The candy business, the history of which shows a remarkable record of freedom from failure, is to-day enjoying unparalleled prosperity, and there is every reason to believe that the present high earnings of all the large candy concerns in the United States will continue indefinitely.  Those fortunate enough to hold shares in well-established candy manufacturing concerns may expect, therefore, to enjoy larger earnings than could reasonably be expected from funds placed in most other enterprises. Prohibition is proving a tremendous factor in increasing candy sales.  Best estimates show that the American public is now spending between $800,000,000 and $1,000,000,000 annually for candy. ——­ & Co. are specialists in the candy and sugar securities.  We maintain a statistical department, and endeavour to furnish information concerning all of the prominent issues based on these industries.  You are invited to avail yourself of this service, and if you are interested in any candy or sugar stock, we will be pleased to have you confer with us.  This department now has in preparation an analysis of the candy and sugar situation as it exists to-day in the United States.  Interesting data is also being collected from most reliable sources, giving figures and statistics for the world.  The number of copies which we are preparing for general distribution is limited.  If you will sign the enclosed card, and return it to us, we will take pleasure in extending to you the courtesy of a copy of this analysis free of charge.

When individuals work individually, for themselves, as they please, statistics are only necessary for the onlooker who wants to compare individual effort with individual effort; the individuals who want to make no comparison of their own work with that of others, nor to keep any record of the progress of their work, need keep no statistics; but societies always want to keep a record of their work, and that record must be largely statistical.

It is vain to attack statistics to-day.  Every society publishes statistical sheets.  Every society by publishing them shows that it recognises the value of statistics.  The difficulty to-day is not that the societies do not publish statistics, but that the statistics which they publish are not related to any aim or purpose, and do not include factors or standards which enable us to measure progress.

(ii) It may also cause surprise that we ask for estimates in some cases where exact information is not immediately accessible.  It may be said that statistics are misleading, but estimates are hopelessly misleading:  let us have correct figures or none.  That attitude is easily understood, but under the circumstances it is vain.  “Correct figures,” that is, meticulously exact figures, are unattainable.  An estimate is in nearly all matters of daily life and business the basis, and rightly the basis, of our action.  It will be noticed that in that letter which we quoted above concerning the statistics of