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THIS question with all its amazing possibilities confronts us today. It is the keynote of a sensational book just published

"These Eventful Years"

Eighty of the greatest scientists, statesmen, writers and soldiers of our age have co-operated in making this book.

H. G. Wells in his contribution sees "the strong probability" of a setback that may last for generations. He predicts another world war between England and France, asserting that even now France is planning to use the African Negro to further her dream of Empire.

Mr. Wells' brilliant article in These Eventful Years has caused a sensation. And no less stimulating is the survey of contemporary history written by J. L. Garvin of The London Observer. Mr. Garvin does not hesitate to say, after a searching analysis, that white civilization appears today a broken thing. Then he points way to a solution.

the

Greatest Modern Minds

age

in

The contemporary leaders in every field tell other phases of the fateful story of the which we live. They have a single object-to penetrate the mass of present-day prejudice and half truth in order that civilization may advance into a new era of order and progress. Bertrand Russell exposes the sordid story of propaganda; Philip Snowden, Chancelor of the Exchequer, reveals the real aims of labor; Maximilian Harden tells of the degenerate carousals at the Kaiser's court and the amazing story of Germany's rise and fall and future chances; Michael Farbman discloses the secret of the "Unseen Trousers" that wrecked the Romanov dynasty.

Others of the 80 contributors to These Eventful Years are Sir Oliver Lodge, Sigmund Freud, Brand Whitlock, Henry Seidel Canby, Wellington Koo, General Ludendorff, Sir Horace Plunkett, Leon Bourgeois, Von Tirpitz, J. Arthur Thomson and 70 others. What Readers and Reviewers Say

We believe that it can be truthfully stated that no book in the history of modern publishing has received the acclaim of These Eventful Years. For instance, the Bookman says, "There has not yet appeared a work which is so informing, so stimulating and so entertaining as this survey of the century in which we play our part in history." And Harper's Magazine states that "It would take a reference library of 1000 volumes_to_cover the ground that has been summarized here." Booth Tarkington has crystallized his opinion of this great work by saying, "It is contemporary history made fascinating." Lloyd George, Dean Inge, Senator Glass, and scores of other owners have expressed even stronger praise of this provocative book.

"These Eventful Years"

The Book of the Century

These Eventful Years comes in two volumes of 700 pages each, 160 full page illustrations, and numerous maps. If your bookseller cannot supply you, order direct from the publishers. The books will be sent to you C. O.D. for $11.50 post paid. THE ENCYCLOPAEDIA BRITANNICA, Inc. Publishers of Fine Books

Captain Koppisch or the speedy P get away to score. Penn played sta football, carried off the day 10 to 7

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Harvard and Holy Cross mudd through a ragged contest. In the b period, Miller, Crimson half, was tack so eagerly that the ball flew from arm. Crowley of Holy Cross scoop it up and scored. In the last perio Miller kept the ball by him, raced yards, brought in the touchdown the won for Harvard-12 to 6.

Syracuse's big team, discovering power hitherto concealed, downed Bo ton College 10 to 0, on a touchdown a field goal scored by Fullback McBrid The Orange team was superior in ever department of the game except kicking

Westward, the sun shone on a redhaired, eel-hipped runagate, Grange be name. He, all-American halfback of last season, running and dodging with fabulous agility, scored five of the six touchdowns that Illinois piled up against Michigan for its 39 to 14 victory. He ran through a broken field like a thoroughbred through a bog, supported always by superb interference. (The week previous Grange played against Butler College for 16 minutes, scored 12 points.)

Nebraska welcomed Colgate with such a display of feints, line-bucks cross-bucks and hidden ball plays that after the first quarter the game was not a game. Concentrating on Tryon, Colgate star whom they had been told to fear, the Cornhuskers battered him into helplessness, let their visitors off gently at 33 to 7.

On Stagg Field, Chicago, there was carnage. All unwitting, a team from Indiana strayed in and fell prey to the fierce Chicago backfield, the potent Chicago line. When all was over, folk said Chicago is fiercer this year than any conference eleven-except Illinois. The score, which could have been worse: Chicago 23, Indiana 0.

On the same afternoon that General Charles G. Dawes repaired to Evanston, Ill., eleven explosive young gentlemen from Purdue turned up there also. Great was Notherwestern's discomfort. One field goal for the Purple, far from dampening the ardor of these young gentlemen, inflamed them to such an extent that they touched off numerous forward passes, one of which fulminated behind the Northwestern goal line. Score: Purdue 7, Northwestern 3.

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Badgers from Wisconsin and Gophers from Minnesota spent a fruitless afternoon gnawing at one another. At the outset, with tackle Schwarze, biggest Badger, ripping open large holes in the Gopher colony, it looked as though he and his fellows must win. But the biting of other Badgers fell (Continued on Page 27)

rrent Situation

The very successful flotation of the man loan has indicated that subsent foreign loans may fare well in S. financial centres, and the economic overy of Europe be thereby hastened. There now remains the final hurdle

the presidential election, before the gress of U. S. business can be smooth readily forecast. Most merchants, nufacturers and business men genery are engaged just now in "watch1 waiting." The election of a consertive ticket seems assured-almost. Iso, there is a growing realization that ongress will be a strange collection of artisan organizations and blocs, even

Mr. Coolidge rides alone to the apitol steps next March. The short ession of Congress this winter will robably not get anywhere particularly, r accomplish anything much—almost ertainly not taxation, which is the issue f greatest general interest to U. S. usiness men. Consequently, the politcal outlook is still uncertain as far as t affects business, and business leaders are obviously aware of the fact.

Scrambling the Roads

The modern railroad masters of the East spent a busy week in Washington, discussing mergers and consolidations with the Interstate Commerce Commission. Their deliberations have naturally been in secret, and few echoes have passed the closed doors to the eager financial reporters outside. Accordingly, fantastic rumors of all sorts have gained space and credence. Every financial editor has had his own pet notion of how the merging of the Eastern roads ought to be done.

The problem essentially involves merging the older Eastern lines, particularly between Chicago and the North Atlantic seaboard, into a few systems. - Last spring, the Van Sweringens took

time by the forelock, and by adding to their original Nickel Plate holdings the Hocking Valley, Erie, C. & O. and Pere Marquette, created the new Nickel Plate system (TIME, July 7, et seq.).

This coup was sprung while the N. Y. Central, the B. & O. and the Pennsylvania were deadlocked over the future ownership of the Central New Jersey and the Reading. But the energetic Van Sweringen brothers kept right on acquiring roads; their system lacked entry into Pittsburgh, and rumors became active in Wall Street that the Pittsburgh & W. Virginia, the Lackawanna and other roads might soon be added to the new Nickel Plate.

Finally, to bring order out of chaos, there has been a gathering of chieftains in Washington; the leading figures are Daniel Willard, President of the B. & O.; Samuel Rea, President of the Pennsylvania; Patrick E. Crowley, new President (TIME, Apr. 14) of the New York Central; and last but not least, C. P. and M. J. Van Sweringen. The

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principal reason for this gathering was to agree as to who should get what.

Several attractive smaller roads, and several not so attractive, are the lure: these include the Norfolk & Western, Central New Jersey, Reading, Lackawanna, Lehigh, Wabash and others. The railroad leaders wish to merge until only four main systems finally remain in this northeastern territory. Naturally, each big road wants to acquire the attractive small roads, and leave the poor small roads for some one else. No one apparently wants the New Haven, so that New England will be mostly left out of the effects of the merger movement. On the other hand, some of the little roads do not apparently want to be swallowed upthey are quite contented with things as they are. Other little roads feel that they must be absorbed by their stronger competitors, and are mainly concerned with picking a winning swallower and getting guarantees against being bitten in the process.

The I. C. C. originally planned for mergers which would develop nine separate systems. The leading railroad men want only four systems. Apparently, agreement is slowly being reached as to the proper way of working out such a merger. Yet the situation is still as complex and interdependent as a chess problem; and for its final solution, years rather than weeks will be required.

A Popular Loan

Undoubtedly the financial "event" of the past week has been the long-awaited German external loan, $110,000,000 of which, bearing a 7% coupon, was offered for subscription at 92 by a huge syndicate headed by J. P. Morgan & Co.

There had been considerable doubt as to just how the public would take a loan from a recent enemy nation. This was, however, entirely dissipated by the trend of events. The German loan "went across big." So thoroughly had the syndicate done its work, and so attractive did the offering appear to U. S. investors generally, that the issue was very heavily oversubscribed; and more bonds were demanded than were available to deliver.

The German loan was at once listed on the New York Stock Exchange "when issued"; that is, contracts could be made there which will be settled when the actual bonds, or temporary certificates for them, are printed and ready for distribution to buyers. Dealers who had already sold the bonds to customers, but found that owing to its oversubscription their allotments had been reduced so that they would not have enough to deliver to their customers, were compelled to buy those which they needed on the Exchange. On the other hand, a few speculators bought bonds, not intending to keep them, but to sell out at a profit as soon as possible. As a result of the dealers' demand, prices for bonds on the Exchange at once went to a premium over the subscription price of 92; indeed, at one time they sold over 95. Such a premium on bonds just

floated is rare, and indicates better th anything else the popularity of the is with U. S. investors.

Portland Cement

of Portlan

The manufacturers Cement are celebrating the 100th ann versary of their industry.

It was in Leeds, England, 100 yea ago, that Joseph Aspdin discovered ther a new building material could be pro duced by mixing pulverized lime an clay in correct proportions and drivin out the carbonic acid gas with hut Aspdin was not a chemist or scientis and his momentous discovery was ma by accidental experimentation. Up un til 1872, there was not a Portland cement plant in this country. Today the U. S industry represents a capital investmen of over $300,000,000, employs from 25000 to 40,000 men, produces annually 25 000,000 tons of cement.

The great day of Portland cement d. not set in until cheap structural ste became a commonplace. The reinforced concrete building then came in, as well as concrete roads, concrete canal locks and railroad abutments and many other forms of substitution for solid stonework. Without concrete no less than fabricated steel, the modern skyscraper could never have been built.

Aspdin named his material "Portland cement" because of its resemblance to a type of building stone then commonly quarried on the Isle of Portland. Although the inventor's process has subsequently been improved upon in many ways, the name he gave the product has remained unchanged.

A. T. & T.

During recent months, the American Telephone & Telegraph Co. issued $151,157,000 par of additional common stock. Nevertheless, the Company's report for the first nine months this year ending Sept. 30 shows that on the average amount of stock outstanding during that period, earnings were $8.56 per share. For the last or third quarter this year they were $2.84 per share. Though the stock is paying a 9% dividend, these figures, nevertheless, indicate that the Company is comfortably earning it. In other words, as fast as new capital is poured into the Company, the latter is able to earn a very good return upon it

"Tel. & Tel." now has what is probably the largest stockholders' list in the world, with over 300,000 names upon it When the Company wants additional capital, the existing shareholders are given first chance at the new stock.

According to President H. B. Thayer, the Company's last stock issue was the largest transaction of its kind in history. To the 316,046 stockholders as of June 30, 1924, was given the "right to subscribe" at par for one new share on the basis of every five shares already held. There were slightly more than 193,000 of such subscriptions, averaging 7.7 shares each. Nearly 175,000 of the subscriptions were made by former stockholders, and over 18,000 by investors

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of their barking; the Gophers ed over a touchdown on the last ; the score stood 7 to 7.

aurel

it is to see the courage go out corse, the fire die in him that made swift, so that though he runs st equals in a valiant race and flag is lifted for his triumph, his fails him in the hazard of his he falters and cannot win. It was thing that happened, last week, at el, Md. There Epinard was run; the race, the Laurel Stakes; the nce, one mile; the prize, $10,000. was a favorite among favorites,

Isaid the lean men who ride es, the fat men who bet on them, -is due to win."

the parade before the race, the nch four-year-old seemed lackre; there was a negligence under sleek grace; and he needed a touch the whip to bring him up to the Tier—a touch that made him sulky. key Kummer, instead of Jockey ynes, had the leg up and rode an quate race except for that one rash ch.

Away they went-a flash of <, a huddle of bobbing heads at the 'n, one, two, pulling away, animated vs all; then the stretch, the crowd ris3, a tatoo of hoofs-F. A. Burton's ise Counsellor first; second, Big Haze; third, Sun Flag; fourth, Initiate; th, Epinard, limping, staggering. A arter crack in his hoof, though bound at morning, had broken wide open; le pain had killed his spirit, made him se for the fourth time. Lamed, he vill race no more in the United States, aid Trainer Leigh speaking for Owner Wertheimer.

AERONAUTICS

Flight's End

5,000 Miles. The ZR-3 reached Lakehurst, N. J., without a mishap, after a flight of 5,060 miles from Friedrichshafen in South Germany. She broke every record of distance and speed for airships of any type, from any country. For the first time, mail and freight from Berlin reached Manhattan in less than five days: messages of good-will, a tabloid edition of the Vössische Zeitung, a sack of 1,000 toys for Wanamaker's famed department store, walking doll for Major Frank M. Kennedy's little daughter.

a

Dr. Hugo Eckener might have been businesslike, might have sailed his craft without a pause to Lakehurst. Instead with plenty of reserve fuelhe cost to dawdle genially over New York City. The great ship was first sighted about 7:50 in the morning; commuters on the ferry-boats cheered

*In September, Epinard finished second to Wise Counsellor in a six-furlong (4 mi.) race at Belmont Park (TIME, Sept. 8); this month, he ran second to Ladkin over a mile course at the Aqueduct (L. I.) race course (TIME, Oct. 6) and second to Sarazen in a 14-mile race at Latonia, Ky. (TIME, Oct. 20).

loudly; and, as the ZR-3 sailed over Manhattan to the Bronx and back, hundreds of thousands of busy New Yorkers forgot office and factory and stared skyward until their necks ached. By a curious trick of vision, explainable by the ship's tremendous length, the ZR-3 at one time seemed to graze the very top of the Woolworth Building, though in reality it hung never less than 3,000 feet above the city.

Progress. The world moves fast. One has almost forgotten that the Atlantic has already been conquered by the airship. Yet it was as early as July 2, 1919, that the British R-34 crossed the ocean to land at Mineola, L. I. The R-34 started from East Fortune Airdrome, Edinburgh, Scotland, covered the shortest route over the North Atlantic, took 108 hours to sail 3,200 miles. At times, she scarcely made 25 m.p.h.; 500 miles from shore her gas was almost gone; the motors had to be nursed; the famous call "Rush Help" startled and alarmed the world. Engine and other troubles marked the journey.

Five years later, the ZR-3-the product of 25 years of German experience made a journey nearly twice as long, at an average speed of 60 m.p.h. Far from having no gas left on arrival, she could have gone another 3,000 miles. Bringing only 32 men, she could have just as easily carried 54 and 15 tons of freight. Except for a rent in a gas cell (and that rapidly repaired), she arrived in perfect condition.

Frantic measures to assure safety Until were necessary with the R-34. the last cable had been tied at the huge Roosevelt Field, anxiety was in every man's mind. The ZR-3's arrival at Lakehurst was calm, almost commonplace.

Monotony, Comfort. What did the U. S. observers on board think of their trip? They were Major Kennedy for the Army, Captain Steele, Commander Klein and Commander Kraus for the Navy. "Monotonous and comfortable!" said they. They were not seasick. There was no dirt or dust. They played cards. They listened to concerts by radio. They slept soundly. They ate mock-turtle soup and Hungarian goulash with fresh vegetables. They were very lonesome without a cigarette. They missed a little water for washing and they-upon arrival-did not like their wives and friends to see their unsightly three days' growth of beard.

The German Airmen. Certainly the Germans selected their personnel The President of the with equal care. Zeppelin Co., Dr. Hugo Eckener, was himself in charge. One of the late Count Zeppelin's* earliest co-workers,

*Count Ferdinand Zeppelin retired from the German Army with the rank of General after the Franco-Prussian War, devoted himself to the construction of rigid dirigibles. His first one consisted of an aluminum framework with 16 bags and attained a speed of 18 m. p. h. It was tested in 1900 and flew Disaster 311⁄2 miles before it was wrecked. and fire destroyed his second and third attempts, but his experiments culminated in the Zeppelin airship of 1909 for which-at the age of 71-he received the Order of the Black Eagle. He died in 1917.

What Policy Now?

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Rarely, if ever, has such a group of writers been gathered together as those who are contributing to The Saturday Review. Besides their special articles, each number includes Christopher Morley's Bowling Green, brought back to life and devoted to literature. The Phoenix Nest, a weekly column of chatter, conducted by William Rose Benet, the sometime Kenelm Digby. A Reader's Guide for questions to which May Lamberton Becker replies. Literature Abroad, also a page of correspondence in which readers of The Saturday Review are given the advantage of an open forum in which to debate literary subjects, and a complete department for the connoisseur of Rare Books are a few of the other features which fill up the perfect measure.

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more than six feet tall, with a back as straight as that of a drill sergeant, the blonde goatee and mustache often affected by German Naval officers, a face denoting rigid determination and intellect, Dr. Eckener landed at Lakehurst

DR. HUGO ECKENER He dawdled genially.

with a calm that the most enthusiastic plaudits did not affect. His English is none too good; but he managed to convey pithy and valuable information to those who clustered about him. Like Commander Kraus, he made up for lost time by puffing immediately at a huge cigar. With him came Captain Ernest Lehmann, small, dapper, resourceful, with a 17-year record for piloting without the loss of a ship-considered by the Germans their lucky pilot, with whom nothing could go wrong. Also came Hans Fleming, Chief Pilot, straight, tall, seamanlike, determined to do his duty, to teach Americans taking over the ship everything he knew. Also came a blueclad crew that looked very much like our gobs, with perhaps a touch more of stolidity.

What Next? The ZR-3 was ordered deflated, placed on skids, so that her weight might be taken up as the cells were exhausted of gas which is impure, unfit for further use; and some $11,600 worth of this gas was ordered released into the atmosphere. Several weeks will be spent in a rigid inspection of the ship and in technical study. The Shenandoah (TIME, Oct. 20) was ordered back from the Pacific coast and, because helium is so scarce, she will yield her precious supply of this gas to the ZR-3, which is to make a variety of exhibition and training trips.

The ZR-3 cannot be used for naval or military purposes according to the conditions laid down by the Reparations Committee. To turn her over for commercial exploitation will require an act of Congress. "Will the tremendously successful trip be a nine days wonder,

to be soon forgotten-or will it be precursor of commercial dirigibles cover every ocean and every continent

Pro. A few arguments brough forward by dirigible enthusiasts:

A transatlantic schedule of 66 hou could be maintained in all weathers New York, Havana, Panama, Valpa raiso, Buenos-Aires means 22 days b sea, 41⁄2 days by air.

A business man could go up the el vator of a mooring mast in Manhattat at 9 o'clock in the evening, have a leisurely bath and shave on reaching Chicago in the early morning, do business and return at night to Manhattan without losing a working hour and with perfect comfort.

The use of helium and heavier, noninflammable fuel for the engines r moves all danger of fire.

With larger and faster ships, all weather becomes fair weather.

The use of the ballast-recovery process will bring loss of helium to a negligible quantity.

Courage and capital and vision are alone essential to the establishment of a series of transoceanic dirigible lines with which no steamship companies could compete.

Con. The "arguments" of dirigible enthusiasts were met by dirigible non-enthusiasts and "steamship men" in this wise:

A dirigible must always remain expensive; to make the gas cells tight, gold beater's skin must be used,

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