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Politics, Literature, Science.

Worthy representatives, these three


Scribner's Magazine inaugurates 1925 with contributions from these and fifteen other interesting people.

Galsworthy's story of his friendship with Joseph Conrad is one of the finest and most authoritative of Conradiana.

We see the two, who were later to become famous authors, standing together on the deck of a sailing vessel in an Australian harbor back in 1893.

And we see a picture of Conrad's early struggles and his battle against illhealth as presented in letter and comment. Galsworthy's appreciation of his work is one that all who understand Conrad will enjoy.

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Wide World Photos


-What Shall We Do With It?"



In The



tributes to this January Scribner's Magazine "The President" which is peculiarly interesting because of its "guess who" quality.

Albert Guérard in a brilliant essay gets in some keen observations on democracy in America along with those on "Mesocracy in France."


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England long ago called upon the full strength of her scholarship to make and continue the British Dictionary of National Biography. Germany has her Allegemeine Deutsche Biographie. These and similar gigantic works in other countries, though they treat of their subjects, however distinguished, only in factual outline and leave the delineation of men in their entirety to their Boswells, are complete and authoritative basis upon which studies of mankind will be made in the far future.

The U. S. has no such catalog. The nearest approach is Appleton's Cyclopedia of American Biography, six volumes, now 35 years of age. But, last week, the Nation was told it would receive a present. Perceiving that it was most improbable that any publisher of books would ever underwrite

SO vast an undertaking, Publisher Adolph S. Ochs of The New York Times declared his paper would advance $500,000 to the American Council of Learned Societies Devoted to Humanistic Studies, for the creation of 20 volumes containing the lives of some 20,000 illustrious Americans, including none of the living. The Times sought to assume no control over the project, "the function of the Times being simply that of making possible, by this large subvention, the preparation of a book of reference which has long been . . . the one great desideratum among American works of reference."

The plan for the Dictionary originated two years ago in the Council of Learned Societies. A committee under Dr. John F. Jameson of the Carnegie Institution (Washington, D. C.) laid out the work, suggesting the British Dictionary as a model and recommending that all articles be the fruit of fresh work by specially qualified writers. It was "hoped and believed" that the work would "stand upon a unique level of authority, scholarship and literary quality."

A permanent committee of management was appointed after the Times' announcement: Dr. Jameson, Chairman; Dr. John H. Finley, Editor of the Times; Prof. Frederic L. Paxson, of the University of Wisconsin; Iphigene Ochs Sulzberger, daughter of Adolf S. Ochs, member of the Board of Directors of the Times; Carl Van Doren, literary editor of the Century; the Hon. Charles Warren, lawyer. These six were to choose a seventh to serve as Editor-in-Chief. The Library of Congress will be the scene of labor. Vol. 1 is expected within four years, the rest at three volumes per annum thereafter.

Newspapers, magazines, rejoiced at what the Times had done. Most public prints keep "morgues" wherein are laid away the facts concerning notables, for exhumation when the notables figure in news. No morgue can be too complete.

Koppanyi's Progress

From the University of Chicago, came tidings of additional experiments in transplantation by Doctor Theodore Koppanyi, already mentioned in these columns for his work on transplanting the eye and the spleen.

Dr. Koppanyi has tunneled a passage in the skull of a fish, and removed one eye with its nerve into this passage, so that the eye, instead of projecting to the side, looks directly upward, the remaining eye being blinded. When the eye is thus transplanted, the fish turns and swims on his side instead of in the usual upright posture. These experiments indicate that the eye has a definite function in maintaining the equilibrium of the body. It has heretofore been generally believed that the function of balance was maintained primarily by the semi-circular canals which form a part of the interior mechanism of the ear.

During the War, aviators were tested primarily as to the integrity of these organs and their function. It was learned, however, that when the aviators flew above the clouds and finally came out, they might find themselves flying partially on one side so that they slipped readily into what was known as a “wing slip," and fatal accidents resulted from such causes. In other words, when the aviator was unable to orient himself in relation to the horizon by use of the visual sense, he could not depend for maintaining his balance on the knowl edge coming to his brain from the semicircular canals alone.

"Gold Cure"

During the past month, newspapers have devoted much space to recent ex periments performed by Prof. Molgaard of Denmark in attempting to treat tuberculosis with a chemical substance containing a certain amount of gold. The idea of gold as a therapeutic agent has always had a peculiar fascination for both the public and the physician, so that "gold cures" have been available for practically every type of ill from which mankind may suffer. Unfortunately, none of these "cures" has thus | far stood the test of scientific observation. The method devised by Prof. Molgaard has been tested on animals in his laboratories to a rather limited extent. His work has been conducted in a scientific manner, but it is impossible to state from the evidence thus far available whether or not it will have any real virtue in the treatment of tuberculosis. Fortunately, Prof. Melgaard is a thorough scientist, and net inclined to commercialize or to propagate unduly an incomplete investigation His method has been turned over for further study to other laboartories than his own, including that of the Medical Research Council of Great Britain. Until such independent investigations have been completed, the chemical will n be available for general use.

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Read the Names of the Distinguished Authors Who Have the Publishers' Price!

Written These Volumes.

Vol. European Background of American History. By Edward Potts Cheney, A.M., Professor of History, University of Pennsylvania.

Vol. 11-Basis of American History. By Livingston Farrand, A.M., M.D., President of Cornell University.

Vol. 111-Spain in America. By Edward Gaylord Bourne, Ph.D., Professor of History, Yale University.

Vol. IV-England in America. By Lyon Gardiner Tyler, LL.D., President of William and Mery College.

Vol. V-Colonel Self-Government. By Charles McLean Andrews, Ph.D., Professor of History, Bryn Mawr College.

Vol. VI Provincial America. By Evarts Boutell Green, Ph.D., Professor of History, University of Illinois.

Vol. VII-France in America. By Reuben Gold Thwaites, LL.D., Secretary of the State Historical Society of Wisconsin.

Vol. VIII-Preliminaries of the Revolution. By George Elliott Howard, Ph.D., Professor of Institutional History, University of Nebraska.

Vol. IX-The American Revolution. By Claude Halstead Van Tyne, Ph.D., Professor of History, University of Michigan.

Vol. X-The Confederation and the Constitution. By Andrew Cunningham McLaughlin, A.M.. Director of the Bureau of Historical Research, Carnegie Institution.

Vol. XI-The Federalist System. By John Spencer Bassett, Ph.D., Professor of American History, Smith College.

Vol. XII-The Jeffersonian System. By Edward Channing, Ph.D., Professor of History, Harvard University.

Vol. XIII-The Rise of American Nationality. By Kendric Charles Babcock, Ph.D., President of the University of Arizona.

Vol. XIV-Rise of the New West. By Fredertek Jackson Turner, Ph.D., Professor of American History, University of Wisconsin.

Vol. XV-Jacksonian Democracy. By William MacDonald, LL.D., Professor of History, Brown University.

Vol. XVI-Slavery and Abolition. By Albert Bushnell Hart, Ph.D., LL.D., Professor of History, Harvard University.

Vol. XVII-Westward Extension. By George Pierce Garrison, Ph.D., Professor of History, University of Texas.

Vol. XVIII-Parties and Slavery. By Theodore Clarke Smith, Ph.D., Professor of American History, Williams College.

Vol. XIX-Causes of the Civil War. By French Ensor Chadwick, Rear-Admiral, U. S. N., recent President of the Naval War College.

Vol. XX-The Appeal to Arms. By James Kendall Hosmer, Ph.D., LL.D., recent Librarian of the Minneapolis Public Library.

Vol. XXI-Outcome of the Civil War. By James Kendall Hosmer, Ph.D., LL.D.

Vol. XXII-Reconstruction, Political and Economic. By Wm. Archibald Dunning, Ph.D., LL.D., Professor of History and Political Philosophy, Columbia University.

Vol. XXIII-National Development. By Edwin Erle Sparks, A.M., Professor of American History, University of Chicago.

Vol. XXIV-National Problems. By Davis R. Dewey, Ph.D., Professor of Economics, Massachusetts Institute of Technology.

Vol. XXV-America as a World Power. By John Holladay Latane, Ph.D., Professor of History, Washington and Lee University.

Vol. XXVI National Ideals Historically Traced. By Albert Bushnell Hart, Ph.D., LL.D., Professor of History, Harvard University.

Vol. XXVII-National Progress. By Frederic Austin Ogg, Ph.D., Professor of Political Science, University of Wisconsin.

Vol. XXVIII-Analytic Index. Compiled by David Maydole Matteson, A.M. Covering every important event, noted person, and historical fact mentioned in the preceding twenty-seven volumes and fully supplementing the separate indices.

When these sets are sold the cheapest Edition in print will be the regular cloth bound trade at $63 net. At $56.00 you might think several times before buying this set, but at $18.50 it ought not take you long to decide.

Write for our Catalog for other book bargains.

We absolutely guarantee satisfaction or your money back on all purchases made from us.


(Established 1884)

118-120 East 25th Street, New York

Herbert L. Bowman, Treas. and Mgr.

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The notable array of talent drawn upon to write this set includes college presidents and famous professors of history representing twenty leading colleges and universities.

When the publishers offered us these few remaining sets at such a remarkable reduction we grasped our opportunity at once. For we knew that many more people would follow our example than there are sets to go round.

How Can We Sell Them At This Price?

We'll tell you how we can do it. The publishers have discontinued selling this subscription edition. They have another edition to sell at $63.00. This edition is identically the same in contents (except for a few unimportant maps) as the set we are offering you for $18.50! Just because the publishers needed the space, and we were on hand when they mentioned the fact, you can save $44.50 from the price you would have to pay them today. Here is your chance to round out your collection of Americana with this fair standard set, but remember that there is only a limited number of sets left, so to ensure your order being filled, send in the coupon now.





UNION LIBRARY ASSOCIATION 118-120 East 25th St. New York

Please send me a set of the Subscription Edition of the American Nation in 28 volumes bound in dark red cloth. It is understood that I may return it, should it prove unsatisfactory, and the money I paid will be refunded.




Current Situation

With the Christmas shopping season at hand, other business phenomena for the time being are of secondary interest and importance. Indications are for a very good retail trade, although in some quarters it is apparent that merchants have not stocked their shelves heavily.

The Manhattan stock market, last week, encountered its first important reaction, so long expected. The slump in prices proved only temporary, however, particularly in the good rails, and failed to indicate any real halt to the rising market.

It is to industrial conditions, therefore, rather than to stock prices, that business is looking for guidance; and the outlook is more than usually confused. In most lines, the trend is undoubtedly toward improvement, particularly in the very barometric steel industry. Nevertheless, the lesson of the first quarters of 1923 and 1924 are still fresh in mind. In both cases, prices rose with increased demand and prospects grew rosy. Manufacturers, however, opened up and speedily unloaded goods on the market in such quantity that prices fell again and production languished.

In most industries, our productive facilities still outrun our normal demand, We have apparently entered a cycle of small industrial profits and intense industrial competition. Manufacturers are now wondering whether the first three months of 1925 will witness a repetition of the preceding two years or whether a more moderate industrial program will prevent overproduction next spring.


Over 400 business establishments in the U. S. have manufactured toys for this Christmas. The industry has consumed this year about 30,000,000 board feet of lumber; and its products are estimated as being worth about $56,000,000.

Nevertheless, one deep shadow still lies across the U. S. toy industry-the fear of German competition. Last sum

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mer, many other industries were worried for the same cause; but, one by one, they have recovered from their fears. The steel industry now has little concern about an invasion of U. S. markets by German products. But the toy industry is in a quite different position. Before the War, when our markets were wide open to the products of German toymakers, the U. S. toy industry was small. During the War years, with German competition cut off, it grew heavily.

Now, however, the wheel has turned again. U. S. capital is becoming interested in the Sonneberg district of Germany with the view to rehabilitating its famous toy industries. The move will not affect this Christmas buying; but, by another Christmas, as Government trade experts point out, our toy markets may be flooded with cheaper toys from abroad.

About $100,000,000 is spent on toys annually in this country.

Sterling's Rise

A financial sensation this fall has been the long rise of sterling exchange in terms of U. S. dollars. In February, 1923, sterling reached $4.71-the highest level since the loosening of War control over the Allied exchanges in March, 1919. The advance was not maintained, however, and by December, 1923, sterling sold at $4.34 and thereabouts. This fall, British currency has climbed steadily until it has almost touched its 1923 high point.

Oil Production

President Walter C. Teagle of the Standard Oil Co. of New Jersey is an unusually able business executive and a deep student of the petroleum industry, as well. In a recent speech, he reiterated his belief as to the increasing importance of fuel oil to the whole petroleum business.

When petroleum was first discovered, its principal product was kerosene, which competed so successfully with the whale oil previously used in lamps as to destroy the whaling industry. With the advent of electric light, the oil business was in turn threatened. But the rise of the automobile created an enormous demand for gasoline.

Oil production depends directly on the price at which crude oil can be sold; this in turn has depended on the gasoline demand. Now, according to Mr. Teagle, the price of crude oil is coming to be measured by the demand for fuel oil instead of gasoline. As far as gasoline requirements are concerned, crude oil has been overproduced, and for the following reasons:

1) Improvements in efficient extrac

tion of gasoline were not correctly fore


2) These improvements now maar! possible to obtain twice as much gax line from a barrel of crude oil as a merly.

3) Stocks of crude oil were acquire at high prices, and prices were later b up too high.

4) The after-war oil shortage led i large new investments in oil proja tion and consequently higher output.

5) Flush production in Califor recently showed that crude oil pra tend to seek the same level everywhe except only for the item of transport tion.


The first two weeks of Decembe. thi year have seen an unusual number large financial settlements in the Ma hattan money market. Subscribers 1 the recent French loan have paid th remaining and greatest part of its cas amount of $94,000,000. On Dec E the British Government paid $68,500 € in interest and $23,000,000 in amora tion on its War debt to the U. S. L both transactions, J. P. Morgan & Co as fiscal agents for Great Britain France in this country, were immed ately concerned.

In addition, on Dec. 15, two dome S financial settlements occurred-the fra payment by U. S. citizens on them 1923 income tax, and payment of $24 000,000 cash by subscribers to the e cently offered 4% U. S. Govenm loan.

In the days before the Federal Re serve system, the simultaneous occ rence of such a series of large-scal payments would probably have rupted the money market for the tim being, and caused large rate fluca tions. Except for the rise of l money to 4%, the money market sho no ripple from the tremendous tra actions being effected through Bankers declare that such instances this prove the efficiency of the Fede Reserve system in peace times.

TIME, The Weekly News-Magazine. ors-Briton Hadden and Henry R. Luce sociates-Manfred Gottfried (National fairs), John S. Martin, Thomas J. C. Mo (Foreign News). Weekly ContributorsFarrar, Willard T. Ingalls, Alexander K Peter Mathews, Wells Root, Preston I d wood, Niven Busch. Published by Inc., H. R. Luce, Pres.; J. S. Martin, V Pres.; B. Hadden, Secy-Treas.; 236 E St., New York City. Subscription rate. ## year, postpaid: In the United States Mexico, $5.00; in Canada, $5.50; else $6.00. For advertising rates address: P L. Johnson, Advertising Manager, TIME E. 39th St., New York City. New E representatives, Sweeney & Price, 127 F St., Boston, Mass.; Western represent Powers & Stone, 38 S. Dearborn St., C Ill.; Circulation Manager, Roy E La Vol. IV, No. 25.

Boni & Liveright feel that book advertising is properly news. For this reason Boni & Liveright are following the method of Time in advertising these books to its readers.

People who have a loving regard for their library look forward almost with dread to the "gift" books that Christmas brings. They crave but do not always receive what fine discrimination should provide. Their hoped for books probably include a number of these.

George Moore, Host

George Moore plays host at a gathering in Ebury Street at which noted figures in letters and the arts attend. "The most subtly fascinating refection that English palates have been invited to taste in years."Stuart P. Sherman, N. Y. Tribune. "The most important volume of literary criticism and reminiscence of the year."-Herschel Brickell, N. Y. Evening Post. CONVERSATIONS IN EBURY STREET, by George Moore. $2.50.

"The Fate of Savaron"

Polite conversation of the future is likely to have as a stock phrase "the fate of Savaron." Savaron is the hero in Ben Hecht's new novel, a gay and turbulent iconoclast who through his marriage into the Winkleburg family begins a losing but heroic struggle against the established commonplace.

It is a powerful and direct book, and written with pyrotechnical brilliance. HUMPTY DUMPTY, by Ben Hecht. $2.00.

Humanizing a King

The royal lover of Pompadour and Du Barry and the master of that Occidental harem, the Parc aux Cerfs, is the classic bad example. A fascinating contemporary biography -the author of which was executed by the Jacobins,-adds some contrasting high lights to the picture. It shows Louis XV at the beginning of his career as a devoted husband and a brave soldier and how insidiously the forces of a corrupt court worked upon a pliant nature to produce, out of an average man, a monster of iniquity. THE PRIVATE LIFE OF LOUIS XV, by Mouffle d'Angerville. $4.00.


Nero, Caligula, Elagabalus, royal Roman roustabouts, afford no purpler scandals than Messalina, Empress and supreme voluptuary. She is the true representative of Imperial Rome. With consummate art Vivian Crockett tells her story, from the orphic mysteries which initiated her in girlhood, in Eros, to the scandal

which brought about her death. The background is a wonderfully etched picture of the bursting grandeur of Rome. A supplement contains translations from contemporary sources. MESSALINA, by Vivian Crockett. $3.50.

Romantic Death

Has death ever seemed beautiful to you? The noted founder of Psychoanalysis, Dr. Sigmund Freud, tells us why in a new book, BEYOND THE PLEASURE PRINCIPLE, $1.50, in which an important new discovery, the repetitive complex, is contained.

He has made new discoveries

In another new book, GROUP PSYCHOLOGY AND THE ANALY. SIS OF THE EGO, $2.00, he has applied Psychoanalysis to the study of crowd behavior which throws some vivid new lights on the subject. His own, A GENERAL INTRODUCTION TO PSYCHOANALYSIS, remains the best book in its field. The 14th edition has just been issued. $4.50.


"It would be a miracle," writes May Sinclair, "if Edgar Lee Masters could give a second Spoon River. Well, the miracle has happened. No other book since Walt Whitman's Leaves of Grass has revealed so significantly the essential genius of American poetry. As long as the English-speaking races live these poems must endure." THE NEW SPOON RIVER, by Edgar Lee Masters. $2.50.

Twice As Easy

With an eye to alleviating gift book problems, the price of THE STORY OF MANKIND has been cut in half in the new Newbery Medal Edition. In this way the publishers share with their public the profits which the enormous sale of this great book has brought them. Printed from the plates of the $5.00 edition; with special new binding. THE STORY OF MANKIND (Newbery Medal Edition), by Hendrik W. Van Loon. $2.50.

Van Loon has done a similar thing for the cycles of Biblical History in THE STORY OF THE BIBLE. $5.00.

The ancient Greek colonies in Italy have left imperishable memorials of beauty and tradition to which in later ages Carthaginian, Moor and Crusader gave their share. The novelist, Henry James Forman (author of "Sudden Wealth," "The Man Who Lived in a Shoe," "Guilt," etc.) and the artist Frederick R. Gruger travelled through it together. The result is a very unique, spirited, fascinating book. Word and picture are in eloquent unison in evoking the glory that is past, and the color and movement of its exotic life today. GRECIAN ITALY, by Henry James Forman. $3.00.



The one hundred and eighth title in THE MODERN LIBRARY is An Outline of Psychoanalysis, edited by Dr. J. S. Van Teslaar, consisting of the latest expressions on the subject by such authorities as Freud, Jung, Adler, Stekel, etc. Other new titles are: The Best Tales of Poe, edited by Sherwin Cody; Thais, by Anatole France, introduction by Hendrik W. Van Loon; The Plays of Moliere, introduction by Waldo Frank. MODERN LIBRARY titles (there are 108 of them and all Good Books) are hand bound in limp flexible style, stained top, stamped and decorated in genuine gold, 95c. For gift giving, buy groups of titles. Write in at once for catalog.


In London, the authorities on India are enthusiastic over a book about life in India written by a German, Herr J. S. Sauter. Unlike the other Europeans who are adding a new caste to those in existence, Herr Sauter for many years lived as a Hindu. The recital of his adventures is dramatic and colorful. Herr Sauter is a writer of great power. His art shows through perfectly in Mr. Miall's fine translation. AMONG THE BRAHMINS AND PARIAHS, by J. H. Sauter. $3.00.

Shaping Destiny

Recently a Viennese biologist startled the world by offering proofs that acquired characteristics are inherited as the result of years of experiment at the famous Vivarium laboratories in Vienna and later at Cambridge. The story of his experiments, a truly thrilling scientific adventure, he has just told in a book.

Parents, teachers, and everybody interested in social progress will find it a mine of suggestion and important facts. Illustrated from photographs and charts. THE INHERITANCE OF ACQUIRED CHARACTERISTICS, by Dr. Paul Kammerer. $4.50.

The Mark of BONI & LIVERIGHT 61 West 48th Street


New York, N. Y. who would like to have your address as a Christmas gift, so that they may send you as their Christmas gift all their announcements of good books.

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