And it's the exceptional actress who doesn't believe that clothes can do a lot for her, Ina Claire, whose charm and clever acting have made "Bluebeard's Eighth Wife" one of the hits of Broadway, knows the full value of such frocks as the trailing ultra-smart evening gown in which she's here photographed. Among the 127 fashion features in the April number of Woman's Home Companion, you'll learn a great deal about actresses and their clothes-what they wear and how they wear it-which will have a direct interest for every woman who hopes to be well dressed.

AND

ND there they were a pitiful group of bedraggled French women-prisoners of war in a desolate, cold, repulsive prison camp. Without presentable clothes and digestible food; with sickness and death hovering at the door- the future offered no solace for their grim, dark problems. Yet they never lost their morale. They faced their fate fearlessly. And even found opportunity to see the bright side to be happy. How could they do it? The answer is "They were French." But were they so different from American women after all? Dorothy Canfield, in an article for the April Woman's Home Companion, gives you a most heroic picture of French women in war times. She has spent a great part of her life in France, and what she has to say in this article will be of interest to every woman in America.

Dorothy Canfield

He Was to Defend the Man

Who Shot Her Brother

USIE CANFIELD had thrown

SUSIE

herself into the river-drowned! Could her father, seething with an implacable revenge, be justified in shooting down Henry Battle, the man who had caused his daughter's great unhappiness-her death? The courts and all society were calling him a murderer. Then why did John Clarke go to the rescue-risk love, happiness. and position to save this man who plainly admitted his guilt? It meant defending the self-confessed slayer of his sweetheart's own brother, renouncing his associates and utterly scorning the girl, who, only a few days before, had promised to be his wife. Start this intensely gripping serial by Mary Imlay Taylor in the April number of. WOMAN'S HOME COMPANION -"Mr. Battle Pays the Bills."

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