prosper, the investor who provides

last dollars needed secures the atest profit, and does so most kly. What has been true of merican corporate reorganizations, s felt, will also be found true of ilar reorganizations of the basic established European industries, h this country filling the role of ncier.

heaper Oil?

The bugbear of the oil industries been the large stocks of both Yet de oil and gasoline on hand. me months ago, as soon as the exsive preceding production had ben to slow up, prices for both crude d gasoline were rapidly jacked up. e oil men in adopting this policy re obviously trusting that producen would remain steady or decline ther, while consumption would be ord-breaking.

The lack of enthusiasm current conning the oil industry has directly Salted from this policy of higher ices. Consumption of gasoline, mile in heavy volume, has neverthes been much less than anticipated, wing to the late Spring and the As a retailed motoring season. It, gasoline stocks, although declinBut 3. are still 2,148,577 barrels. higher prices for crude at once For mulated higher production. e week ending Aug. 16, output for country was 2,029,650 barrelsincrease of 19,000 barrels over the ceding week, and only about 235,O barrels behind the smashing proaction of mid-August, 1923.

Now the Pennsylvania buyers are wering their bid for crude oil, and lower price level all along the line expected in some quarters. Only such means, it is argued, can the rge stocks of refined and crude oil e successfully disposed of.

Coming Loans

in the Sahara Desert, investors would buy them. On the other hand, the house of Morgan gained the confidence of the investing public only by giving it sound and attractive offerings.

Most of the impatience shown at the delay in offering these German Government bonds is due to other financing which is thereby being held up. Germany and Europe generally are short of working capital. It is to be expected that many foreign cities and private companies may seek U. S. capital by offering their stocks and bonds to our investors via Wall Street. Naturally investors will hesitate to invest in such securities until the stability of national government loans seems assured. A German loan is in consequence somewhat of a "curtain-raiser" to a period of numerous and extensive foreign loans.

Federal Reserve Dividends

The heavy importations of gold into this country, as well as the consequent drop in money rates and trade activities, has had a rather striking effect upon most if not all of the Federal Reserve Banks. Not only have the latter received less interest per dollar loaned, but their loans have contracted very greatly. Few Reserve Banks are at present earning the 6% dividend payable on their stock. The question is thus rapidly coming to the fore-should the Reserve Banks pay dividends out of surplus?

The payment of unearned dividends out of surplus is very generally frowned upon in corporation practice. Yet, in part at least, this is what surplus is for. Moreover the structure of the Reserve Banks might well suffer, should their dividends be long cut or suspended. Their stock is held by the member banks, state or national. The latter must belong But to the system under the law. memberships in the state banks is entirely optional, and many banks have never seen fit to join the system, thereby decreasing the control of leaderships of the system over If the country's banking business. Reserve Stock produced no dividends, state banks would scarcely be inclined to invest in it, as they would have to do in acquiring membership in the system.

state

The real trouble has been that the the U. S. Government has, under specious pretext of a "franchise tax," confiscated the earnings of Reserve Banks and dividends at a modest return to surplus account. The Reserve Banks should be allowed to accumulate large surpluses, so that, in just such times as the present, they could pay dividends out of surplus for years if necessary.

"The weekly broadcast event which has found greater favor among listeners-in than any other event, single or weekly, is the "Time Questionnaire" which has been broadcast for the last two weeks from WJZ and WJY. The asking of questions of varied interest, with the allowance of thirty seconds for the listener to form his own answer before he hears the correct answer over the radio, has tickled the vanity of the intellectual and awakened the interest and pride of the less quick witted."-New York Herald and Tribune.

TIME'S Pop Question Game

WJ Z

Every Friday evening

"A pop Question Game, invented by TIME, the Weekly News-Magazine, will now be played. Eleven questions, based on news of the week, will be asked. After each question will come an interval of ten seconds during which I shall count five. After each interval will come a correct answer. The object of the game is for you to shout out the correct answer before I do. If you shout it out first, you score one point plus. If I shout it out first, you score one point minus. You win the game in the event that you score more 'points plus' than 'points minus.' Are Then PLAY you ready?

THE GAME!"

(Continued from Page 22) pointed to investigate the possibilities of the use of poison gases and of bacteria in future wars.

Its report was well calculated to arouse the fears of the closely-packed nations of Europe; indeed, its portent is grave. It pointed out that in the last war some 30 poison gases were used, gases which caused burns, destroyed the mucous membranes, produced temporary blindness, brought about violent sneezing.

But these are a mere bagatelle compared to the new and more efficient gases which are now available. There are more than 1,000 gases which may be used in future wars. Moreover, most of these may be easily manufactured in ordinary chemical factories. So any nation with a large chemical industry is in the position of being superlatively armed. The use of airplanes will make possible the spreading of these gases in industrial centres and among the civil population, with a terribly fatal effect. It will be practically impossible to provide protection on a nation-wide scale against some of these gases.

There is a painless gas which produces a fatal effect on the heart, of which the victim would have no knowledge before or after he dropped dead. There are gases which upset the digestive functions and prevent the taking of food. Other gases poison the blood and prevent it from carrying oxygen to the several parts of the body. Gases may be used which have a gradual effect, not noticed at first, or which-like mustard gas-seep into solid objects and infests neighborhood for weeks.

It would be virtually impossible to equip an entire nation with gas masks, and against certain gases even gas masks would prove ineffectual. Any nation might discover an especially deadly gas and at the outbreak of war deluge its enemies with it, practically annihilating an entire country before adequate protection could be discovered.

Fortunately, there will probably develop various practical obstacles to the execution of any such horrible schemes. Since, in the main, for an attack on civil populations, aeronautical means must be relied on, an adequate aerial defense against airplanes and dirigibles would be an effective counter-measure. The carrying-loads of air vessels and their radius of action are also limited. But among the smaller nations of Europe these limitations are not as important as in great area such as the U. S.

As to the possibility of the use of bacteria, and the waging of a war of disease, this is fortunately less than the possibility of serious gas attacks. Water supplies can usually be fairly

taken to prevent the spread of dis even if these sources are infe There are filtering, chemical cation and vaccination as Соц measures. Bacteria, likewise, not be distributed in shells as gases, because the explosion w destroy them. They would hav be dropped in glass tubes by planes. Everything considered, danger, as compared to the us gases, is small.

Tropical Research

across

A novel laboratory has been cre in the Canal Zone. When the C was built, Gatun Dam was ere the valley of the Chag River. The result was the crea of not only a deep-water char from the Gatun locks to Gaillard ( but also a great lake, some 164 squ miles in extent, which develo from the drowning of the lands both sides of the main channel. T body of water is known as Ga Lake.

When the dam was completed a the waters of the Chagres backed flooding the valley, the higher e nences of the foothills of the C dilleran mountain chain rose out the waters as islands. While waters were rising, the animal of the tropical valley took reft on the higher ground of the sh and islands. On the latter this is now isolated. Naturally, a variety of life is collected on of these small islands.

Gov. J. J. Morrow, of the Car Zone, brother of Dwight W. M row (a partner in J. P. Morgan Co.), set aside Barro Colorado Iskr one of the group, as a natural p serve for the wild life of the regi The island is some six square mi in area, lies only about two h from the isthmian railway.

Here the Institute for Research Tropical America, founded by th National Research Council, h opened a laboratory, although reality the entire island is the la ratory. Dr. David Fairchilds, ch plant explorer of the U. S. Depart ment of Agriculture, was present a the opening of the "laboratory." Sex eral prominent scientists are alrea at work there.

The island is said to harbor am phibians "of new and strange its," species of insects "never de scribed," 2,000 species of "strang and exotic" plants. Moreover, "abounds" in ant-eaters, sloths, arm dillos, peccaries, tapirs, agoutis, cou ocelots, jaguars, several kinds of monkeys and "black howlers."

dallers

or weeks and weeks, racing bicycles, belled by hunched, straining figures. whizzed around the Velodromes of yark, N. J., and Manhattan. The allers were riding out a series of 18 s to decide the National open chamship. Last week in the 17th race, hur Spencer of Newark, fleet Manian, tore past ponderous Cecil Iker of Australia and Alfred Goullet Newark, won the National two-mile mpionship, brought his point total 1, thus clinching the National title. ker's total after the 17th race was points, safe for second place.

pencer's ride brought him back to title he had held in 1917 and 1920. en he won in 1917, he was the first a to pedal past Frank Kramer, for years unbeaten.

After winning, Spencer oiled up his le for use against Peter Moeskops,

Hollander, who won the World's a fourth consecutive time last nth at Paris. Moeskops had come the U. S. The three races sched

between Spencer and Moeskops 1 be in the nature of a challenge th. Spencer did not compete at 15.

e-Titular

In the sedgy, low-lying Sasco links irfield, Conn.) eight amateur golf ables of both sexes held a private championship showing of their es. They had been lured together kind invitations, by promises of silputters, bronze, silver and golden balls as prizes.

ttention centered on three of the nen, the Big Three of the National nen's title play that would begin at vidence, R. I., Sept. 1: National mpion Edith Cummings, Miss GlenCollett (1922 champion), Miss rion Hollins (1921 champion). Mrs. entin Feitner (six-time Metropolitan mpion) was the fourth. The men e National Champion Max Marston, time champions Francis Ouimet and s Sweetser, French champion John Anderson.

irst the four women played together. : Misses Cummings and Hollins ted Miss Collett and Mrs. Feitner in low-moving best ball affair. Stalt Miss Hollins seemed sound and d in every department of her game; s Cummings was brilliant but a h patchy. Sombre Glenna Collett, er bored by the slow pace or inerent to the matter in hand, played asual round.

hen the men "spotted the women five quest each" and played them indial matches. As the two National mpions went into battle, Miss CumSpencer was born in Manchester, Eng27 years ago.

bisque is a handicap stroke given in play that may be used by its recipient any hole he elects. Recipient must, howstate his intention of using the stroke e playing the hole.

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mings was heard to taunt Mr. Marston: "Why, Max, no man in the world can give me five bisques and get away with it!" She recalled beating Marston in simi

Keystone

MAX R. MARSTON

The rest of the men won

lar matches at Garden City in 1923, at Philadelphia in 1923; and whatever "Indian sign" she had on him then, she still possessed. Confused, Marston topped drives, missed putts, was beaten 3 and 2 with only three bisques used against him. The rest of the men won. The mixed foursomes were last, "Littie Glenna" and "Big Jess" carrying off the golden golf balls. In these matches, where the men and women took alternate shots with the same ball, it was remarked how little difference there is between the best play of crack golfers of either sex. Miss Collett and Miss Hollins, powerful hitters, were pounding their tee shots 215 to 230 yards-far enough for any man. pitching and short approaches to the pin, all the women were as accurate as the men. Miss Cummings perhaps more so. Her mashie-niblic manipulation is her chef d'oeuvre. Miss Collett's putting was deadlier than any save steady Quimet's.

At

It was in consistency and in play through the fairway that the discrepancies appeared. No woman can get a man's distance with brassie or iron out of a cuppy lie. Few women can play as many consecutive good shots as a man without "cracking."

Preliminary

The Defense Committee of the U. S. Polo Association (Messrs. Harry Payne Whitney, Louis E. Stoddard, Robert E. Strawbridge Sr., W. Averell Harriman, Devereux Milburn) formulated and announced an official answer to England's challenge

No. 3. Malcolm Stevenson, Meadow Brook.

Back, Devereux Milburn, Meadow Brook.

Team handicap total-38 goals. Substitutes: Eric Pedley, Midwick Country Club, Calif.; Robert E. Strawbridge Jr., Bryn Mawr, Pa.; Earle Hopping, Bryn Mawr.

The "Big Four" thus designated, after weeks of trial play (TIME, Aug. 11), proceeded to practice daily together on Cochrane Field, at the Meadow Brook Club, Westbury, L. I. On Sept. 6, they will lock mallets on International Field (adjacent to Cochrane Field) with the invading Britons in a two-out-of-three series.

Meantime the Britons landed in Manhattan, joined Lieut. Col. T. P. Melvill, who had preceded them to the U. S. with their ponies. Donning leather, linen and pith, they galloped forth for their practice. They

were:

No. 1. Lieut. Col. T. P. Melvill, a crack shot, a fine horseman, a skilled combination player.

No. 2. Major Geoffrey PhippsHornby; like all the British players, a hard rider and an accurate shot. Two years ago, seriously ill with diabetes, he went to India to recuperate. Last year, he played on the military team that won the Viceroy's cup, thus winning consideration for the international side. His visit to the U. S. is a combined sporting trip and honeymoon. He married a week before sailing.

No. 3, Major F. B. Hurndall, seasoned and dexterous. Major Hurndall is, next to Luis Lacey, the strongest player on the visitors' side. During the War, Major Hurndall's ship was torpedoed off the Irish coast. He owes his life to a nun who, after doctors had declared him dead, rubbed his body for three hours with alcohol, restored him.

Back, Major Vivian Lockett, the only member who played for Great Britain in 1921. He is a sturdy defense man with some ability on the offense as well.

On the sidelines, his shoulder muscles paining him, sat Luis Lacey, watching his countrymen. He is their only 10-goal player. His position is at Back. He had fallen in practice, aggrevated an old injury. It was doubtful that he would be in shape by Sept. 6, which doubt augmented the doubt of the visitors winning. Lacey, though he lives in the Argentine, is eligible for the British team from the fact that he was born a Canadian.

Also on the sidelines sat Majors T.

W. Kirkwood and E. G. Atkins substitute No. 1 and No. 2 or 3, spectively.

Comparison. The English style play differs from the American several ways. Primarily, the Engli seldom hits their shots with the spe tacular punch of a Milburn or Hitchcock. They rely on expert hors manship, which the present invade possess to a greater degree than an of the Americans save Webb. Th play a clever, maneuvering. shor passing game. In combination pla an English Back usually stays nea his goal continually. No. 3, the pi otal man, pairs either with him with No. 2, leaving No. 1 to "rid off" the opposing defense or play lone hand. An American Back ofte sets off on field-long gallops to scor No. 3 then drops back. Nos. 1 and try to pair together at all times.