Master Time Factor Trading PDF

W. D.
Gann on
THE MASTER
TIME FACTOR
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published by
Gann Study Group
W. D. Gann on
Contents
Note to the Reader 3
Background on The Master Time Factor 4
Supply and Demand 8
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 !/
%
W. D. Gann on
Contents
Note to the Reader 3
Background on The Master Time Factor 4
Supply and Demand 8
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 !/
%
THE MASTER TIME FACTOR
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 net trading day a&ter you
&inish reading you might as 0ell dispose o& this little 0ork right no0
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 does 0hich
0hich as 0ill e seen is precious
precious
little( 'e must e.er ear in mind that '( D( )ann shrouded the eact
nature o& the Master Time Factor in deepest secrecy( 'hate.er the
shortcomings o& this little 0ork " ha.e at least not held ack 0hat Mr(
)ann said in plain 7nglish on the su5ect e.en i& 0hat he said amounts
to a thimle&ul o& the in&ormation that 0e 0ould all like to ha.e(
"& on the other hand 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 eperimentation then your
time in reading it may e 0ell spent(
Romeman
April !% %!4
3
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

re&erence to the Master Time Factor y that name
appears to ha.e een on ;uly / !/%< in a letter y Mr( )ann 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 letter to ;ohn =( Spohn 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
0hich 0ill enale you to N' the
time and seasons 0hen you can succeed est( This is o& great .alue(>%
"n late !/%8 0riting in the !/%/ Annual Forecast o& the Stock
Market 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 Selector  pulished in !/3 and the rele.ant ecerpts are
included later in this ooklet(
As early as midC;anuary !/%! ho0e.er in crisp promotional style

! This
This is the
the sec
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o& &i.e
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>)ann etters(> Although the letter here 9uoted is addressed to ;( =( Spohn the
preceding letter sent to the same address 0as addressed to ;ohn =( Spohn(
% "n Mr( )ann#s ook Wall Street Stock Selector  pulished in !/3 Mr( )ann
included a section entitled >'hen a Man#s Trend +hanges> on pp( 3EC38 in 0hich he
re&ers speci&ically to >man#s seasonal trend>(
4
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 !/%3 he 0rote in Truth of the Stock Tape 1 >The
most important thing o& all is the Time &actor 0hich " use in making up
my annual &orecasts( "t is not my o5ect here to gi.e a0ay that secret
>4 Although Mr( )ann does not in these t0o 9uotes use the term
Master Time Factor 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
From an ad.e
ad.errtis
tisemen
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in Th
The Ghi
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adelph
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ia "n9u
"n9uir
irer
er ;a
;anuar
nuary
y !-
!- !/%!
!/%! 9uo
9uotted in
&ull later in this ooklet(
4 '( D( )ann Truth of the Stock Tape  p( !!-( The statement >"t is not my o5ect
here to gi.e a0ay that secret > 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(> "nterestingly in the
Fore0ord to the romance The Tunnel Thru the Air  0ritten &our years later he said >The
#Tunnel Thru the Air# is mysterious and contains a .al uale secret clothed in .eiled
language(> The letter 0ritten to ;ohn =( Spohn 9uoted ao.e 0as 0ritten on ;uly /
!/%<( The copyright &or The Tunnel Thru the Air 0as 0as registered on No.emer 3 !/%<
according to the irary o& +ongress +opyright &&ice Catalogue of Copyright Entries  Gart
!1 Books )roup ! Ne0 Series Holume %4 &or the year !/%< Nos( !C!48 p( !!%!8(
There&ore 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 >earn Be&ore ?ou ose> is undated ut perhaps 0as issued around
!/4 since the last date in it is !/3/( "t ad.ertises Mr( )ann#s course >Forecasting
Method on +otton or )rain> sold at a cost o& o & I!E saying that it >+ontains Master
Time Factor> and speci&ically stating1 >?ou are taught the Master Time Factor and ho0 ho0 to
make up a &orecast one or moremo re years in ad.ance(> The rochure also mentions a course
entitled >No( 3 Master Forecasting Method> and states1 >This Method contains all o& the
Form Rules Resistance e.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( !8 !-, "n his ooklet >Face Facts America$> copyrighted in !/4
!/ 4 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 !/3 E entitled
>Forecasting> 0hich is sometimes also called >Master Time Factor and Forecasting y
Mathematical Rules>6 in this course ho0e.er 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 +alculator> dated Septemer
%/ !/E3 Mr( )ann says on p( 3 >"n connection
co nnection 0ith the Master Time and Trend
+alculator apply all o& the rules 0ith the Master Time Factor and geometric angles(>
=o0e.er 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 Rensink 0riting in
Trader#s 'orld Maga2ine ate Fall %EJ7arly 'inter %- said that he had heard o& a
trader 0ho had contacted '( D( )ann y telephone and to 0hom during the course o&
E
W. D. Gann on
'hen then did Mr( )ann disco.er the Master Time Factor: "n
contradiction to his o0n letter to ;ohn =( Spohn it has een claimed
that '( D( )ann &ound it 9uite early in his career in !/8 or !//(
According to es +lemens in his iographical sketch o& '( D(

)ann >n August 8 !/8 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 !//( At

a date unspeci&ied in !/4< Mr( )ann sold his &inancial market
&orecasting usiness(- "t ecame kno0n as '( D( )ann Research "nc(
0hich continued ad.ertising suscriptions &or )annCstyle &orecasts
throughout the Knited States during Mr( )ann#s li&etime(
Ad.ertisements y '( D( )ann Research "nc( repeatedly claim that the
Master Time Factor 0as >originated in !//>( <
the con.ersation Mr( )ann promised to teach the Master Time Factor &or IE( The
trader made an agreement to share 0hat he learned 0ith t0o trader &riends i& they 0ould
split the cost o& course three 0ays( "nstead 0hen he returned &rom meeting Mr( )ann
the trader kept to himsel& said nothing aout 0hat he had learned re&unded the money
his &riends had ad.anced him and proceeded to trade so success&ully that he ought a
mansion and retired( 'hile pre.iously he had een an unremarkale trader a&ter
learning the Master Time Factor he >seemed to e #reall y right# in his trades 0hen he had
a lot o& si2e on> according to one o& the trader &riends( The &riends then decided that they
too 0anted to study 0ith Mr( )ann ut 0hen they tried to get in touch 0ith him they
learned that he had died(
E Gann Masters Technical Analysis Course  =alliker#s "nc( !//E( '( D( )ann#s
pulicity rochure >Mathematical Formula &or Market Gredictions> states * p( !,1 >!/8 (((
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
8 !/8 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 es +lemens iographical sketch(
< Ad.ertisments placed in The Boston =erald Septemer E !/486 The Dallas
Morning Ne0s Decemer !% !/48 and Feruary !3 !/4/6 and The Seattle Daily Times
March - !/4/ all use this eact phrase( "t is possile that this 0as a guess on the part o&
the successors to Mr( )ann rather than something that they actually heard &rom him
ut i& the Master Time Factor 0as indeed disco.ered in !// then it certainly makes that
year a .ery pro&icuous one &or Mr( )ann( "n !// he compiled 0hat he called his
Financial Time Tale6 authored the R ad.ertisements *see the )ann Study )roup
ooklet R 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 Factor the historian 0ould 0ant to kno0 eactly 0hat he
had disco.ered( At this point 0e run into great di&&iculties 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 courses >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 responded 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(
>" AS7D MR( )ANN1 #'=AT "S T=7 +AKS7 B7="ND T=7 T"M7
FA+TR#
>=e smiled and said1 #"t has taken me t0enty years o& ehausti.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( Besides the pulic
is not yet ready &or it(#
>#'ater seeks its le.el# continued Mr( )ann( #?ou can &orce it
higher 0ith a pump 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 &ear 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 etremes must y the la0 o& supply and demand 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 a0 o& Hiration(
8 The Morning Telegraph o& Ne0 ?ork Ne0 ?ork Decemer !< !/%%(
<
W. D. Gann on
Su""#$ and De!and

Se.eral times in the !/%s and a short 0hile therea&ter '( D( )ann
linked the term >time &actor> 0ith supply and demand( =e 0ould 0rite in
!/3 >There is only one 0ay to determine price mo.ements and that is
the 0ay " do it @ y the study o& SKGG? and D7MAND and a T"M7
FA+TR( SKGG? and D7MAND tell 0hat e.eryody is doing6 not 5ust
one set o& men or the pulic( SKGG? and D7MAND sho0 0here the
alance o& po0er rests and i& the D7MAND &rom the pulic is greater
than the SKGG? &rom the soCcalled insiders stocks ad.ance and vice-
versa ( But rememer the pulic ne.er run a market &or .ery long
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
SKGG? and D7MAND and to locate the alance o& po0er in order that
my suscriers may get the ene&it o& ig mo.es(>/
"n an inter.ie0 in !// 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 Tape  in 0hich the phrase >supply and
demand> appears %% times 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>(!
A >prominent usiness man in the 'est> once in9uired o& Mr( )ann
regarding his ad.isory ser.ices( The latter 0rote ack in a letter >My
calculations are ased on supply and demand and are purely scienti&ic
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 approimate tops or ottoms(>!!
no0ing these things ga.e Mr( )ann a key ad.antage1 >The study
/ Supplementary pulicity material to Wall Street Stock Selector  p( 44(
! The Ticker and "n.estment Digest Decemer !// p( E3 and Truth of the Stock
Tape  p( !-/ respecti.ely(
!! Wall Street Stock Selector  p( <(
8
o& SKGG? and D7MAND enales me to tell 0hen ig interests are
accumulating stocks(>!%
"n promoting his ne0sletters Mr( )ann &urther eplained1 >My

ad.ice is not ased on &ake tips or guess 0ork ut a care&ul study o&
SKGG? AND D7MAND 0hich enales me to determine 0hen stocks are
eing accumulated or distriuted(
>'hen the SKGG? o& stocks is large and D7MAND is small

stocks decline( 'hen D7MAND eceeds SKGG? they ad.ance( My
study o& time and .olume enales me to determine mo.ements in
ad.ance(>!3
"n t0o o& his courses 0hich are a.ailale to us today ut 0hich
0ere not kno0n to the general pulic in his day Mr( )ann gi.es &urther
insight on this 9uestion o& supply and demand(
>'hen a stock is in a .ery 0eak or a .ery strong position it 0ill

al0ays sho0 it y its position on the geometrical angles and a .olume
chart made up according to the proper spacing 0ith .olume that is
considering the total numer o& shares!4 0ill sho0 0hen the stock is in
a strong or 0eak position and sho0 0hether uying or selling
predominates enaling you to determine 0hether supply is increasing
or 0hether demand is decreasing(>!E
>The HKM7 F SA7S is the real dri.ing po0er ehind the

market and sho0s 0hether Supply or Demand is increasing or
decreasing( arge uying or selling orders &rom pro&essional traders the
pulic or any other source o& supply and demand are ound to e
registered on the tape and sho0n in the .olume o& sales(
>There&ore a care&ul study o& the HKM7 F SA7S 0ill enale

!% Ad.ertisement The Ghiladelphia "n9uirer Sept( %E !/%!(
!3 Ad.ertisement The Ghiladelphia "n9uirer May %/ !/%!(
!4 > in order to understand the meaning o& .olume 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 Market p( !8(
/
W. D. Gann on
you to determine .ery closely a change in trend especially i& you apply
all o& the other rules &or 5udging position according to the Formations
Resistance e.els and Time(>!-
!- Holume o& Sales p( !(
!
A%out Ter!no#og$
'hen researching the Master Time Factor it is important to e
a0are o& '( D( )ann#s particular use o& 0ords( "n his 0ritings including
pulicity materials and ad.ertising he re&ers to >a time &actor> >the time
&actor> >the Master Time Factor> and >time &actors>( The &act that Mr(
)ann speaks o& the eistence 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 Factor unless the
Master Time Factor is actually named in the contet o& the particular
statement in 9uestion( "& the re&erence is not eplicit 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 0ritings Mr( )ann appears to use >&actor> near the
0ord >time> in the sense o& >component o& market acti.ity> along 0ith
other components such as price and .olume(
For eample he 0rites1 >earn the three most important &actors

T"M7 GR"+7 and HKM7 F SA7S(>!< =ere the meaning o& >three
most important &actors> appears to e 9uite clearly >the three ma5or
components o& market acti.ity>(
r take this &amous statement1 >T"M7 is the most important &actor

o& all and not until su&&icient time has epired 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 up space mo.ement 0ill start and large .olume 0ill
egin either up or do0n( At the end o& any important mo.ement @
monthly 0eekly 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> appears the tet makes sense(
!< '( D( )ann Forty-Five ears in Wall Street  p( 38(

!8 '( D( )ann !o" to Make #rofits in Co$$o%ities  p( E-(
!!
W. D. Gann on
It&s Mathe!atca#'
For many years '( 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 ooklet 0e 0ill see that Mr( )ann re&ers to the
Master Time Factor as >our mathematical Master Time Factor> >our
Scienti&ic Mathematical Master Time Factor> >our Mathematical
Scienti&ic Master Time Factor> and >our Master Time Factor ased on
Mathematical Science(>!/ =e &urther says in one ad.ertisement >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(>%
"ndeed in one o& his ooks 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 7change( This prediction 0as ased on
my Master Time Factor 0hich enales me to tell months and years in
ad.ance 0hen certain time cycles repeat and cause etreme high and
lo0 prices( This is enough to con.ince any man that my disco.eries
ased on mathematical science can e depended upon to &orecast
&uture market mo.ements(>%!
!/ The name o& Mr( )ann#s usiness 0as O'( D( )ann Scienti&ic Ser.ice "nc(P &rom as
early as !/%8 *ad.ertisement in The 'instonCSalem ;ournal o& 'instonCSalem North
+arolina ;anuary 8 !/%8, until the end o& !/3- *ad.ertisements in The Glain Dealer o&
+le.eland hio and The maha 'orld =erald o& maha Neraska oth dated
Decemer - !/3-,(
% The Mil0aukee ;ournal o& Mil0aukee 'isconsin ;uly 3 !/38 included in the last
chapter o& this ooklet(
%! '( D( )ann &e" Stock Tren% 'etector  p( !3-( ne o& the )ann pulicity
rochures adds1 >Time pro.es all things 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 lo0 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 arge Gro&its on
Small Risks> undated perhaps pulished around !/3- p( !(,
!%
'hate.er the Master Time Factor is 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
>7uclid the great mathematician 0hose 0ork 0as per&ect taught

that mathematics 0as the asis o& e.erything 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 kno0ledge 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 la0 and " ha.e
disco.ered ho0 to apply this la0 success&ully to +otton 'heat and
Stocks( " am ale to tell you eact 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 cause it is easy enough to kno0 0hy the e&&ect
is as it is(>%4
>#" &igure things y mathematics# Mr( )ann eplained in an

inter.ie0( #There is nothing mysterious aout any o& my predictions( "& "
ha.e the data " can use algera and geometry and tell eactly y the
"t is 0orth noting here as 0ill e seen &rom the ad.ertisements later in this
ooklet that the epressions OMaster Time Factor and +ycle TheoryP 0ere sometimes
linked y Mr( )ann as 0hen &or eample a pulicity rochure summari2ed his
*success&ul, trading eperience 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(> *earn Be&ore ?ou ose p( !,( Thus 0e
must not &orget aout cycles 0hen thinking aout the Master Time Factor(
%% R ad.ertisement The Ne0 ?ork =erald May %3 !//(
%3 R ad.ertisement The Ne0 ?ork =erald ct( 3! !//(
%4 >Natural Resistance e.els and Time +ycle Goints> p( !(
!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 occur# he said in another inter.ie0 #ut you 0ould not consider
him a prophet 0ould you: & 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 does 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 planets ut to
make accurate predictions the great la0 ehind it all 0hich the
ancients understood ut 0hich they purposely re&rained &rom putting in
their ooks as they 0anted to keep the secret &or themsel.es 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(#>%8
%E The 7.ening Telegram Ne0 ?ork Ne0 ?ork March E !/%3( "n saying in this
inter.ie0 that he uses Oalgera and geometryP 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 mathematics 5ust as the
astronomer does ased on immutale la0s(> The Tunnel Thru the Air  p( <E(
%< An article in the Ne0 ?ork =erald o& Dec( ! !/!8 entitled >'ar#s 7nd a Blo0 to
the Grophets> stated that >Raphael adkiel Mme( Thees and other 0ell kno0n
prophets &ailed in e.en approimating the date 0hen the 0ar 0ould end and nearly all
prophesied that the aiser 0ould not li.e to see the close o& the con&lict(> The article
added ho0e.er that >There 0as really only one astrologer 0ho told the coming o& the 0ar
to any de&inite degree and he 0as 7d0ard ( ;ohndro(> Many years later it has een
reported ( 7d0ard ;ohndro 0as hired y '( D( )ann to do astrological 0ork &or him(
%8 "nter.ie0 pulished in The Ne0 ?ork =erald Maga2ine ;an( E !/!/( No attempt is
made here in 9uoting this statement to do anything so &ooli sh as to try to deny that Mr(
)ann used astrology as it 0as clearly an important part o& his 0ork( =e is in no 0ay
repudiating astrology in this 9uotation as can e seen y a close reading o& it( But Mr(
)ann 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 contended @ 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 science 0hich is
the only real science that the entire ci.ili2ed 0orld has agreed upon
&urnishes unmistakale proo& o& history repeating itsel& and sho0s that
the cycle theory or harmonic analysis is the only thing that 0e can rely
upon to ascertain the &uture(>%/
>G7R+7NTA)7 F =")=7ST S7"N) GR"+7

'7ST S7"N) GR"+7 AND RAN)7
>Mathematics is the one eact science( All nations agree on the

accuracy o& the science o& mathematics and use it regardless o& 0hat
language they speak( "n all other lines scientists disagree ut 0hen it
comes to using mathematics the chemists the astronomer 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
eact la0 o& mathematics( 7ach TG or BTTM in 'heat or other
+ommodities comes out in accordance 0ith an eact mathematical
proportion to some other TG or BTTM(> 3
>All po0er under hea.en and on earth is gi.en unto the man 0ho
masters the simple science o& mathematics(>3!
Body> 0ritten !% years later on ;an( !< !/3! 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& ;ericho le0
the rams horn < times and the 0alls &ell do0n on the <th day( This a0 is also acked
0ith astrological proo& 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 Air  pp( <E <<(
3 !o" to Make #rofits in Co$$o%ities  p( 3%(
3! >The Basis o& My Forecasting Method> p( )AC!(
!E
W. D. Gann on
Further State!ents (ro! the Wrtngs

o( W. D. Gann )Arranged Chrono#ogca##$*
>Do you kno0 o& any other economic 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+TR AND FR7+AST"N) M7T=D
>A&ter you ha.e learned all o& the rules laid do0n in TRKT= F
T=7 ST+ TAG7 and 'A STR77T ST+ S77+TR and ha.e
learned ho0 to apply them " 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 Factor 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 Methods
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( )ann Wall Street Stock Selector  supplementary material p( !!( "n reality as
0e &ind on p( E o& '( D( )ann#s promotional rochure >earn Be&ore ?ou ose> Mr( )ann
&orecast the coming stock market crash e.en earlier than he states here( >"n the spring o&
!/%< Mr( )ann 0rote #The Tunnel Thru the Air or ooking ack &rom !/4# 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 0orlds history(> "t 0as a&ter he 0rote and pulished this
ook that he made his !/%/ &orecast &or suscriers1 >=is !/%/ Stock Forecast issued on
No.emer %3 !/%8 and ased on his Master Time Factor indicated the end o& the ull
market in August and early Septemer !/%/( =e stated in no uncertain terms that the
panic 0ould start in Septemer !/%/ and that it 0ould e a great deluge 0ith a Black
Friday(> "t seems reasonale to conclude that i& the prediction in the !/%/ Forecast 0as
>ased on his Master Time Factor> so too the prediction o& a panic in The Tunnel Thru
the Air 0as >ased on his Master Time Factor>(
!-
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 Methods 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 times
ecause the .iration and 0a.e length .aries on the di&&erent stocks(
>" teach +ourses o& "nstruction on +otton 'heat +orn ats Rye
ard +o&&ee Sugar +ocoa Ruer Silk and other commodities 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&ore " 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 epects to succeed in speculation or in.estments

must study and learn all that he can aout the market( "t has een 0ell
said #'here kno0ledge egins speculation ceases(# There&ore the aim
and o5ect o& e.ery man 0ho 0ants to make success in speculation or
in.esting should e to 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.ice
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
!<
W. D. Gann on
enale me to &orecast markets years in ad.ance(33 " do not depend on

space charts ased on space mo.ements alone ecause these 0ould
make errors and cause losses( " use .olume comined 0ith the proper
time charts 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 years pro.es that they are .aluale 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 kno0ledge ecause the est is al0ays
the cheapest in the long run and you cannot epect to get something &or
nothing( 7perience has taught me that the est 0ay to help others is to
sho0 them ho0 to help themsel.es and i& " can get suscriers to read
my ooks and learn my Methods 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 kno0ledge " 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 >Forecasting> dated No.emer !/3E *see note 4 ao.e, under
>)R7AT +?+7 C MAST7R T"M7 G7R"D C - ?7ARS> Mr( )ann 0rites >This is the
greatest and most important cycle o& all 0hich repeats e.ery - years or at the end o& the
third %Cyear 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 - years later Q !/%! to !/%/ Q the
greatest ull market in history and the greatest panic in history &ol lo0ed( This pro.es the
accuracy and .alue o& this great time period(> "n other courses ho0e.er he uses the term
great cycle to descrie other time periods(
34 >!/%/ Annual Stock Forecast> supplement in Wall Street Stock Selector  pp( 3/C4!(
3E &e" Stock Tren% 'etector  p( !%8( A &ootnote &ollo0ed *dates taken &rom pp( !8
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 ct( - !/%8( "t did not go
one point higher until it declined to a &inal lo0 o& E in ;une !/3% ;une 4 !/3% 0hen
according to the rule in the Bile it 0as ottom &or another ig ad.ance( Many .aluale
truths are to e &ound in the Bile and practical la0s are there ut .ery &e0 people study
and seek enough( They are not 0illing to 0ork hard &or no0ledge that 0ill help them
make money( The Bile says #Seek and ye shall &ind knock and it shall e opened unto
you(#> *See Note % ao.e &or &urther comments on the Master Forecasting Method course(,
!8
Ad+ertse!ents Makng Re(erence to

T!e Factor or The Master T!e Factor
"n this &inal chapter in our eamination o& the Master Time Factor
0e reproduce the tet 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 &actor> 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
Bald0in American "nt( American 'oolen and Hanadium Steel( The
Supply L Demand etter 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 aiser#s
adication to the eact day( " also predicted the great decline in stocks
&or No.emer and Decemer !/% 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 Maga2ine Ne0 ?ork =erald and other ne0spapers say
aout my 0onder&ul predictions(
'=AT '" ST+S D N7T:
ne 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.ance a reaction
in some high price stocks is near( My Daily etter 0ill pick the acti.e
&ast mo.ers &or you to uy and sell &or 9uick pro&its( My ad.ice on 'heat
!/
W. D. Gann on
and +otton has een remarkaly accurate( 'heat 0ill soon ha.e a mo.e
o& %E to 3c per ushel( Big mo.es in +otton are ahead( Send I!E( &or
one month#s suscription to the Supply L Demand etter or IE( &or
my Annual Forecast &or !/%! on stocks( SG7+"A FF7R &or I!E( "
0ill send the Daily etter &or one year and the Annual Forecast &or !/%!
and mail &ree my ook >Speculation a Gro&itale Gro&ession> 0hich is o&
great .alue to in.estors and traders( The ook is also sent &ree 0ith t0o
months# suscription o& I3(( A trial 0ill con.ince you o& the .alue o&
my ser.ice( Act no0( Mail your check today(
'( D( )ANN
!8 BRAD'A? N7' ?R N(?(3-
In+estors Stock Ser+ce
?ou should kno0 &acts e&ore uying and selling stocks( "t pays to
get epert ad.ice and guidance( SKGG? AND D7MAND al0ays go.ern
prices in the end( 'hen Supply eceeds Demand stocks decline6 0hen
Demand eceeds Supply 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 SKGG? AND D7MAND 7TT7R 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aker +handler 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
etter co.ering ad.ice on +otton Stocks and )rain I!E per month or
3- The Ghiladelphia "n9uirer o& Ghiladelphia Gennsyl.ania ;anuary !- !/%!( The
same ad.ertisement 0as pulished in The Bridgeport Telegram o& Bridgeport
+onnecticut on ;an( !E !/%! 0ith slight stylistic di&&erences *the 2eros eing omitted
a&ter the dollar prices,(
%
t0o 0eeks# trial I<(E( My ook >Speculation a Gro&itale Gro&ession>

sent &ree 0ith t0o months# suscription at I3( !/%! Annual Forecast
on stocks reduced to I4( 'rite &or recent letters !/% Forecast and
ne0spaper comments on my accurate &orecasts(
'( D( )ANN
4/ Broad0ay 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
SKGG? AND D7MAND 7TT7R 0hich gi.es you ad.ice ased on the
la0 o& Supply and Demand 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 oils coppers and steels 0ill start soon(
et me help you select the est stocks to trade in( Daily etter ad.ising
on +otton Stocks and )rain I!E per month t0o 0eeks# trial I<(E(
>=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/ Broad0ay Ne0 ?ork38
3< The Glain Dealer o& +le.eland hio May !E !/%!(
38 The Ghiladelphia "n9uirer o& Ghiladelphia Gennsyl.ania No.emer %< !/%!( The
same ad.ertisement 0as pulished in The 'ashington Gost o& 'ashington D+ on
Decemer 4 !/%!(
%!
W. D. Gann on
G/ESSERS MISS
TO OF STOC0S
?ou proaly relied on guess0ork and missed the top o& Stocks
and are no0 holding on hoping &or a rally that may ne.er come(
T=7 SKGG? AND D7MAND 7TT7R 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& Bald0in Asphalt Me Gete and Studeaker( My method
ased on a Time Factor and Supply and Demand 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( &or one month#s suscription to the Daily
etter and get started right(
Recent etters !/%! Forecast and ne0spaper comments on my

accuracy(
'( D( )ANN
4/ Broad0ay 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& Ghiladelphia Gennsyl.ania April %3 !/%%(
%%
stocks ad.ance 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.ance 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 Stocks +otton and )rain reduced to I<E(
each(
Daily etter ad.ising on stocks cotton and grain I!E( per

month( This letter recently ad.ised uying Stromerg and Beech
Magneto &or ig ad.ances( Net Tuesday#s letter 0ill e o& great .alue to
you6 don#t miss it$ Recent letters testimonials and ne0spaper comments
on my accuracy mailed &ree(
'( D( )ANN 4/ Broad0ay Ne0 ?ork( 4
NE2T MO3E IN COTTON
'ill May or ;uly e cornered and ctoer decline elo0 %c: Don#t
try to guess ut &ollo0 my scienti&ic guidance ased on Supply and
Demand( By a >time> &actor " am ale to tell 0hen ig mo.es in +otton
Stocks or )rain 0ill start(
My Daily etter 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 years and 0ill e 5ust as correct on the net ig mo.e(
My scienti&ic mathematical &orecasts enale me to S77 '=AT

T=7RS D NT S77 to S77 B7FR7 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
4 The Bu&&alo +ourier o& Bu&&alo Ne0 ?ork March !! !/%3(
%3
W. D. Gann on
the reason to uy or sell it is too late(
Daily etter co.ering stocks cotton and grain I!E( per month(
!/%3 +otton Forecast reduced to I-( including supplements( Daily
telegraph ser.ice I3( per month( For 9uick ser.ice 0ire your money(
!/%% Forecasts recent letters and ne0spaper comments on my

accuracy &ree(
'( D( )ANN
4/ Broad0ay
Ne0 ?ork(4!
/ OR DOWN ON STOC0S4
Do you kno0 0hether the net 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 etter 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( Net 0eek some important mo.es 0ill start( et me get
you in right(
+TTN AND '=7AT
The Supply and Demand etter has caught all the important mo.es
in +otton this year( A mo.e o& 3 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& !c per ushel( Send I!E( &or one month#s
trial suscription to the Daily etter 0hich co.ers stocks cotton and
4! The )al.eston Daily Ne0s o& )al.eston Teas April %/ !/%3( Also pulished in
The Richmond Times Dispatch o& Richmond Hirginia April %/ !/%3 0ith some minor
di&&erences in capitali2ation(
%4
grain and you 0ill soon e con.inced o& its .alue to in.estors and
traders(
Annual stock cotton and grain Forecasts reduced to I3 each &or
the alance o& the year( Daily telegraph ser.ice &or suscriers at distant
points I3 per month(
!/%% Forecasts suscriers# testimonials recent letters and

ne0spaper comments on my accuracy mailed &ree(
'( D( )ANN 4/ BRAD'A? N7' ?R4%
What Ne-t n Stocks4
The Supply and Demand etter stands on its record and merit(
7aggerated and etra.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 mathematical
scienti&ic disco.ery o& a Time Factor 0hich tell '=7N stocks 0ill reach
top or ottom and that#s '=AT you N77D T N'(
During the early part o& March " ad.ised selling out long stocks and
going short( n March 3th 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 etter .ia Airplane I%( per month( !/%E
Stock Forecast reduced to I<E( &or alance o& year including monthly
supplements(
'=7AT L +TTN @ The Daily +ommodity letter ad.ised selling

May 'heat at I%( and said >+o.er shorts and uy around !38(> Send
4% The Brooklyn Standard Knion o& Brooklyn Ne0 ?ork ;une ! !/%3( This
ad.ertisement 0as pulished on the same date 0ith slight stylistic di&&erences in The
Glain Dealer o& +le.eland hio and The +onstitution o& Atlanta )eorgia(
%E
W. D. Gann on
&or sample letters sho0ing the remarkale record on 'heat this year(
Big mo.es are coming in 'heat and +otton( et me get you in at right
time( Daily +ommodity etter .ia Airplane I%( per month( )rain
Forecast reduced to I<E(6 +otton Forecast I!%E( &or alance o&
!/%E(
!/%4 Forecasts testimonials and ne0spaper comments on my

accuracy mailed &ree( Ask &or '( 4(
'( D( )ANN
E BRAD STR77T
N7' ?R N(?( 43
Wh$ 5ou Ha+en&t Made Mone$ n Stocks
Because you did not no0 the Master Time Factor and relation o&
T"M7 to GR"+7 and HKM7 0hich e.ery in.estor and trader should
N'( ?ou ha.e ought '=7N you should ha.e sold short(
=' ?K +AN MA7 GRF"TS
By studying and learning 0hen to BK? and S7 according to

T"M7 GR"+7 and HKM7 o& Sales( Then you 0ill trade on
Mathematical Science and no longer guess and gamle on hope( Begin
the Ne0 ?ear right 5oin my +lasses in Ne0 ?ork or Florida( Take my
+orrespondence +ourse on Scienti&ic Forecasting o& Stocks and
+ommodities( earn my Master Factor and Trend "ndicator and start
trading right( nly those 0ho can 9uali&y 0ill e accepted( 'rite &or
details and re9uirements(
'( D( )ANN // 'all St( Ne0 ?ork N( ?(44
43 The Seattle Daily Times o& Seattle 'ashington April %- !/%E(
44 The Tampa Triune o& Tampa Florida ;anuary %% !/33(
%-
Stocks6 Cotton6 Wheat
'e ha.e persistently ad.ised purchases o& stocks cotton 0heat

ruer and other commodities ecause our study o& asic conditions
indicates 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
etter one month and get our selection o& lo0Cpriced stocks to uy( Daily
Telegraph Ser.ice I3 monthly( Gersonal Ser.ice I- per month( TriC
0eekly +ommodity etter 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 accuracy send &or our letters

issued early in March(
Ask &or AGC!(
' D )ann Scienti&ic Ser.ice "nc(

// 'all Street Ne0 ?ork 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( ur Ser.ice ased on a scienti&ic
mathematical Time Factor enales us to tell 0hen time cycles run out
and stocks make top( N7T '77 is .ery important( ?ou 0ill need
epert ad.ice on 0hat to do( Some lo0Cpriced stocks going higher 0hile
some highCpriced stocks react( Send I!E &or TriC0eekly etter one
month and get uying and selling indications or send I3 &or Daily
4E The Glain Dealer o& +le.eland hio April %3 !/33(
%<
W. D. Gann on
Telegraph Ser.ice( Special Gersonal Ser.ice I- per month(
+TTN AND '=7AT1 MoneyCmaking mo.es in these and other

commodities i& you N' the right time to uy and sell( +ommodity
etter I!E monthly(
Groo& o& our accuracy &ree( Ask &or MMCR3(
'( D( )ann Scienti&ic Ser.ice "nc(

// 'all Street Ne0 ?ork N( ?( 4-
B/5ING TIME
The time &or ottom o& the net 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( ur Mathematical Scienti&ic Master Time
Factor has stood the test and you can depend on it to call the net
uying time( T0o lo0Cpriced stocks selling elo0 E 0ill soon e good to
uy &or long pull pro&its( ne highCpriced industrial 0ill go .ery much
higher( Send I!E &or one month#s suscription to TriC0eekly etter and
get this list o& est stocks( Daily Telegraph Ser.ice I3 monthly(
+TTN AND '=7AT1 These and other commodities 0ill continue

acti.e and o&&er some good trading opportunities( 'e can gi.e you net
uying dates and prices( TriC0eekly +ommodity letter I!E monthly(
>'A STR77T ST+ S77+TR> @ 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 MC%

4- The Glain Dealer o& +le.eland hio May !4 !/33(
%8

// 'all Street Ne0 ?ork 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 Factor ased on Mathematical Science 0e can
tell you 0hen to take pro&its and uy again( Send I!E &or TriC0eekly
Stock etter one month or send I3 &or Daily Telegraph Ser.ice one
month(
+TTN 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 etter I!E per
month( Daily Telegraph Ser.ice I3 per month( Gersonal Ser.ice I-
per month(
Groo& o& our accuracy &ree( Ask &or C-

// 'all Street Ne0 ?ork N( ?( 48
STOC0S / OR DOWN4
'ill this ad.ance continue &or a long time or 0ill the unepected
happen and cause a sharp sudden decline: Don#t guess gamle on
hope or &ollo0 tips( )et our scienti&ic ad.ice ased on our Master Time
4< The Glain Dealer o& +le.eland hio May %! !/33(
48 The Glain Dealer o& +le.eland hio May %8 !/33(
%/
W. D. Gann on
Factor and let us steer you clear o& pit&alls( Some stocks 0ill go higher
0hile others react( ?ou need our Selected ist o& stocks ehind the
market(
-333 @ 'hat does it mean: Send I!E &or TriC0eekly Stock etters
one month and 0e 0ill tell you( Net Monday .ery important( Daily
Telegraph Ser.ice I3 monthly(
that 0ill help you make a greater success in trading @ price I-(
Groo& o& accuracy &ree( Ask &or ;C!(

// 'all Street Ne0 ?ork 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 HKM7 o& sales 0hich e.ery in.estor and trader
should N'( 'ith these rules you 0ill e 0ith the trend and sell short
0hen the trend is do0n and uy 0hen the trend is up(
?K +AN MA7 GRF"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 trade
according to rules in Stocks +otton and )rain( ?ou can take the course
y Mail in +lasses and Gersonal "nstruction(
4/ The Brooklyn Daily 7agle o& Brooklyn Ne0 ?ork ;une 4 !/33(
3
nly 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 method
details and terms( Dept( MC/(
'( D( )ANN F"NAN+"A S+=

// 'all St( Ne0 ?ork N( ?(E
SCIENCE 3S. G/ESSWOR0
"& you &ollo0ed statistics tips or guess0ork you proaly did not
uy stocks early in March 0hen our ads appeared all o.er the Knited
States headed >Reconstruction and Reco.ery(>E! The &astest ad.ance in
years &ollo0ed Gresident Roose.elt#s inauguration and our Master Time
E The Times Gicayune o& Ne0 rleans ouisiana ;une 8 !/33(
E! From The Dallas Morning Ne0s o& Dallas Teas March !% !/331
R7+NSTRK+T"N R7+H7R?
Ne.er in the history o& the Knited States has a Gresident took o&&ice sic 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 indicates that
0ithin si 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 commodities 5ust as
they ha.e een in pre.ious panics( TRKT= F T=7 ST+ TAG7 'all Street Stock
Selector and the Tunnel Thru the Air 0ill gi.e you practical rules &or success&ul in.estment
trading( Grice I-( 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(
3!
W. D. Gann on
Factor &orecast it(
"& you gamled on hope you proaly did not sell out stocks last
Monday and go short ecause you did not kno0 that a ig smash 0as
coming ut 0e did 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 N' 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 net high
and lo0 prices 0ill e reached6 price reduced to I4E &or alance o& !/33(
TriC0eekly Stock etter I!E per month( Daily Telegraph Ser.ice I3
monthly( Gersonal Ser.ice I- per month(
+TTN AND '=7AT1 These commodities 0ill continue .ery acti.e

and you can make money i& you kno0 the net uying date( TriC0eekly
etter I!E per month( Daily Telegraph Ser.ice I3( !/33 )rain Forecast
I4E( +otton Forecast I4E(
that 0ill help you make a greater success( Grice I-(
Groo& o& accuracy &ree( Ask &or ;C!4<(
E% This ad.ertisment appeared on a Tuesday( "& )ann rushed this copy out the
re&erence to >last Monday> means >yesterday> ;uly %4 !/33( "& y >last Monday> he
means >a 0eek ago Monday> then the re&erence 0ould e to ;uly !< !/33( Note )ann#s
peculiar use o& the term >the time cycle 0as up> the 0ord >up> in this contet
presumaly meaning >&inished> since the net mo.e in the market 0as a sellCo&&( )ann
&re9uently speaks o& a cycle eing >up> in this manner 0here 0e might instead epect
him to say that a ne0 cycle 0as eginning( The emphasis that )ann gi.es to the 7ND o& a
cycle is striking( +onsider &or eample the &ollo0ing1 >'hen the time cycle is up neither
Repulican Democrat 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 Selector  !/3
appendi >!/%/ Annual Stock Forecast> p( !<(
3%

// 'all St( 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( ne 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 money instead o& losing 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( ur mathematical Master Time Factor &orecast this reak 5ust as
it &orecast March !st !/33 &or ottom &or a ig ad.ance(E4 ?ou can
depend on our scienti&ic &orecasts in &uture( ur !/33 Stock Forecast
issued No.emer !4 !/33 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 %!( nly 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 The Dallas Morning Ne0s o& Dallas Teas ;uly %E !/33(
E4 >n March ! !/33 y the use o& his Master Time Factor Mr( )ann &orecast ottom
&or stocks and commodities and ad.ised uying &or a ig ad.ance 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 arge Gro&its on Small Risks> p( /(
33
W. D. Gann on
0eekly letter I!E per month( Daily Telegraph Ser.ice I36 Gersonal
Ser.ice I- monthly( +otton or )rain Forecast I4E( TriC0eekly
+ommodity etter I!E month(
Groo& o& accuracy &ree( Ask &or =C%!/(

// 'all St( Ne0 ?ork 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( ne 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 money instead o& losing 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( ur 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( ur !/33 Stock Forecast issued
No.emer !4 !/3% 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 %!( nly 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.eland hio ;uly 3 !/33(
34
!/33 Stock Forecast reduced to I4E &or alance o& !/33( TriC
0eekly etter I!E per month( Daily Telegraph Ser.ice I36 Gersonal
Ser.ice I- monthly +otton or )rain Forecast I4E( TriC0eekly
+ommodity etter I!E per month(
Groo& o& accuracy &ree( Ask &or ;( ( %44(

// 'all Street Ne0 ?ork( N( ?( E-
Stocks Fa## n Fa##4
'ill stocks go up this Fall as most people epect 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 etter or I3 &or Daily Telegraph Ser.ice(
+TTN AND '=7AT1 Acti.ity 0ill start soon( There 0ill e some
moneyCmaking opportunities i& you N' '=7N to BK? and S7( TriC
'eekly +ommodity etter I!E per month( Daily Telegraph Ser.ice I3(
>'A STR77T ST+ S77+TR> @ This ook and >Truth o&

that 0ill help you make a greater success @ price I-(
Groo& o& accuracy &ree( Ask &or S7C!%(

// 'all St( Ne0 ?ork N(?(E<
E- The San Antonio ight o& San Antonio Teas ;uly 3 !/33(
E< The Dallas Morning Ne0s o& Dallas Teas Septemer ! !/33(
3E
W. D. Gann on
STOC0 TREND 89:;
Many important e.ents in !/34 are likely to cause 0ide

&luctuations in acti.e stocks( ?ou 0ill need epert scienti&ic
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( ne group o& stocks 0ill lead ad.ances in
!/34( Stock Forecast I!6 0ith Tri0eekly etter I% per year(
Tri0eekly etter alone I!E per month( !/34 +otton )rain Ruer and
Sil.er Forecasts I! each(
Groo& o& accuracy &ree @ Ask &or D7C%%

// 'all St( Ne0 ?ork N(?(E8
STOC0 MAR0ET METHODS
'hen you uy or sell stocks cotton 0heat or other commodities

you need to eliminate tips guess0ork and trading on hope( 7.ery man
should ha.e a practical trading plan that 0ill enale him to S77 and
N' &or himsel& then he can act 0ith con&idence and make pro&its
instead o& losses(
My mechanical method and trend indicator and my &orecasting

method ased on my disco.ery o& a Master Time &actor 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& Dallas Teas Decemer 3! !/33(
3-
" ha.e had o.er thirty years# eperience in 'all Street am author o&
TRKT= F T=7 ST+ TAG7 and 'A STR77T ST+ S77+TR(
'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 made
terms and details( Ask &or R<(
'( D( )ANN
<! F"RST NAT"NA BAN BD)(
M"AM" FR"DAE/
Trend /" < Bu$ Stocks4
Stocks reached a.erage lo0s on Septemer !<( n 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( ur stock letter o&
Sept( !< mailed &ree( Ask &or RC-(

// 'all Street Ne0 ?ork N( ?( -
War on Wheat7Cotton
=istory has al0ays repeated in time o& 'ar in the past and 0heat
E/ The Miami Ne0s o& Miami Florida ;anuary !% !/34(

- The Glain Dealer o& +le.eland hio Septemer 3 !/34(
3<
W. D. Gann on
cotton and other commodities ha.e ad.anced sharply(-! 'heat has

&luctuated 4Ec per ushel during the past three months( +otton has
mo.ed % points since August 3th( )reater money making
opportunities than these 0ill occur i& another 0ar reaks out in 7urope
0hich is more than possile( "n&lation in this country 0ill cause
commodities to ad.ance &urther than stocks( ur disco.ery o& a Master
Time Factor enales us to tell '=7N etreme high and lo0 prices 0ill e
reached( ?ou need epert ser.ice to protect you against losses(
Send I!E &or one month#s suscription to the Tri0eekly +ommodity

etter and get in the net pro&it paying mo.e( The Tri0eekly Stock
etter gi.ing list o& the est stocks to uy and sell is I!E per month(
'rite &or terms on Gersonal and Telegraph Ser.ice( Ask &or RC3(

8% 'all Street Ne0 ?ork 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( ur Master Time
Factor 0hich called ottom last March 0ill get you short o& stocks &or
ig pro&its( Send I!E &or TriC0eekly etter 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!(
-! >" 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le " ha.e determined
the ma5or and minor time &actors 0hich repeat in the history o& nations men and
markets(> '( D( )ann The Tunnel Thru the Air  p( <(
-% The Dallas Morning Ne0s o& Dallas Teas ctoer % !/3E(
38

88 'all Street Ne0 ?ork N( ?(-3
A REA1 BEAR MAR0ET
That is 0hat 0e ad.ertised and stocks ha.e declined ! to 4

points since our Master Time Factor called April 8th !/3- &or time &or
Bear Market to start( 'ho else ga.e such accurate ad.ice: ur
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 etter one
month and let us tell you 0hat stocks to sell short(
N7' ST+ TR7ND D7T7+TR @ n sale April !st @ &orecast a

ig decline in stocks( This ook gi.es practical rules &or determining the
trend o& stocks( Grice I3((
Record o& accuracy &ree( Ask &or +C!8(

8% 'all Street Ne0 ?ork N( ?( -4
T!e Te##s on Stocks
'hen our Master Time Factor indicates stocks are top 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 !/3- as date &or
decline to start 0hich pro.es that science eats statistics and
-3 The Tampa Triune o& Tampa Florida Feruary %3 !/3-(

-4 The Dallas Morning Ne0s o& Dallas Teas May 3 !/3-(
3/
W. D. Gann on
guess0ork( ?ou need to kno0 0hen net 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' ST+ TR7ND D7T7+TR @ 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((
Record o& Accuracy &ree( Ask &or illegile

8% 'all Street Ne0 ?ork N( ?( -E
STOC0S BREA0S COMING4
ur 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 I4 &or alance !/3-( TriC0eekly
etter gi.ing est stocks to uy and sell I!E monthly( There is no time
to lose @ mail your suscription no0$
+TTN AND )RA"N @ ur Forecast called the ig rise in 'heat
+orn and +otton( The commodities 0ill continue .ery acti.e and make a
0ide range o& &luctuation( ur Ser.ice 0ill gi.e you the right time to uy
and sell( !/3- )rain Forecast I46 +otton Forecast I46 TriC0eekly
+ommodity etter I!E per month( Gersonal Ser.ice and Daily telegrams
I3 monthly( Ask &or Booklet NC<(
-E The Glain Dealer o& +le.eland hio May ! !/3-( The illegile portion 0as the
control letter and numer to send 0ith one#s re9uest(
4
'( D( )ANN S+"7NT"F"+ S7RH"+7 "N+(

8% 'all Street Ne0 ?ork N(?( --
Fa#se Securt$ Danger
The net decline in stocks 0ill e caused y 0hat most people do

not epect 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 net
decline in stocks 0ill start( ?ou 0ill protect your capital and make
pro&its y getting epert ad.ice on the est stocks to uy and sell( TriC
0eekly etter I!E per month( !/3- Stock Forecast reduced to I4 &or
alance o& year( Gersonal Ser.ice on GartCo&CGro&it Glan I%E monthly(
+TTN AND )RA"N 0ill continue to o&&er moneyCmaking

opportunities i& you kno0 0hen to uy and sell( TriC0eekly +ommodity
etter I!E per month(
Booklet NC!%E &ree(

8% 'all Street Ne0 ?ork N(?( -<
-- The Ne0 ?ork Sun o& Ne0 ?ork Ne0 ?ork ;uly !8 !/3-( Also pulished in The
'innipeg Free Gress o& 'innipeg Manitoa +anada ;uly !8 !/3- in 0hich the last
sentence read >Ask &or Booklet N(!(>6 in The Dallas Morning Ne0s o& Dallas Teas ;uly
!/ !/3- in 0hich the last sentence read >Ask &or Booklet NC%!(>6 and in The ansas +ity
Star o& ansas +ity ansas ;uly !/ !/3- in 0hich the last sentence read1 >Ask &or
Booklet NC%8(>
-< The Glain Dealer o& +le.eland hio August % !/3-(
4!
W. D. Gann on
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: ur Master Time Factor
tells '=7N time comes to sell( Some stocks are going higher( 'e elie.e
one 0ill go up E points 0hile another 0ill decline E( ?ou cannot tell
this &rom A.erages( Gro&itCpaying mo.es coming( ur Ser.ice 0ill help
you catch them( Send I!E( &or TriC0eekly etter one month and get
name o& t0o est stocks and keep posted on acti.e leaders( For details
!/3< Forecast ask &or HC!-(

8% 'all Street Ne0 ?ork N(?( -8
89:= < Boo! or anc4
ur Stock Forecast ased on a Master Time Factor 0ill e a

.aluale guide in !/3<( Some stocks 0ill decline %E to E 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! or 0ith TriC
0eekly etter &or the year I!<E( TriC0eekly etter 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! each(
Groo& o& accuracy &ree( Ask &or C%8(
-8 The Ne0 ?ork Sun o& Ne0 ?ork Ne0 ?ork No.emer !4 !/3-(
4%

8% 'all Street Ne0 ?ork N( ?( -/
T!e Sgna#s on Stocks
ur 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& 4
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! &or TriC0eekly etter and Selected ist
o& est stocks to sell short and est lo0Cprice ones to uy(
'( D( )ANN L SN "N+(

8% 'all Street Ne0 ?ork N( ?( <
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 epert 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 etter I!E per month(
+TTN AND )RA"N 0ill ha.e moneyCmaking mo.es( Net 0eek

.ery important( Send I!E &or TriC0eekly +ommodity etter(
-/ The Glain Dealer o& +le.eland hio Decemer - !/3-( The same ad.ertisement
appeared in The maha 'orld =erald o& maha Neraska on Decemer - !/3- 0ith
the &ollo0ing change to the last sentence1 >Ask &or C%4(>
< The Glain Dealer o& +le.eland hio Fe( %! !/3<(
43
W. D. Gann on
Groo& o& accuracy &ree( Ask &or =C%<(
'( D( )ANN L SN "nc(

8% 'all Street Ne0 ?ork 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 Factor the Do0C;ones a.erages 0ould
decline 4 points( They are do0n 3 points &rom March 4( 'ill they go
do0n - 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 hoping you need to kno0 0hat to do( Some stocks 0ill decline %
points more( '=7N the time comes to uy 0e 0ill get you in the right
stocks( Rush I!E &or TriC0eekly etter one month( !/3< Stock Forecast
reduced to IE &or alance o& year(
+TTN )RA"N AND RKBB7R 0ill continue acti.e and 0e can

help you catch moneyCmaking mo.es( +ommodity etter I!E monthly(
Groo& o& accuracy &ree( Ask &or C%-(
'( D( )ANN L SN "N+(

8% 'all Street Ne0 ?ork N(?( <%
STOC0S NE2T MO3E
'e ha.e kept suscriers short since: March 8 !/3<( Thursday

morning ;une 3 !/3< 0e co.ered our: shorts and ought certain
<! The Ne0 ?ork Sun o& Ne0 ?ork Ne0 ?ork April / !/3<(
<% The TimesCGicayune o& Ne0 rleans ouisiana May !- !/3<(
44
stocks( ?ou: need to kno0 the &acts and &ollo0 our: Master Time
Factor then you 0ill make: pro&its( ur ser.ice has a record o&
accuracy( Send I!E &or TriC0eekly etter one: month 0ith list o& est
stocks to uy( ((( let us pro.e it to you(
'( D( )ANN L SN "N+(

8% 'all Street Ne0 ?ork N? <3
BREA0 OR BOOM4
A&ter aor Day Sept( - !/3< a ig mo.e in stocks 0ill start ut
0hich 0ay: There 0ill e moneyCmaking mo.es oth 0ays( Don#t guess(
ur Master Time Factor 0hich said uy ;une !8 and sell August !4
0ill keep you right( Net 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 SN "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 ct( - !/3<( =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
etter and get name o& one est stock(
<3 The Glain Dealer o& +le.eland hio ;une % !/3<( Ad.ertisement truncated
ecause it appears at the edge o& a inding6 some guessing 0as re9uired as to the tet(
<4 The Glain Dealer o& +le.eland hio August %% !/3<(
4E
W. D. Gann on
Groo& o& accuracy &ree( Ask &or RC!!
'( D( )ANN L SN "N+(

8% 'all Street Ne0 ?ork<E
T!e Factor
Rght on Stocks
'e ought stocks last Monday ct( %E !/3< and 0rote
suscriers there 0ould e a last ad.ance at the end o& 0eek( Again our
MAST7R T"M7 FA+TR pro.ed right( <- ur !/3< Stock Forecast issued
in No.emer !/3- said >There 0ill e a panicky decline in the last hal&
o& the year and the Do0 ;ones a.erages should decline 8 points>
0hich they did &rom the high in March to ctoer lo0s( This Forecast
0ould ha.e protected you &rom losses and helped you make pro&its(
There 0ill e another decline this year( ur !/3< Forecast 0ill tell you
0hen( Send I! &or Forecast to end o& year or send I!E &or TriC0eekly
etter 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 maha 'orld =erald o& maha Neraska ctoer ! !/3<( Also pulished
in The Gittsurgh Gress o& Gittsurgh Gennsyl.ania ctoer ! !/3< 0ith the 0 in TriC
'eekly lo0erCcased and the last sentence reading1 >Ask &or RC!4(>
<- ne o& Mr( )ann#s pulicity rochures apparently 9uoting a ne0spaper article
states1 >=is &orecast &or !/3< called &or a sharp ad.ance &rom ctoer !E to 3 and the
Do0C;ones a.erage ad.anced %E points &rom ctoer !/ to 3(> 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 etent 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(> *>earn Be&ore ?ou ose> p( !!,
4-
'( D( )ANN L SN "N+(

8% 'all Street 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( ur !/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 net Bull market(
Grice o& !/38 stock Forecast I! or 0ith TriC0eekly etter I% per
year( +TTN and )RA"N Forecasts I! each( TriC0eekly Stock etter
I!E per month(
+omparison chart o& !/3< Forecast and proo& o& accuracy &ree( Ask
&or FC4
'( D( )ANN L SN "N+(

8% 'all Street
Ne0 ?ork<8
T!e to Bu$ Stocks
"n March !/3< 0e predicted a panic in stocks ased on our

master time &actor and cycle theory( The decline came 0ith some stocks
do0n <E to ! points in one year( 'e elie.e the time has come to uy
<< The Brooklyn Daily 7agle o& Brooklyn Ne0 ?ork ctoer 3! !/3<( The same
ad.ertisement appeared in The 'innipeg Free Gress o& 'innipeg Manitoa +anada on
No.emer 3 !/3< 0ith the last sentence reading1 >Ask &or FC3%(>
<8 The Ne0 ?ork Sun Decemer !! !/3<(
4<
W. D. Gann on
certain selected stocks o& a group that should lead the net ull market(
'e predict a change &or the etter in conditions during April( Send
I!E( &or one month#s suscription to our triC0eekly letter and get our
special list o& est stocks to uy(
'( D( )ANN L SN "N+(

8% 'all Street
Ne0 ?ork N(?(</
T!e to Bu$ Stocks
Stocks reached a.erage lo0 May %<th( n 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&s ands uts 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 "NFAT"N MH7 STARTS( Don#t miss it( Send I!E &or
TriC0eekly etter one month and get our selected list o& stocks &or ne0
leaders(
Groo& o& accuracy &ree( Ask &or CE(
'( D( )ANN L SN "N+(

8% 'all Street Ne0 ?ork8
</ The Miami Ne0s o& Miami Florida April 3 !/38( Also pulished in the issue o&
March 3 !/38(
8 The Gittsurgh Gress o& Gittsurgh Gennsyl.ania ;une %- !/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 up .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
rules 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( )ANN 8% 'all Street Ne0 ?ork +ity8!
Se## , S>tch4
"n !/!4C!- Bethlehem Steel ad.anced sharply to <( Should it

no0 e held a&ter a rise o& o.er 4 points: r 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( ur record o& accuracy
etends through the immediate past and &or o.er % years( Stock etters
contain list o& est stocks to uy including ' GR"+7D ST+S(
'eekly Stock etter only I- per month( TriC0eekly Stock etter I!E per
month( Send your check( This is the time to act(
8! The Mil0aukee ;ournal o& Mil0aukee 'isconsin ;uly 3 !/38(
4/
W. D. Gann on
'( D( )ANN L SN "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 !/4 lind&olded( ur Master Time Factor 0ill ans0er
these 9uestions and keep you 0ith the trend 5ust as it is doing &or
present suscriers( !/4 Stock Forecast 0ith monthly supplements
including de&inite uying and selling ad.ice I!(( !/4 )rain
Forecast I<E( TriC'eekly Stock etter I!E per month(
Groo& o& accuracy including recent markets &ree( Ask &or DC4(

8% 'all Street Ne0 ?ork83
War anc Co!ng4
The time o& guessing and hoping is passed( No0 is the time to
N'$ et 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( ur ser.ice can easily e 0orth ! 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( !/4 Stock
Forecast including monthly supplements and special letters @ reduced
to IE(( TriC0eekly etter I!E per month @ ut don#t put o&&
suscriing e sa&e @ not sorry(
8% The +le.eland Glain Dealer o& +le.eland hio Sept( !< !/3/(
83 The Ne0 ?ork Sun o& Ne0 ?ork Ne0 ?ork ;an( !% !/4(
E

8% 'all Street Ne0 ?ork84
B/5 BEST
EACE STOC0S
Many stocks ha.e discounted peace and 0ill decline( thers ha.e
yet to discount peace prosperity( ur 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-( &or one month#s trial to 'eekly etter
and get our Selected list(
MR7 GRF"TS "N )RA"NS( 'ill peace ring in&lation or de&lation

in +ommodities: Gro&its can e made 9uickly i& you N' the right time
to Buy and Sell( TriC0eekly +ommodity letter 'ill gi.e you pro&itCpaying
ad.ice( ne Month#s Suscription rate I!E(( Act no0 e&ore the ig
mo.e starts(
'( D( )ANN L SN "N+(

8% 'all St( Ne0 ?ork 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 no0 hold on and hope or sell out: "t does not
pay to guess( .er &orty years o& eperience 0ill help you at this critical
84 The Gittsurgh Gress o& Gittsurgh Gennsyl.ania May !% !/4(
8E The Boston =erald o& Boston Massachusetts August !/ !/4E( Also pulished in
The TimesCGicayune o& Ne0 rleans ouisiana on the same date(
E!

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Note to the Reader 3

Background on The Master Time Factor 4

Supply and Demand 8

Further Statements &rom the 'ritings o& '( D( )ann

Ad.ertisements Making Re&erence to Time Factor

Note to the Reader 3

Background on The Master Time Factor 4

Supply and Demand 8

Further Statements &rom the 'ritings o& '( D( )ann

Ad.ertisements Making Re&erence to Time Factor

Note to the Reader

A historian approaching the su5ect o& this ooklet might 0ant to

The &irst kno0n re&erence

As early as midC;anuary !/%! ho0e.er in crisp promotional style

According to es +lemens in his iographical sketch o& '( D(

Ad.ertisements during Mr( )ann#s li&etime put the date in !//( At

=a.ing attempted to determine 0hen Mr( )ann disco.ered the

Su""#$ and De!and

"n an inter.ie0 in !// Mr( )ann a&&irmed that >to speculate

"n promoting his ne0sletters Mr( )ann &urther eplained1 >My

>'hen the SKGG? o& stocks is large and D7MAND is small

>'hen a stock is in a .ery 0eak or a .ery strong position it 0ill

>The HKM7 F SA7S is the real dri.ing po0er ehind the

>There&ore a care&ul study o& the HKM7 F SA7S 0ill enale

!- Holume o& Sales p( !(

For eample he 0rites1 >earn the three most important &actors

r take this &amous statement1 >T"M7 is the most important &actor

!< '( D( )ann Forty-Five ears in Wall Street  p( 38(

'hate.er the Master Time Factor is it is use&ul to rememer its

>7uclid the great mathematician 0hose 0ork 0as per&ect taught

>There is no top and ottom price 0hich cannot e determined y

>#" &igure things y mathematics# Mr( )ann eplained in an

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

>My calculations are ased on the cycle theory and on

>G7R+7NTA)7 F =")=7ST S7"N) GR"+7

>Mathematics is the one eact science( All nations agree on the

Further State!ents (ro! the Wrtngs

>T"M7 FA+TR AND FR7+AST"N) M7T=D

>The man 0ho epects to succeed in speculation or in.estments

>'( D( )ANN S+"7NT"F"+ S7RH"+7

enale me to &orecast markets years in ad.ance(33 " do not depend on

Ad+ertse!ents Makng Re(erence to

Cruc%#e Stee# , Me-can ete

Stocks &ollo0 a regular cycle and mathematical cur.e( By a certain

'=AT '" ST+S D N7T:

In+estors Stock Ser+ce

T=7 SKGG? AND D7MAND 7TT7R keeps you ad.ised as to the

t0o 0eeks# trial I<(E( My ook >Speculation a Gro&itale Gro&ession>

T!e Te##s On Stocks

The &actor o& Time is most important in 5udging &uture mo.ements

>=elp&ul =ints &or Stock Traders> &ree to suscriers( Recent letters

T=7 SKGG? AND D7MAND 7TT7R ad.ised suscriers to sell

Recent etters !/%! Forecast and ne0spaper comments on my

SRING B/11 MAR0ET

Do you kno0 0hat stocks 0ill e leaders in the Spring Bull

stocks ad.ance others 0ill decline( My &orecasts are ased on

Se.eral lo0 and mediumCpriced stocks are ready to ad.ance 0hile

Daily etter ad.ising on stocks cotton and grain I!E( per

'( D( )ANN 4/ Broad0ay Ne0 ?ork( 4

NE2T MO3E IN COTTON