"Mexico Needs Us" With E. M. Herr, President of the Westinghouse Electric & Mfg. Co., as their stout Cortez, a group of U. S. bankers, manufacturers, exporters goes this week to Mexico. The purpose of the mission is to further industrial and financial relationships between the two countries. The personnel includes some of the most impressive figures, some of the most dis E. M. HERR "Stout Cortez" tinguished names known to business. Said Mr. Herr, who has long stared with eagle eye at the Pacific: "This expedition is not a selling proposition nor a sight-seeing tour. It is a mission of good will. The U. S. and Canada have long prospered commercially by reason of their friendship. Why not another marriage between undeveloped resources and American capital? Mexico needs us and we need Mexico." Those going include: F. D. Waterman, fountain pen President. A. J. Brosseau, President of Mack Trucks, Inc. J. A. Farrell, President of U. S. Steel Corporation. W. H. Robinson, Vice President of H. J. Heinz Co. (pickles). S. M. Vauclain, President of Baldwin Locomotive Works. Mason Britton, Vice President of McGrawHill Co., Inc. Co. Edward Prizer, President of Vacuum Oil D. E. Delgado, Export Manager of Eastman Kodak Co. J. Kindleberger, President of Kalamazoo Vegetable Parchment Co. George Edward Smith, President of Royal Typewriter Co. F. H. Taylor, President of S. S. White Dental Manufacturing Co. N. J. Gould, of Gould's Manufacturing Co. C. F. Weed, Vice President of First National Bank, Boston. Alfred H. Swayne, Vice President of General Motors Corp. John C. Taney, Treasurer of Autocar Co., Ardmore, Pa. A. E. Hertzig, of Goodyear Tire & Rubber Co.. Pittsburgh. E. C. Wagner, Vice President of Miller Rubber Co., Akron, Ohio. Wilson & Co. Some months ago, it became V dent that Wilson & Co., one of th "Big Four" packers, would nee cash, although its statement shore $120,000,000 assets to $77,000,000 lia bilities. It was thought that th Company's affairs would be peacef ill readjusted. Suddenly, however, there appea re one Maurice I. Klein, a Newark phy sician, owner of a 25-share lot of Wilson stock; he demanded that ar equity receiver for the Company b appointed. Before the receivers hig can become permanent, however hearing must be held. In all prob ability, President Thomas E. Wil jor will have much to say at this meet ng He has announced that he will con es the proposed receivership. A The attack was unexpected. friendly receivership, to be followed by a reorganization, was expected in Wall Street, although denied by the committees working on the mat er This expected development will be greatly complicated by the action o the obscure 25-share partner in the business. At recent market pri es Dr. Klein's stock is worth about $100 yet his claim for a receivership in volves assets valued at $120,000,000 This apparent step toward throw ng a monkey-wrench into the Compar y's machinery should provoke a lively ti in the Courts when the question ca permanent receivership is taken up. Meanwhile, the Company counte ed by obtaining a Federal Court re ceivership in New York. Juge Julius M. Mayer, Robert L. Mor el and President Thomas E. Wil: on were appointed receivers on a claim of $5,943 by the John Eiszner Co. The question now remains, Wh ch set of receivers will be left to mana ge the business? Mr. Klein will, of course, endeavor to have the New Jrsey receivership gain supreme control. The Wilson Co.'s aim is to have the three Federal receivers ma nage assets in New York and Illinois, with ancillary receivers in other States where the Company has inportant interests. Spanish Telephones The efficiency of the privately own d and operated American telephone sy tem compared with the state-owned and controlled systems of Europe his often been remarked. Apparent! Spain has gotten tired of local burea!crats, and wishes for service in the American fashion. The Internation! Telephone & Telegraph Co., a U. : concern, will shortly undertale through its subsidiary, the Corpania Telefonica Nacional de Españ The others are Armour, Cudahy, Swift. to construct and operate a general telephone system throughout Spain. The work will involve taking over the existing Government-owned system, as well as several private systems. The Telefonica Nacional is a Spanish concern, run with Spanish capital. But control rests with I. T. & T., which will act as its technical and financial adviser. Spain is the first European country to abandon a stateowned system for International Telephone & Telegraph management. Yet negotiations are already under way for similar "deals" in France and Italy, and still other European countries may also fall into line. On Jan. 1, 1923, Madrid, a city of 766,000 population, had only 15,483 phone stations; in all Spain, there were only 82,500. Obviously, I. T. &T. has a great field before it. Important Map conveyed by the statement is that the The study of American farming is, After all, if the farmer wants a "managerial reward" he must earn it by using good judgment during prosperity, like everyone else. In 1922-24, the farmer earned only about 3% on his investment. Yet this compares favorably with earnings of most shipping companies in 1921 or of many railroads in 1918-1921. On the top floor of the lofty New Margarine York Cotton Exchange building is the Cotton Board room. On one side of The room is a large map of the U. S., n which current weather conditions re kept posted. News of storms, hot nd cold spells and rainfall are immeiately reported here, and marked on The map. In the "Cotton Ring," here brokers and traders are estabshing the price for future cotton, the atter never long lose sight of the weather map. For just now, it is mostly a question of the weather how arge the 1924 cotton crop will be. On Aug. 1, the Government estimatd this year's crop at 12,351,000 bales. But its report of the "condition" of he crop on Aug. 16 was 64.9—from which fact the trade is beginning to alk of a 13,000,000-bale crop. The oll weevil, while by no means eradiated, is not expected to be so severe scourge to cotton this year as last. On the other hand, tropical storms weeping up over the Cotton Belt From the Gulf over the Southern Atantic section, accompanied by heavy ainfall, are worrying the cotton aders. Other troubles have appeared. Army worms" are reported in Texas, nd a hot drought in the western part f the belt. Statistics There is an old adage that figures ever lie, but that liars frequently figure." Few readers stop to ponder tatistical articles in the press, to -hich headline writers sometimes Eve a peculiar interpretation. As a Esult, the public is misinformed by e presentation of half-truths. Recently, the Department of Agrialture, after grave and profound rearches for "several years," issued a atement that the U. S. farmer is not etting an adequate return on his inestment or for his personal labor. his is based on figures taken in 192022. The farmer, according to the epartment, is not receiving any managerial reward." The impression a In 1868, M. Mège-Mourées, French scientist, invented margarine as a substitute for butter, by churning beef fat with milk. The product was called oleomargarine. In 1906, vegetable oils were first substituted for the oleo oils, to lower the price and improve the product. Up till this time, margarine was considered only a nasty substitute for butter; good grocers would not sell it, and some sellers were arrested for handling it. Its only lure lay in its cheapness. The introduction of vegetable oils, however, turned the tide abroad. Yet the product failed of wide acceptance until the War, when butter was rationed in England. Many who had to eat margarine or nothing, ended by liking it as well as butter. Modern margarine is a triumph of practical chemical skill, combining many oils after refining, decolorization and deodorization. Last year, Britain imported $150,000,000 worth of vegetable oils, most of which went to her margarine makers. Imports included cottonseed oil from the U. S., as well as oils from palms, cocoanuts, soya beans, peanuts. The product is colored with the red annatto bean from Asia, and sells for half the price of butter. Steel Improves For the first time in many weeks the steel trade can point to current developments as harbingers of improvement, instead of having to rely on Chairman Gary's blandly optimistic speeches. The U. S. Steel Corporation reported an increase of 10% in bookings during the first three weeks of August. Production has crept past its recent 50% mark. In June it was only about 40%. Henry Ford recently took 10,000 tons of fine finished sheets. Cast iron pipe bookings are good; in the Chicago district they exceed output. Rail orders are also appearing. How to Double Your Money in 10 Years A Do RE you aware that a few cents each day, or a few dollars each week, can be invested so that it will double itself in a surprisingly short time with absolute safety? you know how to invest your money in legitimate securities and then reinvest the interest in such a way that you will have a comfortable fortune in just a few years? Here is a new plan which shows you how to make use of a scientific investment principle known to all financiers. The rapid way in which money grows when invested according to this plan is a revelation to the average Edit As TIME, The Weekly News-Magazine. Ernest Brennecke, John Farrar, Willard T. Vol. THE PARAMOUNT ISSUE in this year's Presidential campaign-what is THE PROMISE OF THE PRESENT DARK AGES to wit, of a new Renaissance—is the theme of Miss WINIFRED KIRKLAND'S contribution-a delightfully apt, keen and convincing satire upon some far too conspicuous features of the social and TABLE OF CONTENTS THE PARAMOUNT ISSUE-COOLIDGE OR CHAOS? A CORRECTION LAW AND THE CHANGING ORDER The Editor Marvin B. Rosenberry THE POLICY OF POLITICAL DETACH- THE MEXICAN PROBLEM SOLVED AMERICA'S IMMIGRATION POLICY PAUL CLAUDEL Roy L. Garis F. R. McCreary intellectual life of the world today. New Books Reviewed These are only a few of a long array of articles of comparable merit and timeliness filling the handsome pages of what is really a large volume of current literature. SPECIAL OFFER The September Issue Free We want you to know THE NORTH AMERICAN REVIEW in its new form as a Quarterly and, as an introductory offer, will send you the September issue free and enter your annual subscription to begin with the December issue on receipt of your remittance for Four Dollars. Please use coupon below. SPORT Dictation Small boys and girls near White phur Springs on Saratoga Lake, N. stood open-mouthed along the cour roads when a hairy giant, scowl thunderously, went rushing by great strides, followed by three of giants-two of them coal black, shin with perspiration, grinning broa It was Luis Angel Firpo, Argen Bull Man, continuing his training fo fight on Sept. 11 with Harry W black heavyweight, to determine Ch pion Dempsey's next antagonist. During the week both Bull Man Fi and Harry Wills found time to tate" statements to New York W reporters. Said Firpo : "I came to the United States for reasons. First, to prove to my people that my defeat at the hands Jack Dempsey had not made a cow of me. That's what they seemed think-yes, even said. It broke heart. I am not a coward. . . . second reason ... is to take Ha Wills to task-in the ring-for a 1 lished statement made by him a seeing me defeat Jess Willard [19 in which he said . . . that he could i whipped both Willard and myself the same ring. I resent that now resented it when I read it. I am to prove to Wills that he is slig mistaken as far as whipping me is cerned. . . . I know I will surely him. . . . It will be a matter of rev with me. "I've made a careful study of colored man's anatomy. I know can't stand as much body punish as a white man. I know, too, they stand more punching about the than any other race of people... "In the Brennan fight [1923], I looking Brennan over and wonde when he would tire of hitting me. blows were like big stones raining said to myself without feeling pain: 'When will the big stones rai on me stop?'... This time Wills be the one to feel the big stones rai -lluvia de piedras, I say in my language-shower of stones." Said Wills (at Southampton, L "Usually in stories that I have written by fighters, they have b by saying something like this: T I'll knock this fellow out round'. . . . This strikes me as height of folly. I have to laugh time I read one of those raves. "I NEVER PREDICT." sure. Golf In Manhattan, faintly gr after sailing through a North Atl hurricane, displaying sprigs heather in their buttonholes, the British golfers that will chall the U. S. for possession of the W er Cup, brought themselves and links-gear ashore, set off for tice at Garden City, L. I., wher ternational Matches are to be byed Sept. 12 and 13. Their ponrous leader, Cyril Tolley, "siege an of British golf," French Open hampion and onetime (1920) BritAmateur Champion, declared that ey might be a stronger team had ley with them E. W. E. Holderness British Amateur Champion, 1922 ad 1924), Roger Wethered (British mateur Champion, 1923), Robert larris. Tolley's nine are: O. C. ristow, Major Charles O. Hezlet, N. L. Hope, Dennis H. Kyle, W. A. Jurray, Robert Scott Jr., the Hon. chael Scott, T. A. Torrance, E. F. Storey. [At Mamaroneck, N. Y., Cyril Walker, National Open Champion, nd Joe Kirkwood, famed Australian freak-shot maker, gave golfdom cause or mild astonishment by failing to qualty for the Professional Golf AssociaSon Championship Tournament to be feld at French Lick, Ind., Sept. 14 to 20. Fifteen district qualifying rounds were going on throughout the country to determine a field of 64 starters for this event. The Metropolitan District, for example, was allotted 14 aces to fill and 150 applicants teed off or 36 holes at the Quaker Ridge Course. Low score was 143. At Providence, R. I., the national women's championship was put in Botion. Edith Cummings was off the ee early for her qualifying round. Her most dangerous competitors Fere Champion Glenna Collett (1922 nd 1923) and Champion Marion Hollins (1921) of Providence and Manhattan, respectively. Her most teresting competitor was Mary K. Irowne of California, national tennis hampion of 1912, 1913, 1914, now an ble linkswoman. Toting Miss Cummings' large bagall of clubs was another interesting gure-Caddie Joseph Horgan, of the Westchester Biltmore Club, Rye, N. 7. Having caddied and coached the Champion to victory last Fall, Joe Could not bear to miss her performnce this year and had traveled to Providence "on his own" to be at her ide. Well above the voting age, hrewd as any Irishman, Joe is a are jewel among caddies. Glenna Collett, playing her home ourse, broke the National Tournacent's qualifying-round record with ystrokes. Firth of Forth The Firth of Forth is a dour, great alet where the tide rushes in and out rom the North Sea at great velocity nd where the sixth longest bridge a the world supplies "see-ers" with "sight." Britain's battle fleet uses as a base. Scotsmen, particularly dinburghers who dwell near its oubled expanse, boast of its majes and dangers. But few think of wimming across it; and none of ose who have tried have ever suceded-until last week. Then W. E. Barnie, an Edinburgh science teacher, girded up his loins, plunged in at Burntisland, on the North side, struggled for 4 hours and 10 minutes with swirling tide rips and deadly cold patches, stumbled ashore at Granton, on the South side. A direct line from Burtisland to Granton is only six miles; Barnie covered ten, owing to the currents. The English Channel, the most Keystone LORD BYRON He did it widely advertised and popular of natatorial obstacles, is 22.5 miles wide where swimmers attempt it-Dover to Calais or vice versa-and a swimmer's course is often 56 miles long through the shifting tides. It has been traversed several times, most recently and fastest (16 hr. 33 min.) by Enrique Tirabocchi, Argentine porpoise-man (TIME, Aug. 20, 1923). Channel water, however, is warmer than the Firth of Forth. The Hellespont, between Gallipoli Peninsula and Asia Minor-famed in fable for being negotiated by Leander, amorous Greek, and in romance because Lord Byron did it for all his maimed leg-is a paddle of only three miles. At Detroit Detroiters sat on the cool verandas of their Yacht Club, trained their glasses on a line of snorting speed boats that came plunging down the Detroit River, swept around a wide turn and plunged back upstream on the other leg of an oval course. Toward evening it was announced that Rainbow IV, owned and driven by Harry B. Greening, of Hamilton, Ont., had the best times for three 30-mile heats. Greening was not presented with the American Power Boat Association's Gold Challenge Cup, for which he had raced. A rival pilot protested that Rainbow PELMA Check Yourself! What Do YOU Want to make you really happy? If it is more money, here is a way to get it that has never failed. here is a method that will show you exactly how to ELMANISM gives you the positive qualities of an executive in place of the negative traits of a mere follower. Lack of purpose will soon be crowded out of your life by the definite aim that Pelmanism confers upon you. Timidity and self-distrust will fade out before the boundless courage and confidence in your own destiny with which Pelmanism endows you. 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