for high, medium
or low arches

Foot arches vary, in height, length, contour and strength. Even the same pair of feet generally have arches of different heights.

Your arches can have the precise degree of support that they need, in Cantilever Oxfords. By the simple act of lacing this shoe, you draw up its flexible all-leather arch snugly to the undercurve of your foot. The arch of the shoe harmonizes with the foot in every position, always supporting the foot gently, completely and without restriction.

The Cantilever Oxford does more than just support the arch, however. It corrects the condition that makes support necessary. For the Cantilever is a natural shoe-natural in shape and natural in action. Every step you

take in Cantilevers allows strengthening exercise of the muscles that hold the 26 bones of the foot in arched formation. Feet that have been weakened by the restriction of rigid arch shoes can regain their strength and become self-supporting through this helpful

exercise.

Women who need arch support will find any of the smart Cantilever Oxfords helpful and comfortable. There are also some attractive new pump styles for feet that require comfort but do not need quite so much support. At your local Cantilever store these good-looking shoes will be fitted conscientiously. If store listed do not find you your in the telephone book under "Cantilever" write the Cantilever Corp., 404 Willoughby Ave., Brooklyn, N. Y., and they will send you the address and an interesting new booklet.

SINCE October 1923 there has been an upward movement in securities, and especially in stocks, remarkable in extent as well as in duration. It has already advanced the prices of railroad and industrial stocks, with two substantial recessions, both in 1926, to figures, in the industrial group at any rate, far beyond any level previously attained, while the upward movement has persisted for nearly twice the average length of time of such major 'bull' movements, counting seven of them from and including that which began with the reëlection of McKinley in 1900.

What is equally remarkable to the experienced observer is the breadth of the public interest. At the beginning of this century it was impossible to find twenty really active industrial stocks from which to construct a dependable average of daily fluctuations. Up to 1914 the well-known Dow-Jones average contained only twelve stocks. The difficulty in the twenty stocks used to-day is in selection. There are scores of such securities of at least occasional activity, compared with the meagre dozen of even twenty years ago. The holding of these securities, moreover, is widely distributed, not merely in stocks of a reputation established over a long period of years, like United States Steel or Pennsylvania Railroad, in which the average holdings are probably less than fifty shares. The extent. of popular distribution is remarkable in practically all the great industrial group, while the railroad common stock has become a welcomed medium for investment for people of relatively modest means.

It is this popular confidence which is the underlying strength of the stock market nowadays. There have been bull markets, as, for instance, that of 1908-9, in which the real public interest was almost negligible. In the absence of any attraction for the small investor, the facilities for distribution at the end of the upward movement then were so poor that there was an ensuing period of four years of dullness in the stock market, during which time seats on the Stock Exchange sold at less than one fourth of the price they command to-day. Conditions as they are now could not have been anticipated during the severe liquidation and deflation of 1920-21. The present era of confidence seems exactly to synchronize with the return of the railroads to efficiency, after government ownership, with government direction of management, had cost the taxpayer, exclusive of what the stockholders lost, $1,600,000,000 in twentytwo months. There has been, at the same time, a development of mass production never seen in the world before, accompanied by wages which are to-day, on the average, above the supposedly artificial levels established during the war. This is widely true of all the greatest industries, including transportation.

In analyzing this, some of the old measures and economic rules do not help us, because, while wages have advanced, the tendency of commodities has been downward. The decline in the cost of living inevitable after a great war, but recurring at intervals of a quarter of a century or more, increasing as it does the purchasing power of the worker's dollar, has not had the

SINCE October 1923 there has been an upward movement in securities, and especially in stocks, remarkable in extent as well as in duration. It has already advanced the prices of railroad and industrial stocks, with two substantial recessions, both in 1926, to figures, in the industrial group at any rate, far beyond any level previously attained, while the upward movement has persisted for nearly twice the average length of time of such major 'bull' movements, counting seven of them from and including that which began with the reëlection of McKinley in 1900.

What is equally remarkable to the experienced observer is the breadth of the public interest. At the beginning of this century it was impossible to find twenty really active industrial stocks from which to construct a dependable average of daily fluctuations. Up to 1914 the well-known Dow-Jones average contained only twelve stocks. The difficulty in the twenty stocks used to-day is in selection. There are scores of such securities of at least occasional activity, compared with the meagre dozen of even twenty years ago. The holding of these securities, moreover, is widely distributed, not merely in stocks of a reputation established over a long period of years, like United States Steel or Pennsylvania Railroad, in which the average holdings are probably less than fifty shares. The extent of popular distribution is remarkable in practically all the great industrial group, while the railroad common stock has become a welcomed medium for investment for people of relatively modest means.

It is this popular confidence which is the underlying strength of the stock market nowadays. There have been bull markets, as, for instance, that of 1908-9, in which the real public interest was almost negligible. In the absence of any attraction for the small investor, the facilities for distribution at the end of the upward movement then were so poor that there was an ensuing period of four years of dullness in the stock market, during which time seats on the Stock Exchange sold at less than one fourth of the price they command to-day. Conditions as they are now could not have been anticipated during the severe liquidation and deflation of 1920-21. The present era of confidence seems exactly to synchronize with the return of the railroads to efficiency, after government ownership, with government direction of management, had cost the taxpayer, exclusive of what the stockholders lost, $1,600,000,000 in twentytwo months. There has been, at the same time, a development of mass production never seen in the world before, accompanied by wages which are to-day, on the average, above the supposedly artificial levels established during the war. This is widely true of all the greatest industries, including transportation.

In analyzing this, some of the old measures and economic rules do not help us, because, while wages have advanced, the tendency of commodities has been downward. The decline in the cost of living inevitable after a great war, but recurring at intervals of a quarter of a century or more, increasing as it does the purchasing power of the worker's dollar, has not had the