Your Partner

What's His Life
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STUART JACKSON, Inc. 110 William St. New York City

STUART JACKSON, Inc., 110 William St., New York Please send me full particulars.

Name Address

The Current Situation

On the Stock Exchange, heavy volumes in trading continue, along with a continued although somewhat irregu lar advance in prices. As yet, no signs of security inflation have appeared except in a minor way. Brokers' loans are stationary, and purchasing is still largely for cash. Declarations of new dividends, especially among the weaker railroads, already go to show that the autumn's "bull market" has not been a merely speculative movement, but caused by fundamental economic rea

sons.

The real puzzle is with industrial securities. They have appreciated along with the rails, but more uncertainly and subject to larger reactions. Moreover, securities of different industries have behaved quite differently. Industrial news continues to become more encouraging. Last weck, the copper industry began to cheer up, as the iron and steel industry had already done. Yet prospects of any industrial boom are still far away, and the slowly rising market for most industrial securities seems to predict a powerful although quite gradual improvement in industry itself next spring.

Gold Exports

The large exports of gold recently made from New York in a single day ran to $12,000,000. It has been taken by some as marking the end of the danger of "gold inflation" in America. The exports of American gold were mainly occasioned by large foreign loans recently floated in this country. J. P. Morgan & Co., for example, in one day sent $5,000,000 in gold coin to the German Reichsbank, on account of the $110,000,000 German loan sold here this fall. This single gold shipment exceeds all exports of gold to Germany from New York since 1914.

Thus far, only an infinitesimal part of America's huge gold hoard has been drawn abroad. It is by no means certain that the movement will long continue; even if it should, it would take a long time to drain away the huge gold surplus now in the country.

Foreign loans may lead to temporary gold exports, but interest and sinking fund payments later tend to draw even more gold back to our shores. Not until the trade balances are on a very different basis than at present, is it likely that considerable American gold exports will continue.

Baker's Speech

It was time for the Bond Club of Manhattan to give another luncheon. To George F. Baker, "the grand old man of Wall Street," said to be 10 times as rich as the original J. P. Morgan, went an invitation. He accepted. More than that, he said he would make a speechthe first of his life. Persuasive as a dinner horn that news blared; great men

rallied to the luncheon. From 23 Wall Street came Thomas W. Lamont, Dwight W. Morrow, Junius S. Morgan Jr., George Whitney of J. P. Morgan & Co.; from 52 William Street came Mortimer Schiff, Otto H. Kahn, Jerome J. Hanauer of Kuhn, Loeb & Co.; trom counting houses and director's rooms came other notables: Charles H. Sabin Chairman of the Guarantee Trust Co.. E. T. Stotesbury of Drexel & Co.; H. B. Thayer, President of the American Telephone & Telegraph Co.

Banker Baker got up. "The hardest shell," people say of him, "the softest heart, in the U. S." Addressing him,

strong voices often shake. At his whisper, people say, the 20th Century Limited* would stop in its tracks. Yet, as he stood before the boys in the Bond Club, it was Baker's voice that trembled. His speech, reported in full (146 words) was as follows:

"Yesterday morning when one of my family read to me that I had promised to make the first speech of my life here today I really fell down. I was never educated in after-dinner or afterluncheon talking, and I cannot do it. I cannot put words together to express my feelings for your kindness, and I thank you all from the bottom of my heart.

"There is no organization that I know of in this country that stands higher for character and ability than this one; and if you continue to conduct your business and live your lives as you have been doing, to gain the respect and love of your fellows, you will accom

*Some indication of Mr. Baker's power was given last spring (TIME, Apr. 14) when the New York Central R.R. waited for him to return from the South before it dared to elect a new president. Born in Troy, N. Y., in 1840, he dominates half a dozen railroads, several banks, scores of industrial concerns

the best in life, and, withal most rtant, if you maintain that integfor which you are all so noted, it bring you greater happiness and than great wealth."

ressmen, editors, bakermen all found ound this utterance. Said The New Sun (owned by Millionaire Mun

Mr. Baker, waiting 84 years to make speech, says something which none heard him will forget."

im to Gum

. P. Larson, gum-maker, sued WillWrigley, ditto, for infringement of r patented name "Wintermint" in the igley advertisements for "Double" gum. A former court awarded Larson $2,860,000-profits on the of doublemint gum from 1914 to 3. By a legal wriggle, Mr. Wrigley imed Mr. Larson's claim, subtracting n his opponent's claim the advertisbill for doublemint gum in that od, reducing the total amount to 71,101.

lkworth Convicted

n the winter of 1921-22 and the foling spring, the strong rise in stocks y effectually put out of business a de of "bucketshops" and crooked kerage concerns. Among others was firm of Raynor, Nichols & Truese, members of the Consolidated ck Exchange. The courts, like the ls of the gods, have subsequently und slowly. Only last week saw the

al conviction against individuals inved by the Raynor, Nichols & Truese explosion.

William S. Silkworth, former presiit of the Consolidated Exchange, had come entangled in the firm's affairs, I was sentenced to a fine of $1,000 1 90 days in jail. The charge was rauding through the mails. Mr. kworth was, however, admitted to pending the hearing of new

tions.

So slow are the courts, and so overwded the court calendars, that edy punishment of evil-doers appears possible. Moreover, penalties imsed by the courts are out of all ancial proportion to the scale upon ich the public has been relieved of its nds.

ellow Cab

The Yellow Cab Manufacturing Co., r the first time in its history, cut its vidend rates, from 41c. a share per onth to 21c.-or from about $5.00 to out $2.50 per share per annum. Acmpaying the announcement was an usual statement from President John ertz.

The Hertz companies had a very markable history in the Chicago ckmarket. The favorites of local culators, many of whom became rich ereby, the shares of the Hertz comnies sold at constantly higher prices. equently Mr. Hertz has declared that $ stocks were selling too high, but eculators paid scant heed.

When the Yellow Cab and Yellow Manufacturing stocks were brought on to Manhattan and listed on the Manhattan exchanges, many expected to see a further rise in price. Wall Street, however, was not only unenthusiastic, but downright rude and subjected them to a severe drubbing.

Now Mr. Hertz abjures all this: "I have had a bitter lesson. I was pitchforked into the stockmarket; now I am going to pitch myself out of it. . . I have done nothing for the last six months but worry over the stockmarket action of our securities. I had an eye glued to the tape most of the time and missed many a good night's sleep. I am through with this forever. . . . Surplus earnings from now on are going to be ploughed back into the company."

Mr. Hertz's own holdings of his stocks are now greater than they were a year ago.

Cotton Trading in Chicago

Chicago, long the world market for grain and livestock, has hitherto shown scant interest in cotton. This month, however, trading in cotton was for the first time in history inaugurated on the Chicago Board of Trade.

Production of cotton is more and more moving westward into the southwest; already Texas is overwhelmingly the leading cotton-producing state. Chicago brokers claim that the cotton market should accordingly move westward to Chicago. Yet the Chicago, like the New York, cotton market will presumably handle little actual cotton, and be primarily a "hedging" market in cotton contracts. Under these circumstances, nearness to the cotton fields is of minor importance.

The real significance of the move is the struggle of the Chicago Board of Trade for existence. The wheat market is moving from Chicago into Canada, despite the unusual Chicago activity this year. The cereal and meat business is already hag-ridden by Government interference and agricultural coöperation. The waning business on the Chicago Board in cereals and provisions may thus be supplemented by the newly undertaken business in cotton.

Bond Issues

Nineteen twenty-four will set a new high record in the issuance of new bonds. By Dec. 1, $2,127,823,688 of bonds had been issued, compared with $1,608,595,788 for the entire year of 1923, $1,675,131,561 for 1922, and $2,145,406,132 for 1921-previously the banner year for bonds. The present year, however, has seen on the average larger bond issues, since to Dec. 1 only 6,589 issues were sold, compared with 7,689 in 1923, 9,434 in 1922, and 7,227 in 1921.

One peculiar feature of the 1924 bond output is the large amount of state and municipal issues. It is expected that this year the new obligations of these

I desire to enter my protest against the publication of the picture of William Jennings Bryan in your issue of this week. If it were used apart from the critical articles that you publish from The New York World, no one would know whose picture it was.

The publication of this picture I consider as a despicable attack upon a man who, while you may differ from him vitally, does not deserve this sort of treatment at your hands. You received the picture from some other source but this does not excuse its publication by you.

This letter is not intended as a defense of Mr. Bryan's policies or his attitude in the recent election, but it is a plea for fair play on the part of your journal.

"I

I quote from TIME of Nov. 24: Who suddenly killed Cock Robin? did!" cried Minnesota.* "I marked hum sure. I wounded him sore. Robin Red Grange, most brilliant of backs, took the field at Minneapolis with his fellow Illini and at once raced off around end for a touchdown. He started other races, but Minnesota ends crashed him, Minnesota secondary defense heaped upon him. In the second period, he was subdued. In the third, his arm hung limp, he left the field for the season. Meanwhile, Minnesota's offense plunged, pounded, plowed. Illinois sank back to third in the Conference standing. Score: Minnesota 20, Illinois 7.

Who writes this "stuff" for you? If this is a specimen of his sport news, better eliminate all of it. The phrases used are entirely unjustifiable.

I want to repeat that my subscription to TIME is canceled.

C. J. RATZLAFF. That the Gophers did "wound" Red Grange, did "crash" him, did "heap upon him" no eye-witness will deny. Football is a rough game, but a casualty does not necessarily denote "dirty play."-ED.

As you may understand from what lows, I have a deep regard for your paper In your issue dated Dec. 8, I was especia interested by a letter from Subscriber Duc regarding the existence of little fishes miles below the surface of the sea. Ha points out that this is impossible because the temperature of the water there is only abe 32° and the pressure 2 tons per sq He might have added to these common ser objections the impossibility of obtaining fol Irrefutable as these reasons may se they are not conclusive. Fishes are knows to exist five miles down, where the temper ture is about the same and the pressure almost as great. For a popular explana of how these miracles are possible, one only to refer to the chapter on "Cave -1 Deep-Sea Life" in Professor Richard Sway Lull's Organic Evolution (Macmillan, 192

I fear that some of your readers may ha been led by your publication of Subscriber DuCloe's letter into discounting Seme Nature's true miracles.

It would seem clear that the statements the article did not exceed the bounds es Nature.

otball

The football curtain was rung up in for one or two encores. Chief of se was at Los Angeles, whither Syrae repaired to try the mettle of SouthCalifornia. It was a dangerous g to do. The Trojans' chests ged under their shirts, their linemen ged through the Syracuse line, their kfield bulged right past the Syrae goal, twice. In addition, Trojan wkins kicked a field goal. The Calinians clearly outdid their visitors. ly twice did they permit big John Bride of Syracuse to get near ugh to try his toe at a field goal. d both these times big John was disicerted. End Adams and Centre avath of the Trojans left few laus for others. Score: Southern Calrnia 16, Syracuse 0.

Much-sung football alumni of PennIvania, including "Lud" Wray, leine" Miller, "Poss" Miller, Bert ll, "Lou" Young (head coach of nn's unbeaten 1924 Varsity) stepped t on Franklin Field to keep Penn trim for her holiday game on the cific Coast. They intercepted a pass. ey passed themselves, they surpassed e Varsity, 12 to 0.

Florida held another late-autumn reption at Jacksonville, sent Washingn and Lee home chastised, 16 to 6. lorida's captain, Halfback Newton, did e honors. He needed no interference hen plunging, his punts averaged 57 ards.

The Quantico Marines amassed 47 pints at the inconvenience of the scoreEss Third Army Corps.

Most Valuable"

A committee of newspaper men last eek voted Arthur Vance, pitcher on e Brooklyn "Dodgers," "most valuble to his team" of all players in the Tational Baseball League. In the American League, Pitcher Johnson of Washington was so voted (TIME, Sept.

2).

Vance, called "Dazzy" from the azzling velocity of his pitches, was cquired by the New York "Yankees" 1917 for a pittance paid a very minor eague team. His arm, developed in oyhood by farmwork in Nebraska, went bad; he was released. In 1920, e arm recovered. In the past season, Fance won 28 games, lost but 6, struck ut 262 batters. The "most valuable" ote brought him $1,000 from the Naonal League.

From St. Louis came murmurs of urprise, dismay, annoyance, that the writers' second choice, Rogers Hornsby, econd baseman of the St. Louis Cardinals," had not been first choice.

The glaring lights of Madison Square Garden, Manhattan, never went out all last week. The seats of the great amphitheatre filled and emptied, filled and emptied as the days wore on. Still the lights burned steadily. Beneath them, around and around and around a broad wooden track, banked steep and high at the corners, a band of hunchedover bicycle riders ground their pedals up and down incessantly, circling lap after lap, mile after mile without leaving the ellipse. It was an international six-day race, for Distance against Time, for Money against Monotony. Tex Rickard,

promoter, chewed cigars, watched the customers come and go, talked with his henchmen, went home and slept, came back again to chew, watch, talk.

Every so often a tired rider would wheel out of the pack or "jam," dismount, reach for food, seek his bed and sleep. His partner would be waiting, mounted, at the trackside, when he came; would pump off, catch the pack, then circle, circle, circle until hunger and fatigue brought his turn to lie down.

There was some excitement. Friends of the riders would come, bringing bands, flags, popcorn, whiskey, noise. Now and again an ambitious rider, chafing at the long grind, would flash forth and seek to lap the field with a burst of speed. The pack would leap out in pursuit, catch him, or he it, from the rear, then settle down again. Every few hours came compulsory sprints, for points.

And bored spectators would sometimes get the announcer's ear, offer $20, $100, to the winner of a special sprint. Megaphoned to, the riders would tense, dart away, tear over the line, then drop into the slower, mile-devouring pace while the winner's partner collected the prize money.

Moons sank, suns rose. After six days, the winners: Reggie McNamara, Australian "iron man," "and Pete Van Kempen, of Holland; 2,368 mi., 5 laps, 1,057 points for sprinting. Second place: Bobby Walthour Jr., of Georgia, and Franco Georgetti, of Italy. Third: Marcel Buysse and Alphonse Goosens, of Belgium.

Wild Beasts

"One hundred African lions, 40 Bengal tigers, 20 leopards, 100 pumas, 150 black bears, 1,000 buffaloes, 500 elk, 500 deer, 400 wild boars, 400 peccaries, 40,000 ring-neck pheasants, 10,000 Hungarian partridges, 5,000 bobwhite quail, 400 wild turkeys, 400 wild pea-fowl, 400 wild guinea-fowl”—it was not the handbill of a bigger and better circus nor a page from Livy, but the proposed stock list of the Pacific Coast Sportsmen's Club, Inc., of Los Angeles. A fortnight ago, a director of that corporation declared it would fence off 50,000 Californian acres-20,000 for carnivorous creatures, 30,000 for milder fauna-and save U. S. sportsmen the trouble of trekking over the globe for exotic prey. There would be "annual

Recollections

Anonymous

"It should be tremendously popular," said Laurence Stallings in the New York World when this book of entertainingly indiscreet gossip first made its appearance. Mr. Stallings can take great credit as an oracle for the volume at once proved an International Sensation. It is the literary tid-bit of the season, for both Europe and America. King George, it is reported, has read his copy three times and this is not to be wondered at considering its piquant and racy revelations. Eight printings have already been necessary to meet the demand here and abroad. If you like sparkling indiscretions you will enjoy these for, according to the San Francisco Chronicle, "not even Margot Asquith presented social gossip and scandal, human simplicity and snobbery, as this writer does." Walter Littlefield of the Times Book Review sees in it "an important contribution to Continental biography, not overlooking that of London, New York and Boston." The New York Herald-Tribune agrees with both, finding it "the most entertaining volume of intimate memoirs the reviewer has read for many a season. Interminable gossip about personalities of international notoriety and fame, gossip and banter that are fascinating and thrilling to encounter, run through its pages like the swift flow of a swollen stream." In short, here's a book it would be a shame to miss.

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