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VOL. XXXII. CLEVELAND, SEPTEMBEM 2c, 1207. NO. FS. CYCLES IN VESSEL LOSSES ment than in another. For awhile it was in-lumber, so Buffalo, Sept. 26--There are many odd circles in all that the insurance companies became afraid of lumber sorts of business in which things seem to revolve at risks and many of them would not write one. Of late MAINE'S 'HEARTS OF OAK."' (Copyrighted, 1905, by Detrott Publishing Co. times. Sometimes it is one circle, sometimes it is another. lumber has escaped the average amount of disaster and The lake trade is full of the same sort of peculiar ways. some money has been made on it by the companies. The Losses are always much larger some years in one depart- great storm on Lake Superior at the beginning of Sep-