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VOL. O, NO 11.
LINCOLN, NEBBASKA, SATUBDAY. FEBBtTABY 24, 1S4.
PRICE FIVM.OKN'fli.Y
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1
OMMENT la rifo on (ho enormous
( Iomm that have boon niado in the
" pmat twelve months in stocks,
but in what, except real estate;
(.has the depreciation not boon
monumental? Silver, wheat, corn,
petroleum and products generally,
have fallen off from 40 to GO per cont,
and if carrying charges are counted in,
the depreciation would bo found to ex
ceed on tho average 70 per cent.
There are but a few stocks that have
fallen 70 points, aud many of them that
declined considerably, paid dividends
right along. Tho market in Wall street
has not bceninoroBcrlously handicapped
than others havo, been. Millions, hun
dreds of millions of dollars, have been
lost in tho past twelve months in pro
Russian shipments of wheat since
August 1 have been about the same as
last season. India about 29 per cent
less sinee April 1 and but 40 per cent as
large as two years' ago. United King
dom 'stocks ire, about 27,000,000 bushels
lew thana year ago, Reports from Chile
Vindicate increased acreage. Harvesting
4( in Australia, Argentina and India will
pf soon be completed. Tho world now cuts
wheat ev..y month in tho year some
where. In a general way it may bo said
winter wheat tho world over promises an
average or good yield in 1894. About
one-half the world's crop is winter
wheat. More than 20 per cent of last
year's total 'crop in Chicago and afloat,
one being in full viow of consumers, and
' the other in front of bear speculators.
Evideace seems to be accumulating the
.visible Monday next, and the amount
afloat will bobout the samo as that a
year ago. Tho expected increase in the
Freoehiduty is thought to soon go into
effect. The Daily Market Record esti
mates Uut world's wheat visible Febru-
3H,066,900a month previous.' and ,234,
223400 a year previous, and 237,420,200
Jaauary 1,1893. These tigures show the
world's visible increased 913,000 in Jan
uary. Last year same time there was a
decrease of nearly 3,000,000. January
'act primary receipts woro less than
either of the two previous years; but
larger than for any previous Ave years
same time. The outside element and
Wall street operators havo been large
ellers recently to prevent further losses.
'Alt old ways of reasoning values and
radingseem to have been discarded.
alueaand freights tho world round
lever were lower. We ilnd tho loaf
never could be made cheaper.
The visible supply of corn is 17.000,000
bushels, and haa not been larger in
February since 1882. Tho crop was ono
of the smallest in a decade, and con
sidered as not being more than required
to supply average yearly consumption.
UThe export demand continues good; but
aot'equal to the increased movement
from first hands. Many claim consump
tion hai been cut off in consequence of
so much wheat having been fed to uui
mala. Cribbors have not followed their
usual custom in stocking up at country
stations, on account of rauch Incon,)
venience in securing money in the coun
try. Tho credit panic seems to be the
main cause of tho recent decline' and
very low prico preventing speculation,
thus aiding tho depression.
' A little namnhlet recently nnlillaWl
X Jy the Bradstreet company gives an
analysis ofjthe causes of tho 15,508 fail
ures in business which occurred during
the year 1893. They are: Incompot
onco, ,2,540; inexperience, 940; lack of
capital, ,194; unwise credits, 720; fall
urea of others, 440; extravagance, 198;
neglect, 481; competition, 191; disaster,
3,493; speculation, 181; ami fraud, 1,142.
Of the causes thus assigned it will be
observed that incompetence, inexperi
ence, unwise credits', extravagance, neg
lect, speculation and, fraud are defects
of an intellectual and moral naturo, and
the 'failures attributed to them amount
to 0,214, or twoflftba of the whole, whilo
failures of others, competition and (lis
aster are responsible only for 4,190, or
i than one-third, the remaining 5,194,
r a little moro than one-third. hlncr
liue to lack of capital.
-
Of course, last year was exceptional.
bqth in the number of failures and in
the amount of tho liabilities involved in
thorn. Still, whilo in 189.') the bad fail-
L,ura wero 15,508 in number, and the
il amount of liabilities 1382,153,070,
i bad failures in 1892 were 10.270 in
imber and the liabilities $108,505,248,
same kind or failures in 1801 being
i in number, with liabilities to the
I tount of 9193,178,000. This shows that
t
last year was remarkable not so much
for the Increased number of bad fall
urea as for tho greater nvorago amount
ot tho liabilities involved. During tho
twelve years preceding 1801 the average
annual number of reported business
failures in tho strict sense in which tho
word is'iised by tho Ilradstrcot company,
was 9,250.
Tho extent of tho losses by tho fail
ures of privato persons and tlrms which
wo havo boon considering is, however,
small in comparison with tho hundreds
and thousands of millions which havo
been swallowed up in tho bankruptcy ot
corporations. The amount ot railroad
bonds on which interest was defaulted
during tho last threo yours, is very
nearly if not quito 91,500,000,000, and
that of tho rallrond stocks which havo
either been greatly depreciated in vnluo
or rendered worthless must bo as great.
Not less than 9100,000,000 may bo added
to these sums for tho bankruptcies, or,
at least, failures to earn dividends, of
tho great industrial enterprises for which
corporations havo boon formed and their
stocks and bonds distributed among in
vestors. Besides these, too, aro numer
ous little ventures by manufacturing and
mining corporations, which havo prac
tically borrowed their capitals and sunk
thorn where they can novor bo recovered.
Duncan, Hollinger & Co., 837 P
Street, furnish the following special
market summary to Tiik Couhikr:
Since last writing wheat struck a new
bottom, 57Jc, for May in Chicago. A
new set of bulls took hold at the decline
and a disposition to buy was shown by
foreigners and millers. Tho elevator
owners, to whom the cash wheat vir
tually belongs, immediately raised their
prices and May wheat recovered to over
00c, in a very short time. Since then it
has been very nervous and unsettled
within a very short range. When wheat
is at 57 or 58c, tor May, it means that
there is no ray .of light to be seen in any
direction, and with any hope of im
provement in the situation the market
quickly responds. ItTs to be borne in
ing very light supplies of wheat and
mat stocks oi tyoar in jobbers and
grocers hands must be very small.
There are signs that the interior mills
have pretty well exhausted the wheat
lying tributary to them and must draw
increasingly on the stocks from storage
centers. When the situation inspires
some confidence in prices the demand
for current consumption will no
doubt )e supplemented by a stocking
up demand and wo may see the rapid
reduction of the visi' le supply which
we have so long waited. As we remark
ed in our last letter : the course of sup
ply and demand Bhould be very closely
watched. We think that wheat cannot
permanently remain as low as it 1s now
and that it will do to buy on breaks. If
prices remained at present level two
months longer, a latgo reduction ot the
area sown would be the consequence.
W have, besides the probability of
good consumptive demand, the possibil
ity of winter damage. Any of these
events would put up prices, and a com
bination of them would greatly enhance
value.
Con.v : Is without special feature and
seems to depend on receipts atfti the
courso of wheat. The condition of coun
try roads cloes not adwty' of free, move
ment rt present. "' v' '
U. G. Dun & Co.,- Frank M. Wish,
manager, make the following summary
of the business situation for The
Courirr.
"There has beeh very little change,
Jobbers are scrutinizing orders closely,
purchases continue small in volume, and
chiefly for staples. There are a few in
dications that general business is grad
ually regainljg tone, but tiie recovery
is very slow. Collections aro fairly
satisfactory? and no local disasters are
recorded excepting the losses of M.
Ackenan & Co. and Bloch and Kohn
in theflM of Tuesday last. Both houses
expect to resume buslnees promptly.
Travelling men interviewed, report a
growing confidence among their custom
ers that spring will show some notice
able improvement. All classes of trade
are eager for a speedy adjustment of the
pending JarifT legislation."
-- i.
M. Ackermann & Co. of the "Famous"
muko the following announcement :
To our patrons', Owing to a fire
which destroyed our entire stock on
February 21, we have made arrange
ments for the palutial building No. 1020
31 O street, and will be ready for busi
ness about March 10th. Our buyers
are now in the Kast, and wo assure you
our stock wlH not be surpassed. Thank
ing you for past favors and soliciting a
continuance of the same, we remain
Yours respectfully,
M. Aokerman & Co.
1020-1031 O Street.
SINK
(Written for Thk Coumkh.)
O oxtonsivo has Imcomo tho sea of
credit upon which tho business
world floats that whon a groat
storm llko tho paniu of 1803 swoops over
it, tho wrecks aro uumlwred by tho
thousands.
A mini's business is often like a ship
upon this sea. Tho credit which sus
tains it and carries it on, may, tinder
cortaln circumstances bo tho direct
means of Its dlBtruetion, if a louk Is
sprung.
Tho chances of tho survival ot each
ship doponds a good doul upon Kb inher
ent strength, and also u good deal upon
tho fierceness of tho tempest which
rages in its immodiato locality. Medita
tion upon this latter proposition re
1 loves us In some degree of admiration
for tho financial strength ot thoso rural
localities which aro now boasting that
they woro so strong financially that thoy
had no panic. Financial strength novor
receives ample demonstration until tho
florco gales of public distrust, of unreas
oning and stampeding fright swoop
over the business horizon. On tho seas
ot business tho rulo of tho survival of
the fittest is constantly at work. 4n u
galo llko 1893 tho conspicuous boat that
rides almost wholly out of water with
high flag poles and floating banners, is
tho Irst to cupsizo. Tho boats with
ballast, oven if thoy aro sometimes mud
scows, seem to got along hotter. Tho
town with tho highest ofllco buildings
is not always tho town with tho highest
credit, after tho ball is over.
Now that this city and its business
mon havo weathorod tho Btorm, tho
signs of tho futuro aro of surpassing in
terest to each ono sailing tho sea of bus
iness' and tho probable duration of tho
present business depression is an appro
priate subject of thought.
In order to arrive at any intelligent
decision in this mattor we must not only
but Bhould endeavor to trace tho courso
of business in tho United States suc
ceeding other "panic' years. There is
little doubt in my mind that tho year
1804, and tho greater part.'it not all, of
tho year 1895 will bo "bear" years, and
that the courso of business, considering
tho country as a whole, will show only
moderate improvement until 1890 This
particular portion of tho country law
over will probably be tho moro prosper
ous in comparison with tho eastern and
manufacturing portions, and will rccup
erato tho faster; 1st, because tho west
wont through a Bovoro liquidation in
1890 incident upon the crop failure, and
the panic of 1893 found us therefore in
a better condition comparatively than
tho east, and 2nd, bocauso in seasons of
business depression agricultural pro
duction Is always moro stable than pro.
duction in tho manufacturing district.
Thoro will not be tho proportionate
loss of wealth in the west which Mil bo
incident to an idle population in tho
eastern manufacturing centers. The
opportunity for work, for which so many
ot tho manufacturing employees are
asking, is never donied to tho agricultur
alist ot tho west. Since tho west is u
large producer of tho necessities of life,
in tho prices of which tho first effects of
a reviving business is always manifest;
and since tho history of other panics
shows that tho agricultural districts,
and especially tho west, uro largo gain
ers in population during periods of busi
ness depressions, it follows that tho ref
erences to former noriods which I nm
about to make to Bhow tho duration of
the depression following other panics,
do not apply with such forco to tho west
as to tho country as a whole.
Nevertheless it would Boom that oven
in thiB section wo aro not justified in ex
pecting a very marked improvement for
some time.
After tho panic ot tho fall of 1873
there does not seem to havo been any
very great recovery in business until
about 1879 or nearly five yours later, al
though tho year 1878 witnessod quito a
revival in business.
In tho introduction to Poors Manual
for 1877-78 In reviewing tho year 1870,
tho editor bujb, "Though tho past year
has been ono of great depression in tho
railway, as in all tho other, Interests of
tho country, the uggreguto results ot
their operations havo been fairly, satis
factory." Further on ho says, "It will bo ecen
by tho ubovo tables, that whilo tho gross
earnings have failed off 95,807,540, tho
net earnings have Increased 9940.314.00.
This IncrcuBO has been duo chiefly to tho
great economies practiced in conduct
ing tho operations of tho roads. Wheth
er thoso economies havo boon at tho ox-
penBo of tho condition of tho roads, tho
futuro must detormine. Tho introdim
tion ot steel rails haa doubtless boon u
considerable, elomont In tho cheaper
ratio of operating expenses."
In viow of tho groat economics being
practiced by tho railroads ot 1894 and
tho small reduction In railroad not
earnings aafcomparod with tho falling
off in gross 'earnings, this quotation and
tho ono following, from Poors Manual,
possibly woiild prove intorosting to a
sioculator f& railroad stocks.
In introduction to Manual for 1878 in
roviowlng jfcar 1877 tho editor sayB,
"Tho depression of tho throo previous
yottis still Vontlnuo8. Not only has
thoro been vconsidorablo declino in tho
constructiosof railroads, but tho earn
ings also sheM' a larger rolativo decrease
than nt nny'fccrlod sinco tho first publi
cation of the Manual."
Further on ho says, "It will bo sooa
by tho above, tables, that tho gross earn
ings havo fallen off 921,348,687 and tho
not earnings 115,470,055.00 as compared
with 1875. Tho ration of not to gross
earnings was 30.10 per cont, as against
37.G per cent for 1870, equal to an in
crease of l-TB? per cont in tho operating
expenses as oemparod with tho preced
ing year.' "No dividends woro pold on
any of tho railroads in tho states ot
Arkansas, Colorado, Floridu, Kansas,
Louisiana, Mississippi, Missouri, Ne
braska, Oregen, Texas and Vermont
nor oxcoptifif on leased lines in Iowu
and Minnesota."
In Poors Manual for 1870 giving a
resume ot railway business in tho
United Statojt for year 1878 tho editor
hus this to Bay, "In our present number
we uro able, tor tho first timo for sever
al j oars, to report a very decided recov
ery ot tho railway interest of tho coun
try from its recent exceedingly depress
ed condition-r A remarkable fouturo
in tho railroad operations ot tho country
for several years past has been the enor
mously increased tonnage in tho face of
a largo falling off of earnings
Sinco 1873, the year in which tho earn
ings of our railroads reached tbeir max.
imum, the Increase of tonnage has
equalled 50 per ! cent, although tho per
iod has been .eoe of unexampled busi
ness depression. A referonco to tho
sttaisi ;;iesae.eversl-. roads -will
show that at the very timo at which
there haa been tho groatost complaint ot
hard times, tho movement on merchan
dise has steadily and largely increased."
In tho Manual for 1880 in , revioving
tho year 1870 tho editor says, "Tho thir
teenth annuul number herewith pro
sonted records tho largest earnings over
received by our railroad companies as
well us tho largest annual Increase in
miles of road built sinco 1873.
It may also bo stated hero that au
thorities seem to ugroo in fixing tho
timo of recovery from tho panic ot 1837
at from six to seven years. As that
panic hud its inceptions in conditions
much llko tho onos preceding tho panic
of 1893 it will bo of interest to quote
hero from the article on President An
drew Jackson, Vol. 13 Encyclopedia
Brlttanica.
"About tho same time (1837) u law
passed congress for distributing among
among the states somo 135,000,000,
balance belonging to the United States,
the public debt having all been paid.
The 80 banks of deposit in which it was
lying had regarded this sum almost as a
permanent loan, and hail inflated credit
on tho basis of it, The necessary call
ing in, of their loans in order to meet
the drafts in favor of the states com
bining with the breach of the over
strained credit between America and
Europe and the decline in the prico of
cotton, brought ubout u crash which
proatrated tho whole financial, indus
trial and commercial system of tho coun
try for six or seven yearo."
The panic of 1857 commenced with
the fuiluro of tho Ohio Life & Trnst
Company which stopped payments
August 24th. It is said business was in
v depressed condition until tho Civil
war commenced in 18UI
Tho following tublo, which I take from
an argument of Hon. Jeremiah M. Husk,
used by him ub a part of u tariff argu
ment in congress, August 11, 1870, will
bo ot interest as showing tho gonoral
rungo of prices of necessities during tho
years 1872 to 1870.
Quotations uro for first quality of
goods, Now York murkot, on tho first
day of January ot ouch yours
1872 Whout per bushel, 91.G8: flour
per burrol, 98.25; corn per bushel. 70c.;
coal per chaldron, 34.50; pig Iron per
ton, 930.00; leather solo per pound, 28c.;
meBfl pork per burrol, 914.00; mess Iwef
per barrel, 98.00; sugar por pound, 9a;
leud per pound, Oc; chocso 'per pound,
9c., rlco per 100 pounds, 98.25; salt per
bushel, 45c.; wool jwr pound, 00c.
1873 Wheat, 91.85; Hour, 99.HO; corn,
00c.; coal, 95.00; pig Iron, 915.00; leather
solo, 28c; mesa pork, 914.75; mess beef,
911.00; BUgHr, 8c.; Iurd,8c; cheese, 14c;
lice, 97.50; salt, 35c; wool, G5c.
1874-whoat, 91.05; flour, 90.80; corn,
78c; coal, 95.25; pig iron, 935.00; leathor
solo, 27c; mess pork, 914.50; mess beef,
910,00; sugar, 8a; lard, 8a; cheese, 8o.)
rice, 99.W; unit, 30a; wool, 55c
1H75 Wheat, 91.17; flour, 95.25; com,
O.'lai mill. 9f),on; pK Iron, 920.00; leather
sole. 28i: mess ork, 920.00; mess beoM
912.00; sugar, 8c; lead. 14a; cheowi, 15o,
rice. 98.00; salt, 28a) wool, 50c
1870 Wheat, 91.20; Hour, 95.40; corn,
74c; coal, i0.50; pig Iron, 923.00; leathor
soli', 27a; mess jwirk, 921.00; lues beef,
912.50; lead, 13c.; eheese. 14c; rlco, 97.00;
salt, ,'IOc; wool, 52c.
Allowing for effect ot grasshoppers in
tho west on tho January 1, 1875, corn
and provision prices, it will bo soon that
on January 1, 1877, thoro was a fair ro
covery In, prices; but that on January 1,
1875, a llttlo ovor ono year after tho bo
ginning of tho panic or 1873, there was
no gonoral recovery in prices; but even a
falling off from tho "panic" prlcoB of
January 1, 1874, in many Instances. A
similar condition of facts scorns to exist
in tho caw) of our 1891 prices not only
in wheat but in ulmoHt ovory other com
modity. Tho conclusion wo should draw from
thoreforonco wo havo given above, as
well as from tho weak and listless condi
tion of all markets at present. Is that
tho rocovory from tho present businoss
depression in tho country will be Very
gradual, and that not until 1890 will
thero Imj a very marked improvomont
generally. In tho west wo may hopo for
a fairly good year in 189J; but in my
judgment, must not build hopes upon
any material improvomont during tho
year 1891.
Giiaklkh Q, Dawks.
(Written for Tim Ooumsu.)
0
NE of tho principal defects of our
present municipal system is tlmt
it is too cumbersome Thoro are
too many departments; too many chiefs;
too much division of authority and re
sponsibility, entailing carelessness in the
administration ot- publio affairs and
profligacy in the expenditure of the pub
lic's money. .? . j
" VfrteV Ottn p Ifwlliirc D'""! I"'
Tho idea of ward representation is
firmly iinplantod in the minds of the
people, and it will probably be difficult
to disabuse tho public or tho idea that
it Is necessary to elect councilmenirom
wards. In tho city of Lincoln a grout
deal of monoy Is thrown away every your
through tho efforts of ambitious council-
men to "look ufter" their own wards. A
councilman may bo a thief; but as long
as ho steals for his own ward ho is all
right and u good follow. Four council
men at largo, or commissioners, who
woud receive a salary of, suy 92,000 n
your, und devoto tholr whole timo to tho
uiTuIrs ot tho city, would probably give
tho city1 and ovory part of it just as effi
cient an administration as under the
present system, und at a much smaller
cost.
Thoro is no real use for the excise
board. Wipe it out altogether. Glvo
tho mayor the power to appoint tho chief
of police and tho chief of tho flro depart
ment, with full control ovor both depart
ments, and hold him strictly responsible
for the same. A 92,500 a year mayor, if
proerly selected und clothed with this
power, could give tho city, infinitely
better service than is possible under ex
isting conditions. Thoro would bo no
conflict between departments, no dis
puted authority. Tho grunting of saloon
licenses and all such mutters could bo
attondod to by tho commissioners.
With a water commissioner and city
engineer thoro. is no nood ot u board of
public works. Tho fowor officers tho
better.
t t T
t Inasmuch us tho boundaries of the
municipality and tho school district aro
already so ncurly tho sumo they should
bo mudo oxuetly uliko, und tho city com
misaioners should havo clmrgo of, und
reguluto all tho expenditures for tho
schools. This ono body should bo vested
with tho tax lovying power exclusively,
und it should huvo exclusive control
ovor tho expenditure of all municipal
monoyfl for uny purpose whatsoever.
Tho school board or board of odurution
should advise 'with tho commissioners
regurding the expenses of tho school
dopurtment, und prepare estimates for
tho guidance ot tho commissioners. All
other mutters relating to tho schools
Bhould lm left entirely to tho Bchool
liourd.
t t t
A schoiuo ot municipal government,
such us ubovo imperfectly outline!
would, I boliovo, be u considerable im
provomont ovor tho present system, pro
vided good men, representative business
men, und not polltlciuns, were selected
for tho offices. Unless the proper sort of
men uro elected to public ofllco, tho best
form of government would bo ineffectual.
It the political parties will not nom'nuto
ucceptablo mon for office, tho citizen
should select their own candidates.
urn i ii
i i
PMU DIES.
11. II. Dyer, of tho Sixth ward, In a
cinidldiito for water comtiileslonon Sev
oral candidates uro Boketi of for this
place, but Mr. Percival's prospects are
regmded hb very good.
Hx Senator T, J, Plckott of Ashland,
Is a I'undidalu for tho nomination for
secretary of atato, not included in the
list given elsewhere.
Joo Burns is a candlduto.for tho state, "
senate.
John P. Maulo is suggostml as a suit"' ".
ablo nomlnoo for councilman from the
Fifth vard. Mr. Maulo is also named
in connection with tho state senate.
Itaymor, of tho Fifth ward, is oiiiKwimr
Dobson for tho nomination for cltv
engineer.
It is said that Ed Sixer is thinking of .'
becoming a candidate for Mayor next '
term.
A. E. Cady, of Bkjfail, husn't.miukv
any move and probably will not, make
much of an effort; but thoro Is some
talk of him as a candidate for governor.
Mavbo thero will bo a cIUzoiib' move
ment, or a citizens' committee or a citi
zens' ticket this spring. ,.
John T. Cochran and Uecson aro still
figuring on the police judgeship.
T. 0. Munger and 1'aul F. Clark, are,
candidates for tho legislature. ; ,
Tho annual convention of tho Ne
braska league of republican clubs' will t
probably be held In Lincoln thlsjiumf,
roer. i
John B. Wright is spoken of
ble candidate for congress.
a poesi-
maintaining a discrete silence. l
There's lots of politics in the sreaent
excise board. Tho mayor will be aeon.
dlilatofortho populist nomination for
governor, A, D. Burr will boa candi
date for clork of the district courtt P.
W. Brown will probably bo a candidate
for mayor,
II. D. Estabrook is mentioned as a '
candidate for congress from the Second
district; but tho brilliant Omaha lawyer
will not oppose Dave Mercer.
George Woods' boom for
stato is sjiroutingf
secretary of
Edward Bok's successful article in the
January, Co$mojtolitan on "The Young
Man in business," has been reprinted in
a tasteful and handy booklet form at 10
cents by the Curtis Publishing Com.
puny, of Philadelphia. To this reprint
Mr. Bok haa added some fourteen pages
of editorial matter answering "Three
Uncertain Young Men."
Bct Netrspepar aad Itoat Magmxln,
For one year's subscription to tho
Nexct you can get the Cosmopolitan
magazino a year free. The best news
paper in Lincoln and the best magazine
published for tho prico of tho JWwsfor
ono year. I ,
iii ! m
In ono ' respect, howovor, tho money,
lost by thoso failures, corporate as well'
as privato, although those who lent' it
or invested it may never get it back
again, is not entirely wasted. It is tho
prico which in business affairs, as in all
othor departments of human uqtlvity, ,
must bo paid for tho wisdom which
comes only through oxporipneo. Wo1
huvo not yot urrivod ut that pitch ot In
tolllgonco at which wo can Infallibly
judge in udvunco ut tho results which
will follow any given lino ot conduct,and
thoro never yet was any business enter- "
prlso which oxuetly fulfilled tho hopes ot
its projectors. In u fow rare cases those
hopes uro oxcoedod; in most they aro
disappointed, und in all tho result is
moro or less different from that which
was intended. Besides, it may justly bo
said thut if before embarking our monoy
wo roqulrcd to huvo its safely and tho
profits of its employment demonstrated
beyond a jerud vent uro, wo should havo
to accept tho low ruto of compensation
for its ubo which is paid upon that kind
of UBsurunco. If every ejaculation wus
as sii ro iih u government bond, it would
yield only tho ruto of interest yioldod by
a government Inind. '.Tho excess of
profit beyond thut ruto represents tho
extra risk Incurred, und without that
risk thpro would bo np audi excess.
Don't delay getting tho Mwb' Colum-
b!a Album, the best unl tho ehoupoat
Bduvonir of tho world's fair published,
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