66 If work of an American artist 66 Frames for ditto Photographs Pipes Meerschaum, Wood and of all other material except Common Clay (35 per cent.) Prints or Engravings. Rubber Boots, Shoes and other articles wholly of Rubber (not fabrics) So cts. per gal. 30 per cent. 30 per cent. 25 per cent. 25 per cent. 30 per cent. 50 per cent. 66 Silk, cotton, worsted or leather. Saddles and Harness Shawls-Silk . . . . . 35 per cent. $35 cents per lb. and 40 per cent. 50 per cent. 20 per cent. 50 cts. per lb. 20 cts. per lb. 15 cts. per lb. 30 per cent. $40 and 25 per cent. respectively. $2 per proof gal. Toys... 35 per cent. 50 per cent. 50 per cent. 40 per cent. Umbrellas-Silk or Alpaca. 66 Watches. Cotton or mostly cotton. Wines-All still Wines, such as Sherry, All Champagnes and Sparkling Wines in cases pints... 25 per cent. 50 cts. per gal. $1.60 per case. $7 per case. (and bottles extra, 3 cts. each.) THE FREE LIST.-Articles Free of Duty. Actors' Costumes and Effects intended for personal use. Animals for breeding pur- Antiquities not for sale. [ists. Household effects in use abroad India Rubber, Crude. use. Macaroni and Vermicelli. Natural History Specimens Periodicals. *NOTE.-Personal effects, when old and in use over one year, can be entered free, provided they accompany the owners, or the owners can take oath that they have arrived in the United States within one year prior to the date of arrival of the goods, specifying steamer and date upon which they arrived. If the owners have not arrived within the year, duty must be paid on appraisement. Household effects, books and libraries, if used abroad not less than one year, and not intended for any other person, nor for sale, are entitled to free entry, even if the owness have resided more than one year in the United States. Old clothing and household effects sent as presents are dutiable. Paintings, statuary and other works are embraced in the term "household effects." Horses, carriages and saddlery are now embraced in the term "household effects." Duty must be paid on all watches but one brought by a single passenger. Each passenger is entitled to bring with him fifty cigars. If above that quantity, they are liable to duty or seizure, as the case may arise. BOVINES VS. EQUINES.-The differences anatomically and physiologically between the cattle tribe (Bos) and the horse family (Equus) is an interesting study. In parallel tables these can be seen at a glance. They have been condensed with a view of bringing the whole matter into a nutshell, so they may be understood at a glance: has had 2,550 MONARCHS AND THEIR END.-The world kings or emperors of whom records are known, and who have reigned over seventyfour peoples. Of these rulers, 300 were overthrown, sixty-four were forced to abdicate, twenty-eight committed suicide, twenty-three became mad or imbecile, 100 were killed in battle, 123 were captured by the enemy, twenty-five were tortured to death, 151 were assassinated, and 108 were executed. T HE CAPITAL of corporations is always divided into shares, usually of $100 each. These are known as stock, and represent an interest in the property and profits of the company. A dividend is the distribution of the profits, proportionate to number of shares held among the stockholders. Stock certificates are written instruments, signed by the proper officers of the company, and certifying that the holder is the owner of a certain number of shares. These are transferable, and may be bought and sold the same as other property. The sum for which each share or certificate was issued is the par value, and the amount for which it can be sold the market value. PREFERRED STOCK takes preference of the ordinary stock of a corporation, and the holders are entitled to a stated per cent. annually out of net earnings before a dividend can be declared on common stock. Preferred stocks are generally the result of reorganization, although sometimes issued in payment of floating or unsecured debts. WATERING STOCK.-Sometimes the charter of a corporation forbids the declaring of a dividend exceeding a certain per cent. of the par value of its stock. In this case the directors may find it desirable to "water" the stock—that is, issue additional shares. This increase in the number of shares of course reduces the percentage of dividend, although the same profit in the aggregate is secured to the stockholders. Dealing in Stocks. The person employing a broker to buy the stock is required to advance at the outset a certain per cent. of the purchase price of the stock, as security for possible losses by reason of a decline of the stock while in the broker's hands. The amount of the margin required is generally 10 per cent., but may be more or less, and frequently is nothing at all, depending on the broker's confidence in his customer's readiness to meet losses, if there be any. The broker then goes into the stock exchange and buys of some selling broker the stock indicated, the buying broker himself advancing the purchase money. The relation existing between the customer and the broker in a transaction of this kind may be briefly stated as follows: The broker agrees: 1. That he will buy for his customer the stock indicated, at its market value. 2. That he will hold the stock for the benefit of his customer so long as the necessary margin is advanced, and kept paid, or until notice is given by either party that the transaction must be closed. 3. That he will at all times have the stock in his possession or under his control; or an equal amount of other shares of the same stock, sub ject to the call of the customer. 4. That he will sell the shares on the order of the customer, on payment to him of the purchase price advanced by the broker, accounting to the customer for the proceeds of the sale. 5. That he will exercise proper care and competent skill in the services which he undertakes to perform. The customer agrees: 1. To pay the margin called for at the outset. 2. To keep good such margin according to the fluctuation of the market. 3. To take the stock purchased by his order when requested to do so by the broker, paying the latter the difference between the margin advanced and the sum paid for the stock by the broker, together with his commissions for doing the business. Although the broker's money bought the stock, it belongs to the customer, together with all its earnings and dividends, while in the broker's possession, and the customer is entitled to the possession of the stock on payment to the broker of the sum of money to which he is entitled. The broker may pledge the stock, or use it in his business, as collateral, but he must have it ready when called for by the customer, or other shares of the same stock equivalent in value. The customer and the broker may make an express agreement that the broker may sell the stock without notice to the customer in the case of a threatened decline. Generally speaking, when there are no directions as to selling, the broker will be protected if he can show that he followed the usual custom of brokers in like circumstances. If the customer fails to advance the necessary margin when called for on reasonable notice, the broker may sell for his own protection. The reasonable notice may be an hour, a day, or a week, depending on the condition of the market for that particular stock. If a broker fraudulently converts the stock to his own use, he is guilty of embezzlement. Bonds. A bond is in the nature of a promissory note-the obligation of a corporation, state, county or city to pay a certain sum of money at a certain time, with interest payable at fixed periods or upon certain conditions. The bond of a company may be a perfectly safe investment, when the stock is not; and the stock of a prosperous and successful company, paying large dividends or having a large surplus, may sell at a higher price than the bonds of the same company, the income from which is limited to the agreed rate of interest which they bear. A much closer scrutiny should be made |