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The Brussels Post, 1906-12-27, Page 70 0 0 0 0 0 0 LIFE ASSURANCE CO., OF CANADA RESULTS OF THE INVESTIGATiON Tho Severe Probing but Revealed Greater Strength — $3,000,000 Better Off.Than. it Claimed to Be— Investments A.bsolutely Sconce and Highly Profitable — Mr. Kent's Remarks. Now that the daft of trifling details bits blown minty, the management a the Sun Lite A:SS1111111410 Go. of Coruna -desire to thaw attention In the redly important fade evilich 1.118 investiga- tion by the Royal Commission has brought out. ' LA11(113 PROFITS ON INVESTMENTS. The most striking feature of the Doi - &nee Was 1.1111[U0Sii011111.11y 1110 1111- - mensely profitable chueacter of the Investments. During the pest few yew's the Company hos realized a net profit after deducting nil losses, not only of principal, but of interest, and after ilbsraily writing down any se. ' curates a all doubtful, of over $1,000,- `-600 in hard cash. In addition, the pres- ent market value of the securities still owned, Is about $1,050,000 in excess of their ledger value, Still further, the Company •has a contingent fund, con- s e slsltng chiefly of stocks obtained in years gone by as bonuees in connection with bond purchases, which, though held in ithe Coinpany's bookt at a nominal value ol $1. for each block, have nn approxi- ' -e• male value of $3,050,000, and that value Is increasing steadily. The Companies policy is to hold these securities as a li contingent fund, and to only Include them In the publLshed list as each block -i becomeInterest bearing, or Ls sold. In i the meantime policyholders have the .. advantage of the immense additional security thus provided, and may also reasonably expect lo have their profits .muce increased from this source in years to come. ): SAFETY THE FIRST CONSIDERATION. 'Although the Company has thus made ,enormous profits, these prollts have not been made from speculative secutelles. 'The Company carefully avoids such. --The profits are 1119 result, of a policy .Cif not wailing for hwestments to come to the Company, but of deliberately look- •ing around and selecting those that are sated and best, and then making use of Me company's ability to purchase large blocks (lls assets are now $24,000, - 'ft 0) to ()Wain inside terms, thus cutting - and the middle men. Absolute safety is stlways the !lest consideration, and pro- fit le essenlielly secondary. Actual 3- •elustrat'ons are, however, more convinc- ing than general statements, and as seine attention was given to our !tweet - nerds; In the Illinois 'reaction Company, " thea may lie lateen as examples. • ILLINOIS TRACTION CON1PANY. The first investment of the Company in Minds Traction securities was lite spurslive of two-thirds of the bonds of the Danville, Urbana & Champaign' Railway. These were secured by first mortgage on a new Interurban line .conneeting Denville with the twin cities a reliant% and Champaign, and by a -Surther lien im the public utilities of the ihree cities, . comprising the sired rail - weirs, electric light and gas plants of each. Were those bonds absolutely safe? The audited' nel comings for the previ- „sous year of the properties by which they were secured, after deducting every charge of every liind that would rank ahead of the interest on the new bonds, was $136,70). The told interest charge *id the new bonds, Including amount re- quired Lo complete the interurban, was $54,0110. The existing net earnings were therefore already more Man two and n half Limes the interest charge upon the now bonds. This was without n»), ad- dilinn from natural increase, or from `Me new line. The replacement value of Ilte properly was moreover estimat- ed al $1,500,000 in excess of all bonds. Was More any risk in =king such a purchise? Although no increase in earn - tors was needed to make the bonds *Maindently safe, the 19011 interurban line has in reality proved highly pro- 611I.1e, and the earnings of the city properties have also steadily increased, SG that the surplus, which was two and a .111111 110100 lite interest charge when the bonds were purchiteed, is now Mad -11370,1)00, or seven tittles tlie interest charge. 'rhe bonds were shortly Mier - Weide solcl al an advance in price, witheut any stock bonus, to nn Anted - ...can Winking flem, who in turn retailed them nt n still higher prim lo the pub- lic„ among the purchasers being two of tho largest and best American Insurance Commies. 91111011 each took a block of „p1.00,000. 'TIM security for theft bends Is el saute, [letter cannot let obtained, Did the fed that. tho Sen Connally . moth ii bargain by which it nbialned some bonlis stock, which would ordin- serity have gene to cilium parties, 111 any way lessen that Security? DECATUR RAIL\VAY & LIGHT CONI- . . PANY. The second purchase of Minnie Trac- tion securities consisted of the bonds of the becalm Railway & Light Company, which 'carried a mortgege upon the street railway, deride light and gas propertles of the city of Decatur. The ettudited available net manes of Mese propeelles; withoub eny nddition tor normel Increase or earnings on new properly, Were over $82,000, 10 00101 au interest oilers° of $30,000, on the new bonds, or mere 1.11n11 82 for cinch $1 fe- • Eldred. In 01(131011, guar- • 'Wee of the Ilitheis Trinetion Co., whose • steolue earang5 from ' other properties niready arrmunted to $130,000,0 or a fur- 1her gliarantee mufti to the entiee in- terest charge, making, w,11,11 the Decntur six times the entire interest charge on the new bonds. Where OM • safer or better bonds be obtainedWas • there anything speettlative about them? These, too, have ena0 all been .sold at • • MI advance in price, the Sun Company retaining the stock lama, , ILLINOIS CENITiAL TRACTION COM. PANT, .,,Thls Was the third purelase. Thesd bonds Were 'Secured by ASA MOrtgage upon a, new interurban line between Decatur and Springfield, the capital of the slate. Connecting two such elites, 1110 success of the line was essut•ed from the Sitll'1, The bonds were, however, also guarnideed by the Illinois Traction Co., which then had a surplus of $1.02,- 0(10, available from its other properties for the payment of this interest. As the entire interest charge upon the new rued when ilnielied would be only $95,- 0110., the interest was already assured two and a 111(11 times over, even if the new line earned nothing. It did, how- ever, tarn its own entire interest charges in the first eight months of Us first. year of complete operation, so that, indeed of having to call upon the guarantee of the parent company, it earned a surplus of iltty per cent. These bonds, ton, AVM all purchased shortly afterwards. by a firm of bankers at.an advance in pace, without any stock bonus. Further illustrations could be given, but these cases, which were specially InvesUgated, aro enough to show the very high quality of the bonds in which the Sun Life has invested. The value of the guarantee of the Wheels Traction Co. to any bond may be judged from the fact that its an- nual gross revenue now exceeds $3,000,- 000, and that IL has tt surplus of $700,- 000 above the total interest charges up- on all the bonds of the system. Atter paying six per cent, dividends upon 'Is preferred stock, 11 is earning about nine pot' cent. upon its comnion stock, that nine per cent., however, not being paid In cash, but being used for extensions end other capital expenditure, which increase the value of the poverty. There are over seven hundred shareholders, and the market value of the preferred and common stocks is about $7,000,000. While the first issue of this preferred stock had some water in it, large atnounts have since been issued at 873; and 95 for cash, so that about $1,000,- 000 of actual hard cash has been paid in upon the preferred stock, and about $1,200,000 more of value has been put into IL in the form of surplus earnings used for extensions. Tho stock, Merc- ier°, has a very solid cash •basis. The franchises aro long and favorable, and are perpetual toe more than two-thirds cif the mileage. The question •wes asked how long It would take to dispose of the litinoM Tract'on securities. The company'sen- tire holding could easily be disposed of al a handsome profit within two days. Any person, however, who observes the phenomenal growth of the earnings must realize that the common stock at, bast will not attain Its full value toe years. and to sell now would merely Le to divert into the porkels of brokers 1m- nien'se amounts. which- would otherwise gC to the policyholders. BENEFIT TO POLICYHOLDERS. 4 -0+0+04 -0-9-C4-04-04-04-04-04-0-4-04-04-0-4.0+43+0+0-4-0-4-04-04-07 •••••=e4,1•••••••,.. RE OR, A SAD LIFE STORY 4.04-04-04 oeteo-1-0-4-0+0-1-0-4-0+00-eso+o4-04-04-o-e-ci-1,-o-1.-04-o-9-o+ CHAPTER XII. "A merry going out brIngeth often a mournful return home; and a joyful evening makes many times a sad morn- ing.” The return drive, as it Is quicker, bo- -Ing all down 11111, so is it a mom silent one than that to the villa had been. Byng indeed is as gaily willing to be fondled by Cecilia as he was on his way 11p; but there Is a mixture of maidenly reseeve and sub -tender reproach in her manner which makes their relations somewhat, strained. The afternoon's pleasuring has had a jading effect upon Amelia's spirits, as, atter having been sucked dry on the subject, of Sybilia's maladies, and afterwards at one shaicen off by her female acquaintance, she has not, been fortunate enough -to meet with any one else to exchange tulle with, and has sat 1n disconsolate ye1 patient lone- liness on a stone bench, afraid to stir from the spot where he had left her, lest she might miss her lover, of whom, however, she has unaccountably seen nothing, until when the Angelus is ring- ing, and the shadows spreading, he has come to give her curt notice, with half - everted face, that the finer° is at the door. In point of fact he has been too conscious 01 1110 disorder of his features to dare to expose 1110111 sooner than he can help to her fond scrutiny, He would give anything to be able to sit beside, instead of opposite to her during their drive home, as a profile is a, much less and more governable thing than a full face, and he is painfully con- scious that as oftensas she imagines she can do it without being detected by him, she is stealing' looks of inquiring anxiety 91 11110. lle tries to put her off the scent by spasmodic comments upon the entertainment that they have just quitted; and she does her best to keep up the hell of conversation, since she sees that it is his wish. 13111 in vain. Each forced remark falls still -born, lead- ing to nothing. It is Cecilia who at last, succeeds in giving a 6111p to the languid talk. • . "I did not know that Mrs. Rothe was a cousin of your beauty, Nliss Le Mar- chant," she says, suddenly, growing tired of .her pensive attitude, and ad- dressing herself to Jim. Ile sleds guiltily. "Did not you?" Ho must look odd; for even Cecilia's large and preoccupied cow eyes rest upon hint with en expression of sur- prise. "I wonder why sho was not there to- day." 11 Is not exactly a question, yet her great shallow orbs do not seem to be going to leave his face until he Indies some response. He forces himself to do so. The large pralls have enabled the Company to forestall the requirements et the law and at one place the re- serves upon ell its policies upon. a 5% per cent. basis, n step calling for about $1,200,000. Even by this severe stand- ard it, lied at 31st. December last a sur- plus over all liabilities and capital stock of $1,735,008.50. '0115 sum has since been largely increased. This does not include the contingent fund of over $3,- 000,000. The Company has also been enabled to increase the rate of prollt paid to policyholders year atter year, nnd 11 expects to dill . further increase it. WRITING DOWN SECUMTIES. Tho Company has been criticized for writing down its securities before losses -actually happened, simply . because it feared that loss snight puttees. arise. The management clahn, however, that this 14 the only proper. course, and lhat. any other would be highly objeotion- able, 11 1190 manager of a bunk or loan company were 10 refrain from welting ciewn securities, merely because losses had no1 yet actually maleetalized, he would be condemned as issuing mistenti- ing satements. The management con - skim' Met they deserve credit Instead et censure for the course 'they took. A's regards 1110 so-called writing hp, the facts aro merely that when some terse blocks ot 11011010 Ten -akin preferred and other securities were eufliciently ripe le be transferred from the contingent ar- (aunt to the active list, the management had to facalhe question whether the en- tire value of these stocks should be ad- ded In the surplus, or whether they should be used In part to write down other securities met quite so good. It Was sledded 10. ST113St11 Ille. these new se- curities in part for some °there, thel, whit) not bed. NVOI'S 1101 01)11101y salts - factory. Had this not been done, the nontInel audits of the Company would have been increased by about $300,000, ht the opinion of the management this course wile Conservative. and -proper. ineldentitily, most 01 . the sectinelles then wellten down hove 511)00 se . bre. proVocl Met •conimiratIvely.'111110 lose Is now expected. The itetual losses -incur- red by the 'Company heye in fnet ,been very trifling when cempered -with the peofits; • thus affording •tt Maher testi. Mony. t Ma high quality tit Ole seeuet.. ties.. •. DMECTOTIS 1.1.1NT NOT PROFITED, No director his ever ottained any iliandelspecint or miming° of any kind out of the CoMpany, by means rt 'snles loans, or any stall 'arrangement of any kind. whatever, •.clirectly. or 'hull, redly. 'rho darter prohtbile directors and °Meet's Mont boreowing Vein the Comp,n,ny, find thie has been literally lived Up Direaters 11090 beenper- milted to pur0hase -eteetirilies tor Mem, $esivea On prediSely the dune, teems ns they Were purcliesing 111008 'for, the tannery. but 11101,-011d not injure; the polleylvelders7 MA. It Is even desirable "I understood Miss Le Merchant to say / that they aro not going out just now." "And 9111/ are not they, pray?" in- quires Cecilia, in an injured voice, as if the retirement from the world of the two ladies in question were a personal injury to herself ; "they are not in mourning, all their gowns are colored ones, and they clo not look as if they had bud health—perhaps, however (after a moment's thoughtful attempt to flint (1 solution)—"perhaps, however, they may have something—one never knows—people have such unexpected diseases nowadays—hysteria perhaps qr fite." At this ingenious suggestion Jim is conscious of a writhing motion passing over the stalwart form of 13yng beside 11110. In his own train, if there is room for anything but, the desire to evade Amelia's eyes, is a dim sense of relief at, a suggestion so grotesquely wide of the mark as that made by the younger Miss Wilson. In perfect innocence of the effect produced upon her compan- ions bi her bright hypothesis, Cecilia goes on to remind her sister of the par- allel case of a very handsome girl whom they had once reckoned among their acquaintance, and who was periodically being found by her family with lid head under the fender. But Amelia rises but faintly to the reminiscence, and the re- mainder of the drive Is accomplished in a general slience. The noxi day is the one which had been fixed upon for the expbdition to Caton. It was only with a very large admixture of .wormwood in his prospec- tive pleasure that, Jim had ever looked forward to this party, but now he an- ticipates it with absolute dread. How can he face Elizabeth and her mother with that ominous phrase of the "screw loose" still ringing in his ears? He feels e traitor towards them, in that he has, however unwillingly, overheard R. To add to his mental uneasiness is the fact of his having as yet not broken to Amelia his intentions with regard to the disposal of his afternoon. Amelia's eyes have tor years had the habit of covertly watching him to read his wishes almost before they rose, but in theirgaze yesterday he had, unless misled by his guilty conscience, detected a new quality, a quality of alarm and enlightenment. Fie will get over the cominutdeation of his piece of news as early In the day as may be; so, having finished breakfast before Byng has put in his, as usual, tardy ap- pearance, he takes his hasty wily to the Anglo-American. Ile Reds the family them in a more placid frame of mind than that which they had presented on one or 1910 of his 1000111 visits. Sybilla is expecting her doctor, en which occasion she always IlIces to have a more lacy coverlet than usual thrown ()NW 1101' lanquid feet; a greater eMorescence of pink ribbons about her thin throat, and a disposition of pots of lilies about her wan heed. Amelia, ac- tive and' long-suffering as usual, is usual, Is moving about in patient exe- cution of her vain and tiresome whim- sies. Cecilia sits tranquilly in the win- dow, IcnillIng an elaborate pair of men's woollen gloves, not, indeed,—to do her justice—for any one in particular, but with a wise forethought for the acci- dents and possibilities of life. Since, on this occasion, his sweetheart shows no inclination to draw him nway into Ifo dining -room for a tele -a -tete, Jim has to take the bull by Ilse horns, and rush into his subject in a more public man- ner than he itect intended. 33111 the one desire to get it over outbalances all minor considerations. "Amelia' " he begins suddenly, end even 10 himself his voice sounds dis- courteous and abrupt, "shall you want me this afternoon?" The moment that the words aro out of his mouth it. strikes 1111)1 that the form into which he has thrown his question Is more then necessarily untender. Site stops in the paling of Sybilla's smart pillows, and perhaps there is something a little abrupt too in her monosyllable e why 7" • "Because"—stancling before the fire- place, 99i1h his beet( to the three women, antl throwing the words over his shout - der, "because It you do not, Byng end I were thinking of going to Cortese." There Is a pause. He hears that 01- °11M's needles have slopped clicking; her work 1108 dropped 1(110 her ap. In another moment she will have proposed to come too. "With the Le Merchants," he goes on, shooting out the fateful words like builds; "a pudic cameo," SIM silence behind him, lie cannot go on slating tor ever el the billets -et wood et 1110 unlit fire, Ile tuts to turn round 011(1 fan his companions. The only one of them whose pleasure or dis- pleasure In Itis nnnouncement he at all heects—Aineltu—is stooping over Sybil - In, rearranglog in a high, picturesque tier bohlini dee invalid'e long dick, three cushions, and her Mee is almost entirely hidden Mom dm by her alit - 10d0. "Of course 1( 11 Is in the least inton- venient, if you hove mado any other plans tor me—it, in fact, you want 010," 119 continues In a tone that is at once npologetic and dogged, 11111 1 do nol," cries she at lest, and with it distinct latish In her voice, a laugh Into whose quality he Is not tine- tous Ino curiously to Inquire. "You must not lie so conceited es to think Ant 1 always went sett ! In point of Met you could nol have hit upon tt flay Mal suited 1110 better. 1 am really en. that. directors should show their faith 10 ilia Investm.enis into which they put the' Company's money by taking some of the sanie for themselves. When this has been done, however, they have paid for such investments absolutely with their own money, and the company has not assisted them in financing in any way. • ESTIMATES AND RESULTS. Over 700 deferred profit policies have matured, and in thirty-four per cent, 1f the cases 1110 amount originally esti- mated as likely to be received at the end of the term, has been realized or ex- ceeded. On all the uses combined the average amount paid has been about ninety-seven per cent, of the estimate. The management may be pardoned for being proud of their record. 'rho esti- mates now 111 use are lower than the [caner ones, and ,pretnittins are higher SC that, present estimates should certain- ly be realized. Statements were Med showing that $108 is on hand for every $100 required Lo pay the amounts called for by the present cstimales for even' deferred profit policy on 1110 books. STOCK1101,DE11S. The directors have reduced the pro- pertIon of profits accruing to slice - holders, from 20 per cent. which was 1110 original rttlio, and is still usual with [1,111811 Companies, to only 5 per cent. When the capita was increased in 1807, the .0091 stock was issued at 300 per cent. of tho paid-up value, end 1110 did- dentig 01 15 per cent., which have slime been pattl, therefore yield the stock- holders only 5 per cent, upon the amount paid into the Company. As the money earned mere Man 5 per ceid. this new capital has cost the policyholders no- thing. COSINIISSIONER EFINT'S APPRECIA- T1ON. The management gratefully aelm OW- hir. Xent's appreciative remark( 191 1110 elosirrg 804111011, in wench he stal- ed in connectIon with his suggestion Mel, voting power might be olven polleyholders that "11 swing to me that in the contluet of the -Sun Life business there is nothing to be desired 1,8ler 110 th 1 11teien1 gerieratimi LS concerned. 11 you were iminortal I would not scw 0113' thing further about il. If, ity sound judge -ant, hard work tind just cliserlm- (nation you have put the Sun -Life 1,1) the dentate of a eucceSsful C.ompany. anottur management with other oda. butes might just as Malty squander it. ,The directors have dello their duly nobly; then, Is 110 ,.001h11)1111111 to be made ageinst them, or any one of Meet Who can sny whether' the future nom- agentent, will conliime the present high standard of you), company?". While the directors end management clet•ply regret IhnI, they- de not see thr q11 slices of voting by policyholdeivi .11" the 597111 Mehl eh Mr. 1(ent, nevorlhe. 1.ss such renterks, tenting from 00 Pr 1110 (0111111'S9101101'S, • are Intensely up, peeeleted. • • thee 'throng' lo-dny, OS they say in Yntecslitre. I have smile n hundred things- to do, and father \vents nat to )111) 11101' to correct the ;yeas of his •ertenn, the etanion he, Drenched al NM.. Sinf1a1'e'01111r011 on the Holy Innoeenis' Day. Ile has been 'asked to publish -It— • • • • COLORJGN MATTER NI* ADULTERATNON ABSOLUTELY PU E CEYLON GREEN TEA. Has the same character as Japan, but is Infinitely more delicious. Lead packets only. CM, Sao and 60o par lb. At aft grooers. is not that 'flattering? Poor [ether, I believe he will end by beIng a popular preacher—in fad" (laughing again), "the whole Madly is going up in the world I" There Is such a forced mirth in her tone that Jim feels numb more guillIlY uncomfortable than if she had treated him to hysterics or sulks. Nur does his satisfaction with himself incense when, upon his rising to depart, she runs out of tho room after h1iin, to say to him, while her homely face twitches against her will, how much she hopes that he will enjoy himself; how perfectly happy she shall be without him; and how eagerly she shall look forward to hear- ing all about it from him to -marrow. "It will be almost baler than going to Cerlosa herses," she ends. But against the unnatural altitude of this last flight of abnegation mauve re- volts, and becoming conscious of a break In her voice, she hastily retreats and gets back Into the salon, in lime to see Cecilia shaking her elaborate 1100(1 and to hear her remarking with slow emphasis, "Mark my words 1 There is something odd about those people, and 11 18 not 113*sterie. 1" • With spirits sensibly worsened by his Interview, Burgoyne returns to the Mi- nerva, and, mounting lo Byng's bed- room, finds that young gentleman stretched upon his bed, gloom in his usually jocund eye, and an open letter lying on the floor beside Mtn. But Jim is tar too preoccupied to notice any- body's gloom but his own. "I came to ask al what, hour we are to set off this afternoon 7" lie says with a sort of flat moroseness in his tone. "We, indeed 1" reioins the other with a groan, and rolling over with a sort of petulance on the bed, disheveling Me neatly -smoothed pillow by burrowing his ruffled head In 11.—"we 1" There is such a heart -rent woe in the accent with which the last monosyllable is pronounced that for a moment Bur- goyne has no other iclea but that his young friend too has become aware of the "screw loose," has heard, perhaps, in detail, that story from before whose ominous opening he himself had fled. The thought sends his heart into his throat, so as to render him incapable of asking an explanation of the other's all'Is[cs(Lei°11'1'. repeals Byng for the third and very indistinctly, as he is now lying entirely on his face. "Why do you go on saying 'we' in that idiotic way?" asks Jim at last, recover- ing his voice--recevering it only to em- ploy it In imitating the younger man's accents, in a manner which displays more exasperation than natural talent for mitnicry. 11 18 not a politely worded inquiry, but IL has tho desired result of acting as a tonic on him at• 91110111 11 is aimed, making him not only roll over 01100 again, but acstally sit 111). "Why do I say we r repeats he, his young eyes looking lamentably out from under Um fall 01 1118 tumbled hair—"be- cause it is not we! it is you! You lucky dog, yeu %Oil have Iler all to yourself I" Jim heaves an inaudible sigh of re- lief. Whatever my be the cause of his companion's enigmatical conduct, it 15 evidently not what he had feared. There Is, however, no evidence of relief or any other mild quality in his next remark. "If you would talk less like an ass. I should have a better chance of knowing whet you are driving al The query seems only to renew and deepen the other's tribulation. Ile falls back into 1118 former attitude. "You will hold the while wonder of dear Juliet's hand 1" hogroans. "No, clo not go" (with a sudden and startling change of tone, springing off Ihe bed, as he becomes ammo that his friend is =king foe the door, unable to bear those rhapsodies, whose full distasteful.. nos to their hearer 11111 utterer little con- jectures). "('11 tell you I Ell explain 1 Why are you in such a. deuce of a hurry? I cannot go to Certosa because I have just heard from my mother that she is to naive to-eley. She will be here In another hour." Jim's fingers are already on the dont-- handle, but this piece of news arrests him. "Your mother? I dld not know that she was coming abroad." "No more did 11" "It must have been a very sudden thought 1" "Very 1" "What a delightful surprise for you 1' "Delightful 1" There is so ludicrous a discrepancy between the adjective and the accent with which it is rendered that Bin bursts into a hitter laugh. "She would be flattered if she could see your elatian at the prospect of meeting her I" Byng's blood rushes up under 111s clear stimu(i) skin at Ills friend's jeer, but he answers, with some dignity "I do not think you have any right to imply that I am not always glad to see my mother; 1 do not deny that, 11 11 had been equally convenient, to her, I had rather she should have come twenty- four hours later." Jim feels ashamed of himself, though, being an Anglo-Saxon, lee has far too much false shame to confess it directly, and what be means for an amende, when it comes, is of an oblique nature. "1 think far the best plan will be Lo put off the excursion altogether; I am sure that I am not particularly keen about. it." The indignant red has rapidly died out of Byng's face; his placability being only to be surpassed by his slowness to take offence. "Is It possible?" he talcs, in a tone of stupefaction; then, with a sudden lardy recollection of the rosy fetters in which his friend is held by another lady, he adds—"But, of course, you are net—I was knotting is Jim winces. "As it is your party you had better send up a note at once to the Piazza d'Azeglio." "340, 110 not Id us both throw them over 1" cries Byng, eagerly. "Heaven knows it was hard enough to persuade them to accept in the first instance. If you go 'we shall at all events keep our coMmunications open; and you—you will say something to her for me?" "What kind of something?" inquires the older man, carpingly. "Am I to tell her only what n One fellow you are In general, or anything more circumstan- tial?" "Tell her," begins Ilyng, in a rapt voice; but apparently 1110 sight of his companion, who has somewhat ostenta- tiously pulled out a note -book and pen- cil, and assumed the patient air of one about to write to dictation. dries the stream of his young eloquence; "tell her —nothing." . • "'Nothing speaks our grief like to speak nothing!'" replies Jim, leaving the room with this quotation on his lips, rather hastily, for fear lest the other should change bis 011(1(1.(To be continued). FOES TO moms. Sacred Crocodiles of Indian Lake to he Deported. The PushIcar Lnke, neer Ajmer, one seiutte701117.51, famous places of 11111(100 pil- grimage in niche., is gradually being It is also infested with crocodiles, which have become a source of great clanger to Me ceremonial lathers, who have to be guarded with disks while 1.Aristlite0 wsrillieolo%ting or killing of animals In Pushkar is against religious princi- ples, it is proposed to remove the cro- codiles, of which there are said to be about 200, to the sea or to the Ganges. The lake became silted, up in Did twelfth century, and was restored al the end of many thousands. of dollars by Rajah Nalitir, Rao of Marwer, It is now ,proposed that the work of re- steratIon should bo carried out hy the 'State of Raipuldria, or by a local com- mittee nf Hindoos, in co-operation with the euthoritioss It will cost about $75,- I1e—"My views on bringing up a fam- ily are lo—" She—"Never mind your views; 111 bring up the family; you go and bring up the coal." 04444 430 00000000 h your baby thin, weak, fretful? Make him a scat's Emu is& n baby. ScotY..ir Ernatrion is Cod Liver Oil and Hypophosphites prepared so that it is easily digested by little folks. el) Consequently the baby that is fed on Scot"Emulsion is a sturdy, rosy- cheeked little fellow full of health and vigor. 40' 6) ALL DRUGGISTS: sbo. AND $ 1.00, 00000000604000000000000000 ON III [Alit WATER DISTRIBUTION ON FARMS. 11 is easily possible under present ton, dilions for the farmer to have as sat, isfactory water supply as the Man who lives In the city or village. True, 0 farm water supply requires individun' attention, but with Wind pimp, gasoline engine and weld distributing devices, thtre is no reason wily there should not be a bath room in every farm homi . Punning water in every, room, wale easily available for washing buggle4. carriages, ole, and plenty of water 1)1 case of fire, There are several good NVSYS of (0 - stalling a water supply, the cheapest 1.a - ing lo dam up a spring or brook the, is higher than the house, and then le. 1110 water come down by gravity. The cost, of this, outside of the labor, 18 merely a matter of piping. Tho oppor- tunities for using 11115 plan, however, are very rare, as water .can seldom be obtained from a higher level. Another very simple means Is to have pump in the kitchen, at the cellar, er a well by which water may bo forced In- t, an Mlle lank, From this tank the water is delivered by gravity pressure to the kitchen. The weak points in this are the danger of freezing in the win- ter and the Met that the water becomes very warm in the summer. Further Ulan that, the weight of the tank in the winter frequently does mlic11 damage to the light frames of an ordinary farm building. The water is conducted from this lactic to all parts of the house and is thoroughly satisfactory. During recent years the pneumatic water systems have been placed on the market and are rapidly becoming very popular. The main features of the pneumatic or air pressure system is a pressure tank which is located In the cellar, or burled in the ground,so that ,freezing will not, be possible. The water Is pumped Into the tank in the usual way. Pumping the water com- presses it and it is forced out wherever %vented. The pressure can be regulated by pumping, so that it a heavy stream is wanted, a little additional pumping will provide it. This method is entirely practical and has several features which commend 1,. for special consideration. it is protected against frost in the winter and the water does not become warm in the summer. There is no danger of crack- ing the ceilings 'and the several olic-- bons to the overhead tanks are avoided. Then, too, a greater pressure of water can be obtained, insuring VERY GOOD FIRE PROTECTION. Where a small amount of water is required and where the water is taken from a shallow well or cistern, the hand, pump is satisfactory. Where the source of supply is a deep well, and where a large amount of water is de- sired, some power should be used for pumping. The most 1011101011 form cf pumping power is the windmill. They have been so generally used on farms that reference to them is almost unnec- essary. PossessIng, as they do, both advantages and disadvantages, the net result is satisfaction. Where there is a flowing spring, with a good head of water, a hydraulic ram is a good form of pumping power lo It is entirely automatic and the cost. of the ram is nominal. The force of the water operates it. A great ex- cess of water is necessary, as about six tc ten gallons of water is used to every, gallon pumped. Another and very generally used me- thod which obviates hand labor is the pump, run by some kind of an engine, such as gasoline or bot air. The hot air engine is very widely used and lis great recommendation is its simplicity. As its lame implies, it is operated by %Theo eexpananbsulouidi no( t 610, ceadn aqipae•ra Ae anyonehot air engine; and the fuel may be either wood, kerosene, oil, gas, gasoline, or, In fact, anything that will burn. Within recent years, 1110 gasoline en- gine has become immensely popular, A small gasoline engine on the farm will not only furnish power 10 ,11,111 a puny, but it will also enable the farmer to have power to operate churns, feed cut- ters, weed saws, or for any purpose where power is desirable. The gaso- line engine is generally given preference Le the hot ate engine, because of the lower cost. The operation of n gasoline engine is a comparatively simple mat- ter and can be readily learned by any. one at 01 familiar with machinery. The summary of the arm water sup- ply is this: If a well, cistern, spring ur brook is nearby, a form house can be completely equipped with a water sup- ply by means of a storage tank, pomp end power for pumping. The Menge lank to be used will depend upon what is preferred after carefully considering the objections of each kind. The pump.. will depend upon the amount of water to he used, the nature ot the source of supply and whether the power is de - steed for any other purposes or not, The plumbing system will he about the SAMS in each case and similar to plumb- ing systems in the city. . YAWNING FOMEDDEN. -- Audience Must Not Show Ennui in French Thealre. The Mayor ot Toulon, France, has Is. Sued an order prohibiting hissing end other signs of disappros-al at the local theatre. "No one will be allowed," says the order, "In htss, -make andible reMarks, applaud ironically, • yawn 00180, use bed tentage or otherwise disturb the d'gnifted ettlin neces.eary, to the proper enjoyment of the drama." Any branch of the order ts to he pun- k hect by tintnediale expulsion', rind spoo- tniors 91190 have complaints le make are directed to write there In a dale provtdc9 for the purpose, Ile dem nob help Muth Who alWaY6 gets hi die wegoti before he Mils his ihouldor to ttio wheel.