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AN'S NEW PHRASE
ested Securities Wall IStreets Latest Ailment. ABLY $2,000,000,000 INVOLVEID , i Amount Is the Par Value of tiee.ks and Bonds-Some $300,000, 64 Cash Tied Up In Operations of *nderwritnu syndicates and Pro 'aaters. J. P. Morgan recently called the at tintion of the financial world to the ailment from which Wall street is suf fering, says the New York Herald. He said it was suffering from indigestion, that there were too many "undigested securities," and since that time the Cpitals of two continents have been ringing with the term. In a list of some of the leading secu ulties which have been issued by New York bankers and capitalists and which Is here given it will be seen that near lj $2,000,000,000 is invold in undi gested securities. This 'taiount is the par value of the stocks and bonds and does not represent the exact amount of capital tied up in the various enter prises. It is safe to say, however, that fully $300,000,000 capital is tied up in ventures against which securities lave been issued. In the following list it will be seen that in some cases an esti mate is made of the undigested stocks and bonds, while in other cases the en tire amount of capital is given, for the reason that Wall street has regarded them as undigested. J. P. MORGAN & CO. LIST. In tional Mercantile Marine Cdna stock .......... $48,000,000 PreSie stock ........ 62,000,000 3ona .................. 50,000,000 €.-w • $150,000.000 I.te national Harvester (stock). 120,006,00I Atlantic Coast Line (bonds)..... 35,000,000 BEle new bonds................... 10,000.000 Associated Merchants Common stock ........ $5,000,000 Preferred stock (1st).... 5,000,000 Bonds (2d pref.)......... 5,000,000 15,000,006 United States Steel corporation new bonds (estimated)......... 150,000,000 Northern Securities, total issued, $850,000000; estimated unsold... 100,000,000 Chicago, Burlington and Quincy 4's, total issued, $215,000,000; es timated unsold ................. 75,000000 OG nd total ........................ $655,000,000 UNDIGESTED INDUSTRIALS. United Copper Preferred stock ....... $5,000,000 Common stock ......... 40,000,000 --- 45,000,000 United States Shipbuilding C qnmon stock .......... $25,000,000 Preferred stock ......... 20,000,000 First mortgage bonds.. 14,000,000 "Col, trust bonds......... 10,000,000 Pur. money bonds...... 7,500,000 76,000,000 Railway Steel Spring............. 27,000,000 United Steel company (bonds)... 45,000,000 United Realty and Construction 59,000,000 American Steel Foundries........ 30,000,000 Montreal Light and Heat........ 17,000,000 United States Cotton Duck First mortgage bonds.. $8,000,000 Income bonds .......... 6,000.000 14,000,000 Amprican Light and Traction.... 12,500,000 International Nickel Common stock ......... $9,000,000 Preferred stock ......... 9,000.000 Bonds .................... 10,000.000 28.000,000 Virginia Iron, Coal and Coke (bonds). ....................... 7,000,000 United Box Board................. 29,000,000 Allis-Chalmers .................... 50,000,000 Consolidated Tobacco (bonds es timated unsold) ................. 80,000,000 Distillers' Securities Stock ..................... $28,000,000 Bonds, 5's ............... 13,000,000 41,000,000 Corn Products company.......... 72.000,000 Colorado Fuel and Iron (bonds). 14,000,000 American Ice (bonds) ............ 3,000,000 Consolidated Lake Superior...... 100,000.000 American Hide and Leather Common stock ......... $11.000.000 Preferred stock ........ 12.00000 Bonds .................... .000.000 31.000.000 Grand total ....................... $70.700.000 PARTIALLY UNDIGESTED RAILROAD ISSUES. St. Louis and Iron Mountain (bonds) ............................ $20,000,000 Wabash (new bonds)............ 10,000,000 Lake Shore's loan................ 30,000,000 Chicago, Indianapolis and Louis ville joint 4's...................... 15,500,000 National Railroad of Mexico Prior lien bonds........ $23,000,000 First con. mort. bonds. 22,000,000 Preferred stock ........ 30,000,000 Common stock ......... 32.000,000 -- 107,000,000 St. Louis and San Francisco guaranteed certificates or Chi cago and Eastern Illinois....... 13.000.000 Oregon Short Line 4's and par ticipating (estimated) .......... 10,000,000 Gould's syndicate of Western Maryland, West Virginia, Cen- t tral and Wheeling and Lake Erie ............................... 50.000,000 Pennsylvania's new stock in crease ............................. 150,000,000 Grand total ........................ 405,000,000 SUMMARY AND TOTALS. J. P. Morgan's issues............. $655,000,000 Undigested industrials ........ 780.500,000 Partially undigested railroad issues ............................ 405,000,000 Combined grand total............51,840,500,000 Spring Rtain. The cry of the water courses for the songs of the forest children, `+ The hint of the freshness of springing green where the winter drift has lain; A hope of the worldwide spares in the balm of the wind's caresses, And deep at the heart of the underworld - the joy of the roots in rain. The shiver of plashing footsteps where the r shes drink and tremble, The glint of the April changing sun on the drop of leaf held dew; The joy of the home returning of the wind winged prairie children To paths that the' grasses bend above and the wild things loiter through. The strength of the horses plowing in the breath of the meaddw grasses, The subtle sense of the earth astir be neath the plowman's feet: S ia 3hopes of the hills at even ere the twi . ght lamps dissemble, T i e willl to be going on and on where Ilong, long hYghways meet. Isoeld is a world of distance for the of the wildwood children, .- rvers would have them follow on, ; grasses `, bid them stay; and the far are passions when v ' soqtIwl4 breath upon them. 'lnu .·dpta-. NEW LIFE SAVING DEVICE. Kite Deuigaed by Which Rope. Can Be Carried Ashore From Ships. M. Pelletan. the French minister of marine, has placed a vessel at the dis posal of M. Zuchowiecki of Lia Rochelle for the continuance of his interesting experiments with a life saving ap paratus, says a Paris dispatch to the Chicago Inter Ocean. This consists of a large kite of oiled cloth with four air bass in the head to maintain its equilibrium. The kite's tail consists of six cloth pockets in the form of fire buckets, suspended one above the oth er. At the end of the tail rope a strongly built paddle is fixed. The great ditticulty in shipwrecks near shore always has been in getting a rope aboard to establish communica tion with land. A strong wind in variably blows inshore. Zuchowiecki suggests the carrying of a life saving kite pn every vessel, as an inshore blowing wind would make it easier to carry a rope from a vessel ashore than vice versa. It rocks made it danger ous for the man with the.rope and life belt to travel to shore stegring with the paddle, a dummy could be substi tuted. Otherwise the man. guiding himself with the paddle can reach the shore with great rapidity. Zuchowiecki threw himself into the water with the apparatus eight times a few days ago during a gale of wind and came safely ashore, pulled by the kite from distances of 500, 1.000 and 1,500 yards. One of M. Pelletan's sec retaries, who witnessed the expert ments, said they were entirely success ful. The tests with the dummy were alsoi successful. it i. probable that the kites will soon be adopted by the French navy as well as by fishing and merchant ships. PORTO RICO'S PROGRESS. attorney General Harlan Predicts a Bright Future For the Island. James S. Harlan, who has been in Porto Rico the last two years as attor ney general of the island, talks quite enthusiastically about its present con dition and its future, according to a Washington special to the New York Times. The government is out of debt and has a surplus -in its treasury of more than $500,000. "If congress will leave Porto Rico alone for the next twenty years," said Mr. Harlan, "the people of the United States will be astonished at the result. Porto Rico will be the garden spot of the country, supporting a well to do community of intelligent, peace loving and patriotic people. "Besides the tariff the insular gov ernment has established a system of Internal revenue taxes, and the federal system of taxation has not been ex tended to the island, so that every dol lar collected on the manufacture of cigars, cigarettes, rum, spirits and oth er products, which in other parts of the United States pay a tribute to the fed: eral treasury, remains with the island treasury. "The result is that we are enabled to' carry on a system of government as complex as any other state or territo rial government of the country. Al though Porto Rico can be classed as only an agricultural community, we are carrying on an elaborate system of road improvements, opening up new agricultural lands and inaugurating an extensive school system. There are now 1,200 schools in the island. In ev ery way we are maintaining beneficial public works such as are carried on in highly organized communities." NEW DREDGING METHOD. The Transport Grant Will Be Used to Deepen the Columbia. A new method of dredging harbors is shortly to be put into execution by the war department on the Pacific coast, and something of the kind may be tried on the Atlantic coast, says a Washington special to the New York Times. One of the government trans ports, the Grant, which is no longer needed for the transport service, is be ing turned into a dredge and is to be used for cleaning out the mouth of the Columbia. At the time this plan was conceived an attempt wvas made to get a trans port for use on the Atlantic coast, the idea being to use it at New York and other points. It was found, however, that none of the transports on the At lantic coast could be spared. The Grant is being fitted up with large bins and pumps. The pumps will suck up the soil and deposit it in the bins, and the vessel will then steam out to sea and drop the soil into the ocean. It was found that an ordinary dredge would be of no use at the mouth of the Columbia, where the sea is heavier' than at any other point on the coast. The transport will make an ideal dredge in the opinion of the officers who have charge of the harbor im provements. The cost is a great deal less than that of building an ocean going dredge. The tw9 that are building for New York will cost about $350.000 each. while the work of fitting up the Grant will cost only about $150.000. Just Learned That He Is Free. According to the St. Louis Globe Democrat, an old negro named Ed mund Williams. who was born in Tex. as, aplpeared in Eagle Pass, in that state, to see if the news he beard about the emancipation of the negroes was true. For sixty years he has been living on a ranch in the Interior of Mexico. and until a few weeks ago had known nothing about the events of 1861-65. April. A wind that blows from out the south, A sparrow's song. a fleeting. shower, And where but now a snowbank gleamed The sun lying warm in the heart of a flower. -Charles Francis Saunders in IUppin. colt's Maasne Fop ApriL . FOREIGN' FACTS, I Another step toward civilization by a heathen nation is seen in the taxing of dogs 1 yen a year in Tokyo.. A society for decorative art has just been founded in Copenhagen and open ed its first exhibition on Feb. 1. In cutting a canal at Bordeaux a buried statue has been discovered of Anne of Austria, queen of, Louis XIII. Some of the inhabitants of Peking are so conservative that they even re fuse to use the matches of the "foreign devils" to light their fires. At a ball at Gotsborg, Sweden, a young lady was thrown down by her dress becoming entangled with an of filer's spur and killed by a heavy hair pin which penetrated het brain. Some new statistics how that while in England the nubper' of births ex ceeds the number b deaths by 116 in every 1,000, in Italy by 107 and Aus tria by 103, in France the births are only 1,006 as against 1,000 deaths. Scotch lassies dressed in tartan cos tumes will act as waitresses at a num ber of refreshment depots to be opened in London. where oatmeal in various forms, from porridge to puddings and cake, will be offered to customers. An effort is being made to establish a second morning newspaper in Edin burgh, which. In spite of the population of nearly 300,000, has never been able to sustain more than one. The reason assigned is the canniness of the Scots, who decline to advertise in more than one paper. HORSES AND HORSEMEN. Frank Christie will manage the track at Dover. N. H., for the Jones estate. Invader. 2:11%, will this year be in the stable of James Golden, the Mystic Park trainer. The city of Toronto, Ont., has decid ed to assist its horse show with an ap propriation of $750. Frank Work will send Peter Sterling, 2:1114, to Trainer Carl Burr to be pre pared for a few races in July and Au gust. W. O. Foote says: "Don't allow a hoppled horse to start for any mnoney. They are a curse to the business and country." John Wallack of Boyertown, Pa., has purchased for $700 the gray stallion Pridewood, 2:15%, by Manager, dam Pride of Aquaris. Ed Mills and Henry C. Saunders, now at the Pleasanton (Cal.' track, will race a stable of horses down the grand circuit and will make a start at Denver. S. S. Early of Sabina, 0., has sold the promising young stallion Lord Atnol, by Glen Athol, 2:24%, dam Romance, by General Wilkes, granddam by Red Wilkes, to Lewis Middleton of Xenia, 0. Lord Athol is a pacer. PLAYS AND PLAYERS. E. S. Willard is anxious to found a school of acting in London. James O'Neill will appear on the Pa cifie coast in "The Manxtnan." Frank Mayo's daughter, Deronda. is playing in "The Bishop's Move." Denis O'Sullivan is still the most popular of concert singers in England. "Nancy Brown," the musical comedy built about a popular song, is going to be taken to Australia. Kyrle Bellew is to appear next sea son in another dramatized novel called "An Amateur Cracksman." E. H. Sothern is contemplating a tour in the productlpn of Percy Mackaye's "A Canterbury Pilgrimage." Bronson Howard is recuperating at Pasadena. Cal., and is said to be work ing whenever his health permits him. The musical comedy to succeed "A Chinese Honeymoon" when it ends its long run in New York will likely be called "The Runaways." WORLD'S FAIR NOTES. The contract fof the completion of the Agriculture building at the St. Lou is fair has been let for $529,940. The fence around the world's fair grounds will be six miles long. Steps have been taken to have this built at once. Auturo Faleni of Buenos Ayres. Ar gentina, has written to the fair man agement of his intention to compose a triumphal march and dedicate it to the fair. The California legislature has decid ed on $130,000 for a state exhibit at the world's fair. This will be in addi tion to the county appropriations, which will exceed the state appropria "tion. Benedict Perry, aged twenty, of New Haven, Conn., has turned out some wonderful articles with a Jackknife made to represent a modern city. He intends to exhibit his work at the world's fair. EDITORIAL FLINGS. France is organizing a north pole ex pedition. It is still two to one on the pole.-St. Louis Globe-Democrat. The deadly trolley follows the flag. They are building an, electric street car line in Manila.-iRichmond Dispatch. The ladies are to wear panama hats this summer. We thought they were entirely too expensive for men to wear. -Atlanta Constitution. A Barton county farmer who has two lingers missing will test his mules' age hereafter otherwise than by look ing at their teeth.-Topekn Journal. Italy will appropriate $100.000 for an exhibit at St. Louis: but, as she hasn't promised to s~nd over any kings or' crown princes. St, Louis does not feel that the greatest show on earth is get Stlig all it jeally deserv!h-luIIadila FOR- TlE . IHOUSEWWE Itomemaile lRes. An Ingenious housekeeper with some time to spare can make very pretty rugs' at home. A correspondent ot Farm and Home gives her way of do ing it as follows: The prettiest and most durable rugs of home manufacture are those made by drawing narrow strips of cloth through burlap. The burlap may be bought already stamped, but a more economical plan is to get a piece of burlap of the best quality and the proper size for the foundation and draw the design upon it. A large per forated stamping pattern could be used if preferred. As to designs, flowers have always been favorites. with ani mals holding second place perhaps. Geometrical designs are beautiful when the colors used hprmonize with each other. Many of the expensive manu factured rugs can be copied, and while the homemade article may not reach the beauty of the original it will be handsome enough for the parlor or sitting room of any ordinary house. Cut the burlap the size and shape de sired; 2% by 31j feetWtll make a me dium sized rug. Leave a margin two inches wide all around. This' is used to fasten it into the frames, and after the rug is finished it is turned under and sewed down for a hem. The frame is made like the old fashioned quilting frame, except that the four strips of wood are not so heavy. Bore holes with a gimlet along the edges, through which the edges of the burlap may be fastened by sewing" them with strong cord. Bore several larger holes near the ends, so the frame may be adjusted to rugs of different sizes. After the burlap is joined to, the sides stretch the frame evenly and fasten together by driving a wooden peg into the holes at the four corners, where the pieces are crossed. Stretch the burlap and sew it to the ends of the frame. Any kind of soft woolen cloth, fine knit underwear and coarse yarn, either old or new, may be used for the rug. Tear the cloth into strips half an inch or less; hold the strip on the under side of the burlap, push a 'coarse cro chet hoop through from the top, catch the strm p with the hook and draw it throngi making a loop half an inch long., Push the needle back, leaving only one or two threads between hoops, and continue until the sacking is covered. Follow the pattern, ar ranging the shades in such a way as to make the flowers look as natural as possible. Aftýj.the rug is finished cut the loops open 4jnd shear, all over until it pre sents anl even, mossy surface. Cover a piece of cloth with good flour paste to which a little glue has been added, press it smoothly upon the back of the rug anid let it dry. This will prevent any of the loops from pulling out. Then ~tirn the edges over and hem it all arountd. For Cleaning suiver. This contrivance is supposed to be of tue when silver or plated ware is to be !leaned: The box part at the bottom THE POLISH BOX. will hold cloths, brushes, polish or whatever may be required in cleaning. The block attached to the back is handy ,.s a rest for spoons, knives, forks and other articles during the cleaning process. When in use, the receptacle Is placed fiat upon the table with ,the end containing the block ly ing toward the person doing thd. work. A. piece of leather or carpet should be glued on the block, which should be 2 inches wide, 3 high and 7 long.. Any material half an inch thick will do to make the article, and, naturally, the dimensions may be varied to Suit indi vidual needs.-Ladies' Home Journal. Potato Cr.st. It is well sometimes to vary the mo notony of the ordinary meat pie by omitting the bits of potatoes and the pastry crust, substituting a potato crust instead. In this, as in all meat pies, care must be taken to boil the bits of meat until they are perfectly tender. A flavoring of onion, browned in a pan -with a little bitter, or of cel ery salt, i dan addition. When the meat, moistened with a thickened broth, is in the baking dish, lay on top a thick crust of mashed potatoes and bake. 'Tw6 lopstieka Save Labor. In *the Pacific Homestead. Mary Maugh . Stith says: Mopsticks are cheap; dn& two mops make the clean ing day much less tireso::ie. One is used in- the water, and tile other is used about it in Good Housekeeping, tried ii~g r WAO V*XWAV t74'. a-air- Of,,~ NEW-Y'ORK.TRIBUNE FARMER FOR Established in 1841, for over sixty years it was the NEW-YORK WEEKLY TRIBUNE, known and read in every state in the Union. EVERY On November 7, 1901, it was changed to the MEMBER NEW-YORK TRIBUNE FARMER, a high class, up-to-d -te, illustrated agricultural weekly OF for the farmer and his family OF PRICE $1.00 THE a year, but you can buy it for less. How? By subscribing through your own favorite home FARMER's newspaper. THE BILLINGS GAZETTE. Both papers one year for only $3.25, in advance Send your order and money to The GAZETTE. FAMILY Sample copy free. Send your address to NEW YORK TRIBUNE FARMER, New-York City. JUST ONE TRAIN. The St. Louis Special is the only train that takes you through to the Southeast without a ~ single change of cars. All meals are served in dining cars, and you can ride in a.palace sleeper, a tourist-sleeper, or a comfortable reclining chair-car "as yog like it." P. S.-Three routes East-via Denver, St. Paul and Billings. H. B. SEGUR, :,GENERAL AGENT, BILLINGS,: MONT. JAMES E. FREE, M.,D. ROOM 19 GRUWELL BLOCK PHYSICIAN N. B. Flatt, house, sign and fresco ainter., Wall paper for sale. tf New line New York tailored hate ust received at Donovan-McCormick .o.'s. Dqon't miss the opportunity of hav ng your piano tuned by Montana's 'eading piano tuner. 198-6 Cut flowers, decorationS and bloom ng plants at Miss 'Panton's Billings kreen House. Bel telephone 62F. For Sale. Second-hand double-seated, leather topped surrey, double carriage har aess. O. F, GODDARD. tf A Startling Test. To save a life, Dr. T. G. Merritt, of No. Mehoopany, Pa., made a startling test resulting in a wonderful cure. le writes, "a patient .was attacked with violent hemorrhages, caused by ulceration of the stomach. I had often found Electric Bitters excellent for acute stomach and liver troubles so prescribed them. The patient gain ed from the first, and has not had an attack in 14 months." Electric Bitters are positively guaranteed for dyspepsia, indigestion, constipation and kidney troubles. Try them. Only 50c at Chapple Drug Co.'s. Chas. R. Schlappi, the veteran piano tuner, is in town on his regular annual visit. Now is the time to have your piano overhauled, Leave orders at Grand hotel or drop postal card. 6 The- Telephoto Lens. The up to date explorer now takes a biograph or cinematograph with him. One of' the first to do this was Pro fessor Haddon of Cambridge. who has also included a phonograph among his outfit. With these instruments com bined the scientific traveler can bring back an extraordinarily vivid record of manne-rs and customs and cause the re motest savages to dance cancans and shriek their war .,ougs in the decorous theater of the London university. Moreover, there is the telephoto lens. a combination of telescope and camera, with which all kinds of extraordinary subjects can be taken, such as a lion attacking an antelope, secret ceremo nies of savages and other functions at which the immediate proximity of the explorer is highly undesirable in the opinion of all parties.-Pearson's Mag azine. Resonant. Hurleigh-How did you ever happen to pick out such a suit of clothes? Burleigh-Oh, I just went it blind. HUrleigh-And deaf.-Judge. A Farmer Straightened Out. "A man living on a larm near here came in a short time ago completely doubled up with rheumatism. I hand ed him a bottle of Chamberlain's Pain Balm and told him to use it freely and if not satisfied after using it he need not pay a cent for it," says C. P. Rader, of Pattens Mills, N. Y. "A few days later he walked into the store as straight as a scring and hand ed me a dollar saying, 'give me another bottle of Chamberlain's Pain Balm. I want it in the house all the time for it cured me.'" For sale by all drug gists. Yellowstone. "4 National e Bank BILLINwS CAPITAL, $50,000 SURPLUS $20,000 A. L. BABCOCK, Pre t DAVID PRATT, Vlce-Preildent Q. A. ORIOGS, Cashler B. I. HIOLLISTER, Ass't Cash DIRECTORS. A L. BABCOCK. DAVID PRATT. G. A. GRIGGS. ED. CARDWELL PETBR LAON.. Regular Banking I all its Branohes. Safe Deposit Boxes Rented. Special Attention Given to Collectlons. DBALBRS IN Foreign and Domestic Exchange. Yegen Bros. Savings Bank OF BILLINGS, iuONTANA. Transact a General Banking Business. Administer Estates. Buy and Sell Real Estate and Live Stock. lesponsible Capital, $125,iN Collect Rents and Take Charge of Business At.r fairs for Non-Residents. FRED INABNIT, Cashier. Stockwell's 'oymen 26o7 Moat. Av Bell 'Phone 89a; Moffett 'Phone 181. No Charge for Male Help. Help Wanted. Chambermaid. Dishwasher. Laundress. Camp cook. Shearers. Painters and paperhangers. Lambers. Sheep herders. One irligator. Woman cook for restaurant. Waitress for hotel. Two ranch hands. Man and wife for ranch. Girls for general house work, city and ranch. Teamsters and laborers for railroad construction work, Harlow extension. For Rent. Four rooms, furnished for house keeping.