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SUPPLEMENTING local banking connections, this Company affords a wide range of valuable services to business houses throughout the country.

Many manufacturers and merchants maintain New York checking accounts with us, enabling them to make settlements direct with New York funds. Interest is paid in accordance with our minimum balance requirements.

We make commercial loans on both credit and collateral, and issue letters of credit for export and import financing, in harmony with sound banking practice.

In collecting bill-of-lading drafts drawn on New York and vicinity we render an exceptional service, frequently saving our customers time and money.

We hold securities in safe-keeping, available at all times for sale or delivery upon written or telegraphic instructions. This service includes prompt collection of bond interest, and other important features.

We shall be glad to send executives our
100-page booklet, "Guaranty Service,"
which describes in detail the above and
numerous other services which we render.

Guaranty Trust Company

of New York

MAIN OFFICE: 140 BROADWAY, NEW YORK

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The danger of playing football with British cannon balls. (P. 6.)

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Vol. IV. No. 11

The Weekly News-Magazine

NATIONAL

THE FRESIDENCY
Mr. Coolidge's Week

Secretary of the Treasury Andrew W. Mellon, returned from Europe, told the President and the press that he expected great things of the Experts' Plan.

The President by proclamation annulled the embargo on arms and munitions to Cuba, which he had established by proclamation on May 2. The clouds of revolution which hung over Cuba have blown over; and "as the conditions in Cuba which prompted the issuance of the proclamation of May 2, 1924, have ceased to exist, the said proclamation is hereby revoked."

President Coolidge drew up his plan for the relief of agriculture through the appointment of a commission to study the causes of depression and to suggest means of removing them.

To the Naval Governor, Capt. Henry H. Hough, of the tornado-torn Virgin Islands the President addressed a message: "Am deeply distressed to hear of the tragedy that has befallen the people of the Virgin Islands. Will you convey to them my sincere sympathy, particularly to the bereaved relatives of those who have been killed?"

Ambassador Houghton, home on vacation from Berlin, called at the White House, told the President and the press that he had great hopes of the Experts' Plan.

C President Coolidge gave out in advance a message to the Jews of the country in regard to the celebration of Rosh Ha-shana, the Jewish New Year, on Sept. 28. Said he of the Jews of America: "In a nation whose laws know no favored race or group or religion, they have won their way because they have proved their genius for fine coöperation in the common interest."

The "White House spokesman" let it be known that the President was somewhat dumfounded by con

September 15, 1924

AFFAIRS

flicting majority and minority reports of the Tariff Commission on the sugar tariff. Both in fact and in law, the reports seemed to differ; and the President was inclined to send them back for further classification and some sort of agreement.

Mr. Coolidge received the Washington American League baseball team at the White House. He told them he wanted to see them win the League pennant so he could attend the World's Series in the Capital.

Ex-Governor Frank O. Lowden, of Illinois, dropped into the White House as a guest. The press intimated that the President intended to make him chairman of the proposed Agricultural Commission which the President has spoken of and Mr. Dawes dilated upon. Inasmuch as Mr. Lowden has been interesting himself in farm problems for some time, it was a good guess.

¶ Mr. and Mrs. Coolidge motored up to Baltimore on La Fayette's birthday and unveiled a statue of the General.

CONTENTS

National Affairs
Foreign News

Music
Books
The Theatre
The Cinema
Art

Education

Science Religion Law

The Press

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Business & Finance.. Medicine

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Published weekly by TIME, Incorporated, at 236 East 39th Street, New York, N. Y. Subscription, $5 per year. Entered as secondclass matter February 28, 1923, at the post office at New York, N. Y., under the Act of March 3, 1879.

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"No President, however powerful, and no majority of Congress, however large, can take from any individual, no matter how humble, that freedom and those rights which are guaranteed to him by the Constitution. The Supreme Court has final authority to determine all questions arising under the Constitution and the laws of the United States. . . .

"The question is whether America will allow itself to be degraded into a communistic or socialistic State or whether it will remain American. Those who want to continue to enjoy the high state of American citizenship will resist all attempts to encroach upon the power of the courts.” In closing, he praised the disarmament treaties and the Experts' (Dawes) Plan.

In Chicago, Mr. Dawes maintained a continued silence which has endured since his speech on agriculture at Lincoln (TIME, Sept. 8). One of his chief occupations was the preparation of a speech for delivery in Milwaukee-pointblank at Mr. LaFollette. It was reported that Mr. Dawes, who had previously informed the Republican Speakers' Bureau that he would not speak more than three times a week, sent a second word that he would not speak more than once a week. The campaign managers threw up their hands; Chairman Butler of the National

National Affairs-[Continued]

Committee rushed west to Chicago to confer with the candidate about a tour on the Pacific Coast.

Democratic. John W. Davis roamed westward. In his special train, he reached Chicago from Wheeling, spent four days in the Congress Hotel. He made no public speeches, attended no public gatherings, but did business with his political lieutenants, heard reports about the West. Through Frank R. Kent, famed Democratic correspondent, word leaked out that the Democrats had practically lost hope of the region west of the Mississippi except for

few states Colorado, Nevada, Arizona, Nebraska, Missouri; and Arkansas, Oklahoma, Texas, which rank as part of the South. This, of course, Mr. Davis denied; but to it was attributed the fact that his trip was planned to carry him no farther west than Denver. It was said that he regarded visiting the Pacific Coast as a waste of energy; that he would devote his time to adding the above few states to his support in the South and then try to secure a substantial number of the larger states East of the Mississippi-Indiana, Ohio, New York, New Jersey, West Virginia.

After four days of comparative quiet, the special train pulled out of Chicago; and Mr. Davis on the back platform made speeches at Rockford, Freeport, Galena, Galena, Dubuque. At Omaha, he made his first major speech-on the farm problem. He declared that 1,200,000 people had been forced to leave the farms by the Republican policy of deflation. He called the Fordney-McCumber Tariff "an offense to every consumer in the U. S.," and described it as "an act to obstruct our foreign commerce, to increase the prices of what the farmer buys and to reduce the prices of what he sells. . . . I am here primarily to learn rather than to teach. . . . I am not a dirt farmer nor a pictorial farmer." He recalled Mr. Dawes' suggestion for a commission to investigate and recommend remedies. "It has not even the merit of novelty!" he exclaimed. can smell the moth balls now." He concluded:

"We undertake:

"I

"To adopt an international policy of such coöperation as will reëstablish the farmer's export market by restoring the industrial balance in Europe. . . .

"To adjust the tariff so that the

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He boarded his train once and went on, while the metaphorical announcer called: "All aboard for Denver, Cheyenne, Topeka, Bunceton, Des Moines and Chicago!"

Meanwhile, in the East, the rather ineffectual Clem L. Shaver sputtered that he expected LaFollette to get about 70 electoral votes in the West. Some Democratic campaigners set the number even higher. They admit it cheerfully. "This," they say, "means that La Follette is weakening Coolidge. La Follette having the West, if the election is not to be thrown into the Electoral College, it means that South and East must combine on one man. Davis has the South; so the East must go to Davis likewise." From the brevity of Mr. Davis' efforts in the West, it would seem that he accepts the forecast that the West will be divided between

Coolidge and La Follette; but far from waiting for the East to come to him, Davis is going out with all his energy to get it.

Progressives. The La FolletteWheeler campaign experienced some difficulty in collecting the funds which they felt sure they would get from Labor. In fact, at the present time, both Democrats and Progressives are having difficulty in collecting material resources. The Federation of Labor was called upon and issued an appeal for funds. It was said that Senator La Follette's radio speech on Labor Day cost about $3,800 and that he had relatively little, as yet, on which to finance the rest of his campaign. Nevertheless, the LaFollette men continue optimistic, promise to carry Wisconsin, Minnesota, Washington, Nebraska, Iowa, the Dakotas, Oklahoma and possibly California, Kansas, Arizona, Illinois. Wisconsin seems pretty certain. In the Republican primary there, the insurgent Congressmen who had been supporting La Follette were all renominated with substantial majorities.

Meanwhile, Senator Wheeler has continued his tour of New England, telling the mill hands: "When the people of the West got tired of their Congressmen, they got others. You can do the same. When their Senators were creatures of corruption, they changed them. You can do the same." Leaving New England, he burst into up-state New York and was scheduled to continue his trip via Newark, Philadelphia, Pittsburgh, Cleveland, Columbus, Cincinnati and Chicago.

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She Knows It

If John W. Davis is elected President of the U. S., he will probably appoint someone to be Minister to Rumania. One cannot identify that hypothetical Minister in advance, but he would have to be a very able diplomat to take up amiable relations with the Rumanian court.

Why? Because, when John W. Davis was in Chicago last week making a speech to political leaders, he said:

"There is a story that has nothing to do with what I am talking about. As you know, the Queen of Rumania is a very beautiful woman and she knows it. She hasn't any doubt about it, and there is no reason that she should have.

"She said once: I want to come to America, and the reason is that I want to give my country a face, so that when

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