Grand Rapids Herald-Review Newspaper, May 17, 1902, Page 2

sc ue eS NERcoRRNCNREERENA dae. ORIGIN OF THE ~ RAILWAY MERGER WHY SECURITIES COMPANY WAS ORGANIZED Answer Filed in U, S. Circuit Court Gives Purpose for Which Company Was Formed and What It Was Expected to Accomplish—The Answer. . Paul—Answers have been filed in the, United States circuit Court by the defend- @nts in the suit brought by the attorney general of the United States against the Northern Securities company, the Great Northern Railway company, the North- ern Pacific Railway company and others. Fach of the three defendant companies filed its separate answer. The answers are substantially the same in each case, except in so far as they are varied to meet the technical differences in the and organizations of the various nies er of the Northern Securities nique and of ‘special interest be- the attorneys for that company, , John W. Griggs and George B. ave included, in addition to the i and legal reply to the plaintiff's 8 cise statement of the de-| They explain the origin led merger and the business nd purposes which prompted the anization of a holding company, The explanation is the more interesting part the answer and is herewith presented and out of its regular order with the al portions following: Company’s Explanation. on, this defendant on information and belief, says that facts as to the purchase of the shares Chicago, Burlington and Quincy i company (hereinafter called the ston company) and the planning formation of tnis defendant, and the intentions and purposes of the md corporations concerned in| erprises, or either of them, were ously stated in said petition, | are, as follows: ting the line of the Great ern to the Pacific coast, that com- nd its directors contemplated the ressity of creating for the line not ate and interstate, but an inter- tional commerce. Nearly all the coun- y traversed or reached by this line was then but s| ely settled or not set- ed at all. It was principally agricultur- ai, grazing or timber land, with mineral deposits in the mountain ranges believed to be large and valuable, but not devel- »d or explored. Whatever commodities ae region might furnish for carriage would be raw material, of great weight nd@ bulk in proportion to its value, which would not bear transportation to market except at a low mileage rate such as could be made possible only by every practicable reduction in the cost of trans- ation. The available market for all such products was far from the places of production. in Washington and Oregon are the larg- est and finest bodies of standing timber tm the United States, the best market for ich is im the prairie states of the Mis- ppi valley east of the Rocky moun- tains; but the lumber and shingles from he Pacific coast would not bear the cost transportation to those states if the ars carrying them had to be hauled back empty, or nearly so, for a dfstance of €rom one thousand five hundred to two nousands miles. And the same is true of other products. On the other hand, fhe unoccupied or sparsely settled coun- riry along the fine, or reached by it, could furnish a market for commodities ugh to load the retaining cars;athe re- ult ‘being that unless the company could riage beyond the Pa- cause secure traffic for ca t no great traffic either way st or be created. Asiatic Trade. ‘To meet these conditions the Great Nerthern company not only went to great ional expense in the construction of line to obtain gradients lower than other line to the Pacific t, but also made great. efforts to cre- d increase in the countries of East- a a demand for the products of this try; and soon after the completion of fts railway in 1893 it induced a Japanese mapany to run a line of steamships, con- ing with its railway, on the route be- ttle and the ports of Japan, a and Russian Siberia, and succeeded creating and has since been actively engaged in building up a commerce in h the flour manufactured along its e, cotton (both raw and manufactured), ‘on and steel (es; jally steel rails and lates), machinery, and such other manu- i ures of this country as a market could be found or made for in Eastern Asia, have been carried to Oriental ports, and return cargoes of such Oriental prod- acts as are consumed tn this country have een brought back. A large west-bound, as well as an increased east-bound, tarf- fic has thus been secured by the company, enabling it to make such rates on lum- ber and other products of the country served by it as permit them to be shipped to Eastern markets with a profit to the ahippers. ‘One year before the Burlington pur- vehase, this Oriental traffic had reached such proportions that the Great Northern company caused to be begun the construc- tion of steamships to be run from Seattle to ports in Japan, China and the Philip- pines, which, from their great carrying capacity (being the largest in the world), ‘will be able to carry at very low rates éf full cargoes can be secured), and thus enable the company to move the largest volume of west-bound traffic (and also of east-bound traffic) at the lowest rates. In the interstate and international com- wmerce which the Great Northern com- pany has thus built up, it competes both “fm this country and on the ocean with the ether transcontinental lines (inéluding @he Canadian Pacific) and at the Oriental ports it competes for commerce of the worid. Its rates are and must be made fm competition with the rates of ocean earriers and by way of the Suez canal. The policy thus followed by the Great Northern company in building up an in- ternational, and thereby interstate, com- amerce has been followed by the Northern Pacific company since its reorganization vin 1896. Placed at a Disadvantage. rado, which afford the best markets for the lumber of the Pacific coast, They reach Denver, Kansas City, Omaha and Aurora, where are located the principal smelters of silver-lead ores, such as are mined near the lines of the defendant railway companies. They reach Omaha, Kansas City and Chicago, where are the great packing houses and the great markets for the cattle and sheep of the ranges of North Dakota, Montana, ‘Wyoming, Idaho, Ore- gon and Washington. They reach St. Louis and Kansas City, connecting them with lines traversing the cotton states, from which come raw and manufactured cotton required for shipment to China and Japan. At Chicago and St. Louis they con- nect with the lines which reach the points of supply of manufactured iron, steel, machinery and other manufactured articles that find a market in Japan and China. Reaches Conl Supply. The Burlington line southward from Minneapolis and St. Paul along the Mis- sissippi river reaches the great coal dep- osits of Southern Illinois, the largest west of Pennsylvania and West Vir- ginia; and its light gradients and con- sequent low cost of transportation make it possible to supply such coal to points on the lines of each defendant railway company east of the Missouri river, re- lieving the people and the railways of that territory from entire dependence upon the Pennsylvania and West Vir- ginia mines, the supply from which is yearly becoming most costly and less certain. The price paid for said Burlington stock was lower per mile of main track covered by the stock than that for which the stock of any other large and well established system, in the same general territory, could then have been bought. The purchase of the Buriington stock by the Northern Pacific and Great Northern companies in equal parts served each company as well as if it were the sole owner of such stock, while such purchase might have been beyond the financial means of either company by itself. The Great Northern and Northern Pa- cific companies therefore each purchased an equal number of shares of the Bur- lington stock as the best means and for the sole purpose of reaching the best markets for the products of the territory along their lines, and of securing connec- tions which would furnish the largest amount of traffic for their respective roads, increase the trade and interchange of commodities bétween the regions tra- versed by the Burlington line and their connections and the regions traversed or reached by the Great Northern and Northern Pacific lines, and by their con- necting lines of shipping on the Pacific coast. These connections and such in- terchange of traffic were deemed to be, and are, indespensable to the maintenance of their business, local as well as inter- state, and to the development of the country served by their respective lines, and of like advantage to the Burlington lines and the country served by them, and strengthen each company in the com- petition with the more southerly lines to the Paci coast, with the Canadian Pa- ifie rail y and with European carriers, for the trade and commerce of the Orient. In such purchase there was no purpose to lessen any competition of the Burling- ton lines with those of either of the pur- chasers, for they are not competitive, or to lessen any competition between the purchasers. Such purchase was not in- tended toha ve, and it cannot have, any such effect. The purchase of the Burlington stock was not made in view of the .ormation of this defendant, but solely from the motives and with the purposes already stated. Origin of Holding Company. The project of forming a holding com- pany of any kind was not the result, in any way, of the failure of the plan which was defeated by the decision of the su- preme court in the Pearsall case. There was no connection whatever between the two. The project of a holding company which finally developed into the formation of this defendant had its inception years be- fore that date, among several gentlemen, not exceeding ten in number, who had been large shareholders in the Great Northern company and its predecessor, the St. Paul, Minneapolis and Manitoba Railway company; some of them from the original company in 1879, and others from dates not long after that time. They have never held a majority of the stock of the Great Northern company, but have taken an active interest in its policy and admin- istration; have aided it when necessary in financing its operations; have acted to- gether in promoting its interests; have, with some execptions, served from time to time as directors and officers (Mr. Hill having been president of the successsive companies since 1882); and by reason of their active interest in the company and services to it, have influenced, to a large degree, its policy and management. As far back as 1893, most of these gentlemen being, well advanced, and some far. ad- vanced, in“years, they began to discuss together what would be the effect upon the policy, which under their influence the company had pursued with great benefit to its shareholders and the public, should their holdings by death or otherwise be- come scattered, and by what means their holdings could be kept together, so as to secure the continuance of such policy in P. Morgan & Co. held about six million ($6,000,000) of the common stock. In the ‘all of 1900, Mr. Hill and said Great Northern shareholders discussed the question of putting their holdings of Northern Pacific stock into the proposed holding company, as well as the sugges- tion that all the other stockholders of the Great Northern company should be given the opportunity of selling and transfer- ring their shares to the holding com- pany, and that its capital stock should be made large enough to enable it to buy such holdings, though it was not known that the holders of. any considerable amount of Great Northern stock, other than those above named, would desire to make such transfer. No Alliance Intended. At the time of the purchase of the Burlington shares, it was not contem- plated by either purchasing company, or its sharehclders, that ,any alliance: between the pufchasing companies, or among their shareholders was needed to preserve to each company its fair share of the advantages secured by the pur- chase. It was thought that the manifest interest of each company rendered any further guaranty or security needless. But pending or just after the conclu- sion of the negotiations for the Burling- ton stock, parties acting in the interest of the Union Pacifie railway system, did purchase Northern Pacific shares, both common and preferred, to the amount of about seventy-eight million dollars ($78,000,000), being a clear ma- jority of the entire stock of that com- pany. The apparent intent of such pur- chase was to defeat and, if successful, it woult sve defeated, the carrying out of the purposes for which the Bur- lington shares had been bought by the Great. Northern and Northern Pacific companies, and the development of the interstate and international commerce of each of them, and would have: subor- dinated the policy of each to an interest adverse to both the Great Northern and Northern Pacific companies, and to the public served by their lines. To protect the interests of the share- holders of the Northern Pacific company, J. P. Morgan & Co. made’ additional pur- chases of Northern Pacific common stock, which, with the holdings in said stock of Mr. Hil and other Great Northern share- holders, who had discissed with him the plan of forming a holding company, con- stituted about forty-two million dollars ($42,000,000), being a majority of the com- mon stock. In view of the injury appre- hended to both companies, and to their shareholders, and the better to protect their interests in the future, the Grea Northern shareholders holding Northern Pacific shares, deemed it advisable ‘that the projected holding company should have power to purchase not only their ewn Great Northern and sortaern Pa- cific shares, but also the shares of such other Great Northern and Northern Pa- cific shareholders as might wish to sell their stock to said holding company, and the shares of companies already formed, and others that might be formed for the purpose of aiding the traffic or operations of the Great Northern and Northern Pa- cific companies respectively. At this time it was not expected by any of the persons concerned that any Great Northern shares except the said forty-two million dollars ($42,000,000) would be acquired by the proposed holding company. The or- ganization of sueh company was not de- pendent on any agreement that it shouid acquire a majority of the shares of eith- er defendant railway company. It would have been organized if the Burlington purchase had not been made, and if its promoters had had no other shares to transfer to it than the thirty-four mil- lion dollars ($34,000,000) Great Northern stock and the twenty million dollars ($20,- 000,000) Northern Pacific stock, held by them on May 1, 1901. It was not known that all or how many of the shareholders used for the purchase of stock tn othe corporations, not common carriers, whict this defendant might consider beneficia’ to acquire. This defendant was not formed as a scheme or device to evade the act of congress known as the “anti trust act,” or any other law whatever, but solely for the purposes hereinbefore stated. Not Restrain Competition. This defendant was not formed, nor did any of those concerned in its. furma- tion, nor any of those who sold their shares of stock to it, have any purpose br intention to restrain trade or com- merce, or to lessen competition between said railway companies, or to monopo- lize traffic in any manner whatever; nor can any such results follow from the formation or operation of this defen- dant. In point of fact, since the argani- zation of this defendant, rates on the defendant railway companies’ lines, in- cluding rates to and from points com- mon to both, have voluntarily been so reduced as to decrease their earnings by: upwards of a million dollars an- nually. For all interstate commerce on the lines of either ‘the defendant rail- way companies, except traffic beginning and ending on their own lines, respec- tively, the rates are fixed by joint tariffs with connecting lines. In respect to all such traffic neither of the defendant companies has ever had, or can have, any independent, rate-making power or control of traffic or rates. All joint tariffs with other companies to or from points common to the lines of the defen- dant railway oompanies have ajways been, and necessarily must be, the same, whether the traffic is carried by one or the other of said companies. The total amount of all other interstate traffic, that is, traffic between common points on the two roads, which is not competi- tive both as to rates and equally of ser- vice with other carriers having equal rate-making pewer with them, is less than 2 per cent of the total interstate traffic of the two companies. The sale and transfer of property whether in the form of shares of cor- porate stock or otherwise, has never been adjudged to be, and is not, in viola- tion of the act of congress of’ July 2, 1890, known as the “ anti-trust act.” This defendant is not a railroad com- pany, and it has no power to operate or manage railways, or make or control rates of transportation, nor to monopolize or restrain traffic of any kind. So far from intending to violate any provision of said act of congress, the persons who were concerned in organizing this de- fendant, and those who have sold their shares to it, had every reason to: believe and did believe, that such sales were not in any way in contravention of that act. In common with the general public, they were aware that during the eleven years since the passing of that act, in many instances, the stock of a competing: rail- Way company has beem acquired by its competitor or the shareholders: thereof; without objection from any branch of principal railways doing business through- out the country. This has been done without objection from any branch of the government of the United States, and has invariably proven beneficial to the railway companies. concerned and to the public; and those making sales: of stock to this defendant had no reason to believe that such sales were opem to any legal objection or question wuaatever. Not te Control Rates, This defendant was not organized for the purpose of acquiring a majority of the stock of either the Great Northern or the Northern Pacific company, but merely to purchase the stock of those who wished to sell, as above stated; and was not organized for the purpose of controll- ing railway rates in the slightest de- gree, and has not had and cannot have any such effect. The transactions referred of either of the railway companies would be likely to transfer their shares to this defendant when formed. Northern Pacific Line. After its organization this defendant bought and still holds about one hundred and fifty million dollars ($150,000,000) of the stock of the Northern Pacific com- pany; and it has also purchased and ne- gotiated for the purchase of the stock of the Great Northern company, as herein- before stated. Neither the said persons who were concerned in the formation of this defendant, nor the said persons from whom it has acquired the stocks of said railway companies nor this defendant it- self since its formation, nor its stockhold- ers, directors or officers, have planned or intended that the stock of said raifway companies acquired by this defendant, or any part thereof, should be held, used, or voted by it, or by its officers, agents or proxies, for the purposes of combining, consolidating or placing under one com- mon management or control, the railways of the Great Northern and Northern Pa- cific companies, or the business thereof, or for the purpose of monopolizing or re- straining competition between the said railway companies; or for any other pur- pose than the election by each of said railway companies of a competent and distinct board of directors, able and in- tending to manage each of them inde- pendently of the other, and for the benefit of their shareholders and of the public. By the acts of the legislature of the State of Minnesota incorporating the Great Northern Railway company, and by the acts of the legislature of the State of Wisconsin incorporating the Northern Pa- cific Railway company, it is, in substance, provided that the business and affairs of each railway company shall be managed by a board of directors, to be elected by the stockholders, and that all the powers of each corporation relating to said mat- ters shall be vested in such board. Every share of stock issued by this de- fendant has been issued to the persons and corporations regéiving the same in good faith, for full value paid to it, either in cash or its equivalent, and in accord- ance with the provisions of its articles of incorporation, and with the laws of the State of New Jersey. No agreement, promise, or understanding has been made between this defendant and any of its stockholders or between its stockholders themselves or any of them, or between said stockholders or any other persons or corporations, that the stock of this de- fendant should be held. used or voted other than by each stockholder, separate- ly and individually, and in such way as he should see fit; and there has been no agreement, promise or understanding be- the management of the company. It was considered that if a company should be formed to which they might transfer their individual holdings, their shares were likely to be held together, so long as the majority in the holding company should so wish, and this would tend to give stability to the policy of the Great North- ern company, be of aid to it in financial nm creating and maintaining this com- ‘petitive interstate and international com- merce both the Great Northern company end the Northern Pacific company were hampered and placed at a disadvantage mith the other transcontinental railways, es well as with European competitors, by the want of sufficient direct connection with the territory offering the best mar- operations, and maintain the value of their investments. These conclusions were the result of various consultations among the persons mentioned, or some of them, but no definite agreement was made for forming such a company or binding any one to transfer his shares to it if formed. From time to time, beginning with tne reorganization of the Northern Pacific ets for the products of the country | company in 1896, Mr. Hill and said other along cheir lines, and with the places of| Great Northern shareholders who had production and great centers of distribu-| discussed with him the plan of forming a ‘son from which their traffic must be! holding company, had made large _pur- supplied. For many months before the| chases of Great Northern shares, individ- purchase of the Burlington shares, they | ually,,each for himself without any con= had considered the best means of getting | certed action, and solely as investments. closer 0 such markets and sources of | About May 1, 1901, their aggregate hold- iy. The lines of the Burlington, bet-| ings of the common stock of the North- supply. Those of any other company, ful-| ern Pacific company amounted to. nearly oer ‘ed the requirements of both the Great | twenty million dollars ($20,000,000) of the erthern company and the Northern Pa-| eighty million dollars ($80,000,000) com- bw company in respect of markets for| mon stock of the company, which also peso ior and freight for westbound | had a preferred stock, amounting to sev- ‘The Burlington lines traverse the] enty-five million dollars ($75,000,000), tare states of Illinois, Iowa, Missouri, | with the same voting power as the com- pire thy ‘Wyoming. Kansas and Colo-| mon stock. At this time the firm of/ J. tween said stockholders and any other person or corporation, that they or any of them should use, hold or vote their stock im this defendant in association or for amy common purpose or object. The owners and holders of stock of this defendant are more than thirteen hun- dred (1,300) in number, and the ownership of the stock is being changed, from day to day, by sales and transfers, in the usual course of dealing. The said per- sons who formed or were otherwise con- cerned in the formation of this defendant have never, all together, held, owned or otherwise controlled an amount of stock of the said company equal to so much as one-third of the whole amount thereof now outstanding. This defendant has no contract or obligation to purchase or ac- to in the petition have consisted in the organization of a lawful corporation, and the purchase of property by it. All acts done in relation to the organization of / this defendant and in the conduct of its business have been expressly authorized by law, and have had no effect whatever to restrain trade or commerce among the several states or with foreign nations. If these lawful transactions should hereafter have any effect to restrain trade or com- merce among the several states or with foreign nations (which is hereby denied), that effect would be merely indirect, re- mote, incidental and collateral, and not intended and as nothing compared with the great expansion of the volume of inter- state and international commerce which was itnended, and which this defendant believes is destined to result from the en- terprise of the two railway companies, that culminated im the purchase of the Burlington stock. And this defendant says: 1. The “anti-trust” act was not in- tended to prevent or defeat an enterprise, in aid of a great competitive interstate and international commerce, merely cause such enterprise may earry with it the possibility of incidental restraint upon territory and volume. 2. Nor was the act imterided to limit the power of the several states to create corporations, define their purposes, fix the amount of their capital, and deter- mine who may buy, own and sell their stock. 3. Otherwise construed, the act would be unconstitutional, because: The power to regulate commerce with foreign nations an@ among the states does not give congress the power to reg- ulate any of the matters above mentioned in respect to corporations created by the states; and because Persons may not be derived of their property without due process of law, by taking from them the right to sell it, as their interest may suggest. There is a defect of necessary parties defendant, because, as already set forth, the persons who made sales of stock of the said railway companies to this de- fendant were numerous, exceeding more than 1,300 in number, and few of them had any connection whatever in the plan- ning or forming of this defendant, and in their absence from this litigation no de- cree can be made affecting their rights in the premises. And this defendant denies all and all manner of uniawful combination and confederacy wherewith it is by the said petition charged, without this, that if there is any other matter, cause or thing in the petition contained material or nec- essary for this defendant to make answer unto, and not herein or hereby well and sufficiently answered, confessed, trav- ersed, and avoided or denied, the same is not true to the knowledgevor belief of this defendant; all of which matters and things this defendant is ready and will- ing to aver, maintain and prove as this honorable court shall direct, and humbly prays to be hence dismissed, with its rea- ‘sonable costs and charges in this behalf most wrongfully sustained. The defendant, in answer to the purely echnical portion of the plaintiff’s peti- tion, admits the formal facts set up con- cerning the organization of the Northern Pacific and Great Northern Railway com- panies and the territory which those companies cover. The defendant admits its formation under the laws of the quire any shares whatever in either rail- way company, in addition to those which it has purchased or negotiated to pur- chase, as above stated. Its authorized pital was fixed by persons who planned fis organization to enable it to give to each stockholder in each of the defend- ant railway companies an opportunity to sell his stock to it, should he see fit to do so, and should this defendant desire to acquire it. The sum fixed was deemed ample by those who planned the forme- tion of this defendant to furnish the means to pay for all such shares as would likely be acquired by it, and to leave remaining a large amount ta be State of New Jersey, but denies the al- legations of the petition concerning the purposes for which it was organized. The Northern Securities company is W. Griggs and George B. Young, the Northern Pacific company by George B. Young, and the Northern company by M. D. represented by John Great Grover. _ i fale givt MP SHEP The Head of the Family. be- |, le some commerce, trifling both as respects | ‘4 a y & \ cil Mrs. Annie McKay, Chaplain Sons of |Temperance, 326 Spadina Ave. Toronto, Cured of Severe Female Troubles by Lydia |E. Pinkham’s Vegetable Compound. | «Dear Mrs. Pinxnwam:— "have had experience with the general troubles of my sex. Being a mother of five children I I was Tacerated when one of my children was born and from that hour I date all my afflictions. I found that within a few months my health was impaired, I had female weakness and serious inflammatiom and frequent flooding. dragging through my work without life or pleasure. I became weak and dizzy but kept on my feet, A neighbor who had been helped by taking Lydia E. Pinkham’s Vegetable Compound insisted that I take at least ome bottle. I did so and felt so much better that I kept on the treatment. For seven months I used the Compound faithfully and gladly doI say it, health and strength are mine once more. I know how to value it now when it was so nearly lost, and I appreciate how great a debt I owe you. The few dollars I spent for the medicine cannot begin to pay what it was worth to me. Yours very truly, Mrs.. Ansa McKay, Chaplain Sons of Temperance.” $5000 FORFEIT IF THE ABOVE LETTER IS NOT GENUINE. No other female medicine widespread and unqualified endorsement. in the world has received such Refuse all substitutes. Mrs. Pinkham invites all sick women to write her for advice. She has guided thousands to health. Address, Lynn, Mass. Roosevelt's Picture en an Apple. Farmer Heary C. Gableman, who says he made a pile of money last yea> seiling apples bearing a bust of McKin- ley, has bought -he Schultz farm, on Wellen’s hill, together with one of the finest fruit orchards in this vicinity. He says he will have the head of President Roosevelt, crowned with a slouch hat, outlined on all his fruit the coming season, ‘Mr. Gabelman refuses to disclose his process for making pictures on apples.— Winsted (Conn Cor. New York Worid. His Red Tie Scheme. It was the morning after, when peni- tential bromo and Nile-green reselu- tions were paramount. “By all that’s proper, Harry, what are you putting on that red tie for?” de- manded the other man. The cravat was a deeper red tham the poppies know, and against the white of clean linen it was almost insultingly ffulgent. “Part of my system,” replied Harry. “See my eyes? Not pretty, are they? Prima facie evidence of indiscretions. And that nose! Well, don’t you know, f£T wear this tie, everybody will look at it so hard they'll never see my #ace. Tried it before. Whole car loads of peo- ple never saw anything but that tie. Always have one handy, like a life-pre- server om a boat.”—New York Mai? and &xpress. Rheumatism Cured at Last. Lake Sarah, Minn., May 12th.--Thou- sands will read with pleasure that a cure for Rheumatisrn has at last been found. A Mrs. Hildebrandt of this place, after trying very many medicines, has secemtly found a successful remedy for is painful disease. This woman suffered so with the heumatism in her arms that sleep or st became impossible. She heard of Dodd’s Kidney Pills, but saving little faith in anything, was very reluctant \‘o spend any more mon- 2y for medicine. However, she decided to try one box amd this helped her so much that she 2ontinued to use the Pills. Now she says: “I am real well, and I don’t know how ‘0 express my thanks to Dodd’s Kidney Pills for what <hey have done for me.” Perils of Love. Clara—Arthur hasn’t written since I wrote accepting his proposal. Cora—Maybe the letter you sent him was 2 cents due.—Detroit Free Press. \ Is COLE'S COUGH CURE teed. Get a50c. bottle, take { if not relieved go to the Sraggist tre your money back. We tak risk. ‘hy not give it a trial? ‘The more money a man has the hard- sr it is to convince the world that he is 2 fool. “I Want Everybody to Know How Completely It Cures Indigestion.” This shows the unselfish disposition of Mr. Hodge, of Orchard Cottage, Ippleden, New- ton, who, having been cured by Vogeler’s Compound, wishes every other sufferer to know of the-benefit he has received from this marvellous remedy. He tells his story as follows :— f shone alt oan Nioscyere T vas ne texoepe ba state of health, and could hardly drag one leg after the other. I had tried dozens of reme: advertised to sure indigestion and all its Attendant evils, but was rapidly going from bad to worse, when I had the fortune to be recommended to take Vogeler’s pound. I did so, and am thankful to say it madea new man of me. I should like other people to know its virtues, and how completely it pce ‘under the worst forms of indigestion and dispe; (Signed) “ Guo Vogeler’s Compound is the greatest reme- dy of the century for all stomach disorders Naterally. “Jos‘ah,” asked Mrs. ‘what is a bucketshop? “It’s a place, IE suppose,” said Mr. Chugwater,. looking, impatiently, up from his newspaper, ‘where they empty the water out of stocks.”—Chicago Tribune. Chugwater, LS. Hallenbeck, Chicago, Ill., sa “Being afflicted with Boils I purchased a box of Cole’s Carbolisalve, applied freely a few times and I am more than pleased to say that they are-cured. It was done, too, without taking any medicine or using any~ thing but Cole’s Carbolisalve.”” ‘Women are naturally tender-hearted. No woman ever deliberately stepped on a mouse. ‘We promise that should you use PUTNAM FADELESS DYES ard be dissatisfied from any cause whatever, to refund 10c for every package. Monroe Drug Co., Unionville, Mo. Necessity is not only the mother of invention but the divorced wife of plen- ty. Mrs. Winslow’s Soothing Syrap For children teething, softens the gums, reduces tm flammation, allays pain, cures wind colic. 25c abottie. In revolutions there are two kinds of men—these who make them and those who profit by them. Piso's Cure is the pest medicine we ever used for all affections of the throat and lungs.—Wm. O. ENDSLEY, Vanburen. Ind., Feb. 10, 1900. The’ first impulse of a people is pre- cious—one must know how to use it to advantage. FITS permanently cared. Ro fits or nervousnoss after irst day's use of Dr. Kline’s Great Nerve Restor. er. Send for FREE ®2.00 trial bottle and treatiew, Dk. R. H. Rtanx, Ltd. 931 Arch Street, Philadelphia, Pa Faint praise will not obstruct a flow of words. It is one thing to flatter and another to praise. Halls Catarrh Cure Is a constitutional cure. Price, 75. cents Those we call the ancients were, im reality, quite new. Stops the Cough and Works Off the Cold Laxative Bromo Quinine Tablets. Price25a, Many a blessing in disguise effeetual- ly escapes detection. Concentrated Common Sense — U: Hamlin’s Wizard Oil. It drives away pain instantly. $20 A WEEK AND EXPENSES to men with rig to introduce our Poultry goods, Send stp. Javelle Mfg.Co.,Dept. D, Parsons,Kan. Put your stumbling block where it belongs, and it will be come a stepping stone. wn Broad "| TEXAS,” OIL STOCKS. We tell you plainly andforcibly that there isten more money in it than any thing else you Stewsrbutityawsicp sue te MN Ol! boom that is now going on im Texas you will and liver and kidney troubles in both men and women. A free sample bottle will be sent on application to the proprietors, St. Jacobs Oil, Ltd., Baltimore, Md. Why Is It affords instant other remedies _ because it is have signally failed? to itself, wholly ? rn edy. It possesses great He—And now I suppose ‘have to the: beg ask your father’s consent?