What Policy Now? Industrial stocks have advanced five points and railroad stocks four points from their recent low and are only a little below their 1923 high. Are stocks too high now for profitable purchase or is there a probability of prices higher than those of the last three years? Will money tend to remain easy through the balance of the year? What would be the effect of a speedy foreign settlement? Definite conclusions on these questions are given in Bulletin TM-41. Write for it today. Steel Corporation as of June 30 was only 3,262,505 tons-a decrease of 365,584 tons from the figure for May 31 preceding, and the lowest statement since November, 1914, when it was 3,242,692 tons. On the June rate of shipments, orders now on U. S. Steel's books represent about four months' business. Yet steel men seem to expect marked improvement in the industry by September. The steel market is dull just now for purely seasonal reasons. Ingot production in June was at an annual rate of 25,600,000 tons-or about 47% of capacity. Buyers are placing only small orders and insisting on immediate shipment. As yet, steel prices have undergone no particular change, and at present apply to a comparatively small volume of business. When demand becomes more pronounced, a cut may be caused, owing to competition of different mills looking for business. Wheat Reports from the West confirmed earlier predictions of the far-reaching effects of the recent rise in wheat prices. Through most of the wheat belt, the current crop is in good condition, while the marketing of Winter wheat at high prices is proceeding briskly. Rural banks are first to benefit. Old loans frozen back in 1921 and 1922 are gradually being paid off. Indeed, bankers predict that small local banks are sufficiently supplied with liquid funds to finance the movement of the current crop without recourse to New York, Chicago and other surplus money centres to the same extent that has been necessary in recent years. Sales of mail order houses to farmers have experienced a considerable increase, and now reports are that agricultural sections are beginning to purchase binders, weeders and other farm implements. On the other hand, the wheat farmer's hard experience since 1920 has restrained and will restrain him from land speculation, and the purchasing of more luxuries. Western bankers doubt that even a continuance of the present prosperity of the wheat belt would insure a complete cleaning up of old debts, yet the retirement of a greater part of them this year is confidently predicted. The wheat crop promises to run some 131,000,000 bushels under that of last year, and to result in a national shortage. The Kansas territory this year is particularly in luck, as its crop will probably yield 86,000,000 bushels more than in 1923. Billion-Dollar Concerns The U. S. has already developed railroad, utility and industrial corporations whose resources have passed the billion-dollar mark, but, except temporarily, no American bank has until recently broken into the "bil lion-dollar class." Now, however, the National City Bank of New York, with resources of $1,027,000,000 in June 1924, has entered this field alone among our banking institutions. For a time during the 1919-20 boom the National City was a "billion-dollar bank." In June, 1920, in fact, its resources had climbed to $1,077,000,000. Yet at that time all banking was obviously suffering from inflation. Four years ago, when the National City established this record, its deposits amounted to $799,000,000 and it owed $83,000,000 to the Federal Reserve. Now its deposits stand at $843,000,000 and it owes the Reserve Bank nothing. The increase has therefore come mainly from the bank's own assets. President Charles E. Mitchell, when interviewed, proved gratified but cautious in predictions. "It does not necessarily mean that the bank's assets will stay constantly above the billion-dollar mark," he stated, "for a bank's resources advance and decline just as figures of car loadings or of steel tonnage rise and fall from month to month . . . it tends to show that today this country's banks are in better shape than ever before to carry on the financial work that they, as banks, are expected to do." Apart from the National City Bank, America's billion-dollar concerns consist of the American Telephone & Telegraph Co., the U. S. Steel Corporation, the Standard Oil of New Jersey, and the Pennsylvania and the New York Central railroad systems. Northwestern Bank Failures The failure of many northwestern banks in recent years has proved a political as well as a business factor of great interest and importance. In the last 31⁄2 years, 512 banks have been closed in four northwestern states, as follows: Minnesota, 73; Montana, 122; North Dakota, 194; South Dakota, 123. Of these, 59 were national and 453 state banks. These failures occurred out of a total of 2,675 state and 691 national banks, or 3,366 altogether. Throughout these states there were more banks per capita in 1921 than anywhere else in the country-aresult of War-time prosperity on the wheat farms. Particularly under state laws, charters were issued entirely too readily. Compared with one bank to every 9,920 people in New York State and to every 6,660 people in the eastern states as a whole, Montana had a bank for every 1,370 inhabitants, South Dakota one to every 921, and North Dakota to every 768. The capitaliza one tion of these mushroom northwestern South banks was also very small. Dakota had 45 banks capitalized at only $5,000. At Belmont Park, L. I., Épinard ("Spinach"), French four-year-old stallion, who came to the U. S. last week for international match races this Fall, strolled lazily about the paddock with Satin Slippers, his two-year-old traveling companion (female). He is a bright chestnut beast, slightly undersized, insured for $150,000, valued at $300,000. At meals the equine friends munched American oats together, drank American water. Their owner, Pierre Wertheimer, and their trainer, Eugene Leigh, do not believe in "special fodder" as did Ben Irish and Basil Jarvis, owner and trainer of Papyrus, the 1923 invader. American turfdom reiterated the question: "What horseflesh have we got this year?" Further answers to this question : 1) At Empire City, N. Y., Sting, a three-year-old, won the Empire City Handicap from a field that included Mad Play, Harry F. Sinclair's crack three-year-old, in track-record time (14 miles in 2 min. 3 sec.). Significance: Sting bore much less weight than Mad Play, was aided by the tactics of Rialto, an early pacemaker. Even so, his time was extraordinarily good; he merits consideration as a candidate to meet Épinard. 2) At Empire City, Ordinance, aged 3 years, owned by August Belmont, picked up Jockey Kummer (1121⁄2 lbs.) and won the Mount Vernon Handicap in track-record time (a mile in 1 min., 38 sec.). Behind Ordinance came Sunsini, a four-year-old, then Mad Play, then Aga Khan, of the Belair Stud. Sarazen, Mrs. W. K. Vanderbilt's famed colt, led awhile but finished next to last. Significance: Ordinance had returned to form, had beaten Mad Play more impressively than did Ladkin, his His record was clean; his honesty never had been impugned, even when the impugning was easy; he could write his name so that it was almost undecipherable, and in other ways he seemed to be eminently qualified for the high office to which he aspired. Unfortunately, however, he waxed his mustache and parted his whiskers. Could the proletariat warm up to a candidate who spent precious moments daily in training and caressing his facial dandelions? Not in a thousand years! If Mr. Flint had used Colgate's Rapid-Shave Cream he would in all probability have escaped burial in the landslide that overwhelmed him when the free and untrammeled citizens of Adams County turned out to exercise their rights of suffrage. COLGATE'S RAPID-SHAVE CREAM softens the beard at the base where the razor's work is done With hot water or cold, it makes shaving easy and quick, and it leaves the face cool, soothed and velvety. Men who shave with Colgate's need no lotions to relieve smarting or disagreeable dryness of the skin. Fill out and mail the attached coupon for a free COLGATE & CO., Dept. 328, 199 Fulton St., New York: Please send me the free trial tube of Colgate's Rapid-Shave Cream. Name.. Address At the same price you pay elsewhere for unmarked balls, we will supply you with a dozen new balls, bearing your full name imprinted in red, green, blue or black indelible ink. If your favorite make is not listed below, give us the name, and we will supply it. Every ball brand new, and guaranteed. Orders must be for even dozens, accompanied by check or money order. We pay parcel post charges. If not completely satisfied when balls stable mate, last week, in an Aqueduct race that won the latter the temporary toast of "best colt of the season" (TIME, July 14). 3) At Chicago, Black Gold, aged three years, owned by Mrs. R. M. Hoots (Cherokee Indian), 1924 Kentucky Derby winner, picked up Jockey Mooney (129 lbs.) and won the Chicago Derby by six lengths. Behind Black Gold came Giblon, then Senator Norris, then the famed Ladkin. The significance: Even if Ladkin was off form, Black Gold had regained much of his Spring virility. He cannot be scratched off the list of possibilities. Golf Mice. While the cats (Hagen, Sarazen, Smith, Barnes) were away, the mice (Brady, Macfarlane, Farrell, Forrester, Diegel, 150 others) played -for the Metropolitan Golf Championship, at Roslyn, L. I. The mice finished in the order named, Mike J. Brady nibbling a 292 out of the Engineers' Club course-no mean feat, even for a cat. His last three nibbles were 72, 71, 72. Par is 70. J. J. Mapes, a young mouse from Harvard, led the amateurs and took sixth place by dint of two closing rounds in 75 and 72. The British Walker Cup Team, to play in the U. S. in September at Garden City, L. I., was named: Cyril Tolley, onetime amateur champion; O. B. Bristowe, West Byfleet; C. O. Hezlet, Royal of Portrush, Ireland; W. L. Hope, Turnberry; D. H. Kyle, Roehampton; W. A. Murray, West Hill; Robert Scott Jr., Glasgow; Michael Scott, Royal St. George; T. A. Torrance, Sandy Lodge, and E. F. Storey, Captain of the Cambridge University team. New World's Records Established during the eighth Olympiad: 10,000-metre run: W. Ritola of Finland, 30 min., 23 1-5 secs. 400-metre low hurdles: F. M. Taylor of Grinnell College, Ia., 52 3-5 secs. Running broad jump: R. Legendre of Newark A. C., 25 ft., 6 in. W. 3,000-metre steeplechase: Ritola of Finland, 9 min., 33 3-5 secs. 400-metre run: E. H. Liddell of Great Britain, 47 3-5 secs. Hop-step-and-jump: A. W. Winter of Australia, 50 ft., 11 3-16 in. 400-metre Relay-U. S. Team (Hussey, Clark, Murchison, LeConey). Time 41 sec. ¶ 1,600-metre Relay-U. S. Team (McDonald, Stevenson, Cochran, Helfrich). Time-3 min., 16 sec. Mile trot for four-year-old fillies: Etta Druien, at Columbus, 2 min., 2 secs. AERONAUTICS Hops Cranking up, minus pontoons, at Karachi, India, the U. S. round-theworld trio took the air for Atlantic shores. Constantinople, Bucharest, Vienna, Strassbourg flashed by beneath them. On the seventh day they landed at Paris. Chagrined at being too poor to afford her own circummundane expedition, France none the less accorded the Americans an effusive reception-squadronal escorts of planes from Strassbourg on, cheering crowds on the Champs Elysee, cordial officials at Le Bourget airdrome. Tired, smutty, perspiring, the Americans asked: "How do we stand in the Olympic games?" Not many hours later they were off again for Croydon Field, near London, and their trans-Atlantic hop home. At the opposite side of the globe, Major MacLaren, British circumnavigator, reached Minato, Japan, took off for his perilous Pacific hop. $500 Profit The Air Mail made a profit of over $500 on the first night mail trip from San Francisco to New York. $2,308.48 was paid for more than 8,000 pieces of mail and at 66¢ a mile, which is the average figure for cost of flying operation, the Government realized $539.68 profit. There is no doubt the service can pay for itselfif the first great burst of business due to curiosity and sentiment does not fall off. But the Air Mail does not insure its ships. Frank Yager, flying from Cheyenne, Wyo., was bruised, and his plane was wrecked by a hurricane, which forced him to land at Chappell, Neb. Out of Sight In a competition for model airplanes conducted by the French Air Ministry, a 16-year-old boy, Gaston Beaulieux, did well. His wonderful model, with a few strands of twisted rubber driving a tiny propeller, was released from a captive balloon at a height of over 600 feet, went up in regular circles to a height of 1,500 feet and disappeared from view in the direction of Versailles. A search was conducted for the tiny airplane. Airplane Stamps TIME in its issue for July 7 stated that no special stamps would be issued in connection with the night air mail. Subsequent inquiry disclosed that a new stamp, in denominations of 8, 16 and 24¢, was issued for this service on June 15. Eight-cent stamps are green and show a propeller; 16¢ stamps are blue and carry a pilot's brevet; 24¢ stamps are red and portray an airplane. are almost the same in French, Spanish and German. Here are over 50 from a single page of a New York newspaper No wonder Americans find it so easy to talk and read foreign Everybody wants to be able to talk and read at least one foreign language either for F somebody handed you a foreign Yet the amazing fact is that you do ever This is the Pelham Method of Lanage Instruction-a wonderfully simple y of teaching that has been enthusitically received in England, and has st been brought to America. You learn the simplest, most natural way imagable the way a child learns to speak 5 native tongue-without bothering out rules of grammar at all in the ginning. First you learn to read the language at sight Let us suppose, for example, that you ve decided to learn French. (The Pelin method works just as simply with e other languages.) When you open the first lesson of the Iman method, you will be surprised to e not a single word of explanation in glish. But you soon realize that no glish is necessary. You find that you eady know enough French words to rt-words that are almost the same English-and that you can easily disver the meaning of the unfamiliar ench words by the way they "fit in" th the ones you recognize at sight. In the places where it is necessary, stand for-but the principle of using And you begin to speak before you realize it After only eight to twelve weeks you will be able to read books and newspapers in the language you have chosen and almost before you realize it, you will find yourself able to speak that language more fluently than students who have studied if for years in the toilsome "grammar-first" way. Mr. M. Dawson-Smith, an English student of the Pelman system, writes: "A short time ago a Spanish lady was staying in the neighborhood. I practiced my Spanish on her, and she congratulated me both on my accent and fluency, learnt it all from correspondence. She has lent me several Spanish books which I can read with the greatest ease." and was amazed to hear that I had Remarkable book free What do you know about the remarkable oportunities that have been opened up since the war to those who know one or more of the great foreign combook that you can have for the asking mercial languages? The amazing free tells you all about them. It shows you what a real business asset it is to have another language at your command. The man or woman who knows two or more languages is needed in business more than ever before. You have had here only a glimpse, a mere hint, of the fascinating and ennow learn forjoyable way you can eign languages through the amazing Pelman method. The big, free book gives you a convincing demonstration of the method in operation-actually teaches you to read at sight a page of the language you select to learn! Whether you now have the desire to learn another language or not, you will be fascinated by the interesting facts about languages that this book gives you. The coupon below will bring you full information about the Pelman system of language instruction. Sending for it costs in any way. Mail the coupon today. you nothing and does not obligate you The Pelman Langauge Institute Suite L-665 2575 Broadway Suite L-667, Ne York City 2575 Broadway, New York City. And the remarkable results gained by It Please send me full information about the City .... French I am interested in State... German of LITERATURE As Author to Author Said Carl Van Doren to Carl Van Vechten, "I have a theory respectin' The highly original work you do Which can only be aired in THE SATURDAY REVIEW." And to Sinclair Lewis said May Sinclair, "One comment on your work, that I think is fair, Where authors really speak from the heart." Said Gamaliel Bradford to James Branch Cabell, Which could only appear in THE SATURDAY REVIEW. In THE SATURDAY REVIEW, like sister and brother, They may fashion elsewhere just books for your shelves- Where Writers are Readers Imagine a preacher preaching to an audience of preachers, an actor playing to a house-full of actors, a singer singing to singers! Judging from the list of Charter Subscribers to The Saturday Review, most of the writers of the country will be reading what is written therein. The rest of us will be overhearing what the writers write to each other. And according to Arthur Symonds it can usually be said of the best in literature that "it has been overheard." The first number of The Saturday Review-edited by Henry Seidel Canby and the entire former staff of the Literary Review of the N. Y. Evening Post-will appear August 2nd. To make sure of getting the first number your name and address should reach the office of publication not later than Thursday, July 24th. |