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Purdue dedicated her new Ross Bowl at Lafayette, Ind., serving up! diana University as the charred th tion. Score: Purdue 26, Indiana 7.

Madison Avenue

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Breakfast Luncheon-Tea



Thousands and thousands of dauntless football folk huddled on the dripping banks of the Yale Bowl, but there was "more water than people." Below them, out of a great morass, Leviathan heaved up his bulk through the rain, Leviathan Gehrke of Harvard. Once, twice, Leviathan kicked field-goals before the men of Yale found their footing and thrust him back and down. Right manfully those Elis strove in the mud, right manfully Pond, right stalwartly Bunnell and Kline. Game little Stafford of Harvard stuck to his instinct that it is better to have fought and fumbled than never to have fought at all. The child of mud, blood, rain, wind and pain: Yale 19, Harvard 6.

All the East was marshy that day. At Philadelphia, from the gumbo that was Franklin Field, Bucknell oozed out ahead of rugged Rutgers, thanks largely to the heroic hoists of Punter Goodwin. In swamp football, the laurels are to the tenacious. This was the first game that had slipped from Rutgers' grasp. Score: Bucknell 12, Rutgers 7.

Nimble Lafayette puddle-jumpersMarsh and Chicknoski slithered

through Lehigh line for a touchdown

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Out between Chicago's Buol' M and the lake, in the Municipal Stadium, big Ralph Baker of Northwester plunked over two drop-kicks. The gu he shot at, strangely enough, was fieres Notre Dame's, upon whom few m score. Also, the Baker punts, the Bake plunges, the whacking Baker tackle brought wrinkles of worry and hones perspiration out upon the seldom-perturbed foreheads of Messrs. Stun dreher, Crowley, Miller and Layden The illustrious Messrs. won all righ 13 to 6, but not without pants and passes.

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Around him swirled the wildest whirlpool of events mankind had ever witnessed, yet he retained his sense of proportion and his sense of humor, painting the picture as he saw it

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The erstwhile editor found himself situated as no diplomat had ever been in all the history of the world: the pivotal figure in the greatest conflict of the ages -Ambassador of the United States to the chief allied war capital, and at the same time acting ambassador for Germany, Austria, and Turkey. To him were left decisions which affected all future history; and his letters-marvels of descriptive writing and of persuasion-helped more than any other single influence to bring the United States into the World War.

As a newspaper man in the old days, as editor successively of The Forum, Atlantic Monthly, and of The World's Work, he was always happiest when writing. All through his Ambassadorship, he seemed to be writing, writing, eternally writing at that favorite desk of his. While he had formerly written for many to read, he now wrote only for the select few-a half dozen leaders who ruled the fate of the world. But whether his letter went to king, president, or premier, or to one of his own sons, Page was always himself. His contagious humor, his brilliant knack of turning a phrase as no other man could, his adroit use of anecdotes to drive home a point, his amazing trick of photographing moral or mental situations in words, his almost conversational style, stamp these letters as the masterpieces of a genius.

Send No Money!

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The Life and Letters of


By BURTON J. HENDRICK special new 4-volume edition) with THE WORLD'S WORK for the cost of the original

2-volume set alone


ay we send you for your approval, at our own expense, the w four-volume set of the Life and Letters of Walter H. Page d the latest issue of THE WORLD'S WORK, the great magahe which Page founded and long edited? Look them over; ad them if you will; and then at the end of ten days decide hether you want to part with them. The fact that we dare ake such an offer proves that we are supremely confident that u will be delighted with the books and the magazine.

ly when you have definitely decided that you want the books remain in your library, and that you want THE WORLD'S ORK regularly on your reading room table-only then does yment begin, at the easy rate of $1 a month until $10 have en paid. Where $10 outright brought you only the original o volumes, these same ten dollars, payable in easy instalments ter the free inspection period, now buy you the new fourlume set plus a year's subscription to THE WORLD'S WORK, regular $4-a-year magazine.

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confused with Darwinism; for Darwin furnished only a crude and in some re


GEORGE WASHINGTON CARVER "-direct revelations from God"

spects erroneous hypothesis: a suggestive hypothesis which, elaborated, verified and altered, has led to modern concepts of evolution. To accept the fact of evolution is not necessarily to give up one's belief in God. Science describes how natural laws operate, but does not deny that God established those laws and ordered the universe as it is."

There is a far cry, however, from this rather typical, passive acceptance of religion by many scientific men to the active interpretation of the relation of religion and science enunciated by a Negro Scientist. Dr. George W. Carver, son of slave parents, teacher at Tuskegee Institute, member of the Royal Society of Arts (London), recipient in 1923 of the Spingarn Medal* (given annually to "the American man or woman, of African descent, who contributes the highest achievement in any field of human endeavor") was addressing the Women's Board of Domestic Missions of the Reformed Church. He was describing the achievements which had won him his honorsthe derivation of 100 by-products of the sweet potato ("including rubber, coffee, candy, dyes, paste, paint, starch, vinegar, ink, shoe-polish, molasses") and 150 by-products of the peanut. In so doing he declared:

"I have never used a book in my laboratory. Neither have I a great mind. These discoveries come in a direct revelation from God. When He reveals a discovery to me, the method also comes with the idea. In half an hour after He taught me, I produced the yolk of an egg from a Porto Rican sweet potato."

One wonders, if he had had a similar inheritance, whether Charles Darwin would have made a similar confession.

*The Spingarn Medal was this year awarded to Roland Hayes, tenor (TIME, Oct. 8, 1923).



1901 VS. 1924

The stockmarket has conted to prove the most active spot in business Volume has been contiraing at abo an average of 2,000,000 shares a d with rising prices in both rails and itdustrials. Liberty bonds, on the other hand, have been weak and other git edged bonds have been stationary c weak-another normal sign of a good sized "bull market."

The heavy trading in shares h drawn forth many comparisons with active markets in the past-particular with that of 1901. As yet, however the present market has still to eq many records established in that fircial classic. No bull day has yet str 3,200,000 shares sold, as on Apr. 1901. No bear day-yet-has equalled the record of May 9, 1901 (the day the Northern Pacific corner), wha over 3,300,000 shares were sold on th Exchange. In 1901, something less the 200 stock issues were listed on the Exchange; whereas now, issues number over 900; moreover, in many cases, à given stock issue today will inclu more shares than in 1901. Relatively, therefore, recent trading has bee nothing like as active as in the earlie year. However, single transactions years ago often involved between 500 tc 10,000 shares; whereas at present almost all sales are for 100 to 500 shares, with a great number for less than 100 share which do not appear on the stock tape at all.



Recent decisions of the New Jersey Court of Errors and Appeals-handed down in Day and Moran v. The Un States Cast Iron Pipe and Foundry C and frequently referred to in the cr rent financial and legal publicationsindicate that the rights, in dollars and cents, of non-cumulative preferre stockholders have not been as rigid insisted upon as they might hav been.

Preferred stock, as everybod knows, is almost always designate as either cumulative or non-cumulative If cumulative, its dividends are payable if profits are not earned; br when profits are earned, its unpar dividends, past or present, are a fre charge against such profits and m be paid before the common stock holders receive anything. If pr ferred stock is non-cumulativethe opinion up to now of both la yers and the public-a passed d dend is lost.

But, according to these decision "cumulative and non-cumulative p ferred stocks differ only in that mulative stocks are entitled to d dends, whether earned or not, in an particular year." Preferred stock holders, therefore, contrary to has been hitherto believed, do

se a dividend which has been earned et not paid when earned.

It should, however, be pointed out at these decisions must not be cen as definite in their application the rights of preferred stockholds under the charter and by-laws of companies and the statutes of all ates. In this connection, it is inresting to note that already a suit s been commenced by, among hers, the trustees of the Langrne estate in Richmond, Va., to join the directors of the Southern ailway from paying further divints on the common stock of that mpany until preferred stockholders ve been paid all dividends in ar


Tenth Anniversary

The tenth anniversary of the Federal eserve system finds it in a thoroughly radoxical situation. So exceptional ve the past ten years proved, that no e yet knows quite how the system 11 act in normal times. It has proved

ability to weather terrific financial orms, but not to sail on smooth water. urthermore, although Reserve Bank ults bulge with billions of gold, the stitutions are finding it somewhat difult to pay overhead expenses, owing the relatively small discounts by ember banks.

Several facts, however, are plain. he Reserve system is today the richest d most powerful central banking intution in the world; it has replaced en the historic Bank of England as e centre of the world's money market. has furthermore apparently survived ■ agrarian political attack which a ntury ago wrecked both the First and econd U. S. Banks.

Chinese Peanuts

Southern peanut planters have little onomic reason to thank Archdeacon hompson or Dr. Charles R. Mills

the American Presbyterian Mison to China. Thirty-five years ago, ese gentlemen imported four quarts U. S. peanuts. Half of them were ven to two Chinese farmers as the asis of a Chinese peanut crop. One rmer ate his peanuts instead of anting them. The other, however, anted and replanted his peanuts, til now the Shantung Peninsula rows 18,000,000 bu. per annum. The hinese peanut crop now exceeds Fen that of this country.

U. S. peanut production, during a cent year, amounted to 623,000,000 .. valued at $30,000,000. Norfolk, a., is generally considered the centre f the business, although Texas, with 05,000 acres in peanuts, leads all ther states in output. Peanuts are rown extensively through the hisoric river plantations of Virginia; nd one secret of Southern hams is aid to consist in feeding hogs peauts instead of corn and other food. n recent years, it has been observed hat certain Mediterranean ports had

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suddenly become large importers of peanuts; on investigation it was discovered that oil was extracted from them and sent back to the U. S. under the head of "olive oil."

Railroad Buying

Purchases by railroads cover almost the whole field of commodities and are always important as a factor in general business prosperity. Many lines of industry have owed much of their activity in the past few years to the heavy spending of railway officials. In 1923, capital expenditures for locomotives amounted to $208,966,280; for cars, $472,757,711: and for other improvements. $377,425,435-or a total of $1,059,149,426. During the present year, authorized expenditures for locomotives are $101,233,000; for cars, $412.264,000: and for other improvements $563,800.000 or $1,077,297,000 altogether.

In the opinion of many students of business, these large sums have sufficed to put U. S. roads generally in very good physical shape; the ease with which the roads have handled a record traffic this fall is cited as proof.


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