The Hamilton Ave Journal 05.03.08: Volume 1 – Issue 32

Posted by JP Prag on 05.03.2008

Wrestling grows and changes in every country outside of the United States, WWE gets good press and an even better stock target, Tazz and Taz go head-to-head, ECW sees a ratings drop (though not the worst ratings ever), 60% of the Top Ten is controlled by the Undertaker and the Hardys, and the Journal takes on the marketing missteps for WWE, WCW, TNA, and ROH.

THE HAMILTON AVE JOURNAL
By JP Prag

Volume 1 – Issue 32

ABOUT THE JOURNAL

The Hamilton Ave Journal is the only wrestling news report focused solely on the business of wrestling. Here in the Journal we not only look at the stories that are important to the investor and business-minded person, but also delve deeper into stories that most fans of wrestling would overlook. That is because the Journal is about getting the heart of the matters that affect the companies and outlooks of the wrestling world.

And where is Hamilton Ave? That is the location of the WWE Production Studio in Stamford, CT, and thus the most powerful place in the wrestling world. Besides, The East Main Street Journal just does not have the right ring to it.

Who am I? I am JP Prag: consultant, entrepreneur, businessman, journalist, and wrestling fan.

Now, ring the bell because the market is open.




WHAT'S NEWS

The Journal's front page area known as What's News isn't just about telling you what has happened. The stories in this section are about what will have an effect on the wrestling industry, individual federations, and the wallets of the fans.

LEAD STORY: Wrestling abroad

This week has been an interesting one for wrestling shows outside of the United States. WWE, TNA, and others have made large moves that will affect the fast growing markets outside of the United States for years to come.

First up, WWE HeAT will no longer be sent to international broadcasters and instead will remain an online-only show. The WWE will replace HeAT in international markets that keep the product with a new version of WWE Classics. This is most likely a cost cutting measure as it does not make sense for the WWE to translate HeAT into several languages and markets when they could use existing footage or versions of AM RAW instead. The WWE already does translations for AM RAW and it is most likely that they will be pushing that product as well as versions of ECW in markets that currently do not receive the product. WWE HeAT used to be one of the top rated shows on cable, even outperforming WCW Nitro towards the end of Nitro's existence, but in recent years has fallen off the map from a low-rated show to an online-only show.

Meanwhile, TNA continued its international expansion with news that they will soon be available in Germany. The press release—sent out on German—states that iMPACT will be available at 7:00pm local time on PREMIERE. The press release goes on to state (translated):

The time in which wrestling on the German television was without Sting, Kevin Nash, Christian Cage, Rhino or Kurt Angle, Samoa Joe, and Booker T is past!

Interestingly enough, TNA is pushing mostly former WWE and WCW names in their advertisements (the exception being Samoa Joe), but that is mostly likely because they are trying to introduce the product to the German market and are doing so with known names.

TNA is not the only one pushing known names. Nu-Wrestling Evolution—an Italy based company that mostly uses known American talent (illegally using many WWE trademarks) mixed with local Italian, British, and other European talent—has been making significant strides. Since 2005, the company has been doing "tours" in a similar fashion to many Japanese promotions in which they will have a set of shows over a give time period and then go on a couple of months break. A recent show featured the Ultimate Warrior receiving a life-time achievement award and another show was in front of 15,000 people. For a small organization, NWE has been packing large houses, much larger than anything TNA or ROH has done.

Already the company has signed television deals in other countries, including the UK. Most recently, they have announced a deal with La Sexta out of Spain to air shows made up of their upcoming summer tour.

This is the first time since World Wrestling All-Stars (2001-2003) that a company started outside of the United States has tried to create a strong international brand. There has been talk some time now of AAA from Mexico or New Japan trying to branch out to the US and European markets, but not much has come of that yet. With true growth for the product mostly coming from outside of the United States in general, this may be the best time in history for a wrestling company started outside of the United States to grow around the world and eventually be imported into the USA.


WWE Corp gets good press

Following the Presidential candidates appearing on RAW two weeks back and posting record year-end earnings before that, the WWE has received significant good press in mainstream and business media outlets. The New York Times, among others, looked at how the WWE has grown since the Benoit double murder/suicide less than a year ago. The Times in particular focused on how the WWE was able to maintain advertisers even after the events:

Mr. Benoit's death had an immediate impact. In the month after the murders, ratings for two of the company's television programs fell. By mid-August, W.W.E. shares had dropped by more than 15 percent. And some even worried that Mr. McMahon's company would lose sponsors.

That did not happen. Ratings gradually improved and sponsors — Unilever, Bayer, Procter & Gamble, Electronic Arts, Warner, Paramount, Universal, Sega and the Army National Guard — remained committed.

As noted in the Journal a few weeks back, the WWE has been making a concerted effort to add more Fortune 500 companies to their lineup. Looking at this list in the New York Times will do more to help that mission than any media campaign they have planned.

And these companies are not the only ones taking notice. Financial securities firms have been mostly positive on the WWE, including Wedbush Morgan which sent out this press release:

Wedbush Morgan reiterates its Buy rating and $20 price target on World Wrestling Entertainment (NYSE: WWE).

The firm raised its Q1 earnings estimates on WWE in order to account for a record breaking Wrestlemania. WrestleMania XXIV was the highest grossing live event in WWE history, with tickets selling for $78 and attendance of 74,635, WWE saw more than $5.85 million in ticket sales.

Wedbush's Q1 EPS estimate goes from $0.21 to $0.28, versus the Street consensus of $0.25. The firm said it was maintaining its FY08 EPS estiamte of $0.91. The Street is expecting WWE to report $0.89 for its FY08.

The WWE stock closed up 2.15% on Thursday at $18.08. That means that the Wedbush believes that the WWE will outperform everyone else's estimate (which they did last year) and that that performance should be reflected in the stock price. If the street agrees with that assessment remains to be seen. Stock prices have little to do with actual earnings and more to do with perceptions of companies. But if companies with market influence like Wedbush can help change that perception, than the WWE stock can reach highs not seen since January 26, 2001.


Newsbites

Some items of note in the rest of the wrestling business world:

Due to the success of ticket sales for TNA's tour of England, TNA has announced that they will also be holding Fan Interaction event. TNA typically has events like these when they hold a PPV at a location outside of Orlando.

TNA chose not to fly several wrestlers from Boston to Orlando for the iMPACT tapings in what is being described as a cost cutting measure. These wrestlers still had to fly home, so the savings seem rather negligible. TNA should consider decreasing the number of talent in total if they are serious about cost cutting.

Bret Hart visited Florida Championship Wrestling, the WWE Development Territory in Florida. While there, he spoke to the talent and gave many feedback. There was no word if he was there at the request of the WWE or just decided to show up while he was in the area in order to help out the younger talent.

Although this option has been available to them for some time, Warner Brothers is opposing the WWE's trademark of the word "Tazz" due to the similarities with the WB property "Taz". In trademark law, two things can be called the same so long as they are tangibly different and the owner of the newer mark can prove they are not trying to profit off of the other one's name. For instance, if you owned an orange grove and named the grove "Darth Vader", that may not work because Lucas Films would say you are trying to profit off of their trademark. However, if you were named "Darth Vader" at birth, the case could be made that you were representing yourself. In the WWE's case, the wrestler named Tazz does not currently have any similarities to the character Taz (although he did in early ECW, which the WWE does own the footage of), but Tazz did patter the original character after a version of the WB character, so the WB does have a case. Most likely, the WB will accept some annual payment for use of the name just as Marvel Comics did with Hulk Hogan. This suit is most likely less about the trademark and more about making money in a settlement than anything else.



MARKETPLACE

In the Marketplace we look at the trends in television ratings. This section is less for critical analysis by the Journal but more for the reader to see what is really going on and to draw their own conclusions.

As with stocks, here in the Journal we track the progress of television ratings. If ratings are the barometer by which we judge the product, then over the course of 52 weeks we should be able to see patterns, trends, and anomalies. Please note that gaps in the chart below are due to data not being released/available.

For the week ending Thursday May 1, 2008, here are the current standings of our shows:





RAW
Close (This Week's Rating): 3.3
Open (Last Week's Rating): 3.0
Percentage Change: ▲ 10.0%
52-Week High: 4.2
52-Week Low: 2.5
All Time High: 8.1
All Time Low: 1.8

SmackDown*
Close (This Week's Rating): 2.4
Open (Last Week's Rating): 2.2
Percentage Change: ▲ 9.1%
52-Week High: 2.9
52-Week Low: 2.2
All Time High: 5.8
All Time Low: 1.0

* SmackDown! ratings may include fast overnight if final ratings are not posted. Also, SmackDown! ratings are for the prior week as overnights are not available before this article goes to print.

ECW
Close (This Week's Rating): 1.1
Open (Last Week's Rating): 1.2
Percentage Change: ▼ 8.3%
52-Week High: 1.8
52-Week Low: 0.6
All Time High: 2.3
All Time Low: 0.6

TNA iMPACT**
Close (This Week's Rating): 1.0
Open (Last Week's Rating): 1.0
Percentage Change: UNCH
52-Week High: 1.2
52-Week Low: 0.9
All Time High: 1.2
All Time Low: 0.6

** TNA iMPACT's are for the prior week as ratings may not be available at the time of the Journal's posting

Analysis:

Ratings bounced back slightly for RAW and SmackDown this week, each regaining nine to ten percent of their audience after an incredibly depressed week. Still, in April 2007 RAW averaged a 3.8 ratings while in April 2008 the average rating was a 3.2. SmackDown has seen less of a drop from a 2.7 to a 2.5, but considering the ratings rise a few months back (SmackDown was nearing 3.0 on a weekly basis), this result is disappointing.

The bigger news out of the ratings front is ECW hitting a low (though not record low) 1.1 rating. Although TNA iMPACT's rating is not available for the intra-week period at the time of this posting (the Journal uses ratings from Thursday to Wednesday for a Saturday posting), it is possible for TNA to once again defeat ECW. iMPACT has tied and outscored ECW on a few occasions, most notably:

Week 10 of 2008 when both shows had a 1.2.

Week 3 of 2008 when both shows had a 1.2.

Week 52 of 2007 when ECW had a 0.9 (showing in its normal timeslot on Christmas day) and iMPACT has a 1.1.

Week 49 of 2007 when ECW has a 0.6 to iMPACT's 1.1 when the shows went head-to-head on TNA's normal timeslot.

Week 50 of 2006 when ECW scored a 0.9 on a Saturday timeslot to iMPACT's 1.2.

On the second one listed above, the average number of viewers for TNA was actually higher by a few thousand, so that is the first official victory of iMPACT over ECW when both shows were at their normal timeslots.

As for ECW, the last time the show scored a 1.1 during its regular timeslot with no holidays involved was September 27, 2007 (Week 39). That week, iMPACT scored a 0.9 rating, so it was a depressed week overall.


MONEY AND INVESTING

We all know that wrestling is a business, but we don't often pay attention to what sells and makes money. Money and Investing looks into the top selling items in the world of wrestling and any interesting figures that may have come out this week.

What are the top ten selling items for the WWE? From WWEShopZone.com:

1. Undertaker 16-0 T-Shirt
2. Hardys Twist of Fate DVD/T-Shirt Package
3. Triple H Hammer T-Shirt
4. Undertaker 16-0 Youth T-Shirt
5. Hardys Illustrated T-Shirt
6. WWE Heritage III Chrome Trading Cards
7. Hardys Purple Logo Pendant
8. Jeff Hardy Armbands
9. WWE Black Gift Bag
10. John Cena 8-Bit T-Shirt

In a surprising change, after months of not appearing in the Top Ten, the Undertaker debuted with two items (an adult and youth version of his T-shirts), making a strong impact. The exposure of WrestleMania and being regularly featured on SmackDown and other shows is obviously paying off for the veteran. The Hardys did excellent business as well controlling 40% of the list, with John Cena's single item holding on to its position. There is more on Cena's items in the Editorials section last week, so be sure to check that out. For this week, there is plenty of Hardy thoughts below.

TNA releases a list of Top Ten selling items, but the list has not been updated to current products in quite some time. Until TNA updates the list, the Journal will be take the list of featured products and sorting by most popular. When done so, the list comes up as:

1. TNA Global iMPACT DVD
2. Lockdown PPV Special Package
3. Samoa Joe Lockdown Special
4. Nash "Big Sexy Tour" T-shirt
5. AJ Styles "Unim Phenomenous" T-Shirt
6. Shark Boy 24:7 T-Shirt
7. Final Resolution 2008 PPV DVD
8. Samoa Joe "Drastic Times, Drastic Measures" T-Shirt
9. TNA "Cross The Line" T-Shirt
10. Motor City & Machismo Autographed Pictures

Items mostly just shifted positions with week with various ones moving up and down, although the top of the list is still dominated by the Global iMPACT DVD and the DVD package for Lockdown. When is really interesting is item #3, the Samoa Joe Lockdown Special. Here is the description of the item, straight from TNA's website (including all the capitalization):

INSIDE THE FRAME IS A GIANT 16 BY 20 AUTOGRAPHED PICTURE OF SAMOA JOE HOLDING HIS NEW WORLD CHAMPIONSHIP BELT HIGH. THERE IS ALSO A 3 INCH BY 3 INCH PIECE OF THE ACTUAL TOWEL THAT JOE CARRIED TO THE RING THAT NIGHT AND IS WEARING AROUND HIS NECK IN THE PICTURE. YOU ALSO GET AN ACTUAL LINK OF THE 6 SIDES OF STEEL CAGE THAT JOE AND KURT FOUGHT IN THAT NIGHT. EACH PICTURE WILL ALSO HAVE A SPECIAL TNA HOLOGRAM PUT ON IT AS SOON AS JOE SIGNS IT TO GUARANTEE IT'S AUTHENTICITY.

THE ONLY PROBLEM IS THAT THERE ARE NOT MANY AVAILABLE. ONLY 100 WILL BE MADE AND INDIVIDUALLY NUMBERED. AND MANY OF THOSE HAVE ALREADY BEEN SPOKEN FOR BEFORE THEY WERE MADE. ONCE IT WAS SEEN THE DEMAND GOT EVEN HOTTER.

For the record, the item is nearly $200, which means that it is amazing that TNA is moving such a high-ticket item that they should have a large margin on. With 100 units available, TNA is set to make a quick $20,000 from this. But considering the item only has 100 available and is not sold out, that fact that it made it to number 3 is quite discerning about the volume of other items TNA is selling.


PERSONAL JOURNAL

Wrestling isn't just about watching and reading. The best way to be a wrestling fan is to experience it live. Where is wrestling coming to in the next 2 weeks? The Personal Journal answers that question.

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday
4 RAW Live Barrie. Ontario SmackDown/ECW Fredericton, New Brunswick SmackDown/ECW Saint John, New Burswick	5 (May) RAW Toronto, Ontario	6 SmackDown/ECW London, Ontario	7	8 TNA Live Barre, VT	9 RAW Live Saginaw, MI TNA Live Derby, VT ROH Live Manassas, VA	10 RAW Live Kalamazoo, MI SmackDown/ECW Live Huntington, W.VA TNA Live Plattsburg, NY ROH Live New York City, NY
11 TNA Sacrifice Orlando, FL RAW Live East Lansing, MI SmackDown/ECW Live Dayton, OH	12 RAW Detroit, MI SmackDown/ECW Live Toledo, OH TNA iMPACT Orlando, FL	13 SmackDown/ECW Grand Rapids, MI TNA iMPACT Orlando, FL	14	15	16 TNA Live Binghamton, NY	17 TNA Live Poughkeepsie, NY

Do you know a wrestling event coming up? Send one in to The Hamilton Ave Journal and we'll be sure to add it to the list.

EDITORIALS

The Editorials section is designed for you, the readers, to respond to the views presented in the Journal, send an important news item, or talk about another overlooked business related item in wrestling. Just beware: the Journal reserves the right to respond back.

From the commentary section last week, Era of Hardys would like to talk about, you guessed it…:

The WWE needs to forget about the Era of Orton and move on to the Era of the Hardys.

The Hardys shifting merchandise on greater levels than Triple H and John Cena. If only the Hardys were given the Triple H/John Cena push imagine how much merchandise they would be shifting.

Does the WWE not realise what a gold mine they have in the Hardys.

Forget John Cena, Forget Randy Ortn, Forget Triple H, Forget JBL, it is time for the WWE to push the Hardys to the moon

The Journal agrees with this assessment. Although the Hardys are not moving a single item at the volume of Triple H and John Cena, they are moving many items (now 4!) at a level just below that. With a proper push and focus, the Hardys could be legitimate top level stars and the fans would take to them better than others because it was an organic growth, not an artificial. Vince McMahon and company seem to forget that they lucked in to most of their success. Steve Austin created his own character and he grew out of a two heel feuds where the fans turned him face. The WWE saw the trend and went with it, they did not create the trend. When they tried to push the Rock, the fans turned against them. The Rock took years to develop his character and the fans turned him, not the WWE. The WWE is an incredibly powerful promotional machine that knows how to market and sell, but may not be focusing on the best products. The Hardys seem to a strong product, but do not receive the same level of marketing behind them. Jeff has personal issues that must be sorted out first, so that is understandable. But what about Matt in the meantime? Will anything come with his win over MVP, or is going to be in the same position?

Evil_dave83 shares the same thoughts of the Journal, although has more belief in the WWE to look past Jeff Hardy's current predicament:

Another fascinating column - the most interesting wrestling screed on the site in fact as this, not kayfabe or politics, is what it really all comes down to - MONEY!

I hope Jeff keeps shifting units, as it's the only way he'll get back in the world title picture. And lets be honest, for all we want Matt to do well ('cause he's actually a good technical wrestler) it's Jeff who shifts the units.

Yes, and although people keep seeming to believe that a quality product will increase ratings (especially for TNA), that is not the case. It is a marketable personality that intrigues other and gets new viewers that will do it. So while Samoa Joe may captivate the current TNA audience, what is TNA doing to promote him to people who do not watch the product? You can continue to sell to the same people and do fine for a while, but if TNA wants to grow what are they doing to gain new share?

Both TNA and the WWE would do well to look at Nintendo and see how to grow share and market. Both Sony and Microsoft said that they were going after the hardcore gamers because that was the market and they were the ones who were going to but the product. Nintendo knew they could not steal that market share without significant costs and creating a product that they did not want, so instead they went after everyone else. And look what happened! Nintendo is once again the number one video game company because they decided to redefine the market instead of going after the same customers.

WWE and TNA keep going after the existing wrestling fans, and it is creating a product that is not what they or the fans are looking for. Instead, there is a whole audience out there that remains untapped. At least 7 million in the USA alone used to watch wrestling and no longer do; but they are only the tip of the iceberg. There is also another 290 million Americans alone that do not watch wrestling. What will it take to gain some of them? That would be the market that both the WWE and TNA seem to be missing.

Back to the point of a popular wrestler being a driver for business, G-Walla chimed in with:

Shirts like Austin 3:16 and nWo appeared concurrently with the wrestling boom of the late 90s, fueled by two of the bigger reasons. Those shirts became pop culture iconography of rejecting the status quo and anarchy, through wrestling. I don't think it's fair to compare those shirts, and the numbers moved, with any current wrestling paraphernalia. At least until wrestling hits another (theorized) boom period.

The one issue the Journal has with your statement is that your timeline is skewed. The boom did not drive the sale of those shirts; the popularity of those wrestlers and the sales volume they generated is what created the boom. Without the nWo and Austin, there would not have been a wrestling boom. WCW was in the red until Eric Bischoff introduced the nWo and most likely would have continued to do so for another 3-5 years until mergers forced it to close, like it did in the end. The then WWF was still reeling from the steroid scandal of the early 90s and was barely profitable (and was in the red during WCW's power days). The WWF would have likely survived, though not as a near half-billion dollar a year company.

So therefore, the comparison is accurate. John Cena, Triple H, and the like are not creating the next boom, they are only riding on the success and remaining audience of the last one. Should someone come along that captivates people outside of the main audience, that wrestler or group will create the next boom and the next high cycle of sales volume.

From the e-mail bin, Josh Ray of the Missouri Wrestling Revival asked about another company's strategy:

What is your take on Ring of Honor and their business strategy? Do you feel they have hit a plateau as far as success and growth is concerned? I just recently started paying attention to ROH, and really enjoy what I've watched thus far. I just wanted your opinion on the company.

ROH has a very inflated sense of worth and customer base and they have just started to realize that. For the most part, ROH has tried to do too much too fast, and they are paying the price. The loss of PPV in Canada, the scaling back of shows outside of main territories, the using of mostly local talent, and the drop is sales volume of DVDs are some of the indicators they have had to deal with. ROH is beginning to change their direction, and it would do them well. As a small semi-national provider, ROH has been struggling recently to fill seats in their core markets. If they have no foundation, they have no where to grow.

The Journal would encourage ROH to focus on profitability instead of growth. Just growing out of control is how most companies in general go out of business. If a company manufactures a product and the product suddenly gets popular, they may be inclined to lease the product to different companies or to build a giant factory at a large overprice to get more product out there. Unfortunately, they may increase sales by profits turn to the red and the company goes out of business due to lack of cash flow and gets gobbled up in bankruptcy court.

ROH would do best to create profitability on a small scale in their core markets and other areas of sales (DVDs and merchandise), take the cash to create a reserve, and then use that reserve to expand to another market. It is a MUCH slower process, but it is more in line with their capabilities and cash flow. If they want to grow faster, ROH would need to be owned by a VC firm or someone else with large amounts of cash who could handle 5 years in the red so ROH could get the people and operations in place to do massive expansion. Without that, taking it slow, steady, and profitable is their best bet.

On the same question on marketability, JBBTHWK asks:

I've asked who's untapped, and who's been overlooked, now who would you say has been wrongfully marketed, basically who has WWE or TNA thrown merch and money out for, only to have it fail miserably?

For TNA, there are a few big ones that come to mind. Most recent is Kishi (formerly Rikishi) who worked at TNA without a contract, got several high profile wins and television time, buried the product and wrestlers, and then no-showed their events. Another one that comes immediately to mind is Randy Savage, who was promoted for six weeks, scored a pinfall victory over the then NWA Champion Jeff Jarrett on PPV, and then subsequently disappeared when he demanded more money. Scott Hall could be added to this list twice over. TNA's biggest issue is using non-contracted talent who leave TNA when the company has invested significant time and money in them. Right now Black Reign and Rellik both do not have contracts yet continue to receive a large amount of television time and PPV spots.

On the WWE side, in recent years they have given a lot of screen time, push, and money behind men like Heidenreich, Nathan Jones, and Chris Masters who were not ready for the limelight and did not live up to expectations. On a larger scale Brock Lesnar and Bobby Lashley were men the WWE did not come anywhere near recouping their investments in. Do not forget that both also spent a long time in the developmental system and did not reach the levels of popularity and sales volume the WWE wanted. Is Lesnar's case, the WWE also spent a large sum on legal fees that they never recouped. Muhammad Hassan is another person the WWE had involved in a high profile program that came back to hurt the company in the end, although most of that was their own fault. Mordecai (current Kevin Thorn) was another person who the WWE pushed and put a lot of resources behind only to completely drop the angle despite building to a feud with then-WWE Champion Eddie Guerrero.

The biggest, so to speak, to this day would most likely be King Mabel, aka today's Big Daddy V. Mabel won the King of the Ring, fought Kevin Nash for the WWE Championship, and then went on to fight the Undertaker. The WWE spent over a year trying to turn Mabel into a legitimate main eventer and a threat for the title, but no one bought and he helped set some of the worst PPV numbers in the history of the WWE.

If you want to look at WCW, there are several high profile marketing blunders. The Shock Master, everything that happened in Mike Awesome in his last two years, Renegade, and Master P's No Limit Soldiers (you don't get to be a face doing a 25-on-1 beatdown) come to mind. The Kiss demon was extremely expensive and WCW had to use him, though he never moved merchandise and did not get over with the crowd in anyway, yet took a lot of TV time. But the biggest disappointment had to be Glacier. After over six months of build through vignettes, Glacier disappointed, did not generate business, and became an after thought. Eric Bischoff was hoping to user Glacier (and consequently Wrath, Mortis, and Earnest Miller) to have a kid-friendly sub-division of WCW that could move a lot of toy. But Glacier failed to appeal to younger and older audiences alike, and cost WCW a large sum of money in promotion time and PPV appearances.

There were plenty more not mentioned, especially on the WWE side. Just look at the Undertaker's opponents over the years and you can find most of them.

Plenty more was written, so be sure to take a look. Also worth your read this week is:

A lot of questions come in for the Journal, but consider asking Steve Cook and ASK411!

Gary Traverson writes a defense of the Hardcore Championship. For the record, that would have been Issue #92 of In Defense Of…

But there was an issue of In Defense Of… The European Championship (Part 1 of 1)

Also the World Heavyweight Championship (Part 1 of 1)

And, of course, a week would not be complete without a good dose of JP Prag's own HIDDEN HIGHLIGHTS!!


CLOSING BELL

This concludes Issue #32 (Volume 1) of THE HAMILTON AVE JOURNAL. Join us next week as we get ready to ring the bell again.

Till then!