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The End of the Bull Market?

Overstaying a bull market can wipe out in a few weeks the bulk of profits made on a long upswing.

Is the end of the upward trend of stock prices in sight? If it comes now, which stocks will react first: rails, utilities or industrials?

Read our latest bulletin, which points to the immediate trend of stock prices. Copy free on request now.


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there. Now, however, Mr. Ford's city has gone forward to conquer fresh worlds, by adopting the slogan: "Bring the Aircraft Industry to Detroit."


Commercial flying, says Detroit, will be the next business sensation. And Detroit is not satisfied with A merely discussing the subject. large all-metal dirigible the first in this country-is nearly completed in a Detroit factory shed. Promoters are already planning air lines and quarreling over passenger and freight rates. Not only the numerous automobile interest there, but bankers and even the municipal Government are interested in the new Particularly active in it have been Edsel Ford, the Hudson Motor Car Co. and the Packard Motor Car Co. Experiments are taking the form of all-metal dirigibles. The Stout Metal Airplane Co. has already built an "air Pullman," christened it Maiden Detroit and put it into passenger work over the city. The vessel is built entirely of a new metal called duralumin, said to be lighter than aluminum yet stronger than steel. Another builder was the Aircraft Development Co. Edsel Ford donated a Dearborn flying field to the two pioneer companies; while the Common Council of Detroit has started to acquire a municipal landing field. on the Detroit River.




The business outlook continues uncertain and without general trend. Industrial news has been fairly good, on the basis of the heavier seasonal fall and winter activity rather than particular forward progress. tiles are not yet out of the woods, however, and nowhere is any boom in sight. Cutting of gasoline prices, while temporarily painful to producers and refiners, is a constructive and necessary step in the long run.

Money continues easy, although call rates have risen to 2%. Gold imports have almost ceased, precious metals being attracted to India for the time being. Foreign issues continue to be floated in Wall Street, and the German loan now seems only a few weeks off.

The heavens are aiding the U. S. wheat farmer. Wheat futures touched $1.50 on destructive rainfall in Europe and heavier consequent foreign demand for grain in Chicago.

Car loadings hold up very well and, owing to rural prosperity, promise to continue so when Eastwardbound grain cars return West loaded with merchandise.

The real estate world is debating whether we have sufficient construction. Permits have generally fallen off. Landlords have generally tried to maintain high rents. On the other hand, "To Let" and "For Sale" signs appear almost everywhere.

Business men are bored with the election campaign. They wish the windy formalities were through with and generally concede Mr. Coolidge's reëlection.

A. B. A.

Coming in a presidential year, the 15th annual Convention of the American Bankers' Association (in Chicago) directed its most earnest attention to politics and to economic problems which have been involved in politics. Its keynotes were an out-and-out defense of the existing capitalistic system and a counter-attack on its political foes all along the line. Both addresses and resolutions thus included an unusually wide range of topics: demagogs were attacked, the railroads defended; both the direct primary and the Child Labor Law were condemned; public ownership was assailed; a plea for foreign investments was made; the farmer was told to avoid Government paternalism and to organize coöperative marketing systems; the Federal Reserve Bank was praised; uneconomic taxation scored; belief was expressed that some reduction of wages must occur; everyone was urged to vote; and to the U. S. Supreme Court was pledged the Association's support.


These items having been satisfactorily disposed of, William E. Knox, President of the Bowery Savings Bank, Man

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Figures prepared by the editors Bus Transportation showed last we that 1,593 bus lines have been opened the U. S. since last January. Over 5 motor buses have been purchased at approximate cost of $30,000,000. M of these were bought by electric ways for operation in connection trolley lines. On this basis, the figure at the end of this year will be 25 larger than those of 1923.

Chicago's Station

The new $75,000,000 Union Statio in Chicago, it is announced, may ready for use by the Christmas hol days. It is the western terminal the Pennsylvania R. R., the east ern terminal of the Chicago, Mi waukee & St. Paul and the Chicago Burlington & Quincy, and the north ern terminal of the Chicago & Alton

The new station is located across the river, southwest of the "loop" business district. Its main waiting room contains 26,500 sq. ft.; other waiting rooms account for 22,000 sq. ft. more. The building proper eight stories in height; in addition to the general offices of the Pennsyl vania and the Milwaukee, the structure will house a dining room, lunch counter, cafeteria, tea room, barber shop beauty parlor, fruit stand, tobacco shop, book store-and last but not

A Business Opportunity

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No man is too big for the business.

Men of strong professional standing with splendid incomes have given up these incomes and their professional work to engage in this service, with success.

The business is merchandising, but it entails a service that is unique, intensely interesting productive of great enthusi asm, and broadly constructive. It makes you the greatest benefactor in your com munity, town, city, or district, and pays you a real profit for such benefaction.

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the days when farmers were deding that wheat prices be pegged, even the farm bloc would have vend to set the official price at $1.50 a nel. What the economic vagaries of farm politicians did not dare, the ces of supply and demand have acplished, and wheat futures touched t price recently in the open Chicago rket.

This year, according to the D partnt of Agriculture, only five countries expected to have important amounts wheat for export: Canada, 200 to 180 Ilion bushels; the U. S., 180 to 165 llion bushels; Argentina, 170 to 150 illion; Australia, 85 to 75 million; dia, 35 to 25 million; all other coun

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tries, 15 to 5 million. The total thus will run between 635 and 600 million bushels.

Of this exportable surplus, about 150 million bushels will go to continents other than Europe. According to recent estimates, Europe will need between 554 and 460 million bushels of wheat in 1924-25. Disappointing harvests have occurred in France, Russia and Poland, as a result of excessive rainfall. The European demand is accordingly bidding for wheat, and the result is a buoyant and rising grain market.

African Copper

A year ago, U. S. copper producers were inclined to think that only this continent, in the future as in the past, could furnish copper in large amounts when the demand for the red metal revived. Some of them have been treated to a rude shock by the sudden recent prominence in the industry of the Katanga mines in mid-Africa.

These 'deposits, only lately put into heavy production, now have an annual output of 240,000,000 lb. It has been estimated that they contain about 9,000,000,000 lb. of extractable copper metal.

The mines are situated in the district of Katanga, in the Belgian Congo, 1,700 miles from a sea port. Shipments are made via the Benguella Railway and Lobito Bay to Europe. Already a concentrator and electrolytic refinery and a battery of coke-ovens have been provided to work the ores extracted; while a hydro-electric plant and a leaching plant are shortly to be added.

The Katanga copper deposits are owned by a Belgian company—l'Union Minière du Haut Katanga, incorporated in 1906. This company is in turn controlled by a London company-the Tanganyika Concessions, Ltd.—and a Belgian company-la Societé Générale de Belgique.

German Loan

U. S. bankers and investors alike have become somewhat impatient waiting for the German loan. The publicity-orchestra has stopped playing, the lights have been turned down, yet still the curtain does not go up. At the American Bankers' Convention, Mr. Dwight W. Morrow was down on the program for an address entitled International Loans. Suddenly Mr. Morrow found he could not be present after all. Several thousand bankers, left in the dark, are more curious than ever.

Meanwhile, behind the curtain, scenery is being set in place and props properly located. J. P. Morgan himself, with his partner T. W. Lamont, have conferred with the Bank of England officials, with German Finance Minister Luther, and with Dr. Hjalmar Schacht, President of the Reichsbank.



During the Summer months the stock market advanced consistently. Since early September, however, industrial stocks have lost over 30% of the total advance.

Dulness has followed the extreme activity of the Summer. Liquidation has been quite marked in securities of the weaker industries.


Should the prevailing irregularity be followed by a general advance to new high levels this Fall? Or, will the weakness uncovered in individual issues during the past few weeks spread and bring renewed liquidation in volume?

A forecast of probable developments this Fall, based on carefully considered facts, has been arranged for our clients. It should prove invaluable to every investor. A few copies are available FREE.


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World's Series

Scandal. A most disagreeable odor assailed the nostrils of sportdom. It was an odor reminiscent of one that arose in 1919 when some Chicago American League baseball players were convicted of receiving bribes for "throwing" their World's Series with Cincinnati. Investigation showed the cause of the new nuisance to lie with certain members of the New York National League baseball team. Officials were quick to air matters and eject two contaminated persons. Sportdom's olfactories had relief, but memory persisted.

First Game. The Washington populace, uproarious over its first World's Series, was polite to the Giants, neither hissing nor cheering them in the first game. President Coolidge tossed in the first ball. Walter Johnson pitched for Washington, left-handed Nehf for the Giants. The game was tied in the 12th inning. Then Johnson allowed his pitches to deviate. He hit Gowdy, let Pitcher Nehf single and walked Bentley. A "Texas leaguer" and a long fly did the rest. Score: New York 4, Washington 3.

Second Game. Riotous crowds flooded into the park trying to capture and congratulate an elderly, slightly rheumatic man named Peckinpaugh. The shortstop of the Washingtons, this Peckinpaugh had suddenly terminated the game by propelling the ball far enough from home to allow two base-runners to scurry in and tie the series. Manager Bucky Harris and one Leon ("Goose") Goslin, other Senators, interpolated home runs earlier. Score: Washington 4, New York 3.

Third Game. Mayor Hylan cast the first ball in his city. Whereupon the Giants beat that and several other balls about and out of their Polo Grounds, until they had enervated three Senator pitchers. Manager Bucky Harris had the misfortune to drop a ball just as he was about to function as pivot man in a deft double play. Score: New York 6, Washington 4.

Other Baseball

In Baltimore, "the little world's series" waxed hot between the Baltimore Orioles, champions of the International League, and the St. Paul Saints, champions of the American Association. First Baltimore won, 4 to 3, what with 11 strike-outs and a ninth-inning homer. The Saints came back and took the second game like a tennis set, 6 to 0. In this game only three Orioles pecked the ball for safe hits. Darkneess halted the third game at 6-all. In the fourth, the Orioles coupled their hits with errors by the Saints, won 6 to 4. Packing their

bats, balls, mitts, masks and mascots aboard a flier, all adjourned to Minnesota to finish the dispute. Games: Baltimore 2, St. Paul 1.

In Chicago, the White Sox and the Cubs chasséed back and forth between ball parks, playing their city series. First, a Cub victory, then three straight for the Sox, then a Cub recovery, then the Sox took the title a second year running.

At Myopia

Ten Massachusetts golfers, among them Francis Ouimet, stood their ground on the Myopia links at Hamilton, Mass. First they beat off ten invading Pennsylvanians led by Max Marston, then ten New Yorkers led by Jess Sweetser. Net result: Massachusetts took possession of the Lesley Cup, contested annually by the three districts, won last year by New York.

Rooting Season

October brought the rooting season. On college football fields, great numbers of burly U. S. males flung their weight about, uprooted one another in scrimmages, ran, shouted, grunted, "rooted" punts. In grandstands, throngs of less burly males and galaxies of highly agitated females "rooted" vocally.

Of the so-called Big Three (Eastern), Princeton set about her work most impressively. When Coach Roper's men had done, Amherst's line was little more than a ragged fabric of perforations and the score was 40 to 6. Coach Roper employed straight plays and three complete teams. Amherst's score was the work of Right Guard Pratt who intercepted a pass, lumbered 30 yards.

Yale chastened the North Carolina "Tar Heels" 27 to 0, rather clumsily except when forward-passing.

Harvard rejoiced in Quarterback Cheek, in Backs Zarakov and Gehrke, as she fell upon Virginia, 14 to 0. Cheek is a line-knifer; Zarakov an artful, eel-hipped dodger; Gehrke's punts sail far.

Though shorn of much of the strength with which she crushed all comers last year, Cornell appeared to be a promising convalescent. Backs Whetstone, Wade and Isaly smashed into the Niagara eleven with commendable violence (27 to 0), and the Big Red line had heft.

Dartmouth flattened McGill 52 to 0-a casual performance, for the Canadians are just discovering football. From end to end, the Dartmouth linemen tower tall, are no lightweights. Quarterback Dooley is well acquainted with his office and

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Brotherly love expired in the breasts of 10,000 Philadelphians jammed about a chilly prize ring in a ball park. They snarled and yelled as, within the ring. Mickey Walker, world's welterweight champion, began to ram his fists against the body and flaming head of Bobby Barrett, challenger. After swinging heavily with his right once or twice, Barrett sank to the floor before Walker's battering. Staggering up, he fell again and again-five times in the first round, Walker tearing in with Dempsey-like speed and solidity whenever unlucky Barrett achieved a perpendicular posture. Gritty Barrett retained consciousness until the sixth round. Then, after grovelling for the count of nine, he dragged himself erect a final time, only to behold Walker racing toward him, muscles bunched. face set in the "killer" look. Crashindubitably, the welterweight champion of the world was still Mickey Walker.


Why thousands lead them

to talk about except themNo wonder they are not wanted

Nothing to think about exemselves. No wonder the hours ecome interminable.

1 know those people who sit - at home. We all fear becoming em. We know in our hearts that ust fill our lives with interest. now that reading the world's masces of literature will do that. Will us like foreign travel. Will us and make us entertaining. Our desperate need



= shall we read? That is the on that confronts us always. The literature of the world is tremen

How can we select the really -while parts, take those elements tial to a broad culture? None of is time to pick out the magically taining from the surroundings of y writing."

are human; one disappointment our interest, keeps us from readther books. We cannot stand the tony of reading hour after hour, same style of writing. We must

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Garden City, New York


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Died. Hugh Chisholm, 58, editor the last three editions of the Ency paedia Britannica; in London, follow ing an operation for appendicitis. attended the Felsted School, Es (where for three years he was capta of the school) and Oxford. He beca financial editor of the London Tim He visited the U. S. in 1911, gave dinner in Manhattan to the U. S. tributors to the Encyclopaedia.

Died. Lord Knollys, 87, onetim confidant to Queen Victoria; in Lo don. He served the late King Edward as private secretary and filled the sam office for King George, until age force his retirement. He was a life-lon friend of the Queen Mother, Alexandr now going on 80. Possessor of in numerable court secrets, he was mu as a headstone. A publisher se him a blank check so that he could his own price for a book of reminis cences; he tore up the check. In the days when Edward VII was a rollick ing Prince of Wales, Knollys was often the butt of practical jokes. "Bay" Mi dleton, famed sportsman, had a penchant for catching a coat by the tails and ri ping it to the neck. One night, he thus accommodated Knollys, who was u concerned. "I took the precaution, Si said he, "of wearing one of your coats

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