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Publisher Hearst, mindful of the patrimony he must one day bequeath George, W. R. Jr., John Randolph and Elbert Hearst, bethought him the time had come when the eldest son should learn to tend his father's journalistic flocks. So George, aged 19, marched into the offices of the San Francisco Examiner, and introduced as the new assistant publisher, acting chief. This was thought proper and fitting because the Examiner's clientele was the first flock Publisher Hearst himself tended as a youth. He had it from his father, even as George now has it from his. Whether or not the vast numbers of other Hearst sheep will be divided between W. R. Jr., John, Randolph and Elbert or entrusted to George alone, remains to be seen. others are 16, 14 and 8 (twins) respectively, still in school, may go to college. George, a student at the University of California, eloped in March, 1923, with Blanche Louise Wilbur a fellow student. (TIME, Apr. 7, 1923).



There is a story of which you have read every word before. Yet it was thought so interesting by F. P. A., famed Colyumist of The New York World, that he published it entire for the benefit of his discriminating readers. It damns newspaper writing as completely as such writing ever was 'damned. Yet every word of it was written by newspaper men. Here it is: 4 LEAP TO DEATH AS TINY


Thousands Flee Heat When Thugs Seize Woman Lost Fifteen Years with Marked Bills


All Night Searchers Held on Heavy Bail as Heroine Sweeps City

They buried Jimmy Lefkowitz yesterday, and all Pearl street was in mourning. When the hold-up men entered the place, each flourishing two guns, the telephone operator bravely remained at her post, making sure that all the guests had been aroused.

In scanty attire more than 100 men and women fled through the smokefilled halls and escaped to the street, while firemen battled with great sheets of flame that swept in from the open sea at a velocity of sixty miles an hour. At the suggestion of the mayor, however, the indorsement was made unanimous.

Searchers combed the entire countryside in an all-night hunt, but could only report that tens of thousands visited the beaches to obtain relief from the sultry weather.

She could no longer endure the mis

treatment of her stepmother, Jennie said, and so she took $1.63 from her toy bank and was appointed Secretary of the Transit Commission after an acrimonious debate on the part that women


HEARST & SON "George was marched

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(From a snapshot taken in 1907)

will play in the national election. Conservative estimates placed the damage at $10,000. At the hospital the victim said his attention had been called to the assault shortly after the gangster had shot him down.

Climbing slowly to the dizzy height of the upper span while the breathless crowd watched in an agony of suspense, the man poised for a fleeting second and then plunged into a mass of correspondence which had accumulated during his absence. An immediate blood transfusion was decided on.

"I shot him because I loved him," the woman chuckled, according to the police, who found her loitering in the subway station with $15 in marked bills and a State bonus blank. She said it was the roughest voyage of her sixty years' experience in the North Atlantic. "And besides," she added with eyes atwinkle, "I never said that the Prince proposed to me."

The label on the bottle was marked "Cyanide," but despite the forty-minute. tie-up, the speaker predicted an overwhelming majority in the event the prisoner was released on bail. There was no insurance,


Research Prohibited

when The ordinary process vicious disease is discovered is to isolate and experiment with methods of control and cure. But there is one disease in which this method will not be used. The U. S. Government for bids it, for what it regards as good and sufficient reasons. Not least of these is that the disease is too vicious for study.

This disease is the hoof and mouth disease. As a matter of fact, the disease is very old. It has been ravaging Europe for a great many years, and has there been studied.

Secretary of Agriculture Wallace last week denied a petition of the Los Angeles County Medical Associa tion for an investigation of the disease. His reasons were five:

1) Only cursory study of the disease could be made in infected areas; because the U. S. has long since adopted a policy of immediately slaughtering all infected animals;

2) Because of the long time that Europe has been experimenting there is little hope of finding a successful



3) The disease is so infectious that it would be almost impossible to keep it from spreading while research was going on;

4) Undoubtedly if it became known that research was going on many States would place embargoes on all shipments of goods from the State in which the work was being done;

5) If the research was to be suc cessful it would probably have to be carried on for months if not years, with the danger of the infection's spreading throughout the entire period.

Experiments in other in other countries have been uniformly unsuccessful.

In Germany the disease escaped during experiments, and the Govern ment had to pay heavy damages England experimented aboard an old war ship, but failed because it was impossible to prevent the healthy control animals from contracting the disease. In France the effort was

also given up. Although special buildings were built and every known precaution was taken, the disease repeatedly "jumped" out of control.

It seems, definitely, that the hoof and mouth disease is the one thing in the world that is too dangerous to monkey with.

The question has been asked: What will happen if in the course of bac terial evolution an equally vicious and infectious human disease should de velop. Our humanitarian ideas would not permit us to use the exterminative method employed against the hoof and mouth disease. Fortunately such a condition is not imminent.

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Is Not Just Another Hotel


IN FACT, strictly speaking, it

isn't a hotel at all. A great hotel is as public as a railroad terminal, whereas The Shelton is as private and exclusive as a fine university club, though it excels any club in the world in the totality of its recreational advantages. A man simply can have no conception of what a paradise of comfort, luxury, and privacy The Shelton is till he's seen it through his own eyes!

For the man who lives in NewYork

For the man visiting New York
The Shelton is the last word!





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Current Situation

A remarkable change in sentiment regarding business has taken place during the last six weeks. For a time everyone was pessimistic about everything. Next agriculture, chain stores, electrical equipments and utility enterprises took heart. Money declined. The foreign situation brightened. The political nominations were assuring. Even the industrials, which are not yet out of the woods, took heart. Now the average individual is becoming optimistic about everything.

These emotional swings in business sentiment must be rather carefully discounted by the conservative student of affairs. In business, as elsewhere, there is no perfect Heaven nor any utter Hell. The worst situation has some promise in it, while there is always something seriously the matter with every "period of prosperity," even from the beginning. The developments of the past two months are quite generally encouraging, yet common sense is still needed to counterbalance the fervid rhetoric of the revivalist school of business prophets.

Easy money is no doubt the crux of the present situation. It is alleviating the inevitable shock of a liquidation of real estate and rentals. It is carrying many industrial concerns which have been sick ever since 1920 and are even sicker today. It is facilitating railway and utility mergers, and European recovery. But unless it leads to inflation, American business remains distinctly spotty. The Kansas farmer this year is in luck, while the textile-mill operator of New England is distinctly out of luck. The time for the average business man to shut his eyes and dive in has not yet arrived.

Steel's Extra Dividend

Financial opinion, impressed with the severity of the current steel slump, was dubious regarding the showing which the U. S. Steel Corporation would make during the second quarter of 1924. When recently the results of operation for the three months ending June 30, 1924, were announced, however, a more optimistic attitude was prompted. During this period, net earnings of the Steel Corporation were $41,381,039, or $3.44 on each common share, compared with net of $50,075,445 for the first quarter of 1924 and $47,858,181 in the second quarter of 1923.

The surprising stability of U. S. Steel earnings was attributed to the large unfilled orders on the Corporation's books, which have been very largely reduced during the past three months. During the first six months of this year, net earnings have amounted to $8.47 a share on Steel common stock. This remarkable showing justified the directors in declaring, in addition to

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The purpose of these conferences has been to develop a plan of consolidation according to the terms of the Transportation Act, yet satisfactory to the leading roads themselves. Apart from the New England roads, there are now nine roads in this territory, and the problem really is how they can be reduced to four groups.

Not since the days of Harriman and Hill has the country seen so much enthusiasm for railroad mergers, or such a gathering of chieftains to coöperate in railroad consolidations. The definite conclusions of the conferences has not been announced, but the bare fact that they are being held is in itself highly significant.

"Nickel Plate" Merger

Merging railroad systems is easier discussed than accomplished. Last week the new "Nickel Plate" merger provided the main topic of conversation in Wall Street, as well as a large part of the speculative security trading occurring there.

O. P. and M. J. Van Sweringen spent a busy week. Between conferences with G. F. Baker over the acquisition of the Erie, and conferences with J. & W. Seligman & Co., bankers for the Pere Marquette Railway, with regard to taking over that system also, the Cleveland brothers had their hands

completely full. Apparently the horse-trading" stage of the negotiations has been reached and passed. If the terms are right, the creation of a consolidated "Nickel Plate" system out of the original New York, Chicago & St. Louis, the Erie, the C. & O., and the Pere Marquette offers very distinct advantages to the latter three roads as well as to the first-named line. The U. S. is coming into a tremendous railway-merger period-is in fact already in it. Little roads are bound to be swallowed by someone who will not bite too hard. On the other hand, the trunk-line roads must look to their laurels, too.

Nevertheless, railroad merging is a complicated business, full of legal and economic difficulties, easily stalled by the clash of personalities or the desire to hold out for better terms. Yet the present lenient attitude of the Administration and the current ease in the money market are too favorable to permit undue delay in needless negotiations. Evidently the railroads are earnestly desirous of finishing their mergers while the sun still shines.

The D., T. & I.

The Detroit, Toledo and Ironton, Henry Ford's railroad, is justifying its employes' faith in its earning powers. On Nov. 1, 1923, the railroad (ie., Mr. Ford) inaugurated a plan whereby the road's employes could purchase investment certificates in the road out of their earnings. To date, $162,994 has been so invested by the road's employes. For the first half of 1924, they will receive 6% on their "investment certificates" -which is at the rate of 12% per


The Interstate Commerce Commission on Aug. 1 granted authority to build 56 miles of new line for the D., T. & I. at a cost of about $7,500,000, as well as to issue first mortgage bonds to raise the funds. The new line will extend from Malinta, Ohio, to Durban, Mich., and will serve to shorten haulage distances over the Detroit, Toledo & Ironton line.

Check vs. Cash

The recurrence of pay-roll robberies in Manhattan has led the Merchants' Association to investigate the desirability of paying employes by check instead of with cash. The Association has discovered that "generally speaking, employers liked the scheme, employes viewed it with disfavor, and the banks were on the fence."

Employers who pay entirely by check claim for the practice that it prevented robberies and hold-ups, as well as disputes over the accuracy of payments: in addition, it entailed less clerical work, provided an automatic receipt for

payments, and educated employees in using banking facilities.

Opponents of the payment-by-check plan, on the other hand, maintain that it offended employes by making generally known the amounts of their wages and salaries, that it wasted time by forcing employes to cash their checks in banking hours, and that it created new danger of dealing with "raised" checks.

From the banking standpoint, it is open question whether the extra trouble to which banks are put is recompensed in the aggregate deposits gained; also, special methods of identification are necessitated to enable tellers to cash pay checks with safety and confidence.


Macaroni was manufactured in the U. S. 50 years ago. But not until the last 25 years has the product assumed importance. The heavy Italian immigration after 1900 did much to increase the demand for it. Just before the War, there were 373 macaroni factories in the U. S., whose output was 250 million pounds annually; in addition, 130 million pounds were imported.


During the War, European macaroni practically unobtainable here, and the U. S. industry grew. By 1920 there were 450 producers with a production of about 450 million pounds, while our imports fell to only one million pounds. Meanwhile, per capita consumption here had risen slightly from 3.9 pounds to a little over 4 pounds annually.

In 1923, imports of macaroni rose to 31⁄2 million pounds, most of it from Italy. But the U. S. in the same year exported over 7 million pounds of home-made macaroni to the United Kingdom, Canada, Mexico, Cuba, San Domingo, Belgium, Honduras, Panama, China, Japan, Australia.

Italy still leads easily as the chief macaroni exporting nation, however. Last year, she exported over 35 million pounds. France ran a good second with about 30 million pounds.


With money available at low rates and an attitude of live and let live prevalent in public opinion, utility companies of the hydro-electric variety have been enjoying a considerable boom. There has been in consequence unusual

interest shown in plans by various engineers and engineering associations for the establishment of "super-power" systems over wide areas of the country. A sub-committee of the Northeastern Super-power Committee, headed by Secretary Hoover, has completed a report upon possibilties of this sort for the New England and Middle Atlantic States.

The Committee represents both Federal and State officials, and was intended to promote coöperation between local and national authorities in merging and consolidating hydro-electric problems and equipment. The sub-committee's report is mainly concerned with the production of electric power from coal, since in the northeastern section under consideration water power can supply only 25% of the power required. The recommendations of the report include the linking up of power systems now local only, and the construction of central facilities for creating and storing surplus power. Such a system would, the sub-committee states, result in the saving of more than 50 million tons of coal annually, as well as larger power reserves and less danger of interrupted service. Such a unified system, too, would facilitate the conversion of railroads to electric power from steam, and make power available even on the farms.


So large a the proportion of world's supply of coffee is raised in the Brazilian states of San Paulo and Santos that the recent revolution in that section has had an important effect on the world coffee market. Spot coffee in New York rose in July to 17.15 cents-its highest price since 1921. America has gone ahead drinking coffee as usual, but about 800,000 bags of coffee which normally would by this time have reached Santos ready for shipment here are still held in the Brazilian interior by the revolt. The present visible supply of Brazilian coffee in the United States is only 887,102 bags-about six weeks' supply.

In all, about 22 million bags of coffee are consumed by the world at the present time; 10,700,000 bags go to the U. S. A. alone, 10,300,000 to European countries, and about 1,000,000 elsewhere. Coffee dealers question whether, apart from the Brazilian revolution, production is keeping up with consumption. The forthcoming Brazilian crop is estimated at 9,500,000 bags, about 6,000,000 bags will be produced elsewhere, and there is a world's visible supply of some 5,000,000 bags-making 20,000,000 bags altogether.

This situation is responsible, according to the coffee trade, for the fact that, although the Brazilian revolution has apparently been completely put down, the price of coffee has not fallen back to where it started from before the revolution occurred.

A Business Opportunity

exists for the man who wishes to be his own boss and the owner of a permanent ever-expanding, profitable merchandising service. It may start with $100 capital, or $10,000, but it cannot start without capital. The degree of success has no reasonable limit. It has attracted to it and has today engaged in it, men who are conspicuous successes and of long and wide expe. rience in merchandising, with capital abundant for all their requirements; and the other extreme of men and women with limited business experience and qualifications, and very small capital.

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 enthusiasm, and broadly constructive. It makes you the greatest benefactor in your community, town, city, or district, and pays you a real profit for such benefaction.

Service is the foundation of all real success, and this service literally enables you to take time from eternity and put it into the life of man, and make legitimate profits in doing so. Address:

Manufacturer, Care Motive Publishing House 1927 Sunnyside Avenue, Chicago, Ill. (The above is not merchandising books or magazines)

What Is the
Needed Factor?

In spite of abnormally easy money rates, business as a whole has not improved to any marked degree. But, in July, the stock market's decided advance has seemed to indicate a substantial business revival in prospect.

What is the factor needed to increase business volumes this fall and to assure a continuance of rising prices for stocks? One very important element can effect both. Is it, or will it be present? Will stocks advance in August? Our latest bulletin discusses this factor thoroughly and arrives at a definite conclusion.

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Leaning gallantly aslant, flouncing a foamy white ruffle at her gay forefoot, her great bellying sails stretched taut aloft, Brittannia rushed past the finish buoy off Bournemouth, England, was saluted winner. Thus ruling the North Sea, this long, slender creature of grace and majesty delighted the heart of the ruler of all Britain, whose yacht she is.

Astern of Brittannia sailed Lulworth, plaything of P. H. Coats (thread man). Still further astern, in the billowy offing, White Heather and Sir Thomas (tea) Lipton's 23-metre Shamrock IV tacked slowly toward shore, their seamen low in heart after lubber-luck. These two had led the race, bowling along bow and bow, until, as they swung by a boatmark, the Shamrock crashed the White Heather.


Canada. On the 18th green of the Beaconsfield course at Montreal, Que., a golf ball nestled close to the hole. Since sailing off the first tee it had been smitten only 68 times. Up walked A. H. Murray, professional at the Montreal Country Club, proprietor of the ball. He seized his putter, twitched his wrist, the ball rolled askew, missed the cup. Undismayed, Murray whisked it in on his 70th stroke. He had won the Canadian

Professional Championship (open to Canadians only) by a twostroke margin. Nicol Thompson, of Hamilton, "ran up" with 146 strokes.

U. S. golfers were not barred from the Canadian Open at Mount Bruno, Que., three days later. Galleries flocked after slouching Leo Diegel of Washington, D. C., and Gene Sarazen, "grinning runt" of Briarcliff, N. Y. Leo ticked off a 285 for the title, Gene 287 for second. Other Americans in the annual border raid: W. Macfarlane, Tuckahoe, N. Y., 288; J. Farrell, Mamaroneck, N. Y., 291; W. E. Melhorn, St. Louis, 293; Clarence P. Hackney, Atlantic City, (1923 winner), 295. Ablest Canadian: A. Kay Lambton, of Toronto, seventh with 297.

Greenwich. Toiling up hills, jolting down, amateur guests of the Greenwich Country Club, Conn., qualified behind Reginald M. Lewis, one of golf's imps. He was at home among all the blind shots Greenwich presents, literally and in the figure 71. The match players dwindled away, including Imp Lewis, to two juveniles W. H. Taft Jr., of Dartmouth College and Montclair, N. J., and J. J. Mapes, of Harvard University and Easthampton, L. I. Recalling how those Greenwich hills had seen him larrupped by Dexter Cum

mings in the Intercollegiate Final (TIME, July 7) Taft larrupped Mapes.

Women. The long tiled porch of Shenecossett Country Club, at New London, Conn., was all a-titter and a-flutter with 175 women, flocked thither for one of the season's larger invitation tournaments. Sober and serious, young Glenna Collett, of



Few face her without a tremor


R. I., moved among them, wondering if she could win another leg on the Griswold Trophy. As the week wore on, the seasoned Mrs. Dorothy Campbell Hurd, of Philadelphia, disposed of her opponents most stoutly, coursing around often under 80. Glenna continued pensive as she brushed her own antagonists aside. Finally the two met; Glenna cracked out a scorching drive, Mrs. Hurd hooked into the fence. At the 15th, Glenna won the leg she so wanted. A newspaper account spoke of Miss Virginia Palmer, of Shenecossett, whom Glenna whipped 7 and 6 in the first round, as a "frightened opponent." Few, indeed, face Glenna without a tremor.

At Lake Forest, Ill., the Onwentsia links swarmed with 152 golfing Amazons beginning play for the Women's Western title, but Glenna had not rushed out to mingle with them. Champion Miriam Burns, of Kansas City, and National Champion Edith Cummings ruled the scene.

Edith, who was raised amid Ouwentsia's daisies and knows every hole on the prairie, including those made by gophers, had little trouble navigating the rainsoaked course in 84, low medal.

"Big Four"

Open fields on Long Island reverberated with the furious drumming of horses' hoofs. Riders shouted and strained. There was heard the solid impact of bodies, the crash of weap

ons, the slap and squeak of straining leather.

It was not Indian warfare nor even a rodeo, but U. S. poloists preparing to defend the International Challenge Cup against an English invasion next month. Crowds along the side-boards at Westbury and Port Washington trained their glasses.

The Defense Committee of the U. S. Polo Association (H. P. Whitney, R. E. Strawbridge Sr., L E. Stoddard, D. Milburn) scrutinized closely the aspirants for the "Big Four" as they beat the willow-wood balls about in practice matches three times a week.

Charged with selecting the final combination, the Defense Committee shifted and experimented with a White team (first) and a Blue (second), later called A and B.

Their chief problems were to find a No. 1 man, to decide on a No. 3. Their material:

Devereux Milburn-officially named captain of the U. S. team, a seasoned campaigner of all the International matches since 1909, often called "world's greatest polo player." He plays at Back, a hard-hitting, hardbodied tactician. The English fear him as they fear no other American.

Thomas Hitchcock Jr.-his father played on the first U. S. team to meet England, in 1886. He, now only 24, played against England in 1921, was a titan on the offense. His power and accuracy with a mallet are prodigious, his strokes are long, high loops. He was certain of his old position at No. 2.

Malcolm Stevenson-a substitute on the 1914 "Big Four." A smallish man, short and dark, he is not spectacular in a mêlée. His play is clever, steady defense at No. 3, where he pairs splendidly with Milburn and does the backing up during Milburn's tearing charges. His handicap, 9 goals, is but one less than Hitchcock's and Milburn's.

Eric Pedley-a rangey, youthful Californian, the first Westerner to be even mentioned for an International tour. Within two weeks of appearing on an Eastern field he displaced J. Watson Webb at No. 1 on Team A with smashing play. He is an allround athlete, magnificent horseman. During one match, he surprised the gallery when he crouched over his horse's neck, jockey-like, in "riding off" an opponent. The ordinary method is to sit clamped in the saddle.

J. Watson Webb-a 9-goal man,


*International polo dates from 1886, when a team from Hurlingham, England, visited the U. S. The Challenge Cup, then donated by The Westchester Polo Association, remained at Hurlingham, safe from U. S. attacks in 1900 and 1902. In 1909, Harry Payne Whit ney organized a "Big Four," bore off the Cup to Meadow Brook. The U. S. defended ably in 1911 and 1913. In 1914 the English r captured, to lose again in 1921, the most re cent series. Two out of three matches ar played.

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