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Sr = a > Sela So pl: S37 DEAN ; 2 RY TN RPh YAAEE a . $5. RAL RAS ] 5 a : . 2 ND : : . OT / rd Do aE : sai Is it possible to forecast the course of live stock prices in Canada for the years immediately ahead? Te ' ; CANADA PACKERS LIMITED REPORT TO SHAREHOLDERS The twentieth fiscal year of Canada Packers Limited closed March 27th, 1947. The following are the key figures, setting forth volume and profit, with the comparative figures of the previous year:i-- Year Ending Year Ending March 1947 March 1946 Sales .._. = ee $204,068,650 A $208,997,520 Tonnage .... CANE ee 1,373,000,000 Ibs, 1,526,000,000 bs, Profit after all charges except Income and E.P. Tax mg nes $3,198,852 $4,620,712 Income and EP. Tax ...__~ 1,699,208 2,803,931 'Net Profit $2,059,644 $1,816,781 te: : 1. Tonnage,--weight of product sold,--was down 10% 2. Dollar Sales were down only =... 2.4% (reflecting an advance in average price of products sold of approxi- , mately 8%.) 8. While Profit before Federal Tax was down approximately . $860.000; nevertheless, --beeause of the reduction in Income and E.P. rates I (applied to the lower Gross Profit)--Net Profit was up approxi- mately . --_ A irri SU i. $200,000 The following is a comparison of the main items of the Profit and Loss Statement with the corresponding figures of the previous three years. For clarity in comparing years, cach item is also expressed as a percentage of dollar sales. Out of cach Sales Dollar there was paid:-- 1946 1944 1945 1947 For Raw Materials... 83.60c 82.35¢ 81.33¢ - 80.21c "For Wages plus Salaries . EE IR WV 7.35 8.06 9,10 For Scrvices (General Expense) 3.46 3.83 4.13 4.25 For Materials and Packages . 3.08 3.32 3.76 4.06 For Taxes * (Municipal, Provincial, Federal) . siti wervrond 1.59 1.70 1.48 98 For Wartime Inventory Reserve 24 25 -- oe For Depreciation on Fixed Assets 45 41 40 43 | Bie at © 99.9¢ 9921c 99.16c 99.03¢ Remainder,--Profit from Operations . 81. 79 84 97 Income from Investments, etc..." 01 01 .03 _ 04 Total Net Profit for the year, on cach -- -- -- -- dollar of Sales ooo 82¢ .80c .87c 1.01c The products handled by the Company fall into four groups, --viz:--. Live Stock Products, comprising all products derived from live animals: -- Meats Beef, Veal, Pork products, Lamb and Mutton; By-products,--Hidcs, Skins, Tallow, Bones, Tankage, etc. Tonnage of this BIOUP «.. csssmesstans serge isms aorenens 460,000,000 Ibs. Other Farm Products, comprising,-- . Butter, Eggs, Cheese, Poultry, Frosted Foods, Fruit, Vegetables, etc. Tonnage oi 207,000,000 bs. se Non-Farm Products, comprising,-- Edible Oils, Shortening, Soap, Fish, Fertilizers, Stock Foods, etc. Tonnage ....... Sgomnnti ps 376,000,000 1bs. *Manufacturing, comprising,-- ph Canned Meats (sold chiefly to UNRRA) and Canned Fruits and Vegetables. * Tonnage ... 130,000,000 bs. 1,373,000,000 lbs. The outstanding feature of the year's result was the extremely small profit derived from the fiist two groups,--viz. Live Stock Products, and Other Farm Products. Total weight of products in these groups was 667,000,000 lbs. Net profit for the two groups was ...._. equivalent to... otherwise .. Profit as percentage of Sales $%c per 100 Ibs, 30c-per-1b:---- . 1/6 of 1% On the other two groups, totalling 706,000,000 lbs., net profit was $1,752,673.00 equivalent to ) rrmrnrernee 24.8€ per 100 1bs, otherwise ieee Vac per 1b. Profit as percentage of Sales ; 26% The very low profit on Live Stack and Other Farm Products was due to conditions arising out of war controls, On all these products, especially meats and poultry, supply was much below demand, and prices paid by black market operators were, for long periods, above the equivalent of the established ceiling prices. tk, During those periods, processors who respected the ceilings were forced either. to buy the live stock at prices involving loss, or to withdraw from operations. For the regular firms in the Packing Industry to ceasc purchasing live stock was, of course, impossible. | Therefore, the losses had to be taken, : "In-this situation, the record of the Packing Industry as a whole was a highly creditable one. With only rare exceptions, "imspected packers, large and small, scrupulously adhered to the regulations and did everything in their power to assist the officials of the Wartime Pricés and Trade Board. ' On their part the directing officers of the Board made a strenuous and continuous effort to enforce ceilings. But the task was a difficult one, The difficulty was that of securing evidence. Only two persons, the seller and the buyer, knew the facts of illicit transactions, As both these, persons were ex- posing themselves to heavy penalties, they were most undependable witnesses. , The record of the illicit transactions, in the accounts of seller and buyer, furnished no evidence... Goods were invoiced at ceiling prices. Payments in excess of ceiling were in currency, and were made 'under the counter', 3 In the main, violations were confined to processors on the fringe of the Industry, ese' persons found themselves in a position to greatly increase their volume at margins of profit much higher than normal: The fact that they were spread throughout the cities, towns and villages of all Canada made the. task of catching- up with them a very difficult one. t In relation to offences, there were extremely few convictions. Toi - Under war conditions, steps had to be taken to ensure an even distribution of the available food. The necessary war effort could not otherwise have been sustained. The Wartime Prices and Trade Board was set up for thjs purpose. It was directed at the top by a group of men of the highest ability and character.. The job they did was 'onc of the most essential of Canada's total war effort. On the whole it vias highly successful." But its enforcement. of ceilings In respect of food left -- much to be desired. The following notes are set down in the hope they may prove useful in the field of animal products, if the necessity to establish controls should again arise: -- 1. When food 3s scarce and purchasing power high, enforcement of ceilings is a most difficult task, The public ma unreservedly endorse the principle of price control, but public opinion, of itself, cannot be counted upon to. check illicit operations, 2. Only by an alert and firm Enforcement' Branch, can controls be made effective. The post of Chief Enforcement Officer calls for. a man with _the highest qualifications of ability, courage and cool. judgment; 3. In respect of meats, illicit transactions begin 'at the stage where the meats pass from the processor 'to the retailer, But the retailer is clearly an unwilling participant, 1 price; and with intelligent leadership could be secured as an ally of the Enforcement Branch, ~~' 3 4. Enforcement is bound to' fail unless penalties are severe 'enaugh to deter offenders. (A fine of a few hundred dollars is. no deterrent to a violator who is making illicit profits of thousands.) a 8, Cancellhtion of licence is the ultimate and the only effective deterrent, "This is a drastic firm, : ~ Only a few cancellations would be necessary. - = -- ; frit \ ough the food s ' t are farm ili mtal; vege- aR ER for these rea opera Ns are Segreg ! Hing. $233,592.00 He does not wish to pay more than the, ceiling |. nalty which should be imposed only In case of flagrant and repeated. vio ations, involving the head or principal officers of. the One result of black market operations was that producers received a higher price for their live stock than the equivalent of the ceiling. It is only just to point out that this involved no breach of the reguldtions, either technical or eit fg their part. and were sold on the market, openly, to the highest bidder. No other system was' possible, . N \ Te . 1 . The Wartime. Prices and 'Trade Board wisely. refrained from imposing ceilings on live stock. This was tried in United States and proved completely unworkable, » TT A In view of the extremely poor results on live stock and other farm products, it was fortunate that volume in the other two groups was high, and profits normal (one-quarter cent per 1b.). " In the fourth group the chiel product was one developed. in the Laboratories' of Chuada Packers viz. Canned Blood Sausage) ~All this product was sold "to UNRRA. As suggested by the name, the product contains a substantial per- centage of cooked blood (from inspected animals). This gives it a high protein content. Other ingredients add important calcium and car hydrate values. . Be- cause of its high nutritional value, convenient form, and comparatively low cost, Canned Blood Sausage was a very useful food for UNRRA distribution. Once this product had been accepted by UNRRA, the Canadian Meat Board directed, that the formula should be passed on to all Canadian plants equipped to produce it. Shipments of Blood Sausage formed a very important part of Canada's total sales to UNRRA. During 1946 total shipments from Canada were 63,000,000 cans. : - While this quantity was small in relation to UNRRA's over-all relief shipments, nevertheless it is gratifying that a, product developed entirely in a Canadian laboratory should: have played even 'as substantial a part in the relief programme of 1946. WN . A ---- Li . wi x : Ca. : Je A With the winding up; of UNRRA, orders for Canned Blood Sausage have ceased. It was\essentially an emergency food. Notwithstanding its high nutritional value, and low price, its colour subtracts from its appeal to the civilian consumer. . The experience of this year proves again the wisdom of the Company's. policy of diversification. In 1927 when Canada Packers was formed, live stock plus other farm prodicts comprised 79% of the Company's total volume. In the year under review, the corresponding percentage was 49%. More than half the volume and 85% of the profit were contributed by groups three and four. - It will be recalled. that following World War '1, deflation of food prices set in during July, .1920,--approximately eighteen months after Armistice Day. That -| deflation was brought - about by the fact that, by July, 1920, food supplies had begun to catch up with effective demand.' Following 'World War 11, it was expected that the greater destruction of propetty and the greater displacement of population, in Europe, might result in'a' more prolonged period of dislocation. However, it seemed likely that the restoration "of normal food conditions 'might follow the same general pattern as in .1919-20;4 ----i.c. a period of advancing prices, to be followed at some time either by a slide or a collapse. . > (It is important to remember that the world's food supply is produced. from year to ycar.. If one year's crop is inadequate, hunger [perhaps starvation} may be the result. However, a bountiful . world crop in the following year .can at once restore normal conditions. The hunger of the previous year does not carry. over.) ; World War II ended with V-J Day, August 15th, 1945. - That is a full two years ago. : But, as yet, world food supplies 'have not caught up with demand. Prices of most staple. foods are not only above those of V-J Day, but actually, in the case of many essential foods, are stll at an all-time high. {oq ' 4 The, ror Sonn table gives a comparison of prices (in Canada) of animal products and cereals from 1939 to 1947. # mH i 'CANADIAN FARM PRICES, 19391947 Average Average Average Average Average March + March March March Jul -1939 1941 1943 ~1945 . 194 'Good Steers, live, Toronto 6.78 8.62 11.77 11.54 14.47 'Hogs, B-1d ressed; Toronto ----12.25~-- 11:33 17:16) ~ 17.80) 22.01) ; 32)% 1.62)% 97)* Lambs, live, Toronto ........ 9.10 11.14 15.91 14.92 17.21 Chickens, Milk Fed A, : : Toronto ooo. 24a 28%, 32a 35 39 | Eggs, 'A' Large, Toronto 214 20Ya 33 35 3934 Creamery Butter, Toronto 21% 35 1) 35) 50%, 87% » 8Y,)* Cheese, f.0.b, Factory, . Lo Ontario... 5. __ 11 Hn) 22%) 20) 25Y4 LEY 177)» 17)» 3)* 8 Ja Wheat No. 1, Nor., ovat 6m ah : CWI, ieee 594 764 97} "1.255 - "1.55 Oats, No, 2 C.W. : 3 : i i Ft. Wm. 28%4 35% 51 514) 65 TREE - 10 Barley, No. 1 Feed, ge : " 2% Ft. Wm. cia, 35%, 50% 613% 64%) 93 Corn, Ontario Yellow, ; - 22V4)§ Toronto ..........occoeip. 65 8634 1.17 1.27 1.27 - * Sabsidics, Federal plus Provincial, - < 1 Official Wheat Board price, March 1939, 80c, 3 Wheat Board to make participation payment in 1950. \ § Equalization payments. It will be sen that each price in July, 1947 is at the high point of the eight. year period. A : : ' But all these prices would be higher still except for the operation of coritrols. The : chief control exists in the fact that (by mutual governmental agreement) Canadian foods are not permitted to move to the United States, : In that founit)s ' ollowing - table. ry,. prices for the same products throughout the same period are shown in. the= foe ) 3 : UNITED STATES FARM PRICES, 1939--1947 fi (Chicago Market) i tT 30 . ' ALR) boy ALB, ' boy bee Tr ala The startling fact. re; ng the two' preceding tables' is that United States and: Canada arc two of chief food-surplus cougtries of the world, = That prices in these two. 'surplus' countries should have remained at these record levels is due to three main factors:-- . i 1, The, pull on North 'America supplies due to the acute shortage of food in Europe, (This shortage ds" aggravated by' the fact that: political dis: harmonies Risvent: certain natural movements of food;--e.g., grain from * Eastern to Western Germany.) i A : 2. The fact that in United States and Canada; pyrchasing consequently domestic demand for foods,--is at an "all:time high. 3, The further fact that, in the face of this record demand (export plus; domestic), production of Jive 'stock in United States: and Canada scems definitely headed downward: 'Inspected slaughterings of Cattle and 'Hogs for the last three years have been as follows: -- er,--and LE ¥ UNITED BATES GArADA TA ce ------ . a i Xx i! } ; Cattle 5 Hogs 'Cattle "Hogs 1944, 18,960,337 69,016,982 1,354,104 8,766,441 194 14,538,405 40,959,809 1,820,127 5,683,727 1946 11,418,325 44,393,920. 1,666,310 ~ 4,253,511 Their animals were sent to miarket' as usual, | _| The increase in hourly rates does not, of course, represent 'a 'cor- Average Average Average Average Average March - Marc March March: July" 1939, - 1941 1943 +1945 947 Steers; 1200/1500 Ibs. . 1150 = 11.30 15.95 16.25 30.68 Hogs, light (live) wou. 770° "780. -15.60 ~14.75 -26.00°( Lambs, live... 9.25 10.90 16.30 16.40 24.46 Chickens, Spring ........ 2 22Y4 28 © 29 v.81. Eggs, Standards... 16% © 17% 38. 34Y 43% Butter, 90 score oe | 23% 30% AT% 411, 65% Cheese, twins ......comes 113% oi: + 23% BY '33a Wheat ...... 70% 91% 149 176% 236; Oats ... 32% 1 39% 6434, 82% 1.01% Barley 47 57 © 92 124% © 1715" Corn ..... 51% 69%, 102 |. 1.2004 A19% +o No attempt at' a comprehensive answer to this question will be made. But all the following factors haye a bearing, , LE Prices cannot continue to advance indefinitely. At tothe point they must level off, and at a later date a substantial decline seems inevitable. - However, the immediate trend in Canada seems upward rather than down- VAL vin | ho Fe a be This is certainly the case in respect of Hogs. An advance of 2c per 1b. "in the price of Wiltshire Sides has been announced for September 1st. The present Bacon contract with England would scem to ensure the maintenance of the September Ist level until the expiry date of the contract,--viz: December, 1948. " 2 : : As to Cattle, 'the fact that Steers in United States arc sclling at twice the Car udian price would indicate that the immediate price trend might also be upward. - NG : ; It must be remembered however, that the great Beef exporting areas of the + world are South América and Australasia, In both these areas, Cattle prices are much lower 'even' than the presént Canadian level When transportation facilities are restored, prices of Beef op the open world markets may soon be brought to a level ed upon. costs in the exporting countries. \ LJ In the present period of acute shortage and record prices; it seems difficult to recall that the ten:year period immediately before the war was one of burden- some surpluses and' yuinous prices. 3 a0 : The war crisis: brought about a clearer realization' of the fact that a nation's chief asset js the physical health of its citizens, An 'understanding of problems of nutrition has been advanced as in no previous period. Each nation will make the better feeding of its peoplé a main objective. Except for widespread economic breakdown, the world demand for food will be higher than in the pre-war period, ) ; Whatever happens, it is unlikely that the ruinous food prices of the 1930's will ever recur. > \ Neverthéless, a time will undoubtedly come when food-surplus countries will have to 'compete' for the availzble world markets.' When that time comes, cach food-exporting country will be forced to offer its surplus in the form of thosc products which jt can produce most efficiently. ' In the case of Canada,--one of the chief food-surplus countrics,--two products stand out. These are the two food products which, above all others, Canada can produce in competition with the world. A They are Wheat and Bacon. J There seems little danger of Canada reducing her Wheat production. But the record of the last two years is proof that a serious danger does exist in the case of Hogs. : Between 1944 and 1946, inspected Hog killings were cut in half. Only by in- creasing and. maintaining Hog production can. Canada make her Agriculture safc. The main objective of Canadian agricultural policy should be immediately \to build up her Hog population. For her Wiltshire Bacon there is an immediate, and continuing market,-- namely Great Britain. And Great Britain needs Canada's Bacon more urgently than ever before. : Ontario and Alberta are the two chicf Hog-producing Provinces. In both thesc . Provinces the Departments 'of Agriculture have recently launched active cam- paigns to stimulate 'Hog production. The Ontario Hog Producers' Association and the Alberta Livestock Co-operative 'Limited have Joined actively in these campaigns. It is to be hoped other Provinces will take similar measures, especially Saskatchewan, Manitoba and Quebec. t : Ee Jt is felt that this year a more extended reference than usual should be made to Labour relations. ow ] oe The Directors recognize, without reserve, that the first claim on the earnings | of the Company_should_b whose working lives are spent in the Company's 'service. Plant Employees arc represented. by their Union,--the United Packipghouse Workers of America. With the Union, except at times when: negotiations are under wayy 'relations have been cordial and co-operative. This {is mentioned be- cause widely published threats to strike, each time an' agreement is being negotiated, may. have given Sharcholders,--and the public geperally,--a wrong impression. During the war period advancés have been frequent and substantial, 3 : . . \ Aollowing is a summary of 'the advances:-- c_that of Employees,--the men-and- women-of -all-ranks-- " During 1941, 1942 and 1943, 'Cost of MeN WOMEN Living Bonuses reached a total for men --_-- ~-- of $4.60 per week, and for women 18.4% of their wages. Tn' 1944 these wére converted to permanent hourly increases . Of i el eon A at 9%2¢ per hour. 7c perihr. In addition to this the following . , | successive general increases--were grples ------ oe = negotiated: -- : In the agreement of 1943... 5 ¢ per hr 5 c¢ per hr. In the agreement of 1945 -- 6.8%, ; ; equivalent to... .. 5 c_per hr 3%c per hr. In the agreement of 1946 ... 5 'c per hr -10 ¢ per hr. Total rage increases from 1939 to 1946 .. 29%c per hr. In addition, there have been many upgradings and individual ingreases. These with the above, general increases have resulted in 'raising average rates per hour as follows: -- $5 apie ' FE MEN WOMEN August, 1939, average Tate per hour ..... 50.8c 32.8¢c ~\ March, 1947, average rate per hour ........ 88.1¢ 63.5¢ Increase 0... . Sh 37.3¢ 30.7¢ Percentage increase 73.4% 93.6% The average advance in hourly rates throughout all Canada, for the same period, as published by thc Dominion Department of Labour, has. been ..... FHL Re 54.6%* responding advance (in 'real' income,--that is, in income. meas- ured by' purchasing power. Subtractions must be made for increase in the cost of living, also for Income Tax;-- the latter offset to"some extent by Family Allowance payments. It is prob- able, too, that the actual increase in the cost of living is' some- what. greater "than 'that reflected in the official table of the Dominion Buréau of Statistics,--viz, ; tara 34.8% However, when all allowances have been made, the increase in 'real income of Plant Employees, as compared to 1939, is certainly not less than... And this in spite of a substantial reduction in number of hours worked ; (1939,--average weekly hours 464; 1946,--average weekly hours 42%2). If hours worked had been the same, increase in real income would have been at: least: oan 15%. . 22%. Over and above these rate increases, important supplementary privileges Jhave 'been granted. These include: ae : ] ; : ; after 1 yea? --1 week, Frees Improved vacation schedule;--now after 5 years--2 weeks, SALE NED IR EE after 20 years--3 weeks," Rest periods with pay--10 minutes, morning and afternoon. 8» Night .work premium-=5¢ 'per hour over corresponding day rates, - "= Guaranteed minimum of 37% hours 'work per week--or pay in lieu 8f work. Pay for eight public holidays, ii REIT : | These suppplementary privileges represent an annual cost to the Company' of \8pproximately : ; , $850,000, equivalent to i... re TOT Or ANALY 7.4¢ per hour. Ny NE : LS y \% K ret \ 2 . Vo \s Nd sa \ Following Ithe practice of previous 'yeats an important share of the profits distributed to, Employees in the form of Bonus, he proffls was Total Dividends to Shareholders within the same period have been .._. $9,550,000. Total Sales for the same period have been... © Sea nl, sions. ¥ $5 : J. 8. MCLEAN, a ) } esident, {Toronto, August 29th, 1947, - residen NX 3 P \ 3 {Dominion Bureau of Statistics Clost 'of Living Index for July 1st, 1947, basis Augiist, 1939 equals. 100, p EA nk ! : / wie p % . Batra copies of this report are available and so long as th last, will be mailed to anyone requesting them. Address f ? Canada Packers Limited, Toronto 9, » 74 / 25%4¢ per hr. . The sum disfributed at the year-end was o_O ES 250,000, © 1. (Bonus distributed in March, 1939, was--$216 000.) ., : d : "The practice of profit sharing has been in operation for { irtcen fiscal years. 'Within that "petiod, total pro it-sharing payments have been... 514 8,910, 000 *Preliminary fi ire for ctober, 104 reported. in- De a" tof ot 2 a 6: 8.000 of Tag 19th ig : partment of Labour; News fr -- ---- -------- Higgs, Not Best By ANNA WILSON "1 had him hooked and was play- STORY ing him," Sol's voice drifted across the wisteria to Cal's porch as Cal held forth in the local store. "Then he went round that old rock that sticks out just beneath Calder's Bend and my line snapped, I jyst saw, his tail flicker as he broke water with my hook still in his mouth and-- well, you know how it is, boys." Cal ' could hear the laugh Sol always got when he talked of Old Rusty. "It's always the big one that gets away." Never knew a man so set on catching Old. Rusty as Sol was--used to spend. a lot of time fixing up fancy flies and such, byt he never had a bit of luck. Used to swear the big fish laughed at him, especially after the big picnic: : The picnic -was-- over. at Calder and everybody knew that both Sol and Jim Cady ainied to take Nancy Brain, You'd. never know .Sol and Jim were brothers. Sol. was so .up and coming while Jim was tall, lanky and never looked much in his clothes, but steady, with a slow smile. f x N a __sit_by the big' elm when Sol and. Cal had gone down the stream to Nancy came down. Sol was pleading with Nancy and once it looked as if she was giving in. EEA LS Soni "I'm not sure, Sol." Nancy was no fool and didn't want to make a mis- take. "The things you do don't seem so terribly important but they show up a lot--but in marriage a man needs--" "What docs a man need, Nancy?" Sol's voice shook. + "Oh, 'courage and endurance and sportsmanship--a lot of things" Her eyes suddenly lit up. "Tell you what, "Sol, "éverybody There has tried to catch Old Rusty, Let me. see you try." . Sol went _ oft * for his, line and Nancy came and' sat down by Cal, She looked downright miserable, Old Rusty always lay out under - a big rock right across from where Nancy sat with Uncle Cal. Sol spent all of 20 minufes trying out flies. He was satisfied at last, and cast with a flourish. It seemed as if Sol had all the luck in the world for Old Rusty rose to the fly and snapped. Sol let out a whoop, and started to ownstream and Sol followed letting play the big fish that rushed away - out his reel. Rusiy made straight for - that sharp old limestone outcrop, and snarled the line, Cal could hear Sol losing his_temper and. floundering in the brush and jt came to liim that Rusty must have got away, | +0 | thing to. Sol." back, his--face red" and. angry and a "it's not likely "Well, ancy, said Cal, placidly, usty'll bite again, aybe, we shoyld go_and say sofne~ Just then. Sol: came gaping rip in his pants, revealing a long, angry scratch. Nancy's' inde- cision was forgotten as she started to patch. up Sol, dabbing him with | iodine from, Cal' look as if Nancy s pocket kit, It, did, - had at Tast 'made up her mind, but just then. someone. - called for ol to come and meet enator Rand. Sol went off, patting - Nancy's hand. : lap * just "fix the senator up, Nancy, and be righ back--boy, we'll i "have something: to. tell them, won't we, honey?" He laughed at Nancys desperate, "Wait, Sol." . Somchow they ' had forgotten about Jim--the moss was so soft that 'they came right up behind him una seen, "Rusty," Nancy scarcely breathed 'for Jim was playing the big. fish--he played ! moving and this time 4 knew he'd "wiet his reeled him in, - it steadily, print without 3 e big fish master as Jim It was fighting desperately as Jim took .it and' he "detached | the two' . hooks from its mouth gently--then Jim did a funny, thing, "You're a - grand fighter, Rusty," he said softly, and threw the big fish back in, - Cal and Nancy stole away quictly forse a 5 poi onthe soft grass. Nancy was thoughtful, you could tell, Yes, folks said afterwards that Sol, looked higher than Nancy Brain when married the senators daughter, but Cal smiled cagily when / / lancy married Jim, - tee Ra - | ~ dy AS ee WS inc it is cit 5.