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iven serious thought to the probems connected with moving the ank's gigantic assets into their new ermanent home. Ever since 1916 he bank's headquarters have been in he Equitable Building. Soon after he War, the construction of an adequate Reserve Bank building began. on the block bounded by Maiden Lane, Liberty, Nassau and William Streets. The old and new Reserve Bank headquarters were only five blocks apart; and the task of transferring assets from the one to the other was consequently simplified. Nevertheless, the work involved transporting about $3,000,000,000 in gold, notes and various financial instruments, and negotiable securities.

On Sundays, Wall Street is usually deserted. Therefore, Sunday, Sept. 21, was selected for moving day. The police established deadlines three blocks away from both buildings; 37 armored Adams Express cars and a guard of 300 armed men were mobilized and a careful plan of operations was perfected. By Sunday midnight the moving was completed with entire success.

Cash and securities were first packed in trunks in the old bank vaults, sealed and delivered to the express company, which placed them in armored cars bristling with artillery of various calibres and delivered them at the new building. About one hundred trips of this sort were necessary before the Reserve Bank's enormous = assets were finally placed in the impregnable vaults of the new building.


In 1875, one Thomas Cusack, a youth in his teens, started a business with only. a paint pot and brush and a remarkable personality as assets. The business consisted in painting advertising signs on the sides of buildings in a small way. Gradually, he took to building billboards of his own, and leasing suitable walls and other locations for outdoor advertisements.

After a half-century, Mr. Cusack decided to retire from active work. But it took a banking syndicate to buy out his interest in the Thomas Cusick Co. of Chicago. What his selling price was is unknown. But the company's last balance sheet showed assets over $26,000,000 and annual gross business over $23,000,000. The headquarters of the company are located in Chicago, with branches in about one hundred other cities. The concern owns 100,000 separate leases controlling 40,000,000 square feet (10 10/99 square miles) of wall surface and 1,800,000 square feet (5/11 square mile) of billboards.

The bankers who have acquired the Cusack Co. expect to make a public offering of the stock shortly. This is said to be the first time in the history of U. S. business that Wall Street bankers have taken over an advertising concern, and also the first time that shares in such a business should be underwrit

ten and sold to the public through the Wall Street markets.

Textile Gloom

While the cotton planter rejoices, the textile-mill operator is faced with additional trouble. The cause in both cases is a sharp rise in cotton prices.

The Government's estimate of the cotton crop, based on the condition of 59.3 on Sept. 1, was 12,787,000 bales. When, on Sept. 16, the Government revised its estimate, the condition figure had fallen to 55.4, and accordingly the new crop estimate was placed at 12,596,000 bales. The sudden cut of 191,000 bales in the estimates, when announced, precipitated a small-sized "bear panic" on the Cotton Exchange, wherein a good-sized "short interest" hastened to cover at smartly rising prices.

Meantime the cotton-mill owner, who had become optimistic, saw prospects of being able to sell fabrics spun of 21¢ cotton, received a severe jolt when the price went up to 24¢. The stagnation in the textile trade has been due to a "consumers' strike" against the high prices charged for cotton goods. The refusal of consumers to buy at high prices cannot be changed until the raw cotton itself declines. Retailers refuse to stock up; jobbers are wary; and as a result unemployment is prevalent in the New England mill towns.

Patty Cake, Patty Cake

Last week, Wall Street woke with a start to discover another new industry had invaded its security market. Strength in what facetious financial writers here dubbed the "dough stocks" emphasized the growing importance of the baking industry generally. The stock market has long been familiar with "cracker" companies like National Biscuit and Loose-Wiles; recently, the "bread companies," like United Bakeries, Ward Baking and General Baking, have attracted attention on the "Big Board" and Curb alike.

At present, about 50% of the bread consumed in the U. S. is baked at home in the old-fashioned way. The other 50% constitutes a battleground for competition between about 35,000 bakeries throughout the country-almost all small neighborhood or local establishments. But the idea of mergers and combinations has already entered this field. Yet it has not proceeded far, as only 100 bakeries thus far are controlled by the three largest baking companies, above mentioned.

The efficiency of these chain bakeries and the amount of territory they serve are, however, greater than those of their independent and smaller competitors, owing to their employing fleets of trucks for making rapid deliveries. Largescale baking also makes possible many economies of operation in labor and material costs. How far mergers in the bread-making field may go, no one can say. The field is apparently wide open. In another decade we may have a "Bread Trust" for fearless politicians to attack in election years.

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Sound in thoughtful and import-
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A. H., Box 177, 27 W. 44th St., New York


pen portrait yet written of

"The most dynamic
American who ever


The Letters of Archie Butt

The President's Military Aid


Here is an example of the unusually intimate letters Major Butt wrote to his mother, reflecting the most interesting, human side of his active life in the service of President Roosevelt:

My Dearest Mother:

I went walking with the President this afternoon; rather I should say climbing and swimming, for there was far more of that than walking.

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I had on heavy marching shoes, leggings and a flannel shirt. He was dressed in what appeared to me to be a handsome cutaway coat, but wore a campaign hat.

As we got out of the carriage he dismissed it and told the two detectives who had followed us on wheels not to attempt to follow us, and so we started. We made a circuitous route through the underbrush and at length came out farther up the creek, where there were no paths and few openings to the water and many overhanging cliffs and rocks. He pushed through the brush like an Indian scout and when he got to the water edge he began to clamber out on the ridges and overhanging rocks. Sometimes we had to pass ourselves along the outer faces of rocks with hardly enough room in the crevasses for fingers or feet. Each time I made it after him he would express his delight and surprise that I had done it so nimbly. I did not tell him how each time I thought it would be my last, nor did I show the real fear I had of falling.

My chief anxiety was for him. I felt that he had no right to jeopardize his health and life as he
was doing. Finally we reached one cliff that went straight up from the water, made a turn, and the
ledge he would have to make hung over some nasty and jagged projections, so that if he should fall it
might prove most serious to him.

I watched his ascent, therefore, with alarm. The rocks were slippery, and just as he was on the
point of making the highest point, imagine my horror when I saw him lose hold, slip, and go tumbling
down. He went feet foremost, fortunately, and he showed great presence of mind by shoving himself
away from the rocks as he fell. Had he swerved, his head would have been certain to strike some pro-
I stood paralyzed with fear
I could see what it would mean to have him meet with any
accident of this kind. However, he missed all sharp projections and fell straight in the water...


But you must read the rest of the story and the scores of equally fascinating ones in the book itself.

This is the finest example of American biography since the now famous "The Life and Letters of Walter H. Page."

Of Archie Butt's letters Theodore Roosevelt Jr., says: "Many of those incidents he recounts brings back those times as if they were yesterday." Says Nicholas Longworth: "Major Butt's letters cannot fail to have not only great interest . . . but great historical importance." Senator Borah says: "Every one who is interested in . . . Col. Roosevelt-and who is not?-will want to read these letters."

Go to your booksellers and inspect this book, or send to our Advertising Department for a rotogravure pictorial circular describing this biography in detail. This book is more than entertaining; it presents Theodore Roosevelt more clearly than ever before.


Doubleday, Page & Co.


They are gossipy, without being trifling;
ersonal, without being impertinent;
uthful without being bitter." -LAWRENCE F. ABBOTT.


IN THESE PAGES the reader finds himself living again the days when Theodore Roosevelt's towering personality directed the affairs of the nation. Through the observing eyes of Butt, the great, magnetic, manysided Roosevelt is revealed in a new light. One reads of his personal habits, his mannerisms, foibles, virtues, his private opinions as to many of his contemporaries, his relationship to the members of the

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famous "Tennis Cabinet,"
his never-ending attempts
to elude the secret service
guards, his entertainment
of educators, prize fight-
ers, diplomats, big-game
hunters, political leaders,
and jiujitsu instructors.
One is transported into the
midst of the Roosevelt
family life at Oyster Bay
and into the very center
not only of the official but
of the more intimate so-
cial life of Washington.



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are said to have thrown nuggets of

MILESTONES gold, bags of gold dust, at her feet

Born. To the Countess Salm von Hoogstraeten, née Millicent Rogers, daughter of Henry H. Rogers of Manhattan, a son (eight pounds); in Manhattan.

Engaged. Samuel Lewis Shank, famed Mayor of Indianapolis, to Mrs. Eva Findley of Kendallville, Ind.

Engaged. The Rev. Tertius Van Dyke, 38, pastor of the Park Avenue Presbyterian Church, Manhattan, and son of Dr. Henry Van Dyke, famed author-diplomat-clergyman, to Miss Mary Elizabeth Cannon, of New Haven. Miss Cannon taught Sunday school, supervised Bible classes in the church of the Rev. Mr. Van Dyke.

Died. Elliott Cowdin Bacon, 36, member of the firm of J. P. Morgan & Co.; in Manhattan, of cerebral embolism. In 1910, he was Captain of the Harvard University Crew. His father, the late Robert L. Bacon, onetime Ambassador to France, was also a Morgan partner.

Died. Howard E. Shaw, 57, Democratic nominee for Governor of Vermont; in Morrisville, Vt., of infantile paralysis.

Died. Brigadier General Charles E. Sawyer, 64; in Marion, Ohio, of cerebral hemorrhage. He died in his sleep, as did the late President Harding, to whom he was physician.

Died. Karl Nepattek, chief master of ceremonies to the late Habsburg Court; in Vienna. When the Habsburgs, crumbled, Nepattek made a living drilling "supers" in court receptions for U. S. cinemas.

Died. Viscount Long, 70, former First Lord of the Admiralty, Chief Secretary for Ireland; at his home, Rood Ashton, England. A few months ago he published his Memories (TIME, Sept. 29, FOREIGN NEWS).

Died. Prof. Allan Marquand, 70, famed archeologist; in Manhattan. To artistic scholarship he gave his person and his purse, organizing the art department of Princeton University, which department he headed for 45 years. His private art library, said to be the finest in the country, he gave to the University.

Died. Robert Jackson Gamble, 73, onetime U. S. Senator from South Dakota; at Sioux Falls. He served in the Upper House from 1901 to 1913.

Died. Charlotte Mignon ("Lotta") Crabtree, 77, famed actress (retired); in Boston. She began her career in a Nevada camp town where, after a hostile reception, she SO won the

When she appeared in Niblo's Gar den, Manhattan, admirers tossed her their watches and chains, tied up in handkerchiefs. She owned the Hote! Brewster in which she died. fortune, estimated at $4,000,000, was largely left to charitable organizations.



Died. Andrew W. Preston, 78, President of the United Fruit Co.; in Swampscott, Mass.

Died. Herbert L. Bridgman, 80, "Ulysses of journalists"; on board the U. S. Training Ship Newport. He was business manager of the Brooklyn Standard Union, and helped organize Peary's expedition to the Pole. To him the explorer sent the famed code cable "Sun" (meaning "We have reached the world's end"). In 1894, he led the relief expedition after Peary when he was lost in the Arctic. He found Peary, provisioned him and brought back Mrs. Peary and her infant daughter, who had been born in the Far North.

Died. Representative William S. Greene, 83; in Fall River, Mass., as a result of an accident incurred while trying to chase a dog away from his door. He was one of the oldest members of Congress, and six times Mayor of Fall River.

Died. The Rev. Dr. Jonathan Bachman, 86, onetime Moderator of the Presbyterian Church in the U. S.; in Chattanooga.

Died. Mary McCadden, 93, onetime nurse to Gifford Pinchot, Pennsylvania's famed governor; in Milford, Pa. Governor Pinchot, himself recovering from a minor operation, cut short his convalescence to visit her bedside a Grey Towers, the home of the Pinchots, and of Nurse McCadden. Hearing his voice, she stirred, woke from her coma, cried: "My boy! My boy!" But soon after she yielded to a fatal relapse.


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In text and picture the distinguished
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The Golden Bed
Wallace Irvin


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