OROLO

& W. D. Gann

William Delbert Gann, photographed around

the time he wrote the OROLO advertisements

FOURTH REVISED EDITION

of an e-book previously issued as “Who was OROLO?”

This E-Book is not to be sold.

It is a free educational service
in the public interest
published by
Gann Study Group
 OROLO & W. D. Gann

TABLE OF CONTENTS

Foreword 3

The Dow at the Time of the OROLO Advertisements 6

What's in a Name? (Part I) 7

What's in a Name? (Part II) 8

OROLO and the Science of Measuring Time 9

It Begins: The Christmas Letter, 1908 12

The OROLO Advertisements 17

The Ticker Interview 43

Afterword on the Ancients 57

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 OROLO & W. D. Gann

FOREWORD

What's in a name?

William Shakespeare

This little e-book has seen several iterations, of which this is the fifth and
latest to be presented to the Gann Study Group.

Herein I present some advertisements from The New York Herald in the
year 1909, the majority of which I discovered in a single evening. They appeared
prior to the well-known interview given by W. D. Gann in that year to The Ticker
and Investment Digest. In them, an analyst and trader invited readers to
subscribe to a newsletter that made forecasts on stocks and commodities, based, he
said, on the Law of Vibration, a term later made famous in the Ticker interview.

The mailing address given for subscribing to the newsletter was OROLO,
120 Liberty Street, New York City. In three of the ads presented here, the author
added that the OROLO firm was located in room 1206.

My excitement was very great when I discovered these advertisements. I

was sure that OROLO must be a pen name for W. D. Gann, just as Sepharial was
a pen name for the astrologer Walter Gorn Old. Further investigation has shown
that I was correct in my assumption that Mr. Gann was behind the
advertisements, but incorrect in believing that OROLO was the name of a person.

In consulting Trow's General Directory of the Boroughs of Manhattan

and Bronx, City of New York for the year ending Aug. 1, 1910, copyright 1909,
researcher Harvey E. Hahn found the following separate entries:

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 OROLO & W. D. Gann

“Orolo (firm name) publishers 120 Liberty”

“Gann Wm D broker 120 Liberty R1206”1

It was thus clear that OROLO was the name of a company and not a person
and that William D. Gann and the OROLO firm shared the same street address
and same office. But could it be shown that Mr. Gann was himself the power
behind the OROLO firm, as opposed to being someone who just happened to work
at the same address and in the same office?

The answer came to me one day, when I found the following entry in
another old directory:

“Orolo (R.T.N.) (Willie D. Gann) 120 Liberty R. 1206”2

These few words clearly state that both OROLO and W. D. Gann were to be
located at 120 Liberty Street, Room 1206. And the three initials, R. T. N.,
standing for “Registered Trade Name,” indicate that OROLO was a trade name
owned by W. D. Gann.

From the foregoing we may safely conclude that the “I” that speaks in each
of the ads presented in this e-book is indeed Mr. Gann himself.

In the time that has passed since I discovered them and made them public,
the OROLO advertisements have created something of a stir among Gann
students, with others sharing my enthusiasm for them. One member of the Gann
Study Group has said that Mr. Gann's “OROLO advertisements already told his
‘Knowledgeable Friends’ all the facts they needed, for the price of the newspaper.
1 These items appeared on pp. 1111 and 501 respectively of the above-named publication.
2 The Trow (Formerly Wilson's) Copartnership and Corporation Directory of the Boroughs of Manhattan and
the Bronx City of New York, March, 1910, p. 628. Mr. Gann also had another registered trade name at about this
time: “16th Success Information Bureau (R.T.N.) (Willie D. Gann) 16 Beaver” The Trow (Formerly Wilson's)
Copartnership and Corporation Directory of the Boroughs of Manhattan and the Bronx City of New York, March,
1909, p. 720. The 16 Beaver Street address for this organization is interesting, as the Ticker Magazine
interview says that William E. Gilley, a friend of Mr. Gann's, worked at the same address.

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 OROLO & W. D. Gann

No subscription [to the OROLO market newsletter] necessary.” Another member

adds, “I believe they are very much like a mini tunnel book,” referring to Mr.
Gann's romance The Tunnel Thru the Air, written in 1927, which, according to
its Foreword, “contains a valuable secret, clothed in veiled language.”

Here, then, are the 13 OROLO advertisements (the only ones found so far),
with a bonus article inserted along the way in which a journalist critiques
negatively the first two ads. Each item is transcribed, with commentary provided
in footnotes, followed by a reproduction of the original advertisement.

Toward the end of this e-book may be found an annotated transcription of

the Ticker interview. Since, in my mind, the author of the OROLO ads has been
definitely determined to be W. D. Gann, and since the Ticker interview was
published the month following the last OROLO ad that has been found, it seems
to me very appropriate for the reader to find the interview and the ads in the same
place, so that both may be read in the context of each other. Research for the Ticker
interview was, in fact, being done while Mr. Gann was still placing OROLO ads.

A new feature of this edition is the presentation of a letter written by W. D.

Gann to his mother and father at Christmastime, 1908, just a few months before
the first OROLO advertisement was published. In this letter, he excitedly
announces that he has made an important discovery.

– Romeman
June 15, 2019

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 OROLO & W. D. Gann

THE DOW AT THE TIME

OF THE OROLO ADVERTISEMENTS

This graph shows closing prices of the Dow Jones Industrial Average
at the time of the OROLO advertisements. The vertical lines have been
placed on days in which an ad was published in The New York Herald.

The dates of publication of the OROLO ads in the year 1909 were as
follows: April 15, April 18, April 25, May 9, May 23, May 24, May 30, June
27, July 11, September 5, October 24, October 31, and November 7. They
were followed in the month of December by the famous interview that W.
D. Gann gave to The Ticker and Investment Digest.

The level of the April 16 close, which came after the first and before
the second advertisement, was never touched for the rest of the year.

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 OROLO & W. D. Gann

WHAT'S IN A NAME? (Part I)

This Gann Study Group illustration was inspired by an observation

made by Harvey E. Hahn. In the first sine wave, the OROLO name is
arranged by letters; in the second, the letters are transformed into numbers
according to the Pythagorean attributions used by numerologists. The
three O's fall naturally along the zero line of the sine wave. When these
letters become numbers, the result is 666. W. D. Gann was born on June 6,
1878. The month of June is a 6, the day is 6, and, if we reduce 1878 to a
single digit, we first get 24 (sum of the four digits) and then 6 (sum of the
two digits). The birth date reduces to 666. Did Mr. Gann chose to do
business under the OROLO name in part because of this singular fact?

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 OROLO & W. D. Gann

WHAT'S IN A NAME? (Part II)

In this illustration, the OROLO name is placed around the points of a

pentagram inscribed in a circle (a pentacle). Beginning with the letter O at
the lower right and moving counterclockwise, each of the five letters
making up OROLO may be found, in proper order, at a pentagram point
on the circle's perimeter. The result is that the three O's in the name fall on
points that make up a triangle and the letters L and R fall respectively to
the left and right of the circle. Like the sine-wave illustration just
presented, this picture, a creation of the Gann Study Group based on an
idea proposed by member Robert C. Cheeseman, is offered as a possible
graphic representation of the OROLO name.

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 OROLO & W. D. Gann

OROLO
AND THE SCIENCE OF MEASURING TIME

It would give us a sense of satisfaction if we could at least imagine

that we knew why W. D. Gann chose the cryptic name OROLO as the one
with which to present his work to the public.

In dealing with Mr. Gann's writings, it is helpful to go to books

written at around the time he was living and working, as well as to books
written before his time. By doing this, we can get an idea of what people
were thinking and writing in his day, as opposed to imposing upon his
work the ideas of a modern era.

As we do this, we may find interesting words, some of which have

become archaic over time. One of these words is horologe, which,
according to one dictionary, had the meaning of “a Dial, Clock, or Watch.”
In speaking of the etymology of this word, this dictionary says that the
equivalent word in Italian is orologio; in Latin, it is horologium. 3
According to a very early edition of the Encyclopedia Britannica,
horologium was “a common name among ancient writers for any
instrument or machine for measuring the hours; (see Chronometer). —
Such are our clocks, watches, sun-dials, &c. See Clock, Watch, Dial, and
Clepsydra.”4

A similar word was horologue, which had a different meaning,

however, that of “The horoscope; destiny as indicated by the stars.” 5 Such
a close connection etymologically between a clock or watch and the
3 Bailey, N., Dictionarium Britannicum: or a more Compleat Universal Etymological English Dictionary Than
any Extant, Second Edition, (London: T. Cox, 1736).
4 Encyclopedia Britannica, (Edinburgh: A. Bell and C. MacFarquhar, 1797), vol. VIII, p. 658.
5 The Century Dictionary and Cyclopedia, (New York: The Century Company, 1911), vol. V, p. 2888.

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 OROLO & W. D. Gann

horoscope tends to remind us, especially in this modern era, when most of
us give little more than a fleeting thought to such matters, that the celestial
bodies act as timekeepers.

At last we arrive at the word horology, which, while it is an

uncommon word, is one that is still in use today. It is defined as “The
science of measuring time, or the principles and art of constructing,
regulating, testing, etc., instruments for indicating divisions of time, as
sun-dials, clocks, and watches.”6 “The term horology was formerly applied
to any contrivance for measuring time, as the clepsydra and sundial.” 7

We know that in 1909 W. D. Gann was already giving attention to

time. He is believed to have had his “Master Time Factor” in this year 8 and
it was in this year that he compiled his “Financial Time Table”. 9 He also
made references to time in his statements of this era. Referring specifically
to time, he said in the Ticker interview, “By my method I can determine
the vibration of each stock and by also taking certain time values into
consideration I can in the majority of cases tell exactly what the stock will
do under given conditions.”10 In a late OROLO advertisement, he invoked
6 Ibid.
7 G. F. Rodwell, editor, A Dictionary of Science, (Philadelphia: Henry C. Lea, 1873), p. 358. Late in life,
W. D. Gann indicates his familiarity with sundials and the “science of measuring time”. Under the heading of
“Measuring Time,“ he wrote: “Man first learned to record and measure time by the use of the sun dial, and
by dividing the day into 24 hours of 15 degrees in longitude. The reflection of the geometrical angle on the
sun dial indicated the time of day. Since all time is measured by the sun, we must use the 360 degree circle to
measure time periods for the market, but remember you must always begin to count time in days, weeks and
months from the extreme high and extreme low levels, and not from exact seasonal or calendar time periods”
(“Nine Mathematical Points for Price Culminations,” dated 1949, part of his Master Eggs Course).
8 This according to advertisements published in the late 1940s by W. D. Gann Research, Inc., the name
given to the market forecasting branch of Mr. Gann's activities, after he had sold the business. But 1908 has
also been proposed as the correct year of its discovery. See the Gann Study Group e-book “W. D. Gann on
THE MASTER TIME FACTOR” for more details. It could be argued that the Master Time Factor is the
discovery referred to in the letter reproduced later in this e-book, which would definitely place its discovery
in the year 1908.
9 Online at http://www.bonniehill.net/pics.aux/gann/GannFinancialTable.gif and in the files section
of the Gann Study Group.
10 Richard D. Wyckoff, “William D. Gann: An Operator Whose Science and Ability Place Him in the
Front Rank — His Remarkable Predictions and Trading Record,” The Ticker and Investment Digest,
December 1909, p. 53, hereinafter referred to as the Ticker interview.

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 OROLO & W. D. Gann

the idea of market timing when he wrote, “I can advise you when to sell
long stocks and go short for big profits.”11

On examination of the word horology, we find that if we remove the

initial letter h- and take off the final letters -gy, we are left with OROLO.

Is it too fanciful to imagine that the future author of the sentence,

“TIME is the most important factor of all, and not until sufficient time has
expired does any big move up or down, start,”12 would select for his
company's name five letters from a word which meant “the science of
measuring time”?

11 The New York Herald, November 7, 1909.

12 W. D. Gann, “Forecasting” course, dated November 1935, p. 7.

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 OROLO & W. D. Gann

IT BEGINS:
THE CHRISTMAS LETTER, 1908

Less than four months before the first OROLO advertisement was
published in The New York Herald, at a time when, as far as the world
was concerned, he was just another stock broker working on Wall Street,
W. D. Gann wrote a letter to his parents in Lufkin, Texas, to inform them of
“a great discovery that meant a fortune to us all”.
A transcript and a scan of the original letter follow.

W. D. GANN,
BROKER
16 Beaver Street.

Special Attention Given Cotton, Stocks, Bonds,

Out-of-Town Correspondences Grains and Provisions.

Orders Executed
On All Exchanges

New York, Dec. 19th, 1908.

Mrs & Mr.S.H. Gann,

Lufkin, Texas.

My Dear Father and Mother: —

"Christmas greetings " With regrets that I cannot be with you all this
year at the dear old home I send my kindest thoughts and best wishes to

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 OROLO & W. D. Gann

all. In reviewing the closing year, while it has been one of the saddest in
many ways of my life, and many disappointments and annoyances have
beset my path13 yet in it all I see the wisdom of the mighty master and all
wise hand of him that doeth all things well and I realize it has in many
ways been the best of my life and I have only a brilliant future in front of
me. For months I have worked on a great discovery that meant a fortune to
us all and only recently I have completed it and only to-day had the final
approval by wealthy men who have tried for thirty years to solve the
problem of financial success in wall Street 14 and I have it complete beyond
13 Mr. Gann had earlier married Rena May Smith, with whom he had had two daughters. According to
“The Remarkable W. D. Gann,” written by Mr. Gann's grandson, John L. Gann, “He divorced his Texas bride
and in 1908 at the age of 30 married a 19-year-old colleen named Sarah Hannify”. But according to The Star-
Telegram of Fort Worth, Texas (July 8, 1914), the divorce took place on Oct. 3, 1912
https://groups.yahoo.com/neo/groups/gannstudygroup/conversations/messages/196 . That something
happened in 1908, Mr. Gann states above, but clarification is needed as to just what happened.
14 What could “the final approval by wealthy men” signify? To our ears it would sound as if Mr. Gann
heard them say, “Well done, you have discovered our secret,” but in his OROLO advertisement of May 23,
1909, he wrote, “No other living man has possession of this secret knowledge”. While we know nothing of
the identity of these men, we do know the name of one man who may have been one of these “wealthy men”.
Mr. Gann is here writing to his parents from 16 Beaver Street. Less than a year after this letter was
sent, The Ticker and Investment Digest interview with William D. Gann appeared. In this interview, we learn
of one “William E. Gilley, an Inspector of Imports, 16 Beaver street, New York”. Thus both Mr. Gann and Mr.
Gilley had offices at the same street address at around the time that this letter was sent.
The Ticker interview says of Mr. Gilley: “He himself has studied stock market movements for
twenty-five years, during which time he has examined every piece of market literature that has been issued
and procurable in Wall Street. It was he who encouraged Mr. Gann to study out the scientific and
mathematical possibilities of the subject” (emphasis added). Mr. Gilley was in business with Mr. Gann; at
an unknown date, Mr. Gilley entered into a limited co-partnership with Mr. Gann, which was dissolved on
May 13, 1920 https://groups.yahoo.com/neo/groups/gannstudygroup/conversations/messages/174 . Mr.
Gilley encouraged Mr. Gann. Mr. Gilley had an office in the same building with Mr. Gann. Mr. Gilley had
read “every piece of market literature” for a quarter of a century. And Mr. Gann in his letter speaks of
“wealthy men who have tried for thirty years to solve the problem of financial success in wall Street and I
have it complete beyond a doubt and have proved it”. Could Mr. Gilley have known these other men? The
Ticker interview says he was “well-known in the down-town district” at the time. Could Mr. Gilley himself
have been already convinced of the "scientific and mathematical possibilities” of market forecasting before he
suggested Mr. Gann investigate the matter?
Was Mr. Gilley aware of the speculative ventures of E. H. Harriman? Mr. Gann tells us in the Ticker
interview that “I have incidentally examined the manipulations of Jay Gould, Daniel Drew, Commodore
Vanderbilt, and all the other important Wall Street manipulators from that time to the present day.” He tells
us in both the Ticker interview and his 1927 romance, The Tunnel Thru the Air, that the most interesting
manipulations of all of them were those of E. H. Harriman. Had the men who gave him their “final
approval,” the men who had “tried for thirty years to solve the problem of financial success in wall Street,”
also “examined” these same manipulations, but without success?
Was a fictional conversation in his only romance a fragment of an actual conversation he had with

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a doubt and have proved it and I am sure 1909 will bring to us all the
family one of the brightest years of our lives. there are many good things
to happen for us all the you little dream of but mark my words before the
close of 1909 we will stand as a family the most prosperous in its history 15
and many honors will come in 1909 and the family circle will remain
unbroken as the death angel will not visit us in the new year. It is indeed a
happy thot to me that we approach the close of another year with all alive
and well and so far as I know with perfect love and peace in the family
between all brothers and sisters and I am sure were it possible at this time
for all to meet at home it would be a meeting of universal harmony and
William E. Gilley? Robert Gordon, the hero in The Tunnel Thru the Air, meets a “veteran of Wall Street,” who
told him, speaking of Harriman, “I believe that he possessed some mathematical method which enabled him
to forecast stocks many months and years in advance. I have gone over his manipulations and the stocks he
traded in, and found that they conform closely to the law of harmonic analysis” (pp. 200, 205). In the Ticker
interview Mr. Gann stated that "Mr. Harriman worked strictly in accordance with natural law".
Did “Willie Gann” enter into a co-partnership with Mr. Gilley out of gratitude to the latter for the
encouragement and help he gave to Mr. Gann during the time he was making his discovery? Did he say to
Mr. Gilley that he would not give away his secret, but he would gladly help Mr. Gilley to make money
through a co-partnership?
To all these questions we do not have a certain answer.
15 W. D. Gann occasionally refers, in his books, courses, and advertisements to the value of the “Master
Time Factor” as a forecasting tool. In his only romance, Mr. Gann describes the hero's “phenomenal”
financial success, which followed the making of a “discovery”: “Mr. Kennelworth, who was a member of the
Chamber of Commerce of Texarkana and one of the leading citizens, called a meeting of the Chamber of
Commerce, informed them of the phenomenal success of Robert Gordon who had left Texarkana one year
previous an unknown boy and who was now the most talked of young man in the world. He had made more
than a million dollars following his own discovery of how to use the laws laid down in the Bible for
foretelling the future course of cotton, grain and stocks . . .” (W. D. Gann, The Tunnel Thru the Air, pp. 226-
227) This fortune was made between Gordon's first trade in the markets, in January, 1927, (see pp. 65-70), and
June 1928. Years ago, Gann Study Group member Lorin Baker brought this passage to my attention,
suggesting that Gordon's sudden success was the result of discovering the Master Time Factor.
Compare this with what we know of Mr. Gann's own life at the very time this Christmas letter is
being written! Les Clemens, writing in his biographical sketch of W. D. Gann, states: “On August 8, 1908, he
made one of his greatest mathematical discoveries for predicting the trend of stocks and commodities. This
was 'The Master Time Factor.'” (See the Gann Study Group e-book “W. D. Gann on the MASTER TIME
FACTOR”.) Turning to a Gann publicity brochure, we find this entry for the year 1908: “May 12th left
Oklahoma City for New York City. August 8th made one of his greatest mathematical discoveries for
predicting the trend of stocks and commodities. Started trading with a capital of $300 and made $25,000.
Started another account with $130 and made $12,000 in thirty days time” (Mathematical Formula for Market
Predictions: Time Cycles Tell the Trend of Commodities, Stocks and Business, p. 1). As the year has almost
ended at the time that this letter is being written, presumably these triumphs had already been accomplished
and were what instilled the confidence Mr. Gann expressed above concerning the value of his discovery.
The items cited in this note, together with the enthusiastic comments in this Christmas letter, all seem

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love. I shall hope to be with you all in a few weeks and next Christmas
hope to spend the best Christmas yet with you all at home for I will be a
very wealthy man then and the rest of you will have no cause to complain
as to financial matters. Dear old Dad the Stars are already shedding a halo
of sunshine on your horoscope16 and fortune the greatest of your life will
begin early in ahe spring of 1909 and you will row very wealthy in the next
few years. I know your days of hard work is about over and you will see I
am right. To you Mother Neptune the God of water and long Journeys is
ruling and within the next two years you are to be very prosperous and
with Saturn the earthy planet good you will gain some wealth from the
earth and take a long journey and I judge be on the big waters or go on th
em for a short journey. I am quite sure you will see New York City.

I would like to have the date of birth of all the brothers and sisters
with the hour of birth as near right as possible to get it. 17

With the kindest wishes and great love to you all, I am,

Your loving son,

[signed] W D Gann18

to be telling us that there is something very powerful out there, about which we want to know more.

16 Mr. Gann's familiarity with his Father's horoscope, as of Dec. 19, 1908, is his earliest reference to
astrology that has yet come to light. The rest of the letter shows a very definite interest in the subject and
implies that Mr. Gann was already very comfortable in making up horoscopes by hand for analysis.
17 As precise as possible a birth time, as requested here by Mr. Gann, is a requisite in genethliacal (or
natal) astrology.
18 Source: http://www.bonniehill.net/pics.aux/gann/Christmas%20Letter%2012_19_1908.jpg . The
letter is reproduced on the following page of this e-book.

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OROLO & W. D. Gann

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 OROLO & W. D. Gann

THE OROLO ADVERTISEMENTS

[The New York Herald, Thursday, April 15, 1909]

“BULLS AND BEARS

“I am the only scientific expert19 on cotton, stocks and grain who keeps
your loss limited to one point and shows you how to get 5 to 20 points
profit. Your money refunded if not satisfied. Give me a trial this week. $3;
one month, $18. Rush remittance, get cream of a big move. Address
OROLO, 120 Liberty st.”20

19 In 1919, a reporter stated of Mr. Gann: “He does not want to be regarded as a prophet or a seer, but
rather as a man of science” (The New York Herald Magazine, Jan. 5, 1919, p. 15, hereinafter referred to as the
article or the interview in The New York Herald Magazine). In the Ticker interview, issued only months after
this OROLO advertisement appeared, Mr. Gann said that his method was the way “to speculate
scientifically”. An advertisement for Mr. Gann's newsletter, published in the Plain Dealer of Cleveland OH
on April 9, 1922, said in the opening paragraph: “Don't try to guess the top; quit gambling on hope; follow
Science and know; then you will have no regrets.” Robert Gordon said of speculation “if it can be made a
science . . . success and profits are sure” W. D. Gann, The Tunnel Thru the Air, pp. 66-67. At the time of the
1929 crash and the early years of the Depression that followed, his company was called W. D. Gann Scientific
Service, Inc. or W. D. Gann Scientific Inc. See
https://groups.yahoo.com/neo/groups/gannstudygroup/conversations/messages/251 .
20 As early as 1913 and possibly before, The Magazine of Wall Street, the successor to The Ticker and
Investment Digest, had its editorial offices at 120 Liberty Street, sometimes identified as 120-122 Liberty
Street. At the time of the interview with W. D. Gann, however, the Ticker was located at 2 Rector Street.

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+++

[The New York Herald, Sunday, April 18, 1909]

“FREE TIP.21
“Believing in the proverb 'Impossibility is the logic of fools,' I have proved
after nine years of scientific investigation that it is possible to know every
move the markets make.22 It is a scientific problem, not guess work, as
many believe.23 I have investigated all 'Systems,' found most of them
worthless to the average trader and none of them perfect. I investigated
astrology and kindred sciences to learn the law of the movements in the
markets.24 In them all there was something lacking,25 and not until I struck
21 The headline is sardonic. In a future OROLO advertisement, Mr. Gann will say that he gives no
inside information (i. e., tips). As will be seen from a reading of this ad, the tip in question is the offer of a free
issue of his newsletter, which was prepared, as we have seen, not by a “tipster,” but by a “scientific expert”.
22 At the end of the year, Gann would say in the Ticker interview: “For the past ten years I have
devoted my entire time and attention to the speculative markets. . . . After exhaustive researches and
investigations of the known sciences, I discovered that the Law of Vibration enabled me to accurately
determine the exact points to which stocks or commodities should rise and fall within a given time . . . I have
found that in the stock itself exists its harmonic or inharmonic relationship to the driving power or force
behind it. The secret of all its activity is therefore apparent.”
23 On the very first page of Truth of the Stock Tape, published in 1923, W. D. Gann says that people who
follow tips or who guess have no possibility of being successful; winners, on the other hand, will have a
“plan based on Science and Supply and Demand”. Gann inveighs frequently in his writings against both tips
and guesswork, which he sometimes spells as one word and sometimes as two.
24 Here we learn that in early 1909 Mr. Gann had already “investigated” (therefore was already familiar
with) astrology, which he indicates is among the “sciences”. Science was a designation that he would
continue to use in describing astrology. In his romance The Tunnel Thru the Air, published more than 18 years
later, Mr. Gann writes (p. 213) that the hero, Robert Gordon, “had gone deeply into the Bible study in order
to learn more about the great science of Astrology.” Less than five years after this advertisement was
published, in February 1914, we find W. D. Gann's name among the members of the Zodiac Council of The
Astrological Society, Inc., N.Y.; he sat on this board with noted astrologers such as Sepharial and Llewellyn
George, indicating that he was considered by his peers to be a master astrologer by this time
http://www.bonniehill.net/pics.aux/gann/AstrolBulletina.jpg .
25 The fact that he found something lacking in astrology when used by itself is a theme that W. D. Gann
took up again when interviewed in an article in The New York Herald Magazine, Jan. 5, 1919, p. 15: “Some
weeks ago I read an interesting article on the failure of astrologers in their predictions regarding the war.
Now there is a great deal in the vibrations of the planets, but to make accurate predictions the great law
behind it all, which the ancients understood, but which they purposely refrained from putting in their books,
as they wanted to keep the secret for themselves, must enter into the calculation. That is why astrology fails
for nothing can be accurate that is not based on mathematics – and so few astrologers are mathematicians.”

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 OROLO & W. D. Gann

upon the law of vibration and attraction as applied in Wireless Telegraphy

did I find the key to Wall Street.26 I find the different stocks grouped into
families,27 each having its own distinct vibration, which acts
sympathetically28 upon others of the group and causes them to move in
unison. I now have perfected my theory until I can forecast every move in
Stocks, Cotton and Wheat. Remember this is an age of progress and that
wireless telegraphy, which was thought impossible by the wise ones, is
now practicable. Knowing that there will be those who have little faith I
make this fair proposition: — Send your name and address and I will send
free one letter with information that will make enough money to pay for
one month's subscription, $18, providing you promise to subscribe if the
advice proves good, or I will send you my daily letter one week on receipt
of $3 and will refund your money if not satisfactory. Don't delay. Some big
moves soon to start in the markets. OROLO, 120 Liberty st., room 1,206.” 29

26 Mr. Gann, at the end of the year, said in the Ticker interview: “It is impossible here to give an
adequate idea of the Law of Vibration as I apply it to the markets, however, the layman may be able to grasp
some of the principles when I state that the Law of Vibration is the fundamental law upon which wireless
telegraphy, wireless telephones and phonographs are based. Without the existence of this law the above
inventions would have been impossible.” In 1927 in his romance The Tunnel Thru the Air, Mr. Gann added
(Chapter 7, p. 77): “The great law of vibration is based on like producing like. Like causes produce like
effects. Wireless telegraphy, the phonograph and the radio are based on this law.”
27 Mr. Gann would later write about groups of stocks in Book III, Chapter XVI of Truth of the Stock Tape.
In the Ticker interview he states, in regard to groups of stocks, that “The power to determine the trend of the
market is due to my knowledge of the characteristics of each individual stock and a certain grouping of
different stocks under their proper rates of vibration.” How many students of Gann theory today remember
this aspect of his work?
28 A vibration acting sympathetically is a scientific fact in the world of music: “When a tuning-fork or
any musical instrument sounds any note, it stirs up pulsations in the air all round; these act sympathetically,
as it is termed, on any vibrating body of the same vibration-period or pitch, and set it sounding, but have no
influence on a body of different tone or period” John Cook, Sound and the Physical Basis of Music (London: W.
& R. Chambers, 1877), p. 110 (emphasis in the original). This scientific fact was known to, and pondered by,
inventor Alexander Graham Bell, who said, "While reflecting upon the possibilities of the production of
sound by electrical means, it struck me that the principle of vibrating a tuning fork by the intermittent
attraction of an electro-magnet might be applied to the electrical production of music" J. E. Kingsbury, The
Telephone and Telephone Exchanges: Their Invention and Development, 1915, p. 26.
29 The room number 1,206 appears in only three of the advertisements, consecutively dated April 18,
April 25, and May 9, showing that it was not essential that it be included in the address in order for the firm,
and for Mr. Gann at its head, to receive mail.

19
OROLO & W. D. Gann

20
 OROLO & W. D. Gann

+++

The “Free Tip” ad seems to have caught the attention of readers. The very
next day, a scornful article appeared in an Albany newspaper, giving yet more
publicity to W. D. Gann, for which, this time, he didn't have to pay a cent!

[The Albany Evening Journal, Monday, April 19, 1909]

“Another Added to the Many.

“To the multitude of stock market tipsters whose advertisements fill a

page each Sunday in one of the New York newspapers, another with a new
method has added himself.30

“Orolo, he calls himself,31 which may mean golden Indian, or gold

brick, or humbug, or anything else. He says that his system is the product
of nine years of study and investigation. Most other systems are worthless
and none is perfect. He is perfect. He [illegible; knows? claims?] that it is
possible to tell beforehand every market movement.

“He investigated astrology and 'kindred sciences' and found them all
lacking in some essential respect. Then wireless telegraphy was invented
and this gave him the means for accurate prognostication for which he had
been groping during nine long years. 'The law of vibration and attraction,'
that's the thing with which he will conjure wealth into the pockets of any
and all total strangers who will send him money. 'I find the different stocks

30 The implication of the statement “another . . . has added himself” is that the OROLO ads are a recent
phenomenon. Thus the two ads reproduced above may indeed have been the very first ones to appear.
Although many advertisers may have chosen Sundays as the day to reach their readers, as we will see
throughout this collection, Mr. Gann did not choose any particular day of the week over another on which to
advertise. Evidently, instead, he chose to advertise at those moments which seemed to him to be opportune.
31 This is a mistake, as we have seen, although a natural one. OROLO was not the nickname of the
author of the advertisements, but was the name of the firm owned by their author, W. D. Gann.

21
 OROLO & W. D. Gann

grouped into families, each having its own distinct vibration, which acts
sympathetically upon others of the group and causes them to move in
unison,' he says, and to leave no doubt about his meaning he adds, 'I have
perfected my theory until I can forecast every move in stocks, cotton and
wheat.'

“[Missing text before the jump to a new column] is willing to sell

them at all. One would be inclined to think that a man having absolutely
correct foreknowledge of all market movements would use that
knowledge for his own exclusive benefit and gradually accumulate all the
money there is, leaving Rockefeller, Rogers, Harriman, Carnegie, Morgan,
Gates32 and the others of the multi-millionaire bunch [illegible] on their
uppers.

“But perhaps while he has absolute confidence in his system, he does

not trust it enough to stake his own money upon it.

“Of course, he will get patronage. Suckers are not addicted to race
suicide.”

32 John Davison Rockefeller, Henry Huttleston Rogers, Edward Henry Harriman, Andrew Carnegie,
John Pierpont Morgan, and John Warne Gates, were among the richest men in America in W. D. Gann's day.

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OROLO & W. D. Gann

23
 OROLO & W. D. Gann

+++

[The New York Herald, Sunday, April 25, 1909]

“THE NEW WAY.

“Science vs. Luck.
“Did it ever occur to you that years of study and calculation would reveal
the secret of speculation and make it a profitable profession? 33 Then why
guess at the market and lose when a few dollars will bring you daily the
latest scientific information on the markets? I have proved after years of
study that Vibration is the only theory that is practicable based on natural
[law],34 that warns you of a Destruction or Construction Vibration long
before it hits the market; two Vibrations soon to start in the market, one
very Destructive, the other very Constructive — which will start first? I can
tell you; scientific, sincere and confidential in all dealings. I positively
refund your money if not satisfied; some stocks good for five to ten points
next week; a fifteen point move soon to start in Wheat; don't delay, it is a
duty you owe yourself to get the best information and make money; send
$18 for one month's daily letters, or $3 for one week's trial. OROLO, 120
Liberty st., room 1,206.”

33 Making “speculation . . . a profitable profession” (an exact quote from the ad) was one of Mr. Gann's
goals. As he writes in the Foreword to his book Forty-Five Years in Wall Street, “In 1910 at the request of
friends I wrote a small booklet entitled 'Speculation a Profitable Profession.' In this booklet I gave the rules
that helped me to make a success in personal trading.”
34 A word is missing from the OROLO advertisement, which is probably the word law. In the Ticker
interview, William E. Gilley, his friend and business partner, says, “Mr. Gann's calculations are based on
natural law.”

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OROLO & W. D. Gann

25
 OROLO & W. D. Gann

+++

[The New York Herald, Sunday, May 9, 1909]

“FORTUNE KNOCKS
Every Day at Your Door.
“How few realize and take advantage of the opportunities offered to make
a fortune in Wall street until it's too late. If you have missed good things in
the past don't let this one go by. Remember, I have spent nine years in
perfecting a 'system' based on the law of vibration, and it is the only one
that is scientific, reliable and absolutely accurate at all times, enabling me
to tell you exactly where to buy and sell any stocks or commodities. 35 This
same law made Wireless Telegraphy possible. I make no mistakes, never
guess or give you so-called 'inside information.' What I give you is what
the men who make markets are doing. I never oppose the powers that be,
but go with them and help you to avoid the pitfalls that come to those who
guess. I have made good in the past, as hundreds can testify, 36 but you will
never know how much value my letters are until you have tried them. Isn't
it worth $3 to know that there is a real science, a genuine, and one that will
beat the market? If there was no genuine dollars there would be no
counterfeits. It is the same with those who claim to know what the markets
are going to do; it proves that there is some one WHO ALWAYS KNOWS,
and imitators try to follow. A trial will convince you that you can get no
better advice than I give. Your money refunded if not satisfied. Will name
Stocks in Monday's letter good for ten points rise before declining two; 37
equally good moves in Cotton and Wheat. Hasten your remittance, the
35 Here Mr. Gann speaks of being able to tell subscribers exactly where to buy and sell. Compare this
with what Wyckoff wrote a few months later in the Ticker interview: “In a large number of cases Mr. Gann
gave us in advance the exact points at which certain stocks and commodities would sell, together with prices
close to the then prevailing figures which would not be touched.”
36 Even though W. D. Gann's work was not widely known at this time, it was still known to “hundreds”
of persons, which means that at least within a certain circle of people he had achieved some notoriety. He
does not say here explicitly that these folks were all subscribers to his newsletter, though.
37 The author indicates that he is convinced that he knows the size of the move up as well as the size of
the move down, before these moves happen.

26
 OROLO & W. D. Gann

market won't wait. $3 for one week's trial or $18 per month. OROLO, 120
Liberty st., room 1,206, New York City.”

27
 OROLO & W. D. Gann

+++

[The New York Herald, Sunday, May 23, 1909]

“AN OLD LAW NEWLY

APPLIED.
Money Making Mathe-
matically Certain.38
“The next ten days the market will boil. You can make money if you get
the best advice, based on the only real, scientific law, VIBRATION. Every
stock has its peculiar vibration, which shows whether the energy drives it
upward or downward. Flammarion tells us everything is based on
vibration.39 Through this law Prof. De Forest discovered wireless
telegraphy.40 Euclid, the great mathematician, whose work was perfect,41
taught that mathematics was the basis of everything, and by it we prove
vibration.42 I am the only man who has applied this old law to speculative
markets and proved it correct.43 No other living man has possession of this
38 “Mathematics is the only exact science. All power under heaven and on earth is given unto the man
who masters the simple science of mathematics.” W. D. Gann, “The Basis of My Forecasting Method,” p. 1.
39 “Now, all in nature is motion, vibration, and harmony” Camille Flammarion, Popular Astronomy
(1894), p. 221. This book was on W. D. Gann's List of Books for Sale (sometimes nicknamed “Gann's
Recommended Reading List”). Later, in his book Dreams of an Astronomer (1923), he wrote: “. . . everything is
in vibration.” According to his obituary in The New York Times, June 5, 1925, Flammarion at one time wrote:
“In this universe, from the most formidable of suns to the most infinitesimal of atoms, all is activity,
movement, vibration.”
40 Lee De Forest was involved in the invention of the wireless telegraph, the wireless telephone, and the
radio. See footnote 26 above for further comments by Mr. Gann on these inventions.
41 That Euclid's "work was perfect," as the OROLO ad boldly proclaimed, was disputed in Mr. Gann's
day, with one author saying: "In point of fact, the absolute truth of nearly all Euclid's system is in
question . . ." W. B. Frankland, The Story of Euclid, (London: George Newnes, Limited, 1902), p. 14.
42 Euclid is famous for his work Elements of Geometry. See the “Afterword on the Ancients” in this e-
book. Note that the headline mentions an “old law”. An old law. Is Euclid the source of this law?
43 There seems to be a direct connection between this sentence and the sentence preceding it. Again, the
implication in this advertisement, not to be overlooked, is that knowledge of this “law” is at least as old as
Euclid. The powerful impression that “old” things made upon Mr. Gann comes through in the article in The
New York Herald Magazine, which says that Mr. Gann “made a fortune simply that he might have the
leisure necessary for him to follow his ambition – to study mathematics and delve into the knowledge held
by the ancients.” He told the writer, “It is marvelous the knowledge that these ancients had.”

28
 OROLO & W. D. Gann

secret knowledge, and there is no other information 'just as good' that tells
you what the markets will do.44 I don't boast of the past. I tell you what the
markets will do in the future. Letters on file in my office, open for
inspection, prove my past predictions correct.45 Ten to twenty points in
some stocks within thirty days and twenty-five points in July wheat. I can
tell you where and when to get in right. Will name stocks in Monday's
letter that will go five points in your favor before one against you. 46 One
ten share trade will make the price of a month's subscription, and do it
next week. If it doesn't I'll refund your money. If this is fair enough for
you, send me $5 for one week, or $18 for one month's daily letters, and at
the end of thirty days you will see it was the wisest move you ever made
and the best investment.47 OROLO, 120 Liberty st., New York city.”

44 In the Ticker interview Wyckoff says that Mr. Gann seems to have been a pioneer: “It appears to be a
fact that Mr. Gann has developed an entirely new idea as to the principles governing stock market
movements.” William E. Gilley added later in the piece: “. . . I do not believe any other man on earth can
duplicate the idea or his method at the present time.” Mr. Gann implies, however, that E. H. Harriman, who
was at this time still living (he died on Sept. 9, 1909), possessed at least some of “this secret knowledge”. In
the Ticker interview, he said: “I have examined every quotation of Union Pacific prior to and from the time of
E. H. Harriman's securing control, and can say that of all the manipulations in the history of Wall Street, Mr.
Harriman's was the most masterly. The figures show that, whether unconsciously or not, Mr. Harriman
worked strictly in accordance with natural law.” And in The Tunnel Thru the Air (p. 205) he said of Harriman:
“I believe that he possessed some mathematical method which enabled him to forecast stocks many months
and years in advance. I have gone over his manipulations and the stocks he traded in, and found that they
conform closely to the law of harmonic analysis. He certainly knew something about time and season
because he bought at the right time and sold at the right time.”
45 This presumably refers to his own market letters, but may also be speaking of letters from satisfied
subscribers. The language here is somewhat ambiguous. A little more than a decade later, W. D. Gann
exhibited to a journalist the letters from others that he had on file: “He showed the writer numerous letters
from men high in the army and navy. State executives, banking officials, well-known clergymen, and hosts of
others whose signatures to letters mean that the truth has been spoken. They are all men whose position and
standing could not afford them to write or say anything unless they knew the true facts about which they
were writing. This is a great credit to Mr. Gann and it proves that he knows whereof he speaks” (“A Brighter
Outlook for the Stock Market and General Business Conditions,” The Journal of Commerce, Jan. 15, 1921).
46 Again Mr. Gann claims to know the size of price moves and corrections before they happen.
47 In today's money, five dollars is probably the equivalent of at least $100.

29
OROLO & W. D. Gann

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 OROLO & W. D. Gann

+++

[The New York Herald, Monday, May 24, 1909]

“BULL MARKET
“Rapid advances will occur in many stocks this week. My letter will point
out the active ones and keep you off the dead ones.48 Don't miss a 25-point
move in July wheat. I can tell you when to buy and it will not go one point
against you.49 Send $5 for one week or $18 for one month's daily letters.
OROLO. 120 Liberty st., New York city.”

+++

[The New York Herald, Sunday, May 30, 1909]

“Market Movements Fore-

told Mathematically
Exact.
48 In the Ticker interview Mr. Gann said that “certain stocks at times lead the market and 'turn dead' at
other times.”
49 Both Wyckoff and Gilley, in the Ticker interview, describe Mr. Gann's ability to make accurate
forecasts of prices which were not violated.

31
 OROLO & W. D. Gann

“When you are in doubt as to what the market will do, remember my
calculations, based on the law of vibration, are always correct. Copies of
recent letters, on file in my office, will show you how correctly this law
pointed out the advance in Steel and at the same time forecasted the
decline in Reading. Big moves in many stocks this week. I can put you on
live ones and keep you off the dead ones. If you have tried other letters
and found them no good, don't condemn mine until you have tried them.
Special 'phone service daily to clients in city. Terms, $5 per week, $18 per
month, including daily letters on cotton, stocks and grain. OROLO, 120
Liberty st., New York city.”

+++

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 OROLO & W. D. Gann

[The New York Herald, Sunday, June 27, 1909]

“Market Movements Fore-

told, Mathematically
Exact.
“If you are in doubt as to what the market will do next week you need my
letter. Some stocks going higher; others will decline. Big money in Wheat
and Cotton. Can get you in right. Daily letter $5 per week, or $18 per
month. Try it and be convinced. OROLO, 120 Liberty st., New York city.”

+++

[The New York Herald, Sunday, July 11, 1909]

“MARKET MOVEMENTS
“always exact when calculated by the law of vibration; try my letters and
be convinced; $5 per week, $18 per month; will furnish information to

33
 OROLO & W. D. Gann

those residing in city for part of profits; investigate this plan. 50 OROLO,
120 Liberty st., New York.”

+++

[The New York Herald, Sunday, September 5, 1909]

“MARKET MOVEMENTS
FORETOLD,
MATHEMATICALLY EXACT.
“Are you in doubt as to what the market will do during the next ten days?
If so, don't fail to subscribe for my MARKET LETTERS. The market is very
dangerous now! Some stocks will decline 20 points while others will
advance. I will keep you right both ways.51 100 point move in cotton starts
this week, also 10 point move in wheat. Don't overlook this!

50 Little more than two years later, a cynical reporter for The (New York) Sun wrote in the Dec. 10, 1911,
issue: “Anybody who happens to be hunting for the secret of fortune need only to walk up or ride up — any
way to get up — six flights to the top floor of the old fashioned building at 81 New street, where he will find
W. D. Gann waiting and willing to impart it to him. Of course Mr. Gann isn't quite ready to give away his
secret of getting rich quick for nothing. Hardly that. But if you offer him just a little thing like $600 cash and
promise to pay him $600 more on the installment plan out of your net profits and then 5 per cent. out of your
net profits thereafter until you die, he will lease it to you gladly. You mustn't tell anybody else about it and
you must be honest in whacking up with him or there'll be trouble.”
51 This advertisement appeared at the beginning of September. It was the same story in the preceding
month, according to Mr. Gann in the Ticker interview; the securities of some major companies went down as
some were going up: ”While Union Pacific and other railroad stocks which made their high prices in August
were declining, United States Steel common was steadily advancing. The Law of Vibration was at work,
sending a particular stock on the upward trend, whilst others were trending downward.”

34
 OROLO & W. D. Gann

“One week's trial, $3, or $18 per month.

“OROLO, 120 Liberty st., N.Y.”

+++

[The New York Herald, Sunday, October 24, 1909]

“BULLS BEWARE!
BIG BREAK COMING.
“If you are long of stocks and waiting, hoping for a rally to get out, you
need my advice. Stocks in dangerous position: big moves at hand. You will
need expert advice to avoid heavy losses. My 'System' based on the Law of
Vibration enabled me to make 140 trades and only five showed losses, and

35
 OROLO & W. D. Gann

these were only small fractions. Can you beat my record? 52 Big moves in
cotton and wheat. My letters will be winners next few weeks. Don't miss
them. Terms, one week's trial $3, or $18 per month.

“OROLO, 120 Liberty st., N.Y.”

52 This claim of achieving 96.5 percent winning trades even beats the enviable feat reported in the
Ticker interview: “During the month of October, 1909, in twenty-five market days, Mr. Gann made, in the
presence of our representative, two hundred and eighty-six transactions in various stocks, on both the long
and short side of the market. Two hundred and sixty-four of these transactions resulted in profits; twenty-
two in losses. . . . Here is a trader, who, without any attempt to make a showing (for he did not know the
results were to be published), establishes a record of over ninety-two per cent profitable trades.”

36
 OROLO & W. D. Gann

+++

[The New York Herald, Sunday, October 31, 1909]

“THE LAW OF VIBRATION

VS.
GUESS WORK.
“For some time past I have daily predicted the rise and fall of stocks with
such wonderful precision that I have made the wide awake people
investigate, and the knowing ones wonder how it is done. 53 Everything is
simple if you know how.54 Science is probing the great LAW OF
VIBRATION,55 which controls the harmonies of life and nature.56 All
markets are subject to unfailing mathematical law,57 and I have discovered
53 “Investigate” is exactly the word used by Wyckoff about one month after this ad appeared to
describe what he did in connection with the work of W. D. Gann: “So repeatedly did his figures prove to be
accurate, and so different did his work appear from that of any expert whose methods we had examined, that
we set about to investigate Mr. Gann and his way of figuring out these predictions, as well as the particular
use which he was making of them in the market.” At the very time that this OROLO advertisement was
written, Mr. Gann was performing his remarkable trading exploits before a Ticker representative
investigating his work.
54 This is the moral of the story that is called “the Egg of Columbus,” in which Christopher Columbus is
supposed to have challenged his dinner partners one day to make an egg stand on its end, unsupported.
None were able to do it, at which point he took the egg, gently broke the tip, and stood it on its end. “The Egg
of Columbus has passed into a proverb to signify anything which one cannot do, and yet which one finds
very easy after being shown. The authenticity of this story has been denied on account of a similar anecdote
which is related of Brunelleschi, the Florentine architect, who lived nearly a century previous.” William A.
Wheeler, An Explanatory and Pronouncing Dictionary of the Noted Names of Fiction (Boston: Houghton, Mifflin
and Company, 1899), p. 409. George Bayer, an esoteric market analyst who was a contemporary of Mr.
Gann's, would later write a short work entitled “The Egg of Columbus”.
55 W. D. Gann used the same words, “the great law of vibration,” in The Tunnel Thru the Air, p. 77, in
1927 and referred to “the great law behind it all” in the 1919 article in The New York Herald Magazine,
adding, “There is no such thing as chance in this universe, and the names which we give our children are
governed by this great law.”
56 The statement that the Law of Vibration controls nature is in complete agreement with Mr. Gann's
references in the Ticker interview to “natural law”; there he asserts that “… every class of phenomena,
whether in nature or in the stock market, must be subject to the universal law of causation and harmony.”
57 Throughout these advertisements, expressions such as “the law of the movements in the markets,”
“the law of vibration and attraction” (or just “the law of vibration”), “natural law,” “real, scientific law,”and
now “unfailing mathematical law” are used. The idea that market movements obey scientific, mathematical
law is considered ludicrous by many today; one can only wonder how this claim was received in 1909.

37
 OROLO & W. D. Gann

how to apply this law successfully to Cotton, Wheat and Stocks. I am able
to tell you exact points to which markets will move up or down. 58 Ask
yourself seriously can you do without advice that is absolutely accurate
and reliable. There is no guess work in my method. You make money all
the time. The proof of the pudding is in the eating; I am using this
knowledge in my own speculations every day and making money. How
many of the Wall street advisers are willing to put their own money where
they advise you to?59 Before taking a letter better investigate and see if the
other man has arrived; if so, it is well to take his advice and follow it. Did
you get caught in the quick smashes of the market this week? If so, you
need my advice. My clients were told that Steel Common was a purchase
below $7, and that it would not sell at $6 before a big rise. 60 If this kind of
information is worth $5 to you per week, or $18 per month, you can have
it. Special Offer. — To new subscribers I will send you my letter daily for
one week for $3, and then refund your money if you are not satisfied.
Hasten your remittance. Some big moves in stocks, cotton and wheat next
week. I will put you right on them. OROLO, 120 Liberty st. New York.”

58 See footnotes 22 and 35 above, which quote the same “exact points” expression from the Ticker
interview. “Exact” is a word used several times in the OROLO ads.
59 W. D. Gann, in throwing down this challenge, definitively answers the criticism of the journalist
writing in The Albany Evening Journal by emphasizing that he trades his own analysis. The claimed rate of
profitable trades cited in the ad of Oct. 24, 1909, also suggests that he traded it extremely successfully.
60 It is worth noting again that the author of these advertisements claims to know in advance price
levels which will or will not be reached.

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OROLO & W. D. Gann

39
 OROLO & W. D. Gann

+++

[The New York Herald, Sunday, November 7, 1909]

“MARKET MOVEMENTS
FORETOLD.
MATHEMATICALLY EXACT.61
“Have you made money in stocks this week? If not, you have not had
proper advice. My clients were advised to buy Union Pacific, Southern
61 Three previous ads (on May 30, June 27, and Sept. 5) used the same words in the headline, with
variations in capitalization and punctuation. This is the last of eight times that W. D. Gann uses a word
beginning with “math” (mathematical, mathematically, mathematician, mathematics) in this series of
advertisements. These words are used another five times in the Ticker interview.
“'I figure things by mathematics,' Mr. Gann explained [in an interview]. 'There is nothing mysterious
about any of my predictions. If I have the data I can use algebra and geometry and tell exactly by the theory
of cycles when a certain thing is going to occur again.'” (The Evening Telegram, New York, New York, March
5, 1923.) Indeed, Mr. Gann wrote: “There is no top and bottom price which cannot be determined by
mathematics” (“Natural Resistance Levels and Time Cycle Points,” p. 10). Again, in The Tunnel Thru the Air,
he writes, “In making my predictions I use geometry and mathematics, just as the astronomer does, based on
immutable laws. . . . My calculations are based on the cycle theory and on mathematical sequences” (p. 75).
These later quotes refer not only to mathematics but also to geometry, which goes unmentioned in the
OROLO advertisements, except for the fact that the May 23, 1909, ad mentions Euclid. The author of the
interview in the New York Herald Magazine (1919) states, "The fact that the ancients wrote their numbers
and letters in geometrical figures opened the way to his discovery of the law that rules all things.”
The astrologer Sepharial writes in The Silver Key: “Geometry and the science of numbers will compass
every turf result and every market movement. In proportion as we increase our knowledge of these factors
we eliminate the element denominated chance.” But . . . the sentence that immediately precedes this one
reads: “In a word, I regard 'Chance' and 'Luck' as terms used to cloak our ignorance of natural laws and
affirm that planetary influence is at the root of every mundane event” including “the rise and fall of share
values on the Stock Exchange, or the prices of articles in the produce markets” (pp. 14, xi).
Then are astrology, geometry, and numbers to be used together in some way? Here is what Mr. Gann
says in the interview in The New York Herald Magazine: “Now there is a great deal in the vibrations of the
planets, but to make accurate predictions the great law behind it all, which the ancients understood, but
which they purposely refrained from putting in their books, as they wanted to keep the secret for themselves,
must enter into the calculation. That is why astrology fails for nothing can be accurate that is not based on
mathematics – and so few astrologers are mathematicians.”
Read properly, the last sentence of this quote does not mean, nakedly, “astrology fails,” as haters of
astrology may want to make Mr. Gann say, but rather it means that “astrology [used alone] fails . . . [because]
so few astrologers are mathematicians,” because so few astrologers use “the great law behind it all” that
“must enter into the calculation”. Astrologers in Mr. Gann's day had to be good at mathematics, because they
did horoscopes by hand, not by computer. So Mr. Gann in this quote is saying that there is a still deeper level
of understanding that was kept secret from them by the ancients and which he himself had discovered.

40
 OROLO & W. D. Gann

Pacific, Reading, Amalgamated Copper, American Smelting and U. S. Steel

Common at prices that show handsome profits.62 We also advised selling
Cotton short for the big break which is still under way. The stock market is
in a very dangerous position. Another big break is at hand. I can advise
you when to sell long stocks and go short for big profits. Remember, I am
the only man who bases his calculation on the LAW OF VIBRATION,
which gives exact buying and selling points.63 Daily letter, covering cotton,
stocks and grains, $5.00 per week, or $18.00 per month. To new subscribers
one week's trial for $3.00. Hasten your remittance and let me get you
started to making money at once. OROLO, 120 Liberty st., New York.”

62 Some two years later, W. D. Gann told a reporter that upon buying his mechanical method, “I will
deliver to you complete charts on Reading, Union Pacific, Steel, Amalgamated Copper, American Smelting
and Canadian Pacific, with full instructions how to begin in these stocks at once” The (New York) Sun, Dec.
19, 1911. Canadian Pacific replaces the OROLO ad's Southern Pacific; otherwise the lists are identical.
63 Within a few weeks W. D. Gann would be presented to the readers of The Ticker and Investment
Digest in exactly this light.

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THE TICKER INTERVIEW

[The Ticker and Investment Digest, December 1909]

William D. Gann

An Operator Whose Science and Ability Place Him in the Front Rank —
His Remarkable Predictions and Trading Record.

Sometime ago the attention of this magazine was attracted by certain

long pull stock market predictions which were being made by William D.
Gann. In a large number of cases Mr. Gann gave us in advance the exact
points at which certain stocks and commodities would sell, together with
prices close to the then prevailing figures which would not be touched.

For instance, when New York Central was 131 he predicted that it
would sell at 145 before 129.

So repeatedly did his figures prove to be accurate, and so different

did his work appear from that of any expert whose methods we had
examined, that we set about to investigate Mr. Gann and his way of
figuring out these predictions, as well as the particular use which he was
making of them in the market.

The results of this investigation are remarkable in many ways.

It appears to be a fact that Mr. Gann has developed an entirely new

idea as to the principles governing stock market movements. He bases his
operations upon certain natural laws which, though existing since the
world began, have only in recent years been subjected to the will of man,

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 OROLO & W. D. Gann

and added to the list of so-called modern discoveries.

We have asked Mr. Gann for an outline of his work, and have
secured some remarkable evidence as to the results obtained therefrom.
We submit this in full recognition of the fact that in Wall Street a man with
a new idea — an idea which violates the traditions and encourages a
scientific view of the proposition — is not usually welcomed by the
majority, for the reason that he stimulates thought and research. These
activities said majority abhors.

Mr. Gann's description of his experience and methods is given

herewith. It should be read with a recognition of the established fact that
Mr. Gann's predictions have proved correct in a large majority of
instances.

“For the past ten years I have devoted my entire time and attention to
the speculative markets. Like many others, I lost thousands of dollars and
experienced the usual ups and downs incidental to the novice who enters
the market without preparatory knowledge of the subject. 64

“I soon began to realize that all successful men, whether lawyers,

doctors, or scientists, devoted years of time to the study and investigation
of their particular pursuit or profession before attempting to make any
money out of it.

“Being in the brokerage business myself and handling large accounts,

I had opportunities seldom afforded the ordinary man for studying the

64 Mr. Gann wrote in his first book: “In getting my experience, I have been broke over 40 times, i.e., I
have lost all of my money, but there never has been a time yet when I lost my nerve. Years ago, when I was
experimenting and working on methods for forecasting the market, I would get in the market wrong and lose
all my working capital, but I never let it get my 'goat.' I studied very carefully how I made the mistake and
what the cause of the loss was. In this way, I profited by every mistake and loss, and was enabled to perfect
my method of forecasting and trading so that I could make a success” W. D. Gann, Truth of the Stock Tape,
(New York: Financial Guardian Publishing Co., 1923), p. 22.

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cause of success and failure in the speculations of others. I found that over
ninety per cent of the traders who go into the market without knowledge
or study usually lose in the end.

“I soon began to note the periodical recurrence of the rise and fall in
stocks and commodities. This led me to conclude that natural law was the
basis of market movements. I then decided to devote ten years of my life to
the study of natural law65 as applicable to the speculative markets and to
devote my best energies toward making speculation a profitable
profession. After exhaustive researches and investigations of the known
sciences, I discovered that the Law of Vibration enabled me to accurately
determine the exact points to which stocks or commodities should rise and
fall within a given time. The working out of this law determines the cause
and predicts the effect long before the Street is aware of either. Most
speculators can testify to the fact that it is looking at the effect and ignoring
the cause that has produced their losses.

“It is impossible here to give an adequate idea of the Law of

Vibration as I apply it to the markets, however, the layman may be able to
grasp some of the principles when I state that the Law of Vibration is the
fundamental law upon which wireless telegraphy, wireless telephones and
phonographs are based.66 Without the existence of this law the above
65 “. . . St. Augustine seems to have been the first of the [Church] Fathers to have a distinct conception
of the fact that the world is under the reign of law . . . His language on this subject is so explicit that it cannot
be mistaken. In his commentaries on Genesis, in his 'City of God,' as well as in his other works, he is
continually speaking of the laws of nature — leges naturæ — by which created things are governed . . . He
insists on it that we should explain the phenomena of the physical world in conformity with the nature of
things — naturas rerum — and not by the constant intervention of miracles, and emphasizes the fact that the
Almighty has 'ordained all things in measure and number and weight.'“ The Rev. J. A. Zahm, Bible, Science,
and Faith (Baltimore: John Murphy & Co., 1894), pp. 79-80. The passage referred to at the end of this quote —
“Thou hast ordered all things in measure, and number, and weight” — is found in the Wisdom of Solomon,
an apocryphal book of the Bible (in Roman Catholic Bibles, Wis. 11:21; in Protestant Bibles, Wis. 11:20; the
English given here is from the King James Version of the Apocrypha). In the Latin Vulgate, the phrase is:
“Omnia in mensura et numero et pondere disposuisti.”
66 ”The foundation on which wireless telegraphy is built is electromagnetic waves” J. Arthur Thomson,
The Outline of Science: A Plain Story Simply Told (New York: G. P. Putnam's Sons, 1922), p. 828.
“The wireless telephone, then, requires three important elements for its operation. First, there must

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inventions would have been impossible.

“In order to test out the efficiency of my idea I have not only put in
years of labor in the regular way, but I spent nine months working night
and day in the Astor Library of New York and in the British Museum of
London, going over the records of stock transactions as far back as 1820. 67 I
have incidentally examined the manipulations of Jay Gould, Daniel Drew,
Commodore Vanderbilt, and all the other important Wall Street
manipulators from that time to the present day. I have examined every
quotation of Union Pacific prior to and from the time of E. H. Harriman's
securing control, and can say that of all the manipulations in the history of
Wall Street, Mr. Harriman's was the most masterly. The figures show that,
whether unconsciously or not, Mr. Harriman worked strictly in accordance
with natural law.68

“In going over the history of markets and the great mass of related
statistics, it soon becomes apparent that certain laws govern the changes
and variations in the value of stocks and there exists a periodic or cyclic
law, which is at the back of all these movements.69 Observation has shown
be a generator of a continuous stream of electromagnetic waves which pass from sending to receiving
stations constantly and upon which speech vibrations can be carried. Second, there must be an instrument
which will modulate this stream of waves according to the voice vibrations to be transmitted. Third, there
must be a receiver which will reproduce accurately the variations in the waves and so make audible the
sounds which are acting upon the modulating apparatus.” John L. Hogan, Jr., “Wireless Telephoning Simply
Explained,” Popular Science Monthly, December 1915, pp. 724-725.
67 A decade later, talking with a newspaper reporter, Mr. Gann would add information to this original
statement. “In order to test my idea, I have not only put in years of labor in the regular way, but I spent nine
months working night and day in the old Astor library and in the British Museum, in London, poring over
ancient books on mathematics and geometry, as well as the records of stock transactions as far back as 1820”
The New York Herald Magazine, Jan. 5, 1919, p. 15 (emphasis added). This article is quoted in full in the
Gann Study Group e-book “W. D. Gann on THE LAW OF VIBRATION” or see the original at
http://www.bonniehill.net/pics.aux/gann/NY%20Herald%20Magazine%2001-05-1919.jpg .
68 See footnotes 14 and 44 above. In the Ticker interview Mr. Gann says that Harriman's trading
conformed to “natural law”; in The Tunnel Thru the Air, he says that it conformed to “harmonic analysis”.
69 Sepharial, the author most frequently found on W. D. Gann's List of Books for Sale, comments,
“What we know in science as the law of periodicity is but another instance of the rhythmic sequence of
vibrations, another name for the Kabalistic doctrine of numerical sequence“ Sepharial, Kabala of Numbers,
(Philadelphia: David McKay, 1920), Part II, p. 48. In The Silver Key, Sepharial adds, "We only speak of 'luck'
and 'chance' when we would avoid a confession of our own ignorance of the law underlying the correlated

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that there are regular periods of intense activity on the Exchange followed
by periods of inactivity. Mr. Henry Hall, in his recent book devoted much
space to 'Cycles of Prosperity and Depression' which he found recurring at
regular intervals of time.70 The law which I have applied will not only give
these long cycles or swings, but the daily and even hourly movements of
stocks. By knowing the exact vibration of each individual stock 71 I am able
to determine at what point each will receive support and at what point the
greatest resistance is to be met.

“Those in close touch with the markets have noticed the phenomena
of ebb and flow,72 or rise and fall in the value of stocks. At certain times a
successiveness of events" (p. 81).
70 The book How Money is Made in Security Investments by Henry Hall is available in various editions
online at The Internet Archive and at Google Books.
71 In the 1919 article in the New York Herald Magazine, the reporter wrote: “Mr. Gann added that his
researches showed that the ancients had knowledge of natural laws of which we can scarcely dream, that in a
sense they were wiser than we are to-day. The fact that the ancients wrote their numbers and letters in
geometrical figures opened the way to his discovery of the law that rules all things. He found that every
letter and every number was written in a geometrical angle that determined the power of its vibration.
Knowing this vibration in the letters of an individual's name, in the letters contained in the name of a stock or
in the letters of the name of a country or a ruler, the destiny of that individual, that stock or that ruler and
country can be correctly seen.” Later he would add that “. . . each stock works according to its own base,
beginning point, numbers and name.” (W. D. Gann, "Master Charts" in the Master Stock Course, p. #4 M. C.)
72 Tides, in an old dictionary, are defined as “two periodical motions of the waters of the sea; called also
the flux and reflux, or the ebb and flow” Peter Barlow, A New Mathematical and Philosophical Dictionary (London:
Whittingham and Rowland, 1814). Note also that “In speaking of the Tides we must carefully distinguish
between the Rise and Fall of the Tide, and the Flow and Ebb of the Tide. They are both occasioned by the same
cause, viz., the attraction of the Sun and Moon upon the waters of the sea. Of these two effects, the first, or
Rise and Fall of the tide, is best known to landsmen; while the second, or Flow and Ebb of the Tide, causing
currents in tie water, is that which attracts the attention of sailors” The Rev. Samuel Haughton, M. D., Manual
of Tides and Tidal Currents, (London: Longman, Green, Longman, Roberts, & Green, 1865), p. 6 Earlier in the
interview, Mr. Gann used both the words “periodical” (first source quoted) and “rise and fall” (second source
quoted): “I soon began to note the periodical recurrence of the rise and fall in stocks and commodities. This
led me to conclude that natural law was the basis of market movements.“ The word tide makes its
appearance throughout the writings of W. D. Gann (“go with the tide and not against it,” “the tide is flowing
out,” “Always go with the tide,” “the tide is running in your favor,” “Uncle Sam's boys … turned the tide” in
Truth of the Stock Tape, pp. 19, 34, 38, 168; “the tide had turned against me” and “the tide has turned against
him” in Wall Street Stock Selector, pp. 35, 36; “they began to turn the tide against the Germans,” “a tide as
moving seems asleep” (poem), “the tide had turned against him,” “the tide was at last turning,” “turning the
tide of war in their favor” in The Tunnel Thru the Air, pp. 13, 165, 204, 288, and 359; “the tide would turn
against Germany” in “Face Facts America!”, p. 30; and "Panics will come and bull markets will follow just as
long as the world stands and they are just as sure as the ebb and flow of the tides" in How to Make Profts
Trading in Commodities, p. 9). Several references to tides are also found in Sepharial's books The Silver Key,

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stock will become intensely active, large transactions being made in it; at
other times this same stock will become practically stationary or inactive
with a very small volume of sales. I have found that the Law of Vibration
governs and controls these conditions. I have also found that certain
phases of this law govern the rise in a stock and an entirely different rule
operates on the decline.

“While Union Pacific and other railroad stocks which made their
high prices in August were declining, United States Steel common was
steadily advancing. The Law of Vibration was at work, sending a
particular stock on the upward trend, whilst others were trending
downward.73

“I have found that in the stock itself exists its harmonic or inharmonic
relationship to the driving power or force behind it. 74 The secret of all its
activity is therefore apparent. By my method I can determine the vibration
of each stock and by also taking certain time values into consideration I
can in the majority of cases tell exactly what the stock will do under given
conditions.

“The power to determine the trend of the market is due to my

Cosmic Symbolism, and The Kabala of Numbers. The content of these three books is inter-related
https://groups.yahoo.com/neo/groups/gannstudygroup/conversations/messages/223 .
73 “Some groups of stocks advance while others decline at the same time. This is due to various causes
and conditions in the different industries” W. D. Gann, Forty-Five Years in Wall Street, p. 3.
74 Inharmonic is a word that is, or was, used by musicians. “In Music, inharmonic relation is a term
denoting that a dissonant sound is introduced which was not heard in the preceding chord“ John Craig, A
New Universal Etymological, Technological, and Pronouncing Dictionary of the English Language, (London:
Routledge, Warnes, and Routledge, 1859), vol. II, p. 541. The inharmonic relation was known in Latin as the
relatio non harmonica according to J. F. Danneley, An Encyclopædia, or Dictionary of Music (London: Preston,
1825). The following sentence was on technical analyst Connie Brown's web site for a number of years: “In
Gann's original list of recommended books to read, he listed several books on music theory.” Tony Plummer
in The Law of Vibration: The Revelation of William D. Gann (Hampshire UK: Harriman House, 2013) mentions
two books on the subject of music: Russell A. Smith's Gurdjieff: Cosmic Secrets and P. D. Ouspensky's In Search
of the Miraculous. A summary of the Ouspensky book
http://www.bonniehill.net/pages/metaphysics.html#way along with a summary of The Manual of
Harmonics of Nicomachus the Pythagorean, translation and commentary by Flora R. Levin
http://www.bonniehill.net/pages/metaphysics.html#geom are provided on Bonnie Lee Hill's website.

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knowledge of the characteristics of each individual stock and a certain

grouping of different stocks under their proper rates of vibration. 75 Stocks
are like electrons, atoms, and molecules, which hold persistently to their
own individuality in response to the fundamental Law of Vibration.
Science teaches 'that an original impulse of any kind finally resolves itself
into periodic or rythmical motion,'76 also 'just as the pendulum returns
again in its swing, just as the moon returns in its orbit, just as the
advancing year ever brings the rose of spring, so do the properties of the
elements periodically recur as the weight of the atoms rises.' 77

“From my extensive investigations, studies and applied tests, I find

that not only do the various stocks vibrate, but that the driving forces
controlling the stocks are also in a state of vibration. These vibratory forces
can only be known by the movements they generate on the stocks and
their values in the market. Since all great swings or movements of the
market are cyclic they act in accordance with periodic law.

“Science has laid down the principle that 'the properties of an

element are a periodic function of its atomic weight.'78 A famous scientist
has stated that 'we are brought to the conviction that diversity in
phenomenal nature in its different kingdoms, is most intimately associated
with numerical relationship. The numbers are not intermixed, chaotically
and accidentally, but are subject to regular periodicity. 79 The changes and
75 In his book, How to Make Profits Trading in Commodities, in the front matter in a section entitled “Can
Money Be Made in Commodities Futures?,” Mr. Gann stated that: “Stock prices tend to move by groups of
stocks, while commodities move independently.” Earlier he had written, “I study each stock separately . . . I
also study each group of stocks separately, such as, Motors, Oils, Steels, Rails, and Coppers, as different
groups are leaders in Bull or Bear cycles under different conditions. I determine the leading group by
applying the 'time' factor and study of Volume.” Wall Street Stock Selector, p. 43 of the end matter. See the
latter book and also Truth of the Stock Tape for discussion of his methods of studying stock groups; also
footnotes 27 and 73 above.
76 Source: Prof. W. F. Barrett, “Light and Sound: An Examination of their Reputed Analogy,” The
Quarterly Journal of Science, January, 1870, p. 1.
77 Source: Robert Kennedy Duncan, The New Knowledge, (New York: A. S. Barnes & Company, 1906), p.
23. The end of the original sentence reads “as the weights of the atoms rise.”
78 Ibid., p. 22.
79 “[According to ancient philosophy and Hebrew thought, the] harmony of numbers was the world's

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developments are also seen to be in many cases undulatory.' 80

“Thus, I affirm, every class of phenomena, whether in nature or in the

stock market, must be subject to the universal law of causation and
harmony. Every effect must have an adequate cause.

“If we wish to avert failure in speculation we must deal with causes.

Everything in existence is based on exact proportion and perfect
relationship.81 There is no chance in nature, because mathematical
principles of the highest order lie at the foundation of all things. 82 Faraday
said: 'There is nothing in the Universe but mathematical points of force.' 83
mystery, and the mathematical relations of each thing were the ground and essence of its nature. The
universe rests upon one great hidden system of numbers . . .“ A. Hausrath, A History of the New Testament
Times: The Time of Jesus, (London: Williams and Norgate, 1878), vol. I, p. 117.
80 Source: Edward T. Bennett, “The Magic of Numbers,” The Occult Review, July 1916, p. 11.
81 This sentence is repeated in Mr. Gann's book How to Make Profits Trading in Commodities, and he
wastes no time there in driving home the point in unmistakable language: "Every Commodity makes a TOP
or BOTTOM on some exact mathematical point in proportion to some previous high or low level" (p. 34); that
is to say, "an exact mathematical proportion to some other TOP or BOTTOM" (p. 32).
”Proportion is a principle in Nature which is a purely mathematical one and to be rightly interpreted
by man through the means of geometry . . . all of the details of a form in Nature are accurately united in
perfect harmony, but the scheme of this unity can only be determined with precision by the use of
mathematical measurements, angles, points, lines, and surfaces, produced by geometric principles” Samuel
Colman, Nature's Harmonic Unity: A Treatise on its Relation to Proportional Form, (New York: G. P. Putnam's
Sons, 1912), pp. 1, 3. According to Sepharial: “It is for us to study the language of Nature in a proper spirit, if
we would learn to read its symbols and gain any practical knowledge of its secret operations. And the key to
this study is Numbers — ratios, quantitive relations, the geometry of things” Sepharial, The Kabala of
Numbers: A Handbook of Interpretation, Part II, pp. 29-30. “. . . since all geometrical relations are expressions of
numerical ratios, we give natural assent to the power of numbers on which, in the Pythagorean concept, the
universe is founded” Sepharial, The Kabala of Numbers: A Handbook of Interpretation, (Philadelphia: David
McKay, 1920), Part I, p. 19.
82 ”It is said by such as profess the Mathematical sciences, that all things stand by proportion, and that
without it nothing could stand to be good or beautiful. The Doctors of our Theology to the same effect, but in
other terms, say: that God made the world by number, measure and weight: some for weight say tune, and
peradventure better” George Puttenham , The Arte of English Poesie [June?] 1589 (edited by Edward Arber),
(Birmingham, 1869), The Second Booke, Chap. 1, Of Proportion Poeticall, p. 79. The spelling in this quote has
been modernized.
83 The only place in which this statement has been found to date by the Gann Study Group is in this
typographical-error-ridden sentence: “Faraday went Newton one bettr, he declaired there is nothing in the
universe but mathematical ipoints of force.” Lyman E. Stowe, Karmenia; or, What the Spirit Told Me, (self-
published, 1918), p. 25. See the Gann Study Group e-book “W. D. Gann on THE LAW OF VIBRATION” for a
further discussion of the origin of each of the quotes from outside sources appearing in the Ticker interview.
Stowe was on the Zodiac Council with W. D. Gann.

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“Vibration is fundamental; nothing is exempt from this law; it is

universal, therefore applicable to every class of phenomena on the globe. 84

“Through the Law of Vibration every stock in the market moves in its
own distinctive sphere of activities, as to intensity, volume and direction;
all the essential qualities of its evolution are characterized in its own rate of
vibration. Stocks, like atoms, are really centers of energies, therefore they
are controlled mathematically. Stocks create their own field of action and
power; power to attract and repel, which principle explains why certain
stocks at times lead the market and 'turn dead' at other times. Thus to
speculate scientifically it is absolutely necessary to follow natural law.

“After years of patient study I have proven to my entire satisfaction

as well as demonstrated to others that vibration explains every possible
phase and condition of the market.”

In order to substantiate Mr. Gann's claims as to what he has been able

to do under this method, we called upon Mr. William E. Gilley, an
Inspector of Imports, 16 Beaver street, New York. Mr. Gilley is well-known
in the down-town district.85 He himself has studied stock market
movements for twenty-five years, during which time he has examined
every piece of market literature that has been issued and procurable in
Wall Street. It was he who encouraged Mr. Gann to study out the scientific
This paragraph in the Ticker interview is used later by Mr. Gann in the Master Stock Course lesson
entitled “Resistance Levels,” as the first paragraph, and, as already noted, on p. 34 of his last book, How to
Make Profits Trading in Commodities.
84 ”In the Book of Wisdom it is written, 'Thou has ordered all things in measure and number and
weight.' This passage recalls the famous inscription on the temple of Delphi, 'Number is the Law of the
Universe' and the Pythagorean teaching, expounded by Plato, that the whole universe is created and upheld
on mathematical principles. Number in this sense is rhythm, ordered vibration, the cosmos that was bought
out of chaos, the order by which stars are directed in their courses, by which worlds and solar systems are
sustained. This is what the Greeks recognized when they declared that all was 'number.'” Daisy E. Grove and
E. L. Gardner, Mystery Teaching of the Bible, (London: Theosophical Publishing House Ltd., 1925), p. 40.
85 Mr. Gilley was well enough known, in fact, that his obituary appeared in The New York Times in
1934.

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and mathematical possibilities of the subject. When asked what had been
the most impressive of Mr. Gann's work and predictions, he replied as
follows:

“It is very difficult for me to remember all the predictions and

operations of Mr. Gann which may be classed as phenomenal,86 but the
following are a few: In 1908 when Union Pacific was 168 1/8, he told me
that it would not touch 169 before it had a good break. We sold it short all
the way down to 152 5/8, covering on the weak spots and putting it out
again on the rallies, securing twenty-three points profit out of an eighteen-
point move.

“He came to me when United States Steel was selling around 50 and
said 'This Steel will run up to 58 but it will not sell at 59. From there it
should break 16 3/4 points.' We sold it short around 58 3/8 with a stop at
86 Mr. Gilley was doubtless the author of the following letter, which sheds further light on his
admiration of his friend W. D. Gann:
”New York, October, 1931
“Dear Friend Gann:
“Again I must congratulate you on your marvelous predictions. I have followed your work closely
for the past 23 years [which would mean since 1908]. I well remember that in the early part of 1909 you
forecast the exact date in August when stocks would reach extreme high and came within about 1/8 of the
exact high level for the Wall Street Journal railroad average. Twenty years later I saw your prediction fulfilled
in September, 1929, when you said that stocks would make top and that the worst panic in history would
follow, all of which has proved too true.
“But the most amazingly accurate long-range prediction you have ever made was in your book, 'The
Tunnel Thru the Air,' which you wrote in the early part of 1927. I have watched prediction after prediction
fulfilled and have been especially interested in your forecast on the stock market for October 3rd, 1931 [The
Tunnel Thru the Air, p. 327]. I had watched stocks go down and down as if no bottom was in sight and when
last Saturday, October 3rd, stocks reached the lowest level in years [stocks traded on Saturdays at that time], I
said to myself, my friend Gann has called the turn and it's time for me to take my market basket to Wall
Street and fill it with bargains. Monday, October 5th, arrived and stocks smashed to the lowest of the year.
Today, at the close, I see that they are up 10 to 15 points from Monday's lowest. You missed the bottom by
two days, counting Sunday. Well, that's pretty close when we consider you made the calculation 4 1/2 years
ago.
“You have certainly demonstrated that when a man understands the practical rules and laws in the
Bible, the future becomes an open book. May you live long and prosper, is my sincere wish for you.
“Very truly your,
“W. E. G.”
Quoted in “Mathematical Formula for Market Predictions: Time Cycles Tell the Trend of Commodities,
Stocks and Business” (publicity brochure), pp. 8, 9. Notes in brackets are supplied by the Gann Study Group.

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59. The highest it went was 58 3/4. From there it declined to 41 1/4 — 17
1/2 points.

“At another time wheat was selling at about 89c. He predicted that
the May option would sell at $1.35. We bought it and made large profits on
the way up. It actually touched $1.35 1/2.

“When Union Pacific was 172, he said it would go to 184 7/8 but not
an eighth higher until it had had a good break. It went to 184 7/8 and came
back from there eight or nine times. We sold it short repeatedly with a stop
at 185 and were never caught. It eventually came back to 172 1/2.

“Mr. Gann's calculations are based on natural law. I have followed

his work closely for years. I know that he has a firm grasp of the basic
principles which govern stock market movements, and I do not believe
any other man on earth can duplicate the idea or his method at the present
time.

“Early this year he figured that the top of the advance would fall on a
certain day in August and calculated the prices at which the Dow-Jones
averages would then stand. The market culminated on the exact day and
within four-tenths of one per cent. of the figures predicted.”

“You and Mr. Gann must have cleaned up considerable money on all
these operations,” was suggested.

“Yes, we have made a great deal of money. He has taken half a

million dollars out of the market in the past few years. I once saw him take
$130, and in less than one month run it up to over $12,000. 87 He can
compound money faster than any man I ever met.”

87 See footnote 15 above.

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“One of the most astonishing calculations made by Mr. Gann was

during last summer (1909) when he predicted that September wheat
would sell at $1.20. This meant that it must touch that figure before the end
of the month of September. At twelve o'clock, Chicago time, on September
30th (the last day) the option was selling below $1.08, and it looked as
though his prediction would not be fulfilled. Mr. Gann said 'If it does not
touch $1.20 by the close of the market it will prove that there is something
wrong with my whole method of calculation. I do not care what the price
is now, it must go there.' It is common history that September wheat
surprised the whole country by selling at $1.20 and no higher in the very
last hour of the trading, closing at that figure.”88

So much for what Mr. Gann has said and done as evidenced by
himself and others. Now as to what demonstrations have taken place
before our representative:

During the month of October, 1909, in twenty-five market days, Mr.

Gann made, in the presence of our representative, two hundred and
eighty-six transactions in various stocks, on both the long and short side of
the market. Two hundred and sixty-four of these transactions resulted in
profits; twenty-two in losses.

The capital with which he operated was doubled ten times, so that at
the end of the month he had one thousand per cent. on his original margin.

In our presence Mr. Gann sold Steel common short at 94 7/8, saying
that it would not go to 95. It did not.

On a drive which occurred during the week ending October 29th, Mr.
Gann bought Steel common at 86 1/4, saying that it would not go to 86.
The lowest it sold was 86 1/8.

88 Here is the daily wheat chart: http://www.bonniehill.net/pics.aux/gann/wheat_sept_1909.gif .

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We have seen him give in one day sixteen successive orders in the
same stock, eight of which turned out to be at either the top or the bottom
eighth of that particular swing. The above we can positively verify.

Such performances as these, coupled with the foregoing, are probably

unparalleled in the history of the Street.

James R. Keene has said, “The man who is right six times out of ten
will make his fortune.” Here is a trader, who, without any attempt to make
a showing (for he did not know the results were to be published),
establishes a record of over ninety-two per cent profitable trades.

Mr. Gann has refused to disclose his method at any price, but to those
scientifically inclined he has unquestionably added to the stock of Wall
Street knowledge and pointed out infinite possibilities.

We have requested Mr. Gann to figure out for the readers of The
Ticker a few of the most striking indications which appear in his
calculations. In presenting these we wish it understood that no man, in or
out of Wall Street, is infallible.

Mr. Gann's figures at present indicate that the trend of the stock
market should, barring the usual rallies, be toward lower prices until
March or April, 1910. He calculates that May wheat, which is now selling
at $1.02, should not sell below 99c. and should sell at $1.45 next spring.

On cotton, which is now at about the 15c. level, he estimates that,

after a good reaction from these prices, the commodity should reach 18c. in
the spring of 1910. He looks for a corner in the March or May option.

Whether these figures prove correct or not, will in no sense detract

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from the record which Mr. Gann has already established.

Mr. Gann was born in Lufkin, Texas, and is thirty-one years of age.89
He is a gifted mathematician, has an extraordinary memory for figures,
and is an expert Tape Reader. Take away his science and he would beat the
market on his intuitive tape reading alone.90

Endowed as he is with such qualities, we have no hesitation in

predicting that within a comparatively few years Wm. D. Gann will
receive full recognition as one of Wall Street's leading operators.

R. D. W.91

Note: — Since the above forecast was made, Cotton has suffered the
expected decline, the extreme break having been 120 points. The lowest on
May wheat thus far has been $1.01 5/8. It is now selling at $1.06 1/4.

89 George Winslow Plummer, the head of the Societas Rosicruciana in America, collected natal
horoscopes of prominent persons and was in possession of the following data from W. D. Gann, apparently
in the latter's own handwriting: ”Name: Gann, W. D.; Birthplace: Lufkin, Texas; Year: 1878; Month: June;
Day: 6; Hour: 10:34 AM; Lat.: 31° 20' N; Long.: 94° 47' W; True Local Time: 10:34 AM; Greenwich Mean Time:
4:53:08 PM; Day: 6th; Sidereal Time: 3-33'-55”.34; Occ.: Financial statis. and Astrologer; Date: Sep. 17, 1930
Birth data rec'd personally from Mr. Gann, (signed) George Winslow Plummer”.
90 This high praise came from Richard D. Wyckoff, the editor and publisher of The Ticker and
Investment Digest, who was the author of Studies in Tape Reading, written under the pseudonym of Rollo
Tape. This book was so significant in its field that it is still in print today.
91 Richard Demille Wyckoff.

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AFTERWORD ON THE ANCIENTS

The work of the ancients captivated W. D. Gann.

In the article appearing in The New York Herald Magazine in 1919,

Mr. Gann stated: “It is marvelous the knowledge that these ancients
had.”92 Indeed, the author claimed that Mr. Gann had “made a fortune
simply that he might have the leisure necessary for him to follow his
ambition – to study mathematics and delve into the knowledge held by the
ancients.”

As the journalist explained it, “He made his discovery [of the Law of
Vibration] about 20 years ago,93 after weeks and months of research into
geometry and mathematics in ancient books and at a cost of $25,000. . . .
Mr. Gann added that his researches showed that the ancients had
knowledge of natural laws of which we can scarcely dream, that in a sense
they were wiser than we are to-day. The fact that the ancients wrote their
numbers and letters in geometrical figures opened the way to his
discovery of the law that rules all things. He found that every letter and
every number was written in a geometrical angle that determined the
power of its vibration. Knowing this vibration in the letters of an
individual's name, in the letters contained in the name of a stock or in the
letters of the name of a country or a ruler, the destiny of that individual,
that stock or that ruler and country can be correctly seen.”

Mr. Gann himself told the journalist: “In order to test my idea, I have
not only put in years of labor in the regular way, but I spent nine months
working night and day in the old Astor library and in the British Museum,

92 Based on what is known to date, beginning in 1923, with the publication of Truth of the Stock Tape, Mr.
Gann referred to the Holy Bible as a source book for his market theory and made little reference to the
ancients. Prior to 1923, he spoke of the ancients and seems to have made no reference to the Bible.
93 1919-20 = 1899.

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in London, poring over ancient books on mathematics and geometry, as

well as the records of stock transactions as far back as 1820.” This is very
similar to something that he said in the Ticker interview, but there is
added information here. He said that he spent time in these libraries
“poring over ancient books on mathematics and geometry”.

Mathematics and geometry! How frequently does W. D. Gann pair

the idea of numbers or mathematics and geometry! He is not content to
mention geometry by itself. For example:

“In making my predictions I use geometry and mathematics, just as

the astronomer does, based on immutable laws.”94

“My Method of operating in the Stock Market is all based on

mathematical points or geometrical angles. The Resistance Levels are all
geometrical angles because they are 1/8, 1/4, 1/2, 3/4, 1/3, 2/3, etc.,
which are proportional parts of a circle whether large or small and,
therefore, represent geometrical angles.

“. . . anything that can be proved in any way or by any science is not

correct unless it can be proved by numbers and by geometry.”95

“We use geometrical angles to measure Space and Time periods

because it is a shorter and quicker method than addition or multiplication,
provided you follow the rules and draw the angles or lines accurately from
tops and bottoms or extreme highs and lows. You may make a mistake in
addition or multiplication, but the geometrical angles accurately drawn
will correct this mistake. . . .

“There are three important points that we can prove with

94 The Tunnel Thru the Air, p. 75.

95 “Method for Forecasting the Stock Market, in the Master Stock Course,” pp. 11, 22.

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mathematics or geometry: the Circle, the Square, and the Triangle.” 96

The circle, the square, the triangle, and more are found in an
illustration accompanying a Latin translation of Harmonics by Ptolemy, one
of the ancients:

96 “The Basis of My Forecasting Method,” in the Master Stock Course, pp. GA-3, GA-4. The author of
the interview in the New York Herald Magazine said of Mr. Gann: “He has a big, ponderous volume filled
with these figures – squares, angles, pyramids and circles – and whenever he wants to know anything he
turns to a certain geometrical figure and puts his finger on the answer.” See also footnote 61 above.

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In the OROLO advertisements, Mr. Gann often speaks of the

mathematical nature of his work. The one ancient mentioned in the
OROLO advertisements was Euclid, who was known as “the father of
geometry,” but whom Mr. Gann identifies as “the great mathematician”:

“Euclid, the great mathematician, whose work was perfect, taught

that mathematics was the basis of everything, and by it we prove
vibration.”97

One wonders if among the “ancient books on mathematics and

geometry” consulted by Mr. Gann was The Elements of Geometrie of Euclid of
Megara as translated by Sir Henry Billingsley in 1570, with a
“Mathematicall Praeface” by John Dee, astrologer, mathematician, and
adviser to Queen Elizabeth I. Dee specifically wrote therein of how some
people were able to use numbers to foretell the future.

“And therefore the great & godly Philosopher Anitius Boetius, 98 sayd:
Omnia quæcunque a primæua rerum natura constructa sunt, Numerorum
videntur ratione formata. Hoc enim fuit principale in animo Conditoris Exemplar.
That is: All thinges (which from the very first originall being of thinges, haue
bene framed and made) do appeare to be Formed by the reason of Numbers. For
this was the principall example or patterne in the minde of the Creator. O
comfortable allurement, O rauishing perswasion, to deale with a Science,
whose Subiect, is so Auncient, so pure, so excellent, so surmounting all
creatures, so vsed of the Almighty and incomprehensible wisdome of the
Creator, in the distinct creation of all creatures: in all their distinct partes,
properties, natures, and vertues, by order, and most absolute number,
brought, from Nothing, to the Formalitie of their being and state. By
97 The New York Herald, Sunday, May 23, 1909.
98 Boethius was the standard author in the Middle Ages on both arithmetic and music (harmonics), two
of the four subjects in the medieval curriculum known as the Quadrivium. Masi, Michael, Boethian Number
Theory: A Translation of De Instiutione Arithmetica, Amsterdam: Editions Rodopi, 1983, is his arithmetical text
in English.

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Numbers propertie therefore, of vs, by all possible meanes, (to the

perfection of the Science) learned, we may both winde and draw our selues
into the inward and deepe search and vew, of all creatures distinct vertues,
natures, properties, and Formes: And also, farder, arise, clime, ascend, and
mount vp (with Speculatiue winges) in spirit, to behold in the Glas of
Creation, the Forme of Formes, the Exemplar Number of all thinges Numerable:
both visible and inuisible, mortall and immortall, Corporall and Spirituall.
Part of this profound and diuine Science, had Ioachim the Prophesier
atteyned vnto:99 by Numbers Formall, Naturall, and Rationall, forseyng,
concludyng, and forshewyng great particular euents, long before their
comming. His bookes yet remainyng, hereof, are good profe: And the
noble Earle of Mirandula,100 (besides that,) a sufficient witnesse: that
Ioachim, in his prophesies, proceded by no other way, then by Numbers
Formall.”101

Although Euclid was noted for many things,102 chiefly geometrical, he

99 Joachim of Fiore was a medieval monk whose theological writings strongly emphasized the role of
numbers in prophecy. He was placed in the company of Nostradamus by Sepharial. “If, as Pythagoras said:
'The world is built upon the power of numbers,' then numbers must be the key to the understanding of the
world. That many remarkable prophecies have been, and can be, made by means of numbers is certain, and
both Nostradamus and l'Abbé Goachim made use of them for this purpose” Sepharial, Kabala of Numbers,
Part I, pp, 25-26. By identifying Joachim in French (Goachim), it is possible that Sepharial desired first of all to
make the average reader work to find out to whom he was referring and second to suggest, obliquely, that he
had found some French author particularly helpful in shedding light on the Calabrian's life work.
100 The Christian Kabbalists Johannes Reuchlin and Pico della Mirandola are mentioned by W. D. Gann:
“An almost life-long search for the Lost Word was made by Reuchlin of Germany. Pico Della Mirondola, in
Italy, devoted his lifetime to a search for the Lost Word.” The Magic Word, p. 1.
101 Quoted from The Project Gutenberg EBook of The Mathematicall Praeface to Elements of Geometrie
of Euclid of Megara, by John Dee. Dee also says in this same place, “I count, here, Architecture, among those
Artes Mathematicall, which are Deriued from the Principals: and you know, that such, may deale with
Naturall thinges, and sensible matter,” and then adds: “I will, herein, craue Iudgement of two most perfect
Architectes: the one, being Vitruuius, the Romaine: who did write ten bookes thereof, to the Emperour
Augustus (in whose daies our Heauenly Archemaster, was borne): and the other, Leo Baptista Albertus, a
Florentine: who also published ten bookes therof.” Vitruvius and Leon Battista Alberti are much discussed in
Rudolf Wittkower, Architectural Principles in the Age of Humanism, (New York: W. W. Norton & Company,
1971), with the latter occupying one of the four parts, or chapters, of the book. His thesis is “that Renaissance
architecture was conceived as an image or mirror of a pre-ordained, mathematical harmony of the universe”
(Introduction); “Renaissance artists firmly adhered to the Pythagorean concept 'All is Number' and . . . they
were convinced of the mathematical and harmonic structure of the universe and all creation” (p. 27).
102 One of these things was his commentary on the “mean and extreme ratio,” sometimes also called the

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was also apparently interested in musical theory.103

A textbook on Euclidean geometry says: “It is . . . found that the

lengths of three musical strings of the same thickness, material, and
texture, and under the same tension, that produce any note, its fifth, and
octave, are in harmonical progression; and hence the origin of the term. It
is believed that Pythagoras first observed this relation of musical
strings.”104

And in the history of Greek Mathematics, as known in Mr. Gann's

day, we find that, “The Sectio Canonis is a work on musical intervals,
which is probably Euclid's . . .”105
“extreme and mean ratio,” known to us today as Phi. There are numerous such references throughout The
Elements. Two writers who claim to have found W. D. Gann making use of Phi are Tony Plummer in The Law
of Vibration: The Revelation of William D. Gann and T. H. Murrey writing in Trader's World magazine ("A Great
New Trading System" Issue 21). Billy Jones, who bought a portion of the Gann archives from Ed Lambert,
writes of Mr. Gann, "He examined the ancient books of the Bible, Euclid's Elements, Greek mathematics, and
Babylonian, Egyptian, and Chaladean Astronomy” (The W D. Gann Technical Review, Pomeroy, Washington:
W. D. Gann, Inc., p. ii). Mr. Jones did not say how he knew that Mr. Gann had “examined” this book. Any
serious examination of The Elements would result in an awareness of Phi.
103 ”By far the most ancient investigations in sound are those on Strings, which date back to the time of
Pythagoras and Euclid.” W. H. Stone, The Scientific Basis of Music, (London: Novello, Ewer and Co., 1878), p.
10. According to Manly Palmer Hall, Pythagoras discovered ratios in music after noting the vibrations
coming from a blacksmith's anvil (The Secret Teachings of All Ages, “The Pythagorean Theory of Music and
Color”). A very old encyclopedia article says that, once musical notation was invented, “We afterwards find
philosophers, as well as poets, among the number of those who admired and cultivated music, theoretically
as well as practically, as Pythagoras, Plato, Aristotle, Aristoxenus, Euclid, and many others. Pythagoras is
celebrated for his discoveries in this science; namely, for that of musical ratios, and the addition of an eighth
string to the lyre. The former of these he is supposed to have derived from the Egyptians. He also explained
the theory of sounds, and reduced it to a science. Aristoxenus is the most ancient writer on music of whose
works there are any remains. Euclid followed up the idea of Pythagoras' ratios, which he reduced to
mathematical demonstration. To this list of Greek writers may be added Nichomachus Gernsenus, Alypius,
Gaudentius, Bacchius senior, Ptolemy the astronomer, and Aristides Quintilian, whose works are still extant.
These wrote under the Roman emperors, many of whom cultivated music and followed the theory of the
Greeks. Among the Roman writers may be reckoned Vitruvius, who, in his architecture, touches lightly on
this subject; also Martianus Capella and Boethius, who wrote on the decline of the empire.” The Rev. J. L.
Blake, The Family Encyclopedia of Useful Knowledge and General Literature, (New York: Peter Hill, 1834), p. 624.
104 Elements of Plane Geometry, According to Euclid, Second Edition, by A. Bell, p. 136.
105 James Gow, A Short History of Greek Mathematics, (Cambridge: At the University Press, 1884), p. 214.
In Sectio Canonis, according to the late Flora Levin, Euclid “actually set the provisions, and even
provided the technical terms, for what would be discovered almost two thousand years later” by Joseph
Fourier. Flora R. Levin, Greek Reflections on the Nature of Music (Cambridge: Cambridge University Press,

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Perhaps the foregoing is the basis of Mr. Gann's assertion that Euclid
proved vibration through mathematics.

Of one thing we can be certain: The idea that "mathematics was the
basis of everything" was a central tenet of Mr. Gann's through his career,
as it was throughout the career of Pythagoras, who was among the best-
known of all the ancients. As Mr. Gann himself would later write:
“Pythagoras, one of the greatest mathematicians that ever lived, after
experimenting with numbers and finding the proofs of all natural laws,
said: 'Before God was numbers.' He believed that the vibration of numbers
created God and the Deity.”106

The Tetractys, Sacred Symbol of the Pythagoreans

2009), p. 128. Many years after the OROLO advertisements, a reporter writing of Mr. Gann in The (New
York) Sun, Dec. 28, 1921, said, “One of his stunts is to project a curve for the stock market, showing when it
should be prosperous and when depressed. In that operation he uses a system of his own, simplified from
that propounded by Henry Ludwell Moore, professor of political economy at Columbia University, in his
work, 'Economic Cycles, Their Law and Cause.' Moore's work is largely an outgrowth of that of [Arthur]
Schuster, an English mathematician and political economist, and both authorities owe a fundamental debt to
Joseph Fourier.” In a private letter Mr. Gann acknowledges: “I have read Professor Moore's book and the
trouble with him was that he failed to get the right time factor and of course did not know the cause behind
market movements. You will find Schuster and Fourier theories helpful in analyzing the market.” Letter to
John H. Spohn, April 1, 1926. In Forecasting the New York Stock Market (p. 6), L. H. Weston, who was on the
Zodiac Council with W. D. Gann, mentioned both Schuster and Fourier. If Euclid's theories provided the
foundation behind future scientific discoveries by Fourier, could his theories not also have stimulated the
mind of W. D. Gann toward making his own discoveries, of whatever nature, in 1909 or earlier? The word
“inharmonic” in the Ticker interview (see footnote 74 above) suggests Mr. Gann's use of the word
“harmonic” was along musical lines and not along the lines of Fourier's thought. He does not state in his
letter that he himself uses Fourier theory, only that his correspondent will find it “helpful”.
106 “The Basis of My Forecasting Method,” in the Master Stock Course, p. GA-1. Gow (op. cit., p. 68) says
that “Pythagoras considered number to be the basis of creation . . . and that he tried always to find
arithmetical formulae for geometrical facts and vice versa.”

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According to Manly Palmer Hall: "The key to harmonic ratios is

hidden in the famous Pythagorean tetractys, or pyramid of dots. The
tetractys is made up of the first four numbers — 1, 2, 3, and 4 — which in
their proportions reveal the intervals of the octave [2:1], the diapente [the
perfect fifth or 3:2], and the diatessaron [the perfect fourth or 4:3]. While
the law of harmonic intervals as set forth above is true, it has been
subsequently proved that hammers striking metal in the manner described
will not produce the various tones ascribed to them. In all probability,
therefore, Pythagoras actually worked out his theory of harmony from the
monochord107 — a contrivance consisting of a single string stretched
between two pegs and supplied with movable frets." 108

During his career, Mr. Gann certainly made use of these relationships
in his work.109

If this collection of OROLO advertisements has piqued your interest

in the life and work of W. D. Gann, don't miss the e-books
“W. D. Gann on THE LAW OF VIBRATION”
and
“W. D. Gann on THE MASTER TIME FACTOR”.
Both may be downloaded at no charge at the Gann Study Group.

107 Two German students of the monochord in its connection with harmonics who are of interest are
Albert Freiherr von Thimus (1806-1878) and, in our day, Peter Neubäcker. Von Thimus wrote a two volume
work on The Harmonic Symbolism of Antiquity (in other words, of the Ancients).
108 Manly Palmer Hall, The Secret Teachings of All Ages, “The Pythagorean Theory of Music and Color”
https://www.sacred-texts.com/eso/sta/sta19.htm . Comments in brackets were added by the Gann Study
Group. In addition to the octave or diapason, the bisdiapason or disdiapason (4:1) is also found in the
tetractys.
109 See the quotation on p. 58 of this e-book. See also “The Basis of My Forecasting Method,” pp. GA-31
and GA-32, and elsewhere in the course, etc., etc.

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