THE FARMERS ALLIANCE: LINCOLN, NEB., SATURDAY, JULY 26, 1890.
1?
MILWAY PROFIT
OIxty-Eight Per, Cent on
Investment.
the
The Companies Have Not
$2,OOOaMiie Invested
Enormous Prof its.
GIGANTIC UISREPRESE8TATI05S
As to Profits Cost of -Roads From
Their Own Reports Every
t body Read This. '
There has never been a time within
the history of our state when the econo
mic relation Of our railroad systems to
the public at large has f excited greater
interest. This interest has been height
ened by the fact that under the plea of
aecessity and of the right of self-preservation
the railroad companies of our
state notably the Chicago, Burlington
& Quincy Railway company have in
terested themselves in politics to such
an extent that by controing - the ma
zhinery of political conventions they
an interfering with the free expression
of the will of the people., 5
A general impression seems to .pre
vail that the tactics resorted to in the
Hastings : convention are not those
which a corporation seeking simple jus
tice would adopt; that unfair methods
are not necessary to the accomplish
ment of any fair end. One great rea
son for the cry which has gone up from
all over our state for investigation into
our present freight rates and into the
earnings of railway companies has been
the fact "t.hat the people cannot be
brought to believe that the just recogni
tion of the rights of railway companies
can only be obtained by the disregard
of the right of the people to nominate
their own candidates in political con
ventions. ;
The recent report of the secretaries of
our State Board of Transportation. ' in
which they declare that the result of
their investigation into the relative cost
and earning's of the roads of this state
does not justify them in finding that
our present rates are too high, together
with the fact that the C'B. & Q. R'y.
Co., through its" ablest spokesman," has
prepared elaborate statements designed
to convince the;people of the state that
the stockholders of our railroad corpor
ations are making but a reasonable sum
. Dn their actual investment, have led me
to an examination of the past and pres
snt of the B. & M. Railway in Nebraska,
the results of which I will outline.
The Secretaries of the State Board of
Transportation, in their report, state
that, "A tariff of -rates adjusted for its
lines in Nebraska (the B. & M. in Neb.)
on tha basis declared just in the resolu
tions of the Board, would answer fully
as well for ali other lines in the state."
The discussion into which I will enter
may therefore be considered as apply
ing in some slight degree to other lines
in this state.
Mr. Holdrege, for whose ability and
honesty of purpose I have much respect,
on May 21st, 18D0. at a meeting ot the
State Board of Transportation, made
the statement that the B. & M. R'y
earned in 1887 on actual investment 7.99
F; in 1888, 3.17 and in 1889, 5.57 F
The Nebraska State Journal, mv au
thority for this statement of Mr. Hold
rege, does not give the amount of act
, ual cost'? upon which these averages are
figured, but I presume that they are
based upon a valuation of something
over $25,000.00 per mile, a figure which
Mr. -Holdrege once, assumed, "for the
sake of argument," in an open letter to
Attorney Gen.1 Leese condemning his
efforts to secure a reduction in rates.
I will endeavor to show that these
figures have no equitable bearing upon
the question of reducing freight rates
in this state at this time. In the follow
ing discussion I haue given some figures
whose relevancy may not be fully ap
parent until the final conclusion as to
cost to stock holders and earnings,
which I seek to establish, is reached.
My reason for using them is that they
all form collateral arguments in favor
of this conclusion.
In the first place, I wish to disprove
the assertion7, frequently heard, that the
financial risks attendant upon the pro-
i'ection of the B. & M. R'y Co., in Ne
raska v"ere such as to now equitably
, ent'tle jt to a larger profit upon its in
vestment than it would be entitled to
had its road been first built in a more
densely populated district of our coun
try. In Poor's Manual for 1872-1873,
page 451, issued whenthe B.&M. R'y was
in operation from Plattsmouth to 'Har
vard, 140 miles, and was graded ready
for iron to Kearney, the junction with
the Union Pacific R'y, fifty miles fur
ther, the cost of the con
struction and equipment of the road
is given at- $5,675,981.57, while the
bonded indebtedness is given at $5,587,
971. (Attention is here called to the
correspondence, in those two preceding
amounts.) The capital stock of the
road is given at $8,583,700, but the
amount paid in is stated at $919,270.79.
The statement therefore confesses to
87.664,429.21 of unpaid stock, which
may be considered as representing the
value of the land grant.
f-itpr. by December 31st, 1872, the
stock holders had increased the amount
.uu. in stocK to $962,009, and had also
gained control of the Omaha & South
western railway, ; having forty-eight
miles or. track, by guaranteeing 8 per
cent interest on $20,000 of bonds per
mile and making a cash payment of
About $60,000, thus increasing their
length of road to 239 miles. Therefore,
the stock holders had paid in at that
time, according - to the railway com
pany's statement, the sum of $4,025.15
per mile to gain control of their road
sa ow, m connection witn this tact, we
M-ill add that by June 30th, 1873, there
bad, according to statement of this com
Tany, been, certified to it from the
United States land office 2.370,653.16
ncres, and from Nebraska 80,000 acres
(including 30,000 aqres acquired with
the Omaha .& Southwestern railway)
making a total of 2,450,6o3.16 acres, to
which magnificent donation it still
expected an addition of about 12,000
acres. -
As early as December 31st, 1873, the
company "bad sold 527,427.74 acres to
4,206 purchasers for the sum of $4,185,-
oio.il an average ot about $o.uu per
acre. At this time cash payments re
ceived on the lands amounted to $675.
iy3.7i and expenses to $479,072.38, and
the company had notes and obligations
arising from its land grant amounting
to ;$,iiu,t)4.ya.
. . Thus, we see that on December 31st,
1873, thi3 corporation had actually over
45 per cent -of the amount of its Whole
funded indebtedness and paid-in stock
in assets arising from the sale of less
than one-fourth "of its total land grant
Enlistment in such a corporation at that
time could hardly be considered an
videace of -financial heroism; and at
h least will not'be regarded as entisting a
stock holder to any fecial iegai im
munity at present.
I now desire to show as a step toward
a conclusion that during and from 1886
to the present year the C, B. & Q. rail
road company has been building its new,
lfnes in Nebraska, Colorado, Wyoming
and Kansas from .the proceeds of the
sale of first mortgage bonds. Accord
ingly, I append a statement which I
have collated from the last four annual
reports of the board of directors of the
C, B. &. Q. railroad company to the
stockholders: - ' -
Hi
P
1
a
5.3
f -
S3
2.P
51.25 S
: 2
no
- W
3 C 3
o-n -
OO 00 fit
SSS
CP..
Is o
ffl ffl 2 2
i- i
n o o rs
to
B 3 3
O -o
3 M
IB rt-M
n a
t
a
.. 3
cro
The premiums derived from the sale
of these bonds during these ' four years,
together with a small sum resulting
from discount on bonds purchased for
sinking funds, amounting in all (to
$856,908, has in the above statement
been subtracted from the cost of con
struction and equipment instead of be
mg added in the bond column to the pai
value of the bonds the result so far as
the relation of the cost of construction
and equipment to income derived from
the sale of bonds bemg the same. How
ever, making this change, we .have the
actual cost of construction and equip
ment, $33,375,553.20, and the income
derived from the sale of bonds very ap
proximately, $33,040,338.84. The only
conclusion which can be drawn from
these figures is that the C, B. & Q. R'y
since, and during 1886, has been build
ing and equipping its new lines in this
and adjoining states from the proceeds
of the sale of bonds, drawing on an av
erage a little over four, per cent
per annum. : Taking the amount
expended in the construction
and eauiDment of new road in
these last four years, which is $33,375,
953.20, and dividing it by the number
of miles of -road constructed, which is
1,494 772-1,000, we have the amount ex
pended in these years per mile of new
road for construction and equipment
(including telegraph lines), which is
$22,225. When we remember that ol
this 1,494 772-1,000 of new road, ovei
1,100 miles have been on "main lines.'
costing more in proportion as is we I'
known than branch lines, we are lea tc
believe that the value of Nebraska rail
ways per mile, assumed by Mr. Hold
rege, "for the sake of argument," a.
$25,000 is certainly not excessive.
Having shown that the new lines if
this state in 1886 and thereafter hav
been built from the proceeds of firs?
mortgage bonds, let us again considej
the land grant and ascertain, if possible,
the actual amount of cash the stock
holders of this railroad have invested
for road in this state, built prior to
1886. The road operated in N braska
in 1887 was 1,781.77 miles. Subtracting
from that sum, the number of miles
built in Nebraska In . 1883. which is
370.69, we have as the length of the road
in Nebraska, just prior to 1S83, 1,411
miles.' In the printed report of the
board of transportation for 1833, page
414, the amount realized from the land
grant of the B. & M- railway in Ne
braska above expenses and taxes, is
given as $7,26S,50.7S, and the amount
at present unpaid on outstanding con
tracts is $1,183,622,23, with
76,121.25 acres still unsold. Letting the
acres unsold be an offset against the
expense of selling them and of collect
ing the $1,183,622.23, still outstanding,
we will take $8,452,203.01 as a low esti
mate of the value of the land grants of
the united Mates and the state or Ne
braska. It is my belief that in this to
tal the proceeds of the thirty thousand
acres received with the O., & . VV; Ry
is not figured, but being unable to as
certain as to this, I. give the railroad
company the benefit of the doubt. Di
viding this $8,452,203.01. accruing to the
stockholders from the laud grant, bv the
,411.77 miles of road, we see that for
the road in Nebraska, built prior to
886, the stockholders must have re
ceived the sum of $5,990 per mile from
the land grant. The exact amount ol
bonded indebtedness per mile for the
portion of the road in Nebraska, out
standing just prior to 1886, 1 have not
determined, as ' this matter is merely
collateral to the figures I will give be-
ow. 1 will state, however, that on the
31st day of December, 1878, the bonded
indebtedness of the B. & M. in Ne
braska amounted to $10,933,300, with 415
miles of road, or $26,345 of bonds per
mile, and that in 1880 bv the consolida
tion of the B. & M. with the C, B. & Q.
railway the C, B. & Q. acquired 832
miles of road upon which it assumed a
bonded indebtedness of $18,701,200, or
$22,477 bonds per mile. My belief vis
that for the road built prior "to 1886 the
$5,990 per mile from the land grant
added to the funded indebtedness per
mile would pay in toto for the construc
tion and equipment of the whole road
not even taking into consideration the
municipal and county bonds donated to
the company. But in order to clinch
the argument, let us take present state
ments and see if we are not justified in
the conclusion to which all of the above
tends namely, that the B. & M. in Ne
braska has been built from the proceeds
of the land grant and first mortgage
bonds, and the dividends over bond in
terest, arising from the earnings of the
road are almost wholly paid upon wat
ered stock, and stock representing the
value of the land grant. The total
amount of bonds outstanding on that
part of the U., 15. & (4. railway in Ne
braska is $40,515,830.82. (Written re
port C, B. & Q. to. board of transporta
tion for year ending June 30, 1888).
The interest paid on the bonds amounts
to $2,064,729.58, or 5.09 per cent per
cent per annum. The length of road in
this state given in the above report for
1888 is 2,120 miles.
The funded indebtedness per mile is
therefore $19,111.24.
Dividing $8,452,203.01 land grant value
on aoove mileage gives us 9d,vo).70
Estimated value of municipal and
county bonds per mile .
Total, derived from bonds and land
grants per mile, $23,050.94.
If the cost of the C, B. & Q. in Ne
braska is $25,000 per mile, as assumed
by Mr. Holdrege "for the sake of argu
ment" m his open letter to General
Leese, the stockholders of this road have
cash actually invested per mile of road
the difference between $25,000 and $23
050.94, or $1,949.06 per mile. We
the benefit of the . amouni receive
by them from municipal and county
bonds as a bonus upon these
figures. I do not believe that
the stockholders nave t b -
vested for. having shown wiai since
1886 the new road has been dui ana
equipped from first mortgage rxmus,
the land grant shouiu u aiTu'l'u"
not nn o. iM milp at the rate of 88,939.
70, but on 1,411 miles at the rate of $5
990 per mile which aiimnisnes sua
more the probability that the stock
holders paid in this margin of $1,949.06
per mile. But '-assuming for the sake
of argument" that this is the margin
per mile. ($1,949.06) I will now take one
of the best vear.3 -i the B. & M. in Ne
braska, and see what per cent on their
actual investment the stockholders
made.
In the printed report of the state
board of transportation for tho
year ending June 30th. 197. the
proportion of araln?s for
brask of the B. & M- is, Pae f
227 $7 014.814 02,
The proportion b'f "operadns? e
peases for Nebraska Page 229 AS 11. 400 .
t ' 1 1
Subtracting, we have net earning ., ... ,,,..
for Nebraska, $4,13114 15
Miles road operacxl iu Neorasn
exclusive of sidings same re
port, page 2CJ, note.. .
Average net earulngs per mile ,
6 per cent net oil $W.570.0J per
mile .-
The Interest on i9,lll.2t of bo us
per nWle 5.09 per cent interest
amounts to.. -
Subtracting this from net earnings
per mile, which were $
We have as the net earning oa tais
1781.77
2,314 20
072 7-.
2.P44 20
1.1)49 OJ
the sum of..... - $ 1,3114.'
Per mile, or 68.8 per cen.-. In 011
year on the actual Investmencof
stockholders.
I think, therefore that I have demon
strated the unfairness of the argument
of Mr. Holdrege and the state board o'
transportation in regard to earnings t '
the ioai, and the interest they pay or
what they terra actual cost. 1 hat . ,
shown that the net per csnt of the earn
ings whieh they have given are not thr
measure of the profits, that these earn
ings bring to fhe stockholders.
We will not claim that our rates should
be so reduced as to allow the stockhold
ers to earn only 8 per cent or 10 par
cent on the margin invested, but a con
sideration of the figures we have given
above will convince us that the state
can allow stockholders to earn a large
rate of interest not only on whatever
cash margin they have invested, but on
the value of the land grant as well and
still make a very large reduction in lo
cal rates. And the time is past when
the people will defer to an argument as
to net earnings which takes no account
of the proportion of bonded indebted
ness to total cost, and the relation of in
terest paid on bonds to earnings made
on the proceeds of those bonds.
I would go further into this question
did space permit. One word as to the
political situation. Our Board of Trans
portation, elected by the republican
party, have renderedlt imperative up
on that party to declare itself upon the
railway question, not in words, as here
tofore, but in candidates. The division
of citizens into those opposed to rail
road domination in politics and those
in favor of it, which has been at every
political gathering in this state for two
years, cannot be kept out of the coming
state convention. The one man whose
nomination for governor, above all
others, would attest the sincerity of the
past platforms of the republican party
relative to railroad regulation, and
would rally to its support all classes of
honest men, is lienerai William leese,
against whose honesty and unbending
integrity no one dares to nit nis voice.
' V UHARLES Jt- iAWiio.
Call for a People's Independent County
Convention for Dodge County.-
r In response to a call for delegates to
a People's Independent State Conven
tion, published in the Farmers' Alli
ance of Lincoln, a conference of the
Alliance, Grangeand Farmer's Clubs
of Dodge county ws held at North
Bend on the 11th instiwhich, after decid;
ing on the manner and place of holding
the county convention, appointed the
president-and secretary of the county
Alliance as a committee to have the
convention properly advertised.
The convention will be held on the
afternoon of July 26th, in the old U. P.
church at North Baud, and its business
will be the nomination of state repre
sentatives and the election of delegates
to the state convention, and to the sena
torial district convention.
The ratio of representation in the
county convention is one to eveay fifty
of the entire vote of township in 18S9;
It is recommended that the primaries
be held at your usual polling place on
July 24th at 8 o'clock in the evening.
Every one who is interested in this
Peeole's movement is requested to lend
a hand in carrying out the provisions of
this call. J. M. Cruikshank.
W. J. Gregg, Sec. Pres.
People's Convention of Fillmore County.
Resolutions of . the People's Indepen
ent party County Convention of Fill
more County, Neb., adopted at Gene
va, July 12, 1890.
Resolved, That we favor the nomina
tion of pure and honorable men for our
officers. ;
That we endorse the "Declaration of
Principles " in the call of the People's
Independent state convention.
lhat it is the voice of this conven
tion, that all property be assessed at
full value, and that the mortgage or
note indebtedness be substracted from
the value of the property assessed, and
assessed to the parties holding said
mortgages or notes, and the witholding
of said notes or mortgages from the
assessor shill make them null and void.
That in case the license amendment
should become a law after the fall elec
tions, that all license fees should be
paid into the county fund, instead of
the school fund of the cities or towns
where said licenses are issued.
That the various nominees and dele
gates to the state, congressional and
senatorial conventions be instructed to
work for these resolutions.
II. F. Taixmage, Sec.
Resolutions of Beulah Alliance.
July 14th, 1890.
Whereas, J. F. Deitz, a lumber dealer
in uiarxs, JNeorasKa, has lnterierea
with Alliance agents purchasing lumber
of wholesale dealers, and made com
plaints to the Nebraska Lumber Dealer's
Association to prevent Alliance men
from buying lumber at wholesale prices.
Therefore be it
Resolved, That we will not patronize
J. F. Deitz or anv other dealer who in
terferes with Alliance men purchasing
lumoer at wholesale rates.
H.M. Powers.
W. S. Miller, Pres. Secretary.
Letter from Burt County.
Decatur, Neb., July 17,-1890.
Editor Alliance: Mr. Knox of
Broken Bow, Neb., spoke to a crowded
house here on the , 12th, only twelve
hours notice. Our Alliance men were
afraid of him because he was not recom-
ended " bv vou or President Powers.
After thev heard him speak they chansr
ed their mind, being geeatly pleased
with his address.
We have eighteen Sub. Alliances here
in Burt county, we are going to orga
nize a Knicrhts of Labor assembly in
Burt county. Yours,
D. B. Welch.
SBOLSHEIMEK feCd'S
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SILVER FRUIT FARM AND
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JOHNSON, NEMAHA CO., NEB. -
T Voon rn iinnri a miTwilv of all kinds of
exnerience in irrowimr Fruits in Nebraska enables me to make selections adapted to Ne
braska climate and soils. Dispensing with agrents entirely I deal directly with the people,
thereby saviag my patrons ail agents commission.
Correspondence solicited. 35m6
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CJESAR'S COLUMN
A Story of the Twentieth Century.
BY EDMUND BOISGILBERT, M. D.
One of the most startling and original works ever written. The author a man of wealth
and hlirh RoniAl noRition. and who writes under a nomide plume, presents, in a startlingly
original and wonderfully fascinating work of fiction, a profound study of sciological condi
tions, and he follows these conditions omt to what he believes will be their inevitable result.
The events described in the story take place in the year 1988, and the scene is laid in New
York City. The plot is dlversinea ana tun oi numan interest, oume or iu unapcen are
equaled only by Victor Hugo in terseness and viTidness of description. The effect of the
book as a whole is such that the reader will scarcely know in which character most to admire
the gifted author whether as a novelist skillfully weaving a complicated plot into a harmo
nious story; as a poet deftly touching the chords of the great heart of humanity ;as a philosopher
analyzing the errors and laying bare the evil tendencies of our age; as a prophet warning
the race against the greed and selfishness which are eating away the foundations of society;
or as a preacher teaching the broad principles of divine charity and appealing to those who
have the power and the good will to redeem the world.
The above book will be sent from this office at the regular retail price, Muslin, $1.25; Paper,
50cts. Or, it will be sent as a premium as follows:
The Alliance one year, and the book, in muslin, $1.75; In paper f 1.25. 49
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A
has a complete line of
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- - w. t . WK1GHT, Proprietor.
Fruit Trees, and Small Fruits. Thirtv tpum
Send for Price Lists for Spring of 18fl0.
W.
r. F. WKIGHT.
Lee Love,
President.
J. M.Obantham,
Secretary.
Bam Corn ait,
Vice-Pres't.
J.M.
Bennett,
Manager.
McCloud-Love Live
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SALESMEN: D. C. (Shan) PAXSON, Cat
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Reference: Any bank in Nebraska.
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fl. S. Bell.
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MEALS 25 CENTS.
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Small Yorks h Ire
Swine. Arfo Ply
mouth Rock Poultry
My block is or tne
fibest that money
..-.iwr'could buy. Many
fine premium show animals In my herd.
Write for catalogue. I H. SUTER, Prop.
6m51 Neligh, Nebraska
CIGARS FOR ALLIANCES.
The product of organized, working Clgr
makers. Buy from us and you will get rock
bottom factory prices. 300 cigars consisting
of 12 district brands, ranging in price from
f 12 to (90 per thousand, forwarded upon re
ceipt of $5.00. Remit by P. O. or Express
Money Order, Registered Letter, Bank Check
or Draft. For agencies, terms, c, address
W. E. KRUM CO, Cor. 8th and DouglaM sU,
6m3 Reading, Pa.
PAY RETAIL PRICES
WHEN TOU CAN
DOY AT WHOLESALE
. . WHATEVER YOU
EAT, WEAR OR USE.
VTE HA VE NO 'AGENTa
WriU for foil Catalogue gectntM.
H. R. EAGLE & CO.,
Femurs' lihokssla Supply lleusov
63 WAD ASH AVE., CHICACO.
I
Oi
(,'om 111 issuu tali ants
7r s
WHY
25 Million Nursery
Grown Forest Tree
SEEDLINGS,
tm Tl 4Imu4 wit It v rt
AAmmTaMlnn ml Adl6-mCfl JSetld for lrioo llflfr
Also GENERAL NUItSERY Stock.
ROBERT w. IT UUM as,
Brown ville, Nebraska.
6m81
W D. NICHOLS
GENERAL DEALER IN
BEATRICE, NEB.
Have socs Fine Bargains in Improved
Farms.
Lota For Sale In Every Addition In the City.
OFFICE, 605 COURT ST. TELE. 83. mt
LIGHTNING VJElL-SINKItfe
MftCHIREIV MAMUr ACTURt RS.
HvnUnlic. Jvttitiir. Kvolvim!. Arlnlan.
Diuinmiil fToKiwvtitig Tnult, Knitlnr, IWilvrm.
nut Mi i !, rum), r.nt-trriopeaia,
graving, 'harlli'. Simla, lvtrnnt.
Tb amrrtraa nrll m
Aurora, III.
fr It A 13 K. ennui
JE I e. j l-t til
1.1 ., i Rmi CM.
uis rim hi..
Ball, Trtato
GEO. A. BELL.
C. W. MCCOY.
T. C. SHELLY.
8. F. McCOY.
&
(Successors to Bell St Co.)
Live Stock Commission
Merchants.
Boom 39 Exchange Building. Cash Adraaoas
on Consignments.
. references ask yodk bank.
Union Stock Yards, South Omar a.
Nebraska. tflt
BEATRICE
"W" O RU?" S
CHA'S HEIDfiART, Proprietor.
618 east c0tjrt street, n. e. ow
post office.
lEstEtTolisliocl 1SQS.
marble and gkanite mondments,
head-stones, tablets, VAULTS.
SARCOPHAGI, & CEMETERY
WORK OK ALL KINDS. 20tf
Branch Yards, Brownvllleand Rock Port, Mo.
THE
Eleventh St. Dniggisls
Dealers In DruRS, Medicines, Toilet Arti
cles and Drujrsrists' Sundries. .All kinds of
Paints, Oils and Colors.
PURE DRUGS. LOW
PRICES.
S3? SOUTH 11th STREET, LINCOLN, NED.
Two doors north oThe Farmers' AUltmco.
LINDELL HOTEL,'
LINCOLN, NEBRASKA.
Eefurnished & Refitted.
ELEGANT BOOMS,
FIRST CLASS TABLE.
Popular Rates. $1.50 and
$2.00 per day. NO PAR. .
41tf
ARTISTIC ; PORTRAITS.
IX J. THORP Co.,
Manufacturers of
Rubber Stamps, Seals,
Stencils, Ridges and
.Baggage vnecks
"C? Kvery Description.
fCia K. I ltd Ht..
VatjhllBhw1 1ftn
LINCOLN, NEB..
AXB IX8T1TCTK Of PESMAXSIlir,
Shorthand, and Typewriting, Is tha best and larrmt
College In the West. OJO StudenU In att nrianc nnt
year. StudenU prepared for kindness In from S to V
months. Experienced faculty. lnonaI InntriK-tion.
Ileautltul illustrated cataloKue, college journalH, and
specimens of penmanship, sent tree by addressing
UIJ.inRTPQE At RQOSE. Llacola. Neb.
REAL ESTATE LOANS
Ob farms In eastern Nebraska and Improved
property in Lincoln for a term of years.
Lowest Current Rates.
R. E. & T. W. MOORE,
RICHARDS BLOCK,
Corner 11th & O Streets. Lincoln.
H. O. STOLL,
BREEDER 0
The Most ImproY
d Ureedsof Poland
h I n n I1 t . . f o .
.iWhlte, Small York
hit. mn.
nugB.. obubiscuod ffaaranteeo in xi
P. O. Address. BEATRICE, NKU.
T. A T iT iTaiPAY'S a
Automatic Wind-MlU -V
Eogulator
' Throws mUl out of asS
rear when tank u full ; iuto pesr vbra
water lowers in wax. thp, tmp
dorsble and Bositiva. 8nd for Wr: t.
tirt Cicttkn. W(JrtM,F.G.TALLERDAY,
Poplar Orove, 111.
Mk
M 11 fLmmn. 4J .
Ml
McCoy
JJXJXl
A 1
mm BROTHERS
B lit: si
!
r
f
8
was I .,