W. D. Gann On The Master Time Factor

W. D.
Gann on
THE MASTER TIME FACTOR
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W. D. Gann on
Contents
Note to the Reader Background on The Master Time Factor Supply and Demand A out Terminology "t#s Mathematical$ Further Statements &rom the 'ritings o& '( D( )ann *Arranged +hronologically, Ad.ertisements Making Re&erence to Time Factor or The Master Time Factor
3 4 8 !! !% !!/
Note to the Reader

This ooklet is o&&ered to you 0ith the thought that moti.ated the &ounding o& the )ann Study )roup itsel&1 to ring original 0ritings y and a out '( D( )ann to students o& his 0ork 0ho may pre.iously ne.er ha.e had access to these 0orks and to o&&er selections &rom those 0ritings and organi2e them in a 0ay that may stimulate thought and promote &urther in.estigation( "& you ha.e decided to read this ooklet 0ith the hope o& analy2ing the &inancial markets like '( D( )ann on the ne3t trading day a&ter you &inish reading4 you might as 0ell dispose o& this little 0ork right no04 ecause it 0ill not help you in that 0ay( The o 5ect o& this ooklet is to collect Mr( )ann#s thoughts on the su 5ect6 it does not attempt to tell you anything more than he does4 0hich4 as 0ill e seen4 is precious little( 'e must e.er ear in mind that '( D( )ann shrouded the e3act nature o& the Master Time Factor in deepest secrecy( 'hate.er the shortcomings o& this little 0ork4 " ha.e at least not held ack 0hat Mr( )ann said in plain 7nglish on the su 5ect4 e.en i& 0hat he said amounts to a thim le&ul o& the in&ormation that 0e 0ould all like to ha.e( "&4 on the other hand4 you approach this ooklet 0ith the idea that there may e some ideas 0orth re&lecting upon 0ithin it and that these could e the asis &or &urther study and e3perimentation4 then your time in reading it may e 0ell spent( Romeman April !%4 %8!4
W. D. Gann on
Background on The Master T !e Factor

7.ery student 0ho has ecome &amiliar 0ith the 0ritings o& '( D( )ann is interested in the 9uestion o& the Master Time Factor1 0hat it is and ho0 it 0orks( This ooklet rings together in one place scattered re&erences made y Mr( )ann to the Master Time Factor( A historian approaching the su 5ect o& this ooklet might 0ant to kno0 right a0ay1 'hen did '( D( )ann &irst make re&erence to the Master Time Factor in his 0ritings and 0hen did he disco.er it: The &irst kno0n re&erence to the Master Time Factor y that name appears to ha.e een on ;uly /4 !/%<4 in a letter y Mr( )ann4 0hich has sur.i.ed and een made pu lic *not ha.ing access to e.erything that he 0rote e&ore that date 0e cannot e sure o& 0hen the &irst re&erence actually occurred,(! "n this letter4 to ;ohn =( Spohn4 Mr( )ann 0rote1 >?ou are eligi le to enter my Summer +lass o& Stock and +ommodity Scienti&ic Forecasting 0hich opens August %nd( My latest disco.ery @ the Master Time Factor @ 0ill e taught you( " 0ill instruct you in the seasonal trend o& man 0hich 0ill ena le you to ANB' the time and seasons 0hen you can succeed est( This is o& great .alue(> % "n late !/%84 0riting in the !/%/ Annual Forecast o& the Stock Market4 he mentioned the Master Time Factor y name to a roader readership( This &orecast 0as reprinted at the ack o& his ook Wall Street Stock Selector4 pu lished in !/384 and the rele.ant e3cerpts are included later in this ooklet( As early as midC;anuary !/%!4 ho0e.er4 in crisp promotional style4
! This is the second o& &i.e letters in a &ile in the )ann Study )roup archi.es entitled >)ann Detters(> Although the letter here 9uoted is addressed to ;( =( Spohn4 the preceding letter4 sent to the same address4 0as addressed to ;ohn =( Spohn( % "n Mr( )ann#s ook Wall Street Stock Selector4 pu lished in !/384 Mr( )ann included a section entitled >'hen a Man#s Trend +hanges4> on pp( 3EC384 in 0hich he re&ers speci&ically to >man#s seasonal trend>(
Mr( )ann 0rote1 >Stocks &ollo0 a regular cycle and mathematical cur.e( By a certain time &actor 0hich " disco.ered am a le to tell 0hen they 0ill e high or lo0(>3 And in !/%34 he 0rote in Truth of the Stock Tape1 >The most important thing o& all is the Time &actor4 0hich " use in making up my annual &orecasts( "t is not my o 5ect here to gi.e a0ay that secret F>4 Although Mr( )ann does not4 in these t0o 9uotes4 use the term Master Time Factor4 it seems reasona le to assume it is 0hat he intends 0hen he speaks o& >the Time &actor> and >a certain time &actor>(
3 From an ad.ertisement in The Ghiladelphia "n9uirer4 ;anuary !-4 !/%!4 9uoted in &ull later in this ooklet( 4 '( D( )ann4 Truth of the Stock Tape4 p( !!-( The statement >"t is not my o 5ect here to gi.e a0ay that secret F> raises the 9uestion as to 0hether Mr( )ann 0as implying >"t is my o 5ect in some other place to gi.e a0ay that secret(> "nterestingly4 in the Fore0ord to the romance The Tunnel Thru the Air4 0ritten &our years later4 he said4 >The #Tunnel Thru the Air# is mysterious and contains a .alua le secret4 clothed in .eiled language(> The letter 0ritten to ;ohn =( Spohn4 9uoted a o.e4 0as 0ritten on ;uly /4 !/%<( The copyright &or The Tunnel Thru the Air 0as registered on No.em er 34 !/%<4 according to the Di rary o& +ongress +opyright B&&ice Catalogue of Copyright Entries4 Gart !1 Books4 )roup !4 Ne0 Series4 Holume %4 &or the year !/%<4 Nos( !C!484 p( !!%!8( There&ore4 0e kno0 &or certain that Mr( )ann had disco.ered the Master Time Factor prior to the pu lication o& The Tunnel Thru the Air. =is rochure >Dearn Be&ore ?ou Dose> is undated ut perhaps 0as issued around !/484 since the last date in it is !/3/( "t ad.ertises Mr( )ann#s course >Forecasting Method on +otton or )rain4> sold at a cost o& I!4E884 saying that it >+ontains Master Time Factor> and speci&ically stating1 >?ou are taught the Master Time Factor and ho0 to make up a &orecast one or more years in ad.ance(> The rochure also mentions a course entitled >No( 3 Master Forecasting Method4> and states1 >This Method contains all o& the Form Rules4 Resistance De.el and Holume o& Sales and my secret disco.ery o& the Master Time Factor and a ne0 0ay o& Forecasting y Mathematical Rules that are simple and practical(> *pp( !84 !-, "n his ooklet >Face Facts America$4> copyrighted in !/484 he states that his course entitled >Master Forecasting Method> >includes his Master Time Factor and +ycle Theory>( *p( 4<, There is a course dated No.em er !/3E entitled >Forecasting4> 0hich is sometimes also called >Master Time Factor and Forecasting y Mathematical Rules>6 in this course4 ho0e.er4 the terms Master Time Factor and time &actor are ne.er used( "n his course >'( D( )ann Mathematical Formula &or Market Gredictions1 The Master Mathematical Grice Time and Trend +alculator4> dated Septem er %/4 !/E34 Mr( )ann says4 on p( 34 >"n connection 0ith the Master Time and Trend +alculator apply all o& the rules 0ith the Master Time Factor and geometric angles(> =o0e.er4 the term Master Time Factor appears no0here else in the course and this suggests that students 0ho ought the course recei.ed additional pri.ate *9uite possi ly oral, instruction as to its identity( Gri.ate oral instruction o& this kind apparently did occur( ;oel Rensink4 0riting in Trader#s 'orld Maga2ine4 Date Fall %88EJ7arly 'inter %88-4 said that he had heard o& a trader 0ho had contacted '( D( )ann y telephone and to 0hom4 during the course o&
W. D. Gann on
'hen4 then4 did Mr( )ann disco.er the Master Time Factor: "n contradiction to his o0n letter to ;ohn =( Spohn4 it has een claimed that '( D( )ann &ound it 9uite early in his career4 in !/88 or !/8/( According to Des +lemens4 in his iographical sketch o& '( D( )ann4 >Bn August 84 !/884 he made one o& his greatest mathematical disco.eries &or predicting the trend o& stocks and commodities( This 0as #The Master Time Factor(#>E Ad.ertisements during Mr( )ann#s li&etime put the date in !/8/( At a date unspeci&ied in !/4<4 Mr( )ann sold his &inancial market &orecasting usiness(- "t ecame kno0n as '( D( )ann Research4 "nc(4 0hich continued ad.ertising su scriptions &or )annCstyle &orecasts throughout the Knited States during Mr( )ann#s li&etime( Ad.ertisements y '( D( )ann Research4 "nc( repeatedly claim that the Master Time Factor 0as >originated in !/8/>( <
the con.ersation4 Mr( )ann promised to teach the Master Time Factor &or IE4888( The trader made an agreement to share 0hat he learned 0ith t0o trader &riends i& they 0ould split the cost o& course three 0ays( "nstead4 0hen he returned &rom meeting Mr( )ann4 the trader kept to himsel&4 said nothing a out 0hat he had learned4 re&unded the money his &riends had ad.anced him4 and proceeded to trade so success&ully that he ought a mansion and retired( 'hile pre.iously he had een an unremarka le trader4 a&ter learning the Master Time Factor he >seemed to e #really right# in his trades 0hen he had a lot o& si2e on4> according to one o& the trader &riends( The &riends then decided that they4 too4 0anted to study 0ith Mr( )ann4 ut 0hen they tried to get in touch 0ith him4 they learned that he had died( E Gann Masters Technical Analysis Course4 =alliker#s4 "nc(4 !//E( '( D( )ann#s pu licity rochure >Mathematical Formula &or Market Gredictions> states *p( !,1 >!/88 ((( August 8th made one o& his greatest mathematical disco.eries &or predicting the trend o& stocks and commodities(> Mr( +lemens does not tell us ho0 he is a le to link the August 84 !/884 disco.ery to the Master Time Factor( The rochure in 9uestion does not say that it 0as the Master Time Factor that Mr( )ann disco.ered on that date( Again according to the Des +lemens iographical sketch( < Ad.ertisments placed in The Boston =erald4 Septem er E4 !/486 The Dallas Morning Ne0s4 Decem er !%4 !/48 and Fe ruary !34 !/4/6 and The Seattle Daily Times4 March -4 !/4/ all use this e3act phrase( "t is possi le that this 0as a guess on the part o& the successors to Mr( )ann4 rather than something that they actually heard &rom him4 ut i& the Master Time Factor 0as indeed disco.ered in !/8/4 then it certainly makes that year a .ery pro&icuous one &or Mr( )ann( "n !/8/ he compiled 0hat he called his Financial Time Ta le6 authored the BRBDB ad.ertisements *see the )ann Study )roup ooklet BRBDB L '( D( )ann,6 and su se9uently ga.e his no0 &amous inter.ie0 to The
=a.ing attempted to determine 0hen Mr( )ann disco.ered the Master Time Factor4 the historian 0ould 0ant to kno0 e3actly 0hat he had disco.ered( At this point 0e run into great di&&iculties4 ecause it 0ould appear that throughout his li&etime it remained Mr( )ann#s goal not >to gi.e a0ay that secret>( =e ne.er says openly in any o& his ooks or courses4 >this is the Master Time Factor and here is ho0 you use it>( A 5ournalist once tried to get Mr( )ann to open up a out >the time &actor>( From the 0ay in 0hich Mr( )ann responded4 0e may presume that the time &actor re&erred to 0as indeed the Master Time Factor( =is response sho0s ho0 tenaciously he guarded his secret( >" ASA7D MR( )ANN1 #'=AT "S T=7 +AKS7 B7="ND T=7 T"M7 FA+TBR# >=e smiled and said1 #"t has taken me t0enty years o& e3hausti.e study to learn the cause that produces e&&ects according to time( That is my secret and too .alua le to e spread roadcast( Besides4 the pu lic is not yet ready &or it(# >#'ater seeks its le.el4# continued Mr( )ann( #?ou can &orce it higher 0ith a pump4 ut 0hen you stop pumping it re9uires no &orce to cause it to return to its &ormer le.el( >#Stocks and +ommodities are the same( They can e &orced a o.e their natural le.el o& .alues to 0here lam s lose all &ear4 ecome charged 0ith hope and uy at the top( Then stocks are permitted to sink to a le.el 0here hope gi.es 0ay to despair and the most rampant ull ecomes a ear and sells out at a loss( >#My disco.ery o& the time &actor ena les me to tell in ad.ance 0hen these e3tremes must4 y the la0 o& supply and demand4 occur in stocks and commodities(#>8
Ticker and "n.estment Digest( "t is in this year that he made his &irst kno0n pu lic re&erences to the Da0 o& Hi ration( 8 The Morning Telegraph o& Ne0 ?ork4 Ne0 ?ork4 Decem er !<4 !/%%(
<
W. D. Gann on
Su""#$ and De!and

Se.eral times in the !/%8s and a short 0hile therea&ter '( D( )ann linked the term >time &actor> 0ith supply and demand( =e 0ould 0rite in !/384 >There is only one 0ay to determine price mo.ements4 and that is the 0ay " do it4 @ y the study o& SKGGD? and D7MAND and a T"M7 FA+TBR( SKGGD? and D7MAND tell 0hat e.ery ody is doing6 not 5ust one set o& men or the pu lic( SKGGD? and D7MAND sho0 0here the alance o& po0er rests4 and i& the D7MAND &rom the pu lic is greater than the SKGGD? &rom the soCcalled insiders4 stocks ad.ance4 and viceversa( But remem er the pu lic ne.er run a market &or .ery long4 ecause they are not organi2ed6 ha.e no leader and the &inal result is a collapse and loss( " study the market daily to determine a change in SKGGD? and D7MAND and to locate the alance o& po0er4 in order that my su scri ers may get the ene&it o& ig mo.es(> / "n an inter.ie0 in !/8/4 Mr( )ann a&&irmed that >to speculate scienti&ically it is a solutely necessary to &ollo0 natural la0> and in his !/%3 ook Truth of the Stock Tape4 in 0hich the phrase >supply and demand> appears %% times4 he identi&ies supply and demand 0ith natural la0 0hen he says1 >the tape and charts ((( 0ill point to the correct course o& prices according to the natural la0 o& supply and demand>(!8 A >prominent usiness man in the 'est> once in9uired o& Mr( )ann regarding his ad.isory ser.ices( The latter 0rote ack in a letter4 >My calculations are ased on supply and demand and are purely scienti&ic4 mathematical calculations( Many years ago " disco.ered a time &actor 0hich ena les me to tell 0hen accumulation or distri ution is taking place and 0hen stocks reach appro3imate tops or ottoms(> !! Ano0ing these things ga.e Mr( )ann a key ad.antage1 >The study
/ !8 Supplementary pu licity material to Wall Street Stock Selector4 p( 44( The Ticker and "n.estment Digest4 Decem er !/8/4 p( E3 and Truth of the Stock Tape4 p( !-/4 respecti.ely( !! Wall Street Stock Selector4 p( <(
o& SKGGD? and D7MAND ena les me to tell 0hen ig interests are accumulating stocks(>!% "n promoting his ne0sletters4 Mr( )ann &urther e3plained1 >My ad.ice is not ased on &ake tips or guess 0ork4 ut a care&ul study o& SKGGD? AND D7MAND4 0hich ena les me to determine 0hen stocks are eing accumulated or distri uted( >'hen the SKGGD? o& stocks is large4 and D7MAND is small4 stocks decline( 'hen D7MAND e3ceeds SKGGD?4 they ad.ance( My study o& time and .olume ena les me to determine mo.ements in ad.ance(>!3 "n t0o o& his courses4 0hich are a.aila le to us today4 ut 0hich 0ere not kno0n to the general pu lic in his day4 Mr( )ann gi.es &urther insight on this 9uestion o& supply and demand( >'hen a stock is in a .ery 0eak4 or a .ery strong position4 it 0ill al0ays sho0 it y its position on Mthe geometricalN angles4 and a .olume chart4 made up according to the proper spacing 0ith .olume4 that is4 considering the total num er o& shares4!4 0ill sho0 0hen the stock is in a strong or 0eak position and sho0 0hether uying or selling predominates4 ena ling you to determine 0hether supply is increasing4 or 0hether demand is decreasing(>!E >The HBDKM7 BF SAD7S is the real dri.ing po0er ehind the market and sho0s 0hether Supply or Demand is increasing or decreasing( Darge uying or selling orders &rom pro&essional traders4 the pu lic or any other source o& supply and demand4 are ound to e registered on the tape and sho0n in the .olume o& sales( >There&ore4 a care&ul study o& the HBDKM7 BF SAD7S 0ill ena le
!% !3 !4 Ad.ertisement4 The Ghiladelphia "n9uirer4 Sept( %E4 !/%!( Ad.ertisement4 The Ghiladelphia "n9uirer4 May %/4 !/%!( >F in order to understand the meaning o& .olume4 you must kno0 the total capital stock outstanding and the &loating supply o& the stock you are trading in(> * Truth of the Stock Tape, p( -,( !E Method &or Forecasting the Stock Market4 p( !8(
W. D. Gann on
you to determine .ery closely a change in trend4 especially i& you apply all o& the other rules &or 5udging position according to the Formations4 Resistance De.els and Time(>!-
!-
Holume o& Sales4 p( !(
!8
A%out Ter! no#og$

'hen researching the Master Time Factor4 it is important to e a0are o& '( D( )ann#s particular use o& 0ords( "n his 0ritings4 including pu licity materials and ad.ertising4 he re&ers to >a time &actor4> >the time &actor4> >the Master Time Factor4> and >time &actors>( The &act that Mr( )ann speaks o& the e3istence o& more than one time &actor is su&&icient reason to e cautious in assuming that any re&erence that he makes to >time &actor> necessarily means the Master Time Factor4 unless the Master Time Factor is actually named in the conte3t o& the particular statement in 9uestion( "& the re&erence is not e3plicit4 0e must e open to the possi ility that it could re&er to some other time &actor( Another point to ear in mind is that the 0ord >&actor> does not necessary mean the same thing e.ery time that Mr( )ann uses it( "n some places in his 0ritings4 Mr( )ann appears to use >&actor> near the 0ord >time> in the sense o& >component o& market acti.ity4> along 0ith other components such as price and .olume( For e3ample4 he 0rites1 >Dearn the three most important &actors4 T"M74 GR"+7 and HBDKM7 BF SAD7S(>!< =ere the meaning o& >three most important &actors> appears to e 9uite clearly >the three ma5or components o& market acti.ity>( Br take this &amous statement1 >T"M7 is the most important &actor o& all and not until su&&icient time has e3pired does any ig mo.e start up or do0n( The T"M7 &actor 0ill o.er alance oth Space and Holume( 'hen T"M7 is up4 space mo.ement 0ill start and large .olume 0ill egin4 either up or do0n( At the end o& any important mo.ement @ monthly4 0eekly4 or daily @ T"M7 must e allo0ed &or accumulation or distri ution or &or uying and selling to e completed(> !8 =ere again i& >component o& market acti.ity> is su stituted in this 9uote at the t0o points in 0hich the 0ord >&actor> appears4 the te3t makes sense(
!< !8 '( D( )ann4 Forty-Five ears in Wall Street4 p( 38( '( D( )ann4 !o" to Make #rofits in Co$$o%ities4 p( E-(
!!
W. D. Gann on
It&s Mathe!at ca#'

For many years4 '( D( )ann ad.ertised his ser.ices as a market analyst in ne0spapers throughout the Knited States( "n ad.ertising that appears later in this ooklet4 0e 0ill see that Mr( )ann re&ers to the Master Time Factor as >our mathematical Master Time Factor4> >our Scienti&ic Mathematical Master Time Factor4> >our Mathematical4 Scienti&ic Master Time Factor4> and >our Master Time Factor4 ased on Mathematical Science(>!/ =e &urther says in one ad.ertisement4 >The mo.ement o& stock prices o eys a mathematical la0 o& cycles 0hich can e &orecast y the Master Time Factor @ Time is the most important element(>%8 "ndeed4 in one o& his ooks4 Mr( )ann states that the Master Time Factor permitted him to kno0 0hen Ocertain time cyclesP 0ould repeat6 this &act at least tells us something a out 0hat the Master Time Factor does1 >"t is a matter o& record that the panic o& !/3!C!/3% 0as the greatest in history 0ith the most se.ere declines e.er recorded in the history o& the Ne0 ?ork Stock 73change( This prediction 0as ased on my Master Time Factor4 0hich ena les me to tell months and years in ad.ance 0hen certain time cycles repeat and cause e3treme high and lo0 prices( This is enough to con.ince any man that my disco.eries4 ased on mathematical science4 can e depended upon to &orecast &uture market mo.ements(>%!
!/ The name o& Mr( )ann#s usiness 0as O'( D( )ann Scienti&ic Ser.ice4 "nc(P &rom as early as !/%8 *ad.ertisement in The 'instonCSalem ;ournal o& 'instonCSalem4 North +arolina4 ;anuary 84 !/%8, until the end o& !/3- *ad.ertisements in The Glain Dealer o& +le.eland4 Bhio4 and The Bmaha 'orld =erald o& Bmaha4 Ne raska4 oth dated Decem er -4 !/3-,( %8 The Mil0aukee ;ournal o& Mil0aukee4 'isconsin4 ;uly 34 !/384 included in the last chapter o& this ooklet( %! '( D( )ann4 &e" Stock Tren% 'etector4 p( !3-( Bne o& the )ann pu licity rochures adds1 >Time pro.es all things4 e.en 0hen stocks and commodities make tops and ottoms( 'ith our Master Time Factor 0e are a le to tell long e&ore important e.ents take place 0hen stocks and commodities 0ill reach high or lo04 ecause 0e kno0 y mathematical science 0hen time cycles repeat( These .alua le rules are all in the Bi le i& you kno0 0here to &ind them(> *>Scienti&ic Stock Forecasting or Darge Gro&its on Small Risks4> undated4 perhaps pu lished around !/3-4 p( !(,
!%
'hate.er the Master Time Factor is4 it is use&ul to remem er its intimate connection 0ith Omathematical scienceP( Mr( )ann makes many strong statements a out mathematics in relationship to the &inancial markets( "t is not out o& place here to recall some o& them1 >7uclid4 the great mathematician4 0hose 0ork 0as per&ect4 taught that mathematics 0as the asis o& e.erything4 and y it 0e pro.e .i ration( " am the only man 0ho has applied this old la0 to speculati.e markets and pro.ed it correct( No other li.ing man has possession o& this secret kno0ledge4 and there is no other in&ormation #5ust as good# that tells you 0hat the markets 0ill do(>%% >All markets are su 5ect to un&ailing mathematical la04 and " ha.e disco.ered ho0 to apply this la0 success&ully to +otton4 'heat and Stocks( " am a le to tell you e3act points to 0hich markets 0ill mo.e up or do0n( Ask yoursel& seriously can you do 0ithout ad.ice that is a solutely accurate and relia le( There is no guess 0ork in my method(>%3 >There is no top and ottom price 0hich cannot e determined y mathematics( 7.ery market mo.ement is the result o& a cause and 0hen once you determine the cause4 it is easy enough to kno0 0hy the e&&ect is as it is(>%4 >#" &igure things y mathematics4# Mr( )ann e3plained Min an inter.ie0N( #There is nothing mysterious a out any o& my predictions( "& " ha.e the data " can use alge ra and geometry and tell e3actly y the
"t is 0orth noting here4 as 0ill e seen &rom the ad.ertisements later in this ooklet4 that the e3pressions OMaster Time Factor and +ycle TheoryP 0ere sometimes linked y Mr( )ann4 as 0hen4 &or e3ample4 a pu licity rochure summari2ed his *success&ul, trading e3perience o.er a threeCyear period and added1 >Such a record o& accuracy pro.es that '( D( )ann has disco.ered a Master Time Factor and +ycle Theory that 0orks and can e depended upon in &uture(> *Dearn Be&ore ?ou Dose4 p( !8,( Thus 0e must not &orget a out cycles 0hen thinking a out the Master Time Factor( %% BRBDB ad.ertisement4 The Ne0 ?ork =erald4 May %34 !/8/( %3 BRBDB ad.ertisement4 The Ne0 ?ork =erald4 Bct( 3!4 !/8/( %4 >Natural Resistance De.els and Time +ycle Goints4> p( !8(
!3
W. D. Gann on
theory o& cycles 0hen a certain thing is going to occur again(#> %E >#An astronomer can predict to the minute 0hen a eclipse is going to occur4# he said Min another inter.ie0N4 M#N ut you 0ould not consider him a prophet4 0ould you: B& course not( =e simply makes use o& mathematics ased on kno0n la0s o& the mo.ements o& the planets in their or its( " ha.e &ound in my researches that the +hinese understood all those la0s and computed the coming o& eclipses thousands o& years e&ore the 7gyptians and +haldeans( "t is mar.elous the kno0ledge that these ancients had( "n making my predictions " used geometry and mathematics 5ust as an astronomer does4 ased on immuta le la0s 0hich " ha.e disco.ered(%- There is nothing supernatural or 0eird a out it( Some 0eeks ago " read an interesting article on the &ailure o& astrologers in their predictions regarding the 0ar( %< >#No0 there is a great deal in the .i rations o& the planets4 ut to make accurate predictions the great la0 ehind it all4 0hich the ancients understood4 ut 0hich they purposely re&rained &rom putting in their ooks4 as they 0anted to keep the secret &or themsel.es4 must enter into the calculation( That is 0hy astrology &ails &or nothing can e accurate that is not ased on mathematics Q and so &e0 astrologers are mathematicians(M#N>%8
%E The 7.ening Telegram4 Ne0 ?ork4 Ne0 ?ork4 March E4 !/%3( "n saying in this inter.ie0 that he uses Oalge ra and geometry4P he is gi.ing &urther de&inition to his use o& the 0ord mathematics( %Mr( )ann later placed this statement at the eginning o& the se.enth chapter o& his romance1 >"n making my predictions " use geometry and mathematics4 5ust as the astronomer does4 ased on immuta le la0s(> The Tunnel Thru the Air4 p( <E( %< An article in the Ne0 ?ork =erald o& Dec( !4 !/!84 entitled >'ar#s 7nd a Blo0 to the Grophets4> stated that >Raphael4 Radkiel4 Mme( The es and other 0ell kno0n prophets &ailed in e.en appro3imating the date 0hen the 0ar 0ould end4 and nearly all prophesied that the Aaiser 0ould not li.e to see the close o& the con&lict(> The article added4 ho0e.er4 that >There 0as really only one astrologer 0ho told the coming o& the 0ar to any de&inite degree4 and he 0as 7d0ard D( ;ohndro(> Many years later4 it has een reported4 D( 7d0ard ;ohndro 0as hired y '( D( )ann to do astrological 0ork &or him( %8 "nter.ie0 pu lished in The Ne0 ?ork =erald Maga2ine4 ;an( E4 !/!/( No attempt is made here4 in 9uoting this statement4 to do anything so &oolish as to try to deny that Mr( )ann used astrology4 as it 0as clearly an important part o& his 0ork( =e is in no 0ay repudiating astrology in this 9uotation4 as can e seen y a close reading o& it( But Mr( )ann4 e.en 0hen mentioning astrology &a.ora ly in his oneCpage article >The =uman
!4
>My calculations are ased on the cycle theory and on mathematical se9uences( =istory repeats itsel&( That is 0hat " ha.e al0ays contended4 @ that in order to kno0 and predict the &uture o& anything you only ha.e to look up 0hat has happened in the past and get a correct ase or starting point( ((( mathematical science4 0hich is the only real science that the entire ci.ili2ed 0orld has agreed upon4 &urnishes unmistaka le proo& o& history repeating itsel& and sho0s that the cycle theory4 or harmonic analysis4 is the only thing that 0e can rely upon to ascertain the &uture(>%/ >G7R+7NTA)7 BF =")=7ST S7DD"N) GR"+74 DB'7ST S7DD"N) GR"+7 AND RAN)7 >Mathematics is the one e3act science( All nations agree on the accuracy o& the science o& mathematics and use it4 regardless o& 0hat language they speak( "n all other lines4 scientists disagree4 ut 0hen it comes to using mathematics4 the chemists4 the astronomer4 the economist and the accountant all rely upon mathematics and agree upon its accuracy( They all agree that % and % make 4( Any method or system to make money trading in +ommodities must e ased upon the e3act la0 o& mathematics( 7ach TBG or BBTTBM in 'heat4 or other +ommodities comes out in accordance 0ith an e3act mathematical proportion to some other TBG or BBTTBM(>38 >All po0er under hea.en and on earth is gi.en unto the man 0ho masters the simple science o& mathematics(>3!
Body4> 0ritten !% years later4 on ;an( !<4 !/3!4 rought attention ack to mathematics( >Study the position o& < times < or 4/ on all o& your permanent charts( Then you 0ill understand 0hy the children o& "srael marched < times around the 0alls o& ;ericho4 le0 the ramSs horn < times and the 0alls &ell do0n on the <th day( This Da0 is also acked 0ith astrological proo&4 ut anything that can e pro.ed in any 0ay or y any science is not correct unless it can e pro.ed y num ers and y geometry(> %/ The Tunnel Thru the Air4 pp( <E4 <<( 38 !o" to Make #rofits in Co$$o%ities 4 p( 3%( 3! >The Basis o& My Forecasting Method4> p( )AC!(
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Further State!ents (ro! the Wr t ngs o( W. D. Gann )Arranged Chrono#og ca##$*

>Do you kno0 o& any other economic4 in.estment or ad.isory ser.ice that 0as a le to predict the !/%/ stock panic one year in ad.ance: My Forecast 0as ased on my Master Time Factor and mathematical interpretation o& the return o& cycles( "t 0as not ased on guess0ork or human 5udgment(>3% >T"M7 FA+TBR AND FBR7+AST"N) M7T=BD >A&ter you ha.e learned all o& the rules laid do0n in TRKT= BF T=7 STB+A TAG7 and 'ADD STR77T STB+A S7D7+TBR and ha.e learned ho0 to apply them4 " am sure you 0ill agree that " ha.e gi.en you more than your money#s 0orth in these ooks( ?ou 0ill then e ready &or a postCgraduate course and 0ill pro a ly 0ant to kno0 ho0 to &orecast according to my Master Time Factor4 and determine the years 0hen stocks 0ill ha.e ig ad.ances and reach &inal tops and also the years and the cycles 0hen panicky declines are indicated( >" teach all o& these rules 0ith my complete Forecasting Methods4 sho0ing ho0 to determine the ma5or and minor s0ings according to the time element( " can teach you ho0 to determine the 0a.e lengths o& di&&erent stocks so you 0ill kno0 a out ho0 many points they are going
3% '( D( )ann4 Wall Street Stock Selector4 supplementary material4 p( !!( "n reality4 as 0e &ind on p( E o& '( D( )ann#s promotional rochure >Dearn Be&ore ?ou Dose4> Mr( )ann &orecast the coming stock market crash e.en earlier than he states here( >"n the spring o& !/%<4 Mr( )ann 0rote #The Tunnel Thru the Air4 or Dooking ack &rom !/484# 0hich contained many remarka le &orecasts in regard to stocks and commodities and 0orld e.ents 0hich ha.e een &ul&illed( "n this ook Mr( )ann said that &rom !/%/ to !/3% there 0ould e the 0orst panic in the 0orldSs history(> "t 0as a&ter he 0rote and pu lished this ook that he made his !/%/ &orecast &or su scri ers1 >=is !/%/ Stock Forecast4 issued on No.em er %34 !/%84 and ased on his Master Time Factor4 indicated the end o& the ull market in August and early Septem er4 !/%/( =e stated in no uncertain terms that the panic 0ould start in Septem er4 !/%/4 and that it 0ould e a great deluge 0ith a Black Friday(> "t seems reasona le to conclude that4 i& the prediction in the !/%/ Forecast 0as > ased on his Master Time Factor4> so4 too4 the prediction o& a panic in The Tunnel Thru the Air 0as > ased on his Master Time Factor>(
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to ad.ance 0hen they go into ne0 territory and a out ho0 many points they are going to decline 0hen they reak out o& the 2one o& distri ution( 'ith my Forecasting Methods4 you can make up a &orecast o& the a.erage market one or more years in ad.ance and also make up a yearly &orecast on indi.idual stocks( 7ach stock mo.es according to its indi.idual time limit and makes top and ottom at di&&erent times4 ecause the .i ration and 0a.e length .aries on the di&&erent stocks( >" teach +ourses o& "nstruction on +otton4 'heat4 +orn4 Bats4 Rye4 Dard4 +o&&ee4 Sugar4 +ocoa4 Ru er4 Silk and other commodities4 ut " only impart these methods to people 0ho are 0illing to comply 0ith my re9uirements( They are too .alua le to e roadcast or put in the hands o& people 0ho cannot use them to ad.antage( There&ore4 " only teach them to people 0ho 0ant them &or their o0n use and do not intend to pu lish them or sell them to others( " 0ill not teach my Forecasting Method to anyone unless " &eel sure that they can make a success 0ith it a&ter they learn it( Some men cannot make a success 0ith any kind o& a method or rule( " 0ould not take a man#s money and teach him something that " did not think 0ould ene&it him( >The man 0ho e3pects to succeed in speculation or in.estments must study and learn all that he can a out the market( "t has een 0ell said4 #'here kno0ledge egins4 speculation ceases(# There&ore4 the aim and o 5ect o& e.ery man 0ho 0ants to make success in speculation or in.esting should M e toN get as much scienti&ic kno0ledge as possi le and then he 0ill e a le to make pro&its( >'( D( )ANN S+"7NT"F"+ S7RH"+7 >My method o& determining the trend o& the stocks and commodity markets has stood the test o& time( " ha.e een in Ne0 ?ork +ity &or %% years and ha.e al0ays done usiness under my o0n name( This Ser.ice possesses many superior ad.antages o.er other classes o& ser.ice4 ecause it has the one thing lacking in all other ser.ices @ the time element( My disco.eries o& a Master Time Factor and the )reat +ycle
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ena le me to &orecast markets years in ad.ance( 33 " do not depend on space charts ased on space mo.ements alone4 ecause these 0ould make errors and cause losses( " use .olume com ined 0ith the proper time charts4 0hich help me to determine the technical position o& the stocks much etter and a long time e&ore the statistical position is sho0n( Time tells all things( The &act that " ha.e een selling my Forecasts all o.er the Knited States and in many o& the &oreign countries &or the past !E years4 pro.es that they are .alua le4 ecause people continue to su scri e &or them year a&ter year( "n.estors and traders are al0ays 0illing to pay &or 0hat 0ill help them to make a greater success( "t pays to get the est scienti&ic kno0ledge4 ecause the est is al0ays the cheapest in the long run and you cannot e3pect to get something &or nothing( 73perience has taught me that the est 0ay to help others is to sho0 them ho0 to help themsel.es4 and i& " can get su scri ers to read my ooks and learn my Methods4 they make a greater success &ollo0ing my Ser.ice(>34 >To those 0ho elie.e that #Faith 0ithout 0orks is dead# and 0ho are 0illing to 0ork and pay &or .alua le kno0ledge4 " 0ill teach my Master Time Factor and other rules &ound in the Bi le( All o& these rules are co.ered in my !/3- Master Forecasting Method and &ull +ourse o& "nstruction(>3E
33 "n his course >Forecasting4> dated No.em er !/3E *see note 4 a o.e,4 under >)R7AT +?+D7 C MAST7R T"M7 G7R"BD C -8 ?7ARS4> Mr( )ann 0rites4 >This is the greatest and most important cycle o& all4 0hich repeats e.ery -8 years or at the end o& the third %8Cyear cycle( ?ou 0ill see the importance o& this y re&erring to the 0ar period &rom !8-! to !8-/ and the panic &ollo0ing !8-/6 also -8 years later Q !/%! to !/%/ Q the greatest ull market in history and the greatest panic in history &ollo0ed( This pro.es the accuracy and .alue o& this great time period(> "n other courses4 ho0e.er4 he uses the term great cycle to descri e other time periods( 34 >!/%/ Annual Stock Forecast> supplement in Wall Street Stock Selector4 pp( 3/C4!( 3E &e" Stock Tren% 'etector4 p( !%8( A &ootnote &ollo0ed *dates taken &rom pp( !88 and !!E,1 >=o0 &e0 people 0ould elie.e that there is a rule and time period in the grand old Bi le that indicated the time 0hen +hrysler 0as &inal high MBct( -4 !/%8N( "t did not go one point higher until it declined to a &inal lo0 o& E in ;une4 !/3% M;une 44 !/3%N4 0hen4 according to the rule in the Bi le4 it 0as ottom &or another ig ad.ance( Many .alua le truths are to e &ound in the Bi le and practical la0s are there4 ut .ery &e0 people study and seek enough( They are not 0illing to 0ork hard &or Ano0ledge that 0ill help them make money( The Bi le says4 #Seek and ye shall &ind4 knock and it shall e opened unto you(#> *See Note % a o.e &or &urther comments on the Master Forecasting Method course(,
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Ad+ert se!ents Mak ng Re(erence to T !e Factor or The Master T !e Factor

"n this &inal chapter in our e3amination o& the Master Time Factor4 0e reproduce the te3t o& ad.ertisements placed y '( D( )ann in ne0spapers in 0hich he urges readers to a.ail themsel.es o& the ad.antages o& his >time &actor4> 0hich in later ad.ertising is identi&ied as the Master Time Factor(
Cruc %#e Stee# , Me- can .ete 0ere among the special stocks " ad.ised purchases o& recently as 0ell as Bald0in4 American "nt(4 American 'oolen and Hanadium Steel( The Supply L Demand Detter is one that you can depend on to make you pro&its( My calculations and &orecasts are ased on Supply and Demand 0hich al0ays go.ern price mo.ements( Stocks &ollo0 a regular cycle and mathematical cur.e( By a certain time &actor 0hich " disco.ered am a le to tell 0hen they 0ill e high or lo0( " am the man 0ho predicted the end o& the 0ar and the Aaiser#s a dication to the e3act day( " also predicted the great decline in stocks &or No.em er and Decem er4 !/%84 the &orecast eing sent out one year in ad.ance( Send &or a copy o& it and 0rite &or &ree literature and read 0hat the Ticker Maga2ine4 Ne0 ?ork =erald and other ne0spapers say a out my 0onder&ul predictions( '=AT '"DD STB+AS DB N7TT: Bne stock 0ill ha.e a sensational ad.ance like +ruci le Steel did recently( Se.eral lo0 price stocks are a out ready to ad.ance4 a reaction in some high price stocks is near( My Daily Detter 0ill pick the acti.e &ast mo.ers &or you to uy and sell &or 9uick pro&its( My ad.ice on 'heat
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W. D. Gann on
and +otton has een remarka ly accurate( 'heat 0ill soon ha.e a mo.e o& %E to 38c per ushel( Big mo.es in +otton are ahead( Send I!E(88 &or one month#s su scription to the Supply L Demand Detter or IE8(88 &or my Annual Forecast &or !/%! on stocks( SG7+"AD BFF7R &or I!E8(88 " 0ill send the Daily Detter &or one year and the Annual Forecast &or !/%! and mail &ree my ook >Speculation a Gro&ita le Gro&ession4> 0hich is o& great .alue to in.estors and traders( The ook is also sent &ree 0ith t0o months# su scription o& I38(88( A trial 0ill con.ince you o& the .alue o& my ser.ice( Act no0( Mail your check today( '( D( )ANN !8 BRBAD'A?4 N7' ?BRA4 N(?(3-
In+estors Stock Ser+ ce ?ou should kno0 &acts e&ore uying and selling stocks( "t pays to get e3pert ad.ice and guidance( SKGGD? AND D7MAND al0ays go.ern prices in the end( 'hen Supply e3ceeds Demand4 stocks decline6 0hen Demand e3ceeds Supply4 they ad.ance( " ha.e disco.ered a Time Factor 0hich ena les me to determine 0hen stocks 0ill reach high or lo0 le.els( T=7 SKGGD? AND D7MAND D7TT7R keeps you ad.ised as to the est stocks to uy or sell according to statistical and technical conditions( My ad.ertisement in last 0eek#s papers 0arned you that a reak in many stocks 0as near( "t came promptly Monday and Tuesday( Stude aker4 +handler4 Am( Sumatra declined < to !% points in three days( My su scri ers 0ere short o& Stude aker and +handler at the top and made ig points( Some stocks are going higher$ Many are going lo0er( )et my ad.ice e&ore you get in 0rong( Su scription rate o& Daily Detter4 co.ering ad.ice on +otton4 Stocks and )rain4 I!E per month or
3The Ghiladelphia "n9uirer o& Ghiladelphia4 Gennsyl.ania4 ;anuary !-4 !/%!( The same ad.ertisement 0as pu lished in The Bridgeport Telegram o& Bridgeport4 +onnecticut4 on ;an( !E4 !/%!4 0ith slight stylistic di&&erences *the 2eros eing omitted a&ter the dollar prices,(
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t0o 0eeks# trial I<(E8( My ook >Speculation a Gro&ita le Gro&ession> sent &ree 0ith t0o months# su scription at I38( !/%! Annual Forecast on stocks reduced to I48( 'rite &or recent letters4 !/%8 Forecast4 and ne0spaper comments on my accurate &orecasts( '( D( )ANN 4/ Broad0ay4 Ne0 ?ork3<
T !e Te##s On Stocks The &actor o& Time is most important in 5udging &uture mo.ements o& stocks( "t takes time to accumulate stocks &or a Bull campaign( Time is re9uired to distri ute stocks e&ore a Bear mo.e( Do you kno0 0hether stocks are eing distri uted &or another reak or eing accumulated &or another ad.ance: Don#t guess$ Su scri e to T=7 SKGGD? AND D7MAND D7TT7R 0hich gi.es you ad.ice ased on the la0 o& Supply and Demand4 correct statistical &acts and a time &actor 0hich ena les me to kno0 0hen stocks are eing accumulated or distri uted( Some ig mo.es in oils4 coppers and steels 0ill start soon( Det me help you select the est stocks to trade in( Daily Detter ad.ising on +otton4 Stocks and )rain4 I!E per month4 t0o 0eeks# trial I<(E8( >=elp&ul =ints &or Stock Traders> &ree to su scri ers( Recent letters and ne0spaper comments on my accurate &orecasts mailed &ree( '( D( )ANN 4/ Broad0ay4 Ne0 ?ork38
3< 38
The Glain Dealer o& +le.eland4 Bhio4 May !E4 !/%!( The Ghiladelphia "n9uirer o& Ghiladelphia4 Gennsyl.ania4 No.em er %<4 !/%!( The same ad.ertisement 0as pu lished in The 'ashington Gost o& 'ashington4 D+4 on Decem er 44 !/%!(
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G/ESSERS MISS TO. OF STOC0S ?ou pro a ly relied on guess0ork and missed the top o& Stocks and are no0 holding on4 hoping &or a rally that may ne.er come( T=7 SKGGD? AND D7MAND D7TT7R ad.ised su scri ers to sell out and go short last Monday( They ha.e already made pro&its on the short side o& Bald0in4 Asphalt4 Me3 Gete and Stude aker( My method4 ased on a Time Factor and Supply and Demand4 is the one you can depend upon to get you in right( Many stocks are going lo0er( " ha.e selected a list that 0ill soon e good to uy( My su scri ers ha.e een making money in 'heat and +otton( A trial 0ill con.ince you o& the .alue o& my ser.ice( "t does not pay to guess( Send I!E(88 &or one month#s su scription to the Daily Detter and get started right( Recent Detters4 !/%! Forecast4 and ne0spaper comments on my accuracy( '( D( )ANN 4/ Broad0ay4 Ne0 ?ork3/
S.RING B/11 MAR0ET Do you kno0 0hat stocks 0ill e leaders in the Spring Bull campaign: The leaders o& !/%% are not the stocks to uy &or ig pro&its( Supply and Demand regulate prices and you cannot a&&ord to guess( 'hile some
3/ The Ghiladelphia "n9uirer o& Ghiladelphia4 Gennsyl.ania4 April %34 !/%%(
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stocks ad.ance4 others 0ill decline( My &orecasts are ased on mathematical science and a time &actor( They 0ill tell you the right stocks to uy at the right time and get you out 0ith pro&its( Se.eral lo0 and mediumCpriced stocks are ready to ad.ance4 0hile some high priced issues 0ill e short sales &or a 9uick decline in March( +otton getting ready &or a ig decline and 'heat preparing to ad.ance( My !/%3 Forecasts on Stocks4 +otton and )rain reduced to I<E(88 each( Daily Detter ad.ising on stocks4 cotton and grain4 I!E(88 per month( This letter recently ad.ised uying Strom erg and Beech Magneto &or ig ad.ances( Ne3t Tuesday#s letter 0ill e o& great .alue to you6 don#t miss it$ Recent letters4 testimonials and ne0spaper comments on my accuracy mailed &ree( '( D( )ANN 4/ Broad0ay4 Ne0 ?ork(48
NE2T MO3E IN COTTON 'ill May or ;uly e cornered and Bcto er decline elo0 %8c: Don#t try to guess4 ut &ollo0 my scienti&ic guidance4 ased on Supply and Demand( By a >time> &actor " am a le to tell 0hen ig mo.es in +otton4 Stocks or )rain 0ill start( My Daily Detter ad.ised short sales o& +otton &rom April / to %!( My annual &orecasts ha.e called nearly e.ery important top and ottom &or se.eral years4 and 0ill e 5ust as correct on the ne3t ig mo.e( My scienti&ic4 mathematical &orecasts ena le me to S77 '=AT BT=7RS DB NBT S774 to S77 B7FBR7 T=7? S77 and to S77 FKRT=7R T=AN T=7? S77( This helps you to act in time and make pro&its( Future e.ents are nearly al0ays discounted( 'hen you can see
48 The Bu&&alo +ourier o& Bu&&alo4 Ne0 ?ork4 March !!4 !/%3(
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the reason to uy or sell4 it is too late( Daily Detter4 co.ering stocks4 cotton and grain4 I!E(88 per month( !/%3 +otton Forecast reduced to I-8(884 including supplements( Daily telegraph ser.ice I38(88 per month( For 9uick ser.ice 0ire your money( !/%% Forecasts4 recent letters4 and ne0spaper comments on my accuracy &ree( '( D( )ANN4 4/ Broad0ay4 Ne0 ?ork(4!
/. OR DOWN ON STOC0S4 Do you kno0 0hether the ne3t mo.e in stocks 0ill e a ig ad.ance or decline: Don#t try to guess6 &ollo0 mathematical science and supply and demand( My Daily Detter got su scri ers out o& stocks at the top in March and had them short &or the ig reak in May( My kno0ledge o& a time &actor is 0hat helps you to get in at the right time and out at the right time( Many stocks are going lo0er6 some ha.e made ottom and are good to uy( Ne3t 0eek some important mo.es 0ill start( Det me get you in right( +BTTBN AND '=7AT The Supply and Demand Detter has caught all the important mo.es in +otton this year( A mo.e o& 388 points or more 0ill start in ;une( " 0ill gi.e you the dates to uy or sell &or ig pro&its( 'heat getting in position &or an ad.ance o& !8c per ushel( Send I!E(88 &or one month#s trial su scription to the Daily Detter4 0hich co.ers stocks4 cotton and
4! The )al.eston Daily Ne0s o& )al.eston4 Te3as4 April %/4 !/%3( Also pu lished in The Richmond Times Dispatch o& Richmond4 Hirginia4 April %/4 !/%34 0ith some minor di&&erences in capitali2ation(
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grain4 and you 0ill soon e con.inced o& its .alue to in.estors and traders( Annual stock4 cotton4 and grain Forecasts reduced to I38 each &or the alance o& the year( Daily telegraph ser.ice &or su scri ers at distant points I38 per month( !/%% Forecasts4 su scri ers# testimonials4 recent letters and ne0spaper comments on my accuracy mailed &ree( '( D( )ANN4 4/ BRBAD'A? N7' ?BRA4%
What Ne-t n Stocks4 The Supply and Demand Detter stands on its record and merit( 73aggerated and e3tra.agant statements unnecessary( )i.e it a trial and e con.inced o& its .alue as hundreds o& satis&ied su scri ers are( My &orecasts are ased on Supply and Demand and a mathematical4 scienti&ic disco.ery o& a Time Factor4 0hich tell '=7N stocks 0ill reach top or ottom4 and that#s '=AT you N77D TB ANB'( During the early part o& March " ad.ised selling out long stocks and going short( Bn March 38th ad.ised co.ering and uying( =a.e you done as 0ell guessing: Some stocks are going higher6 others 0ill soon ha.e another decline( Stop guessing6 let Science select the est stocks to uy or sell( Daily Stock Detter .ia Airplane4 I%8(88 per month( !/%E Stock Forecast reduced to I<E(88 &or alance o& year4 including monthly supplements( '=7AT L +BTTBN @ The Daily +ommodity letter ad.ised selling May 'heat at I%(88 and said >+o.er shorts and uy around !38(> Send
4% The Brooklyn Standard Knion o& Brooklyn4 Ne0 ?ork4 ;une !84 !/%3( This ad.ertisement 0as pu lished on the same date4 0ith slight stylistic di&&erences4 in The Glain Dealer o& +le.eland4 Bhio4 and The +onstitution o& Atlanta4 )eorgia(
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&or sample letters sho0ing the remarka le record on 'heat this year( Big mo.es are coming in 'heat and +otton( Det me get you in at right time( Daily +ommodity Detter .ia Airplane4 I%8(88 per month( )rain Forecast reduced to I<E(886 +otton Forecast4 I!%E(88 &or alance o& !/%E( !/%4 Forecasts4 testimonials and ne0spaper comments on my accuracy mailed &ree( Ask &or '( 4( '( D( )ANN E8 BRBAD STR77T4 N7' ?BRA4 N(?(43
Wh$ 5ou Ha+en&t Made Mone$ n Stocks Because you did not Ano0 the Master Time Factor and relation o& T"M7 to GR"+7 and HBDKM74 0hich e.ery in.estor and trader should ANB'( ?ou ha.e ought '=7N you should ha.e sold short( =B' ?BK +AN MAA7 GRBF"TS By studying and learning 0hen to BK? and S7DD according to T"M74 GR"+7 and HBDKM7 o& Sales( Then you 0ill trade on Mathematical Science and no longer guess and gam le on hope( Begin the Ne0 ?ear right4 5oin my +lasses in Ne0 ?ork or Florida( Take my +orrespondence +ourse on Scienti&ic Forecasting o& Stocks and +ommodities( Dearn my Master Factor and Trend "ndicator and start trading right( Bnly those 0ho can 9uali&y 0ill e accepted( 'rite &or details and re9uirements( '( D( )ANN4 // 'all St(4 Ne0 ?ork4 N( ?( 44
43 44 The Seattle Daily Times o& Seattle4 'ashington4 April %-4 !/%E( The Tampa Tri une o& Tampa4 Florida4 ;anuary %%4 !/33(
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Stocks6 Cotton6 Wheat 'e ha.e persistently ad.ised purchases o& stocks4 cotton4 0heat4 ru er and other commodities ecause our study o& asic conditions indicateMsN a radical change &or the etter and our +ycle Theory and mathematical Master Time Factor indicated uptrend( Business is getting etter and some stocks and commodities are ehind the market and should go higher in the near &uture( Send I!E &or TriC0eekly Stock Detter one month and get our selection o& lo0Cpriced stocks to uy( Daily Telegraph Ser.ice I38 monthly( Gersonal Ser.ice I-8 per month( TriC 0eekly +ommodity Detter I!E per month( >Truth o& the Stock Tape and 'all Street Stock Selector> @ These ooks gi.e .alua le trading rules1 contain 4! charts1 I- prepaid( For proo& o& our accuracy4 send &or our letters issued early in March( Ask &or AGC!88( ' D )ann Scienti&ic Ser.ice4 "nc( // 'all Street4 Ne0 ?ork4 N(?(4E
WHEN TO SE11 To kno0 the time to sell and secure pro&its is 5ust as .ital as to kno0 0hen to uy near ottoms( Bur Ser.ice4 ased on a scienti&ic4 mathematical Time Factor4 ena les us to tell 0hen time cycles run out and stocks make top( N7TT '77A is .ery important( ?ou 0ill need e3pert ad.ice on 0hat to do( Some lo0Cpriced stocks going higher 0hile some highCpriced stocks react( Send I!E &or TriC0eekly Detter one month and get uying and selling indications4 or send I38 &or Daily
4E The Glain Dealer o& +le.eland4 Bhio4 April %34 !/33(
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Telegraph Ser.ice( Special Gersonal Ser.ice I-8 per month( +BTTBN AND '=7AT1 MoneyCmaking mo.es in these and other commodities i& you ANB' the right time to uy and sell( +ommodity Detter I!E monthly( Groo& o& our accuracy &ree( Ask &or MMCR3( '( D( )ann Scienti&ic Ser.ice4 "nc( // 'all Street4 Ne0 ?ork4 N( ?(4-
B/5ING TIME The time &or ottom o& the ne3t reaction in stocks 0ill e .ery important ecause certain stocks 0ill e good uys &or su stantial ad.ances 0hile other stocks 0ill remain dull or rally .ery little( ?ou cannot determine uying days or select the est stocks to uy i& you depend on tips or guess0ork( Bur Mathematical4 Scienti&ic Master Time Factor has stood the test and you can depend on it to call the ne3t uying time( T0o lo0Cpriced stocks selling elo0 E 0ill soon e good to uy &or long pull pro&its( Bne highCpriced industrial 0ill go .ery much higher( Send I!E &or one month#s su scription to TriC0eekly Detter and get this list o& est stocks( Daily Telegraph Ser.ice4 I38 monthly( +BTTBN AND '=7AT1 These and other commodities 0ill continue acti.e and o&&er some good trading opportunities( 'e can gi.e you ne3t uying dates and prices( TriC0eekly +ommodity letter I!E monthly( >'ADD STR77T STB+A S7D7+TBR> @ This ook and >Truth o& the Stock Tape> com ined contain 4! charts 0ith practical trading rules that 0ill help you make a greater success in trading @ price I-( Money ack i& not satis&actory( Groo& o& accuracy &ree( Ask &or MBC%
4The Glain Dealer o& +le.eland4 Bhio4 May !44 !/33(
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'( D( )ann Scienti&ic Ser.ice4 "nc( // 'all Street4 Ne0 ?ork4 N( ?(4<
WHEN TO SE114 The Stock Market is oiling and 0e ha.e had su scri ers uying stocks right along( The time 0ill come to sell &or a 9uick reaction and 0ith our Master Time Factor4 ased on Mathematical Science4 0e can tell you 0hen to take pro&its and uy again( Send I!E &or TriC0eekly Stock Detter one month or send I38 &or Daily Telegraph Ser.ice one month( +BTTBN AND '=7AT1 These and other commodities 0ill continue acti.e and o&&er money making opportunities( 'e can help you to pick the uying and selling points( TriC0eekly +ommodity Detter4 I!E per month( Daily Telegraph Ser.ice4 I38 per month( Gersonal Ser.ice4 I-8 per month( Groo& o& our accuracy &ree( Ask &or DC'( D( )ann Scienti&ic Ser.ice4 "nc( // 'all Street4 Ne0 ?ork4 N( ?(48
STOC0S /. OR DOWN4 'ill this ad.ance continue &or a long time or 0ill the une3pected happen and cause a sharp4 sudden decline: Don#t guess4 gam le on hope or &ollo0 tips( )et our scienti&ic ad.ice ased on our Master Time
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The Glain Dealer o& +le.eland4 Bhio4 May %!4 !/33( The Glain Dealer o& +le.eland4 Bhio4 May %84 !/33(
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Factor and let us steer you clear o& pit&alls( Some stocks 0ill go higher 0hile others react( ?ou need our Selected Dist o& stocks ehind the market( -333 @ 'hat does it mean: Send I!E &or TriC0eekly Stock Detters4 one month4 and 0e 0ill tell you( Ne3t Monday .ery important( Daily Telegraph Ser.ice I38 monthly( >'ADD STR77T STB+A S7D7+TBR> @ This ook and >Truth o& the Stock Tape> com ined contain 4! charts 0ith practical trading rules that 0ill help you make a greater success in trading @ price I-( Groo& o& accuracy &ree( Ask &or ;C!8( '( D( )ann Scienti&ic Ser.ice4 "nc( // 'all Street4 Ne0 ?ork4 N(?(4/
Methods (or Mak ng Mone$ n Stocks6 Cotton and Gra n ?ou lose money trading ecause you do not kno0 the rules the silent men o& 'all Street use and the Master Time Factor and relation o& T"M7 to GR"+7 and HBDKM7 o& sales4 0hich e.ery in.estor and trader should ANB'( 'ith these rules you 0ill e 0ith the trend and sell short 0hen the trend is do0n and uy 0hen the trend is up( ?BK +AN MAA7 GRBF"TS By learning my Mechanical Method and Trend "ndicator or my Forecasting Method and Master Time Factor( 'hen you trade on Mathematical Science you 0ill make pro&its( 'hy not stop guessing and gam ling on hope: Take my course o& instruction and learn to trade4 according to rules in Stocks4 +otton and )rain( ?ou can take the course y Mail4 in +lasses4 and Gersonal "nstruction(
4/ The Brooklyn Daily 7agle o& Brooklyn4 Ne0 ?ork4 ;une 44 !/33(
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Bnly those 0ho meet re9uirements 0ill e accepted( 'ill e in your part o& the country soon to teach +lasses( Send &or +erti&ied Accountant#s report o& pro&its made trading according to this method4 details and terms( Dept( MC/( '( D( )ANN F"NAN+"AD S+=BBD // 'all St(4 Ne0 ?ork4 N( ?(E8
SCIENCE 3S. G/ESSWOR0 "& you &ollo0ed statistics4 tips or guess0ork4 you pro a ly did not uy stocks early in March4 0hen our ads appeared all o.er the Knited States headed4 >Reconstruction and Reco.ery(>E! The &astest ad.ance in years &ollo0ed Gresident Roose.elt#s inauguration and our Master Time
E8 E! The Times Gicayune o& Ne0 Brleans4 Douisiana4 ;une 84 !/33( From The Dallas Morning Ne0s o& Dallas4 Te3as4 March !%4 !/331 R7+BNSTRK+T"BN R7+BH7R? Ne.er in the history o& the Knited States has a Gresident took o&&ice MsicN 0ith the country in such an unsettled state( " elie.e that Gresident Roose.elt is the man o& destiny to lead us ack to prosperity( =istory repeats and my study o& Time +ycles indicateMsN that 0ithin si3 months conditions 0ill ha.e greatly impro.ed and 0e 0ill look ack on March 4th as the date 0hen the trend turned &or the etter( No0 is the time &or us all to ha.e &aith and 0ork together as 0e ha.e in time o& 0ar and America 0ill lead the 0orld ack to etter times( Fortunes can e made y those 0ho uy the right stocks and commodities4 5ust as they ha.e een in pre.ious panics( TRKT= BF T=7 STB+A TAG74 'all Street Stock Selector4 and the Tunnel Thru the Air 0ill gi.e you practical rules &or success&ul in.estment trading( Grice I-(884 prepaid( Money ack i& not satis&actory( 'hat groups o& stocks 0ill e &uture leaders mailed &ree( Ask &or -C+( '( D( )ANN // 'all Street Ne0 ?ork(
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Factor &orecast it( "& you gam led on hope4 you pro a ly did not sell out stocks last Monday and go short ecause you did not kno0 that a ig smash 0as coming4 ut 0e did4 ecause the time cycle 0as up( E% 'e told su scri ers the reak 0ould come this 0eek( Send &or copy o& last Monday#s market letter and see &or yoursel&( The &uture holds ig moneyCmaking opportunities i& you ANB' the right stocks to uy and sell at the right time( 'hy not stop guessing and su scri e to our Ser.ice: !/33 Stock Forecast tells you 0hen ne3t high and lo0 prices 0ill e reached6 price reduced to I4E &or alance o& !/33( TriC0eekly Stock Detter I!E per month( Daily Telegraph Ser.ice I38 monthly( Gersonal Ser.ice I-8 per month( +BTTBN AND '=7AT1 These commodities 0ill continue .ery acti.e and you can make money i& you kno0 the ne3t uying date( TriC0eekly Detter I!E per month( Daily Telegraph Ser.ice I38( !/33 )rain Forecast I4E( +otton Forecast I4E( >'ADD STR77T STB+A S7D7+TBR> @ This ook and >Truth o& the Stock Tape> com ined contain 4! charts 0ith practical trading rules that 0ill help you make a greater success( Grice I-( Groo& o& accuracy &ree( Ask &or ;DC!4<(
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This ad.ertisment appeared on a Tuesday( "& )ann rushed this copy out4 the re&erence to >last Monday> means >yesterday4> ;uly %44 !/33( "& y >last Monday> he means >a 0eek ago Monday4> then the re&erence 0ould e to ;uly !<4 !/33( Note )ann#s peculiar use o& the term >the time cycle 0as up4> the 0ord >up> in this conte3t presuma ly meaning >&inished4> since the ne3t mo.e in the market 0as a sellCo&&( )ann &re9uently speaks o& a cycle eing >up> in this manner4 0here 0e might instead e3pect him to say that a ne0 cycle 0as eginning( The emphasis that )ann gi.es to the 7ND o& a cycle is striking( +onsider4 &or e3ample4 the &ollo0ing1 >'hen the time cycle is up4 neither Repu lican4 Democrat4 nor our good Gresident =oo.er can stem the tide( "t is a natural la0( Action e9uals reaction in the opposite direction(> Wall Street Stock Selector4 !/384 appendi3 >!/%/ Annual Stock Forecast4> p( !<(
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'( D( )ann Scienti&ic Ser.ice4 "nc( // 'all St(4 Ne0 ?ork N(?(E3
.ROFIT7.A5ING AD3ICE Money is made at critical times y ha.ing correct ad.ice( 'e 9uote &rom our market letter o& ;uly !81 >The day o& reckoning is not &ar o&&( The time is up &or a sharp reaction and " am con&ident that it 0ill come e&ore the end o& this 0eek( The short interest in the market is .ery small( This makes the technical position .ery 0eak( 7ither sell out your long stocks at the market or protect 0ith close stopCloss orders(> =undreds o& people recei.ed this letter and can .eri&y it( Bne su scri er 0rote1 >'ould like to let you kno0 that the letters o& the past &e0 days 0ere 0orth the year#s price as " made money4 instead o& losing4 in this crash as so many got panicky(> =o0 much 0ould this letter ha.e een 0orth to you: "t 0ould ha.e sa.ed your capital and helped you make ig pro&its in the 0orst crash in years( Bur mathematical Master Time Factor &orecast this reak 5ust as it &orecast March !st M!/33N &or ottom &or a ig ad.ance( E4 ?ou can depend on our scienti&ic &orecasts in &uture( Bur !/33 Stock Forecast4 issued No.em er !44 !/334 called ;uly !< &or top o& ad.ance and ;uly %! as lo0 o& a sharp decline( The stock a.erages reached high ;uly !< and lo0 ;uly %!( Bnly Science can sho0 such accurate results( 'hy not stop guessing and gam ling on hope: )i.e our Ser.ice a trial and con.ince yoursel& that 0e can help you make money( !/33 Stock Forecast reduced to I4E &or alance o& !/33( TriC
E3 E4 The Dallas Morning Ne0s o& Dallas4 Te3as4 ;uly %E4 !/33( >Bn March !4 !/334 y the use o& his Master Time Factor Mr( )ann &orecast ottom &or stocks and commodities and ad.ised uying &or a ig ad.ance4 as sho0n y the market letters issued March ! and 3 gi.en elo0( This is another proo& o& the great .alue o& Mr( )ann#s disco.ery o& a Master Time Factor(> Gromotional ooklet entitled >Scienti&ic Stock Forecasting or Darge Gro&its on Small Risks4> p( /(
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W. D. Gann on
0eekly letter I!E per month( Daily Telegraph Ser.ice I386 Gersonal Ser.ice I-8 monthly( +otton or )rain Forecast I4E( TriC0eekly +ommodity Detter I!E month( Groo& o& accuracy &ree( Ask &or =C%!/( '( D( )ann Scienti&ic Ser.ice4 "nc( // 'all St(4 Ne0 ?ork4 N(?(EE
.ROFIT7.A5ING AD3ICE Money is made at critical times y ha.ing correct ad.ice( 'e 9uote &rom our market letter o& ;uly !<1 >The day o& reckoning is not &ar o&&( The time is up &or a sharp reaction and " am con&ident that it 0ill come e&ore the end o& this 0eek( The short interest in the market is .ery small( This makes the technical position .ery 0eak( 7ither sell out your long stocks at the market or protect 0ith close stop loss orders(> =undreds o& people recei.ed this letter and can .eri&y it( Bne su scri er 0rites1 >'ould like to let you kno0 that the letters o& the past &e0 days 0ere 0orth the year#s price as " made money4 instead o& losing4 in this crash as so many got panicky(> =o0 much 0ould this letter ha.e een 0orth to you: "t 0ould ha.e sa.ed your capital and helped you make ig pro&its in the 0orst crash in years( Bur mathematical Master Time Factor &orecast this reak 5ust as it &orecast March !st &or ottom &or a ig ad.ance( ?ou can depend on our scienti&ic &orecasts in &uture( Bur !/33 Stock Forecast4 issued No.em er !44 !/3%4 called ;uly !< &or top o& ad.ance and ;uly %! as lo0 o& a sharp decline( The stock a.erages reached high ;uly !< and lo0 ;uly %!( Bnly Science can sho0 such accurate results( 'hy not stop guessing and gam ling on hope: )i.e our Ser.ice a trial and con.ince yoursel& that 0e can help you make money(
EE The Glain Dealer o& +le.eland4 Bhio4 ;uly 384 !/33(
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!/33 Stock Forecast reduced to I4E &or alance o& !/33( TriC 0eekly Detter I!E per month( Daily Telegraph Ser.ice I386 Gersonal Ser.ice I-8 monthly +otton or )rain Forecast I4E( TriC0eekly +ommodity Detter I!E per month( Groo& o& accuracy &ree( Ask &or ;( D( %44( '( D( )ann Scienti&ic Ser.ice4 "nc( // 'all Street4 Ne0 ?ork( N( ?(E-
Stocks Fa## n Fa##4 'ill stocks go up this Fall as most people e3pect or 0ill they decline: ?ou can not make pro&its i& you depend on guess0ork( 'hy not su stitute our scienti&ic ser.ice and let us tell you y our mathematical Master Time Factor 0hat is likely to happen: Many important e.ents are pending 0hich 0ill make stocks and commodities acti.e soon( Send I!E &or TriC'eekly Stock Detter or I38 &or Daily Telegraph Ser.ice( +BTTBN AND '=7AT1 Acti.ity 0ill start soon( There 0ill e some moneyCmaking opportunities i& you ANB' '=7N to BK? and S7DD( TriC 'eekly +ommodity Detter I!E per month( Daily Telegraph Ser.ice I38( >'ADD STR77T STB+A S7D7+TBR> @ This ook and >Truth o& Stock Tape> com ined contain 4! charts 0ith practical trading rules that 0ill help you make a greater success @ price I-( Groo& o& accuracy &ree( Ask &or S7C!%( '( D( )ann Scienti&ic Ser.ice4 "nc( // 'all St(4 Ne0 ?ork N(?(E<
EE< The San Antonio Dight o& San Antonio4 Te3as4 ;uly 384 !/33( The Dallas Morning Ne0s o& Dallas4 Te3as4 Septem er !84 !/33(
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STOC0 TREND 89:; Many important e.ents in !/34 are likely to cause 0ide &luctuations in acti.e stocks( ?ou 0ill need e3pert scienti&ic4 mathematical ad.ice to pre.ent losses and help you make pro&its( 'ith our Forecast you can plan your market campaign ahead( This Forecast is ased on the cycle theory and our disco.ery o& a mathematical time &actor that has pro.ed remarka ly accurate o.er a long period o& years and you can depend on it( Bne group o& stocks 0ill lead ad.ances in !/34( Stock Forecast I!886 0ith Tri0eekly Detter I%884 per year( Tri0eekly Detter alone I!E per month( !/34 +otton4 )rain4 Ru er and Sil.er Forecasts I!88 each( Groo& o& accuracy &ree @ Ask &or D7C%% '( D( )ann Scienti&ic Ser.ice4 "nc( // 'all St(4 Ne0 ?ork N(?(E8
STOC0 MAR0ET METHODS 'hen you uy or sell stocks4 cotton4 0heat or other commodities4 you need to eliminate tips4 guess0ork and trading on hope( 7.ery man should ha.e a practical trading plan that 0ill ena le him to S77 and ANB' &or himsel&4 then he can act 0ith con&idence and make pro&its instead o& losses( My mechanical method and trend indicator4 and my &orecasting method4 ased on my disco.ery o& a Master Time &actor4 ha.e stood the test o& time( " ha.e made ig pro&its 0ith them( ?ou can learn my rules and make a success(
E8 The Dallas Morning Ne0s o& Dallas4 Te3as4 Decem er 3!4 !/33(
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" ha.e had o.er thirty years# e3perience in 'all Street4 am author o& TRKT= BF T=7 STB+A TAG7 and 'ADD STR77T STB+A S7D7+TBR( 'ill teach classes or gi.e personal instruction &or trading in stocks or commodities( My mechanical method and trend indicator can e learned in a short time y correspondence( 'rite or call &or certi&ied pu lic accounts report o& pro&its made4 terms and details( Ask &or R<( '( D( )ANN <!8 F"RST NAT"BNAD BANA BDD)( M"AM"4 FDBR"DAE/
Trend /" < Bu$ Stocks4 Stocks reached a.erage lo0s on Septem er !<( Bn Septem er !/ 0e issued a .ery ullish letter and since then stocks ha.e had a &air ad.ance( Many selected stocks are going higher as our Master Time Factor indicates( Don#t 0ait and uy stocks on top( Send I!E &or TriC 0eekly letter one month and get our list o& Selected Stocks to Buy( !/34 Stock Forecast reduced to I%E &or alance o& !/34( Bur stock letter o& Sept( !< mailed &ree( Ask &or RC-( '( D( )ann Scienti&ic Ser.ice4 "nc( // 'all Street4 Ne0 ?ork4 N( ?(-8
War on Wheat7Cotton =istory has al0ays repeated in time o& 'ar4 in the past4 and 0heat4
E/ -8 The Miami Ne0s o& Miami4 Florida4 ;anuary !%4 !/34( The Glain Dealer o& +le.eland4 Bhio4 Septem er 384 !/34(
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cotton and other commodities ha.e ad.anced sharply( -! 'heat has &luctuated 4Ec per ushel during the past three months( +otton has mo.ed %88 points since August 38th( )reater money making opportunities than these 0ill occur i& another 0ar reaks out in 7urope4 0hich is more than possi le( "n&lation in this country 0ill cause commodities to ad.ance &urther than stocks( Bur disco.ery o& a Master Time Factor ena les us to tell '=7N e3treme high and lo0 prices 0ill e reached( ?ou need e3pert ser.ice to protect you against losses( Send I!E &or one month#s su scription to the Tri0eekly +ommodity Detter4 and get in the ne3t pro&it paying mo.e( The Tri0eekly Stock Detter4 gi.ing list o& the est stocks to uy and sell4 is I!E per month( 'rite &or terms on Gersonal and Telegraph Ser.ice( Ask &or RC3( '( D( )ann Scienti&ic Ser.ice4 "nc( 8% 'all Street4 Ne0 ?ork4 N(?(-%
STOC0S TO. ?ou 0ill need help soon i& you ha.e ought stocks( ?ou 0ill 0ant to kno0 0hether to sell out and go short or s0itch( Bur Master Time Factor 0hich called ottom last March4 0ill get you short o& stocks &or ig pro&its( Send I!E &or TriC0eekly Detter one month 0ith list o& est stocks to sell short( There is no time to lose @ send your su scription no0$ Gersonal Ser.ice 0ill keep you in ! to 3 acti.e stocks( 'rite &or details( Ask &or KC!8(
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>" ha.e &igured out the repetition o& each cycle 0hen 0ars 0ill come( " elie.e that the 0heat prices &orecast coming 0ars( Through my study o& the Bi le4 " ha.e determined the ma5or and minor time &actors 0hich repeat in the history o& nations4 men and markets(> '( D( )ann4 The Tunnel Thru the Air4 p( <8( -% The Dallas Morning Ne0s o& Dallas4 Te3as4 Bcto er %84 !/3E(
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'( D( )ann Scienti&ic Ser.ice4 "nc( 88 'all Street4 Ne0 ?ork4 N( ?(-3
A REA1 BEAR MAR0ET That is 0hat 0e ad.ertised and stocks ha.e declined !8 to 48 points since our Master Time Factor called April 8th M!/3-N &or time &or Bear Market to start( 'ho else ga.e such accurate ad.ice: Bur su scri ers ha.e ig pro&its( ?ou may e long o& stocks and holding on and hoping( ?ou need to kno0 0hen a rally 0ill come and ho0 long this ear market 0ill last( Don#t guess( Send I!E &or TriC'eekly Detter one month and let us tell you 0hat stocks to sell short( N7' STB+A TR7ND D7T7+TBR @ Bn sale April !st @ &orecast a ig decline in stocks( This ook gi.es practical rules &or determining the trend o& stocks( Grice I3(88( Record o& accuracy &ree( Ask &or +C!8( '( D( )ann Scienti&ic Ser.ice4 "nc( 8% 'all Street4 Ne0 ?ork4 N( ?(-4
T !e Te##s on Stocks 'hen our Master Time Factor indicates stocks are top4 they go do0n despite good ne0s( From all o.er the country people 0rite us that our Ser.ice 0as the only one that called April 8th M!/3-N as date &or decline to start4 0hich pro.es that science eats statistics and
-3 -4 The Tampa Tri une o& Tampa4 Florida4 Fe ruary %34 !/3-( The Dallas Morning Ne0s o& Dallas4 Te3as4 May 34 !/3-(
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guess0ork( ?ou need to kno0 0hen ne3t time period is up and 0hat to do 0ith stocks you no0 hold( A Mystery Stock 0ill go opposite the trend( Delays may pro.e costly( Send I!E &or one month#s trial su scription and get our list o& pro&itCpaying stocks( N7' STB+A TR7ND D7T7+TBR @ on sale April !st @ &orecast a ig decline in stocks( This ook gi.es practical rules &or determining the trend and tells 0hy the Do0 Theory is o solete( Grice I3(88( Record o& Accuracy &ree( Ask &or Millegi leN '( D( )ann Scienti&ic Ser.ice4 "nc( 8% 'all Street4 Ne0 ?ork4 N( ?(-E
STOC0S BREA0S COMING4 Bur Master Time Factor and +ycle Theory indicate a ig decline in stocks( 'ill the reak come e&ore 7lection or a&ter0ards: That is 0hat e.ery in.estor and trader should kno0 to protect his capital and make pro&its( ?ou can depend on our !/3- Stock Forecast to gi.e you the right time to sell stocks( Grice reduced to I48 &or alance !/3-( TriC0eekly Detter gi.ing est stocks to uy and sell4 I!E monthly( There is no time to lose @ mail your su scription no0$ +BTTBN AND )RA"N @ Bur Forecast called the ig rise in 'heat4 +orn and +otton( The commodities 0ill continue .ery acti.e and make a 0ide range o& &luctuation( Bur Ser.ice 0ill gi.e you the right time to uy and sell( !/3- )rain Forecast I486 +otton Forecast I486 TriC0eekly +ommodity Detter I!E per month( Gersonal Ser.ice and Daily telegrams I38 monthly( Ask &or Booklet NC<(
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The Glain Dealer o& +le.eland4 Bhio4 May !84 !/3-( The illegi le portion 0as the control letter and num er to send 0ith one#s re9uest(
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'( D( )ANN S+"7NT"F"+ S7RH"+7 "N+( 8% 'all Street Ne0 ?ork4 N(?(--
Fa#se Secur t$ Danger The ne3t decline in stocks 0ill e caused y 0hat most people do not e3pect and cannot see( They think that cheap money and large margins 0ill protect them( This is &alse security 0hich 0ill cause losses( 'e can tell y our +ycle Theory and Master Time Factor 0hen the ne3t decline in stocks 0ill start( ?ou 0ill protect your capital and make pro&its y getting e3pert ad.ice on the est stocks to uy and sell( TriC 0eekly Detter I!E per month( !/3- Stock Forecast reduced to I48 &or alance o& year( Gersonal Ser.ice on GartCo&CGro&it Glan4 I%E monthly( +BTTBN AND )RA"N 0ill continue to o&&er moneyCmaking opportunities i& you kno0 0hen to uy and sell( TriC0eekly +ommodity Detter I!E per month( Booklet NC!%E &ree( '( D( )ann Scienti&ic Ser.ice4 "nc( 8% 'all Street4 Ne0 ?ork4 N(?(-<
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The Ne0 ?ork Sun o& Ne0 ?ork4 Ne0 ?ork4 ;uly !84 !/3-( Also pu lished in The 'innipeg Free Gress o& 'innipeg4 Manito a4 +anada4 ;uly !84 !/3-4 in 0hich the last sentence read >Ask &or Booklet N(!8(>6 in The Dallas Morning Ne0s o& Dallas4 Te3as4 ;uly !/4 !/3-4 in 0hich the last sentence read >Ask &or Booklet NC%!(>6 and in The Aansas +ity Star o& Aansas +ity4 Aansas4 ;uly !/4 !/3-4 in 0hich the last sentence read1 >Ask &or Booklet NC%8(> -< The Glain Dealer o& +le.eland4 Bhio4 August %4 !/3-(
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Stocks S gns o( Break The stock market has gi.en three signs o& a reak( +an you read them and kno0 0hen the decline 0ill come: Bur Master Time Factor tells '=7N time comes to sell( Some stocks are going higher( 'e elie.e one 0ill go up E8 points 0hile another 0ill decline E8( ?ou cannot tell this &rom A.erages( Gro&itCpaying mo.es coming( Bur Ser.ice 0ill help you catch them( Send I!E( &or TriC0eekly Detter one month and get name o& t0o est stocks and keep posted on acti.e leaders( For details !/3< Forecast ask &or HC!-( '( D( )ann Scienti&ic Ser.ice4 "nc( 8% 'all Street4 Ne0 ?ork4 N(?(-8
89:= < Boo! or .an c4 Bur Stock Forecast ased on a Master Time Factor 0ill e a .alua le guide in !/3<( Some stocks 0ill decline %E to E8 points 0hile others ad.ance( This scienti&ic &orecast 0ill protect you against losses and help you to make pro&its( !/3< Stock Forecast I!884 or 0ith TriC 0eekly Detter &or the year4 I!<E( TriC0eekly Detter alone I!E per month( !/3- Stock Forecast &ree 0ith one month#s su scription( Send I! &or !/3- Forecast and name o& one stock that should go up %E points and one decline %E( !/3< +otton and )rain Forecasts I!88 each( Groo& o& accuracy &ree( Ask &or TC%8(
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The Ne0 ?ork Sun o& Ne0 ?ork4 Ne0 ?ork4 No.em er !44 !/3-(
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'( D( )ann Scienti&ic Ser.ice4 "nc( 8% 'all Street4 Ne0 ?ork4 N( ?(-/
T !e S gna#s on Stocks Bur Master Time Factor has gi.en t0o signals that a decline is coming and 0hen the third signal comes it 0ill indicate a decline o& 48 points in the Do0C;ones "ndustrial a.erages( ?ou 0ill need our scienti&ic ser.ice to protect you against losses and help you to make pro&its( March 0ill e critical &or certain stocks( Try our Ser.ice and e con.inced$ Special rate( Send I!8 &or TriC0eekly Detter and Selected Dist o& est stocks to sell short and est lo0Cprice ones to uy( '( D( )ANN L SBN4 "N+( 8% 'all Street4 Ne0 ?ork4 N( ?(<8
T !e Te##s on Stocks Again our Master Time Factor called Top on stocks in March and 0e strongly ad.ised selling short( This is a Bear Market( Many stocks are going lo0er( "& you are holding stocks you need e3pert scienti&ic ad.ice( Don#t guess and gam le on hope( Su scri e &or our ser.ice and let us tell you the right thing to do( TriC'eekly Detter I!E per month( +BTTBN AND )RA"N 0ill ha.e moneyCmaking mo.es( Ne3t 0eek .ery important( Send I!E &or TriC0eekly +ommodity Detter(
-/ The Glain Dealer o& +le.eland4 Bhio4 Decem er -4 !/3-( The same ad.ertisement appeared in The Bmaha 'orld =erald o& Bmaha4 Ne raska4 on Decem er -4 !/3-4 0ith the &ollo0ing change to the last sentence1 >Ask &or TC%4(> <8 The Glain Dealer o& +le.eland4 Bhio4 Fe ( %!4 !/3<(
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W. D. Gann on
Groo& o& accuracy &ree( Ask &or =C%<( '( D( )ANN L SBN4 "nc(4 8% 'all Street4 Ne0 ?ork4 N( ?(<!
T !e to Bu$ Stocks' "n Fe ruary 0e ad.ertised that 0hen the Third Signal 0as gi.en according to our Master Time Factor4 the Do0C;ones a.erages 0ould decline 48 points( They are do0n 38 points &rom March 4( 'ill they go do0n -8 e&ore it is time to uy: 'hy guess and lose @ su scri e &or our scienti&ic ser.ice and let it guide you right( "& you are holding stocks and hoping4 you need to kno0 0hat to do( Some stocks 0ill decline %8 points more( '=7N the time comes to uy 0e 0ill get you in the right stocks( Rush I!E &or TriC0eekly Detter one month( !/3< Stock Forecast reduced to IE8 &or alance o& year( +BTTBN4 )RA"N AND RKBB7R 0ill continue acti.e and 0e can help you catch moneyCmaking mo.es( +ommodity Detter I!E monthly( Groo& o& accuracy &ree( Ask &or AC%-( '( D( )ANN L SBN4 "N+(4 8% 'all Street4 Ne0 ?ork4 N(?(<%
STOC0S NE2T MO3E 'e ha.e kept su scri ers short Msince:N March 8 M!/3<N( Thursday morning M;une 34 !/3<N M0e co.ered our:N shorts and ought certain
<! <% The Ne0 ?ork Sun o& Ne0 ?ork4 Ne0 ?ork4 April /4 !/3<( The TimesCGicayune o& Ne0 Brleans4 Douisiana4 May !-4 !/3<(
44
stocks( M?ou:N need to kno0 the &acts and &ollo0 Mour:N Master Time Factor4 then you 0ill Mmake:N pro&its( Bur ser.ice has a record o& accuracy( Send I!E &or TriC0eekly Detter Mone:N month 0ith list o& est stocks to uy( M(((N let us pro.e it to you( '( D( )ANN L SBN4 "N+( 8% 'all Street4 Ne0 ?ork4 N?<3
BREA0 OR BOOM4 A&ter Da or Day MSept( -4 !/3<N a ig mo.e in stocks 0ill start4 ut 0hich 0ay: There 0ill e moneyCmaking mo.es oth 0ays( Don#t guess( Bur Master Time Factor4 0hich said uy ;une !8 and sell August !44 0ill keep you right( Ne3t 0eek .ery important( Send I!E &or triC0eekly letter one month and get our list o& stocks &or 9uick pro&its( Groo& o& accuracy &ree( Ask &or +C8( '( D( )ANN L SBN4 "N+( 8% 'all Street Ne0 ?ork<4
Stock Dec# ne O+er4 A&ter eing short &rom August do0n 0e co.ered shorts and ought stocks early 'ednesday MBct( -4 !/3<N( =o0 &ar 0ill the ad.ance go is 0hat you need to kno0 and 0hat stocks are est to uy( ?ou can depend on our Master Time Factor to get you out and short 0hen the rally is o.er( Send I!E &or one month#s su scription to our TriC'eekly Detter and get name o& one est stock(
<3 The Glain Dealer o& +le.eland4 Bhio4 ;une %84 !/3<( Ad.ertisement truncated ecause it appears at the edge o& a inding6 some guessing 0as re9uired as to the te3t( <4 The Glain Dealer o& +le.eland4 Bhio4 August %%4 !/3<(
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W. D. Gann on
Groo& o& accuracy &ree( Ask &or RC!! '( D( )ANN L SBN4 "N+( 8% 'all Street Ne0 ?ork<E
T !e Factor R ght on Stocks 'e ought stocks last Monday MBct( %E4 !/3<N and 0rote su scri ers there 0ould e a last ad.ance at the end o& 0eek( Again our MAST7R T"M7 FA+TBR pro.ed right( <- Bur !/3< Stock Forecast issued in No.em er !/3-4 said >There 0ill e a panicky decline in the last hal& o& the year and the Do0 ;ones a.erages should decline 88 points4> 0hich they did &rom the high in March to Bcto er lo0s( This Forecast 0ould ha.e protected you &rom losses and helped you make pro&its( There 0ill e another decline this year( Bur !/3< Forecast 0ill tell you 0hen( Send I!8 &or Forecast to end o& year or send I!E &or TriC0eekly Detter one month 0ith list o& est stocks to uy and sell( Groo& o& accuracy and comparison chart o& Forecast &ree( Ask &or FC %<(
<E
The Bmaha 'orld =erald o& Bmaha4 Ne raska4 Bcto er !84 !/3<( Also pu lished in The Gitts urgh Gress o& Gitts urgh4 Gennsyl.ania4 Bcto er !84 !/3<4 0ith the 0 in TriC 'eekly lo0erCcased and the last sentence reading1 >Ask &or RC!4(> <Bne o& Mr( )ann#s pu licity rochures4 apparently 9uoting a ne0spaper article4 states1 >=is &orecast M&or !/3<N called &or a sharp ad.ance &rom Bcto er !E to 38 and the Do0C;ones a.erage ad.anced %E points &rom Bcto er !/ to 38(> The article goes on to say1 >Mr( )ann 0as asked ho0 it 0as possi le to make such an accurate &orecast one year in ad.ance( =e stated that it 0as his o0n disco.ery o& a mathematical master time &actor and cycle theory 0hich ena les him to tell 0hen certain cycles recur and great panics and ooms take place( =e said that the e3tent o& an ad.ance 0as determined y a theory ased on the la0 o& a.erages and that under certain circumstances stocks decline or ad.ance a out the same num er o& points(> *>Dearn Be&ore ?ou Dose4> p( !!,
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'( D( )ANN L SBN4 "N+( 8% 'all Street4 Ne0 ?ork<<
Stocks /" or Do>n 89:?4 ?ou should plan your in.estments &or sa&ety as 0ell as pro&its( 'e elie.e our !/38 Forecast ased on our +ycle Theory and Master Time Factor 0ill pro.e a help&ul guide to you as our !/3< Forecast did &or hundreds o& in.estors( Bur !/38 Forecast outlines e.ents likely to a&&ect prices and tells 0hen the recession in usiness should end( 'e ha.e selected one group o& stocks that should lead in the ne3t Bull market( Grice o& !/38 stock Forecast I!884 or 0ith TriC0eekly Detter I%884 per year( +BTTBN and )RA"N Forecasts I!88 each( TriC0eekly Stock Detter I!E per month( +omparison chart o& !/3< Forecast and proo& o& accuracy &ree( Ask &or FC4 '( D( )ANN L SBN4 "N+( 8% 'all Street Ne0 ?ork<8
T !e to Bu$ Stocks "n March4 !/3<4 0e predicted a panic in stocks ased on our master time &actor and cycle theory( The decline came 0ith some stocks do0n <E to !88 points in one year( 'e elie.e the time has come to uy
<< The Brooklyn Daily 7agle o& Brooklyn4 Ne0 ?ork4 Bcto er 3!4 !/3<( The same ad.ertisement appeared in The 'innipeg Free Gress o& 'innipeg4 Manito a4 +anada4 on No.em er 34 !/3<4 0ith the last sentence reading1 >Ask &or FC3%(> <8 The Ne0 ?ork Sun4 Decem er !!4 !/3<(
4<
W. D. Gann on
certain selected stocks o& a group that should lead the ne3t ull market( 'e predict a change &or the etter in conditions during April( Send I!E(88 &or one month#s su scription to our triC0eekly letter and get our special list o& est stocks to uy( '( D( )ANN L SBN4 "N+( 8% 'all Street Ne0 ?ork4 N(?(</
T !e to Bu$ Stocks Stocks reached a.erage lo0 May %<th( Bn May %/th our ad.ertisement appeared in the ne0spapers stating that it 0as time to uy stocks and that the time 0ould come in ;une( "n our ad.ice there 0ere no i&s4 ands4 uts4 or guess0ork( 'e strongly ad.ised uying stocks and said ottoms had een reached( This ad.ice 0as ased on our Scienti&ic Mathematical Master Time Factor 0hich tells 0hen time is up &or a ig ad.ance or decline( ?ou can depend on our ser.ice to get you out 0hen stocks reach top( The trend is up( Some lo0 priced stocks are ready to go much higher( There 0ill e one last uying opportunity e&ore another "NFDAT"BN MBH7 STARTS( Don#t miss it( Send I!E &or TriC0eekly Detter one month and get our selected list o& stocks &or ne0 leaders( Groo& o& accuracy &ree( Ask &or ACE( '( D( )ANN L SBN4 "N+( 8% 'all Street Ne0 ?ork88
</
The Miami Ne0s o& Miami4 Florida4 April 34 !/38( Also pu lished in the issue o& March 384 !/38( 88 The Gitts urgh Gress o& Gitts urgh4 Gennsyl.ania4 ;une %-4 !/38(
48
.RICE6 TIME6 3O1/ME and 3E1OCIT5 The mo.ement o& stock prices o eys a mathematical la0 o& cycles 0hich can e &orecast y the Master Time Factor @ Time is the most important element( 'hen time is up4 .olume starts and .elocity increases and prices mo.e up or do0n( ?ou 0ill lose money i& you guess or gam le on hope( ?ou can make money in stocks i& you kno0 the rules4 0hen to uy and sell( My Master Forecasting Method 0ill teach you ho0( This is a practical method 0ith a pro.en record( A ne0 automatic trend indicator chart and F( F( F( method ne.er taught e&ore cut do0n the amount o& 0ork and make it easy to use the method( The $etho% can (e taught (y correspon%ence (ut it is (etter to take personal instruction if possi(le. Special su$$er rates to those "ho $eet $y re)uire$ents 'etails free. '( D( )ANN4 8% 'all Street4 Ne0 ?ork +ity8!
Se## , S> tch4 "n !/!4C!- Bethlehem Steel ad.anced sharply to <88( Should it no0 e held a&ter a rise o& o.er 48 points: Br should pro&it e taken in the Steels and certain other 0ar stocks &or s0itching to groups 5ust mo.ing into stronger position: This pro&ita le market can also e dangerous particularly i& you don#t uy and sell the right stocks( No0 is the time to get competent accurate ad.ice( Bur record o& accuracy e3tends through the immediate past and &or o.er %8 years( Stock Detters contain list o& est stocks to uy including DB' GR"+7D STB+AS( 'eekly Stock Detter only I- per month( TriC0eekly Stock Detter I!E per month( Send your check( This is the time to act(
8! The Mil0aukee ;ournal o& Mil0aukee4 'isconsin4 ;uly 34 !/38(
4/
W. D. Gann on
'( D( )ANN L SBN4 "nc( 8% 'all Street Ne0 ?ork8%
Stocks St ## 1o>er4 =o0 &ar can this decline go: "s a ma5or ottom near or distant: 'hy go through !/48 lind&olded( Bur Master Time Factor 0ill ans0er these 9uestions and keep you 0ith the trend 5ust as it is doing &or present su scri ers( !/48 Stock Forecast4 0ith monthly supplements4 including de&inite uying and selling ad.ice I!88(88( !/48 )rain Forecast I<E( TriC'eekly Stock Detter I!E per month( Groo& o& accuracy4 including recent markets &ree( Ask &or DC4( '( D( )ANN L SBN4 "nc( 8% 'all Street Ne0 ?ork83
War .an c Co! ng4 The time o& guessing and hoping is passed( No0 is the time to ANB'$ Det our Master Time Factor @ 0hich predicted the complete Bear year o& !/3< and Bull mo.es o& !/38 and !/3/ @ help you sol.e this critical market( This is the most important point in the market o& the 0hole year( Bur ser.ice can easily e 0orth !88 times its cost in 0hat it 0ill sa.e you @ much less 0hat it can make &or you( "t is realistic and de&inite( Best stocks to Buy or Sell are gi.en( !/48 Stock Forecast4 including monthly supplements and special letters @ reduced to IE8(88( TriC0eekly Detter I!E per month @ ut don#t put o&& su scri ing4 e sa&e @ not sorry(
8% 83 The +le.eland Glain Dealer o& +le.eland4 Bhio4 Sept( !<4 !/3/( The Ne0 ?ork Sun o& Ne0 ?ork4 Ne0 ?ork4 ;an( !%4 !/48(
E8
'( D( )ANN L SBN4 "nc( 8% 'all Street4 Ne0 ?ork84
B/5 BEST .EACE STOC0S Many stocks ha.e discounted peace and 0ill decline( Bthers ha.e yet to discount peace prosperity( Bur Master Time &actor 0hich has pro.ed relia le at +ritical periods in the past 0ill tell you the time to Buy the est Stocks( Send I-(88 &or one month#s trial to 'eekly Detter and get our Selected list( MBR7 GRBF"TS "N )RA"NS( 'ill peace ring in&lation or de&lation in +ommodities: Gro&its can e made 9uickly i& you ANB' the right time to Buy and Sell( TriC0eekly +ommodity letter 'ill gi.e you pro&itCpaying ad.ice( Bne Month#s Su scription rate I!E(88( Act no0 e&ore the ig mo.e starts( '( D( )ANN L SBN4 "N+(4 8% 'all St(4 Ne0 ?ork4 N( ?(8E
.ROTECT 5O/R CA.ITA1 , .ROFITS 'e 0arned you in recent ads that you needed to protect your capital and your pro&its and said that many stocks had gi.en danger signals( The market has pro.en that our Master Time Factor 0as right( Do you kno0 0hat to do no04 hold on and hope4 or sell out: "t does not pay to guess( B.er &orty years o& e3perience 0ill help you at this critical
84 8E The Gitts urgh Gress o& Gitts urgh4 Gennsyl.ania4 May !%4 !/48( The Boston =erald o& Boston4 Massachusetts4 August !/4 !/4E( Also pu lished in The TimesCGicayune o& Ne0 Brleans4 Douisiana4 on the same date(
E!
W. D. Gann on
time( 'eekly Stock Detter4 I-(88 per month4 or three months &or I!<(88( 'rite &or details a out personal ser.ice( No discretionary accounts handled( Ask &or )C-( '( D( )ANN L SBN4 "nc( 8% 'all St(4 Ne0 ?ork E4 N(?(8-
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The Gitts urgh Gress o& Gitts urgh4 Gennsyl.ania4 ;uly %84 !/4-(
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W. D. Gann On The Master Time Factor

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W. D.

THE MASTER TIME FACTOR

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THE MASTER TIME FACTOR

Note to the Reader

Background on The Master T !e Factor

THE MASTER TIME FACTOR

THE MASTER TIME FACTOR

Su""#$ and De!and

THE MASTER TIME FACTOR

Holume o& Sales4 p( !(

THE MASTER TIME FACTOR

A%out Ter! no#og$

It&s Mathe!at ca#'

THE MASTER TIME FACTOR

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Further State!ents (ro! the Wr t ngs o( W. D. Gann )Arranged Chrono#og ca##$*

THE MASTER TIME FACTOR

THE MASTER TIME FACTOR

Ad+ert se!ents Mak ng Re(erence to T !e Factor or The Master T !e Factor

THE MASTER TIME FACTOR

THE MASTER TIME FACTOR

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THE MASTER TIME FACTOR

THE MASTER TIME FACTOR

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THE MASTER TIME FACTOR

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'( D( )ANN L SBN4 "N+( 8% 'all Street4 Ne0 ?ork<<

THE MASTER TIME FACTOR

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THE MASTER TIME FACTOR

'( D( )ANN L SBN4 "nc( 8% 'all Street4 Ne0 ?ork84

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