No. 3

But here's to the man who can laugh when the blast

Of adversity blows, he will conquer at last,

For the hardest man in the world to beat

Is the man who can laugh in the face of defeat.

-Emil Carl Rurin, in the National Magazine.

Two good Irish stories:

An Irishman and a Jew were discussing the great men who had belonged to each race, and, as may be expected, got into a heated argument. Finally the Irishman said:

"Ikey, listen. For ivery Jew ye can name ye may pull out one of my whiskers, an' for ivery great Irishman I can name I'll pull one of yours. Is it a go?"

They consented, and Pat reached over, got hold of a whisker, said "Robert Emmet," and pulled.

"Moses!" said the Jew, and pulled one of Pat's tenderest.

"Dan O'Connell," said Pat, and took another.

"Abraham," said Ikey, helping himself

again.

“Patrick Henry,” returned Pat, with a vicious yank.

"The twelve Apostles," said the Jew, taking a handful of whiskers.

Pat emitted a roar of pain, grasped the Jew's beard with both hands, and yelled "The Ancient Order of Hibernians!"

Judge: Your wife complains that for three years you never spoke to her. What reason can you assign for such conduct?

Defendant: I didn't want to interrupt her.-Exchange.

Demand the Label on all you buy.

STEEL TRUST PROFITS.

Billion Dollars a Year Is Figure Named by Expert.

The House steel trust investigating committee this week made public the result of the inquiry into the books and minutes of the United States Steel Corporation, conducted by Farkuhar J. McRae, an expert accountant. The McRae report reaches the conclusion that the steel corporation operates in restraint of trade and prevents competition through a manipulation of prices, through the influence of the so-called "Gary dinners," by control of raw materials and through a system of interlocking directors in various companies. It also tends to contradict some of the testimony given by steel trust officials.

McRae submitted an exhibit showing that the steel trust has earned $4,339,140 in eight years through its subsidiary, the Union Supply Company, the company store system through which it sells goods to its employes. Facts and figures are included, showing that through this chain of stores the steel corporation has made 100 per cent. annually on its investment of $500,000. One of the ex hibits shows that, while the trust claimed to be selling supplies to its men below cost, the profits in 1898 reached 366 2-3 per cent. on the stock invested. Later the stock yielded 200 per cent.. and that the dividend in 1902, after the reorganization, was $413,066.6€, or nearly 100 per cent.

Steel corporation officials objected to producing their books before the committee in Washington, but consented to place them freely at the disposal of an expert, to be named by the committee. Mr. McRae made a thorough study of the books and minutes, and in his report to the committee he pointed out these salient features:

That J. P. Morgan & Co., heading the syndicate which organized the Steel Cor poration, received a cash profit of $69,300,000, of which $62,500,000 was for promotion, with an additional commission of $6,800,000 for a bond conversion scheme. That the net earnings of the

corporation for a period of nine years were $1,029,685,389, or an equivalent of approximately $13 a ton on finished product, instead of $980,000,311, as claimed by the corporation in its report.

Stress is laid in the financial section of the report upon the demonstration by figures that the Steel Corporation restrains competition by making the greater portion of its profits in raw materials and in plants producing semi-finished materials, while the finished product plants make very low profits. This operates, it is declared, to keep the price of raw materials, ore, coke and pig iron, on a high plane, to the advantage of the corporation and disadvantage of the independent.

As showing the result of the policy of the Steel Corporation to make the bulk of its profits in the raw and semi-finished material, Mr. McRae submitted a condensed statement of the dividends paid by the subsidiary companies to the Steel Corporation and the interest paid by the Carnegie company on its collateral trust bonds, from April 1, 1901, to April 1, 1910, showing a total of $753,134,386.53.

CONVICT VERSUS FREE LABOR.

The real difference between the products of convict labor and the products of free labor is the difference between the law abiding citizen and the criminal. And yet "high toned" business men are frequently so far forgetful of the honest, free laborers as to ask the public to purchase the convict made products to the exclusion of the products of free, honest labor. How can working people be expected to remain honest and law abiding if convicts are permitted to deprive them of the very work which properly should provide meat and bread for their families? Convict labor in competition with free labor places a premium upon criminality.

It is reported that the season in Cuba this year has been excellent for the tobacco crop, and if it holds on for a few weeks longer an unusually good crop will be harvested.

WONDERFUL RUINS OF INCAS.

On the left was a huge wall, part of the line of outer fortifications of Cuzco, the sacred city of Incas. On the right a steep bank led down to the rushing stream which here and there was crossed by an aqueduct and bridges of masonry, solid but very graceful.

An hour's climb brought us to a fairly level plain at the top of the hill. Between us and the valley lay the fortress, its first line of defense rising on our left. Very large and strong walls we had already seen, but they were pygmies compared to the one which now confronted us. To form it bowlders of granite and of limestone, some of them as large as a house, had been brought together. No matter how large they were, however, their edges were as carefully trimmed and fitted as bricks in a house. How these masses of rock were ever brought to where they are, raised in position, no one can say. All around the mount the great wall runs, forming a half-circle, ending toward the town. There are but few entrances through it, and those are most carefully guarded by flanking ma

sonry.

I have seen the great wall of China, the pyramids and temples of Egypt, the fortresses of Japan, and the ruins of Baalbec, but none of them are more wonderful than this cyclopean structure. Within this first line of fortification were two others which, if not quite as imposing, still were of a height and strength amply sufficient to keep at bay any army not provided with gun-powder.

Between them the ground was leveled, supposedly for a boat. If this supposition is correct, the course of the little stream along which we had ridden must have been diverted far back in the hills, for certainly there was no other water obtainable in volume large enough.

Inside the lines was a large plain formed by grading the top of the hill. On the edge of this and overlooking the valley rose the gigantic crucifix that is so plainly visible from Cuzco and beyond. The view is simply magnificent. The city with its narrow streets and numerous churches lay mapped before us. Beyond it the rich valley and in the dis

tance the snows of Blancopala.-S. S. Howland, in Scribner.

LABOR CONDITIONS

1909.

IN BRITISH MINES.

LONDON, March 9.-A report of the chief inspector of mines shows that 1,078,083 persons were employed in the mines of the United Kingdom and the Isle of Man, an increase over the preceding year of 35,648. In the mines 865,485 persons were engaged in work underground and 212,598 above ground, of which latter number 6,404 were females. There were 1,280 fatal accidents, involving the loss of 1,818 lives. The death rate for accidents per 1,000 persons at all mines was underground, 1,917 for 1910, as compared with 1,621 for There has been an almost continuous gain in the safety of persons employed in mines and quarries for the last sixty years, the interval from 1906 to 1910 being the only five-year period in which there has not been a decrease in the loss of life of persons working in the British mines and quarries. The death rate for the five years closing with 1910 was 1,416, as against 4,301 for the five years ending with 1855. The death rate for each one million tons of mine rals raised from the mines under the Coal Mines Regulation Act in 1910 was 6.37, as against 10 in 1851. The death rate per one million tons of coal for 1910 was 6.54.

SOME MOURNER.

Down in Georgia a negro, who had his life insured for several hundred dollars, died and left the money to his widow. She immediately bought herself a very elaborate mourning outfit.

Showing her purchases to her friend, she was very particular in going intot details as to price and all incidental particulars. Her friend was very much impressed and remarked:

"Them sho is fine cloes, but, befo' heaven, what is you goin' to do wid all dis black underwear?"

The bereaved one sighed: "Chile, when I mourns I Harper's Magazine.

mourns."