SIXTEEN Eondan, Jan. 23--Under a heading, _ "The Col apse in Canadian Railway sQnatations, Financial Intelligence, an Loglish publication, says in the last is- sue: "Another great slump has occurred in Canadian. railway shares. Both Can- adian Pacifics and Grand Truiks have come tumbling down seusationally, So many 'bulls' of the former shares have been bitten this time that the speculative confidence which has long been held in them has received a severd shaking, and will not bé restored in a hurry. There 1% no ignoring the fact now, that the Dominion has at least reached a noint where its progress must be staved: for a while. It must put its financial 'house in order." -1t has got all the money that it is going to get for a time at any rate. For a few months there will 'not he much to 'go for' in Canadian rails" Montreal Trust Issue Montreal; Jan. 23.-=The $500,000 new stock of the. Montreal Trust Co, the issue of which was announced at the annual meeting of shareholders recently, will 'be offered to shareholders at 150. The stock is on an eight per cent. divi- dend basis at the present time and has been quoted up around 175 in private transactions. As the new issue will double the capital of the company share- holders will be offered one share of new for every share of old ---- Steel Dissolution Plant Montreal, Jan, 23---One of the ru- 'mors circulated in connection with the rise. of United States Steel -yesterda 'was to the effect that an arrangen had been arrived at with. the govern ment by which the United States Steel Corporation would be split into three different companies and the present suit against it would be withdrawn Datch Money for Canada Montreal, Jan, 23--The 'N Financial Corporation for Ca a capital of 2000000 florins ] has satrted business. The managing di- rector is L. DD. Sortuyn, the Canadian advisory hoard being Sir D. H. MacMil- lan, C. M. Blair and S. L. Patton. The business of the company will be the purchase of agreements for sale, invest- MER We Offer ONTARIO TOWNSHIP DEBENTURES TO YIELD 6 1-2 per cent. ONTARIO TOWN DERENTURES TO YIELD 517.8 per cent. WESTERN SCHOOL DEBENTURES TO YIELD 7 8-4 per cent. WRITE FOR LIST Brent, Noxon & Co. Canada Life Bldg. ARI 55 AR AR of ments >and other financial transactions in real estate, A Half Million in Cloth Caps Truro, N.&., Jan, 23. --The annual out- put of the Eastern Hat and Cap Co, Ltd, is valued at $500400, The build- ings of this fine factory cover an area of 40,000 square feet and 385 persons are employed. is is one of the most prosperous companies in Eastern Can- ada, and manufactures a superior qual- ity of caps, which have a ready sale, not only in Canada, but also in many other countries. Financial Notes Henry Ford will start work February Ist on new $1,000,000 automobile factory in Pittsburg. David Lorsch, of Lorsch & Company, the well known mining broker, was elected president of the Standard Stock Exchange, Toronto, after a strenuous contest, The Hotel Rector company, operating the hotel and resfaurant at New York, has filed petitions in bankruptcy. liabilities are stated to be $2,746,070, with nominal assets in outstanding ac- counts aggregating $106,798 J. P. Morgan & Co. made the highest bid for floating the $10000000 loan songht by the Cuban government and Probably will receive the award. J. P. Morgan & Co. offered to take the five per cent. Cuban loan at 94. The Missouri Pacific notes maturing next June and the stock have shown a response to a report that the 1 Speyer & Co. had arranged to pay off of the notes turned in at maturity and to extend the remainder, New insurange issued by the Imperial Life Assurance Co. of Canada and re- vived during the year ended December 3st, 1913, amounted to $8,365,210, ex- ceeding the largest amount issued and revived in nay previous year by $513,550. Total insy ¢ in force was/increased to $42,032. Bethlchem, Steel Corporation declared a divid of § per cent. for 1914 on the preferred stock out' of earnings in 1913. The issue of $200,000 of six percent. first mortgage gold bonds of Sheldons, Ltd. Galt, are reported to be going very well. The bonds were offered by the Canada 'Securities Corporation ---------------- Emerald Echoes Emerald, Jan. 20.--The ice in the bay is quite strong now. J. Strain is driving the mail. J. McClelland and W. P. Meliinnis attended the funeral of 'the late John Clyde, at Cataraqui. PD. Reid is hauling stone for a new barn floor. The snow on the roads is quite deep and in places the highways cannot be teavelled, Me. and Mrs, R. Fowler have veturned Jdvom Ottawa. Staté of Ohlo, City of Toledo, } ee Lucas County. Frank J. Cheney makes oath that he is senior partner of the firm of F. J, Cheney & Co, doing business In the Clty of Toledo, County and State afore- sald; and that said firm will pay the sum of ONE HUNDRED DOLLARS for each and every case of Catarrh that cannot be cured by the wuse of Hall's Catarrh Cuye FRANK J. CHENEY, Sworn to before me and subscribed in my presence, this 6th aay of Decem- ber, A.D. 1886. (Seal) A. W. GLEASON, Notary Public. Hall's Catarrh Cure is taken intern. ally, and acts directly on the blood and mucous surfaces otf the system. Send for testimonials free. F. J. CHENEY & Cf Toledo, O, Sold by all Druggists, C. Take 1llall's Family Pills for consti- | pation. Municipal Debentures. For the Investment of Trust Funds Our list of Municipal Debentures includes the de- bhentures of Belleville, Peterboro, Renfrew, Calgary, / Edmonton, Fort William, Parry Soun |, Glace Bay, 'Sydney, N.8., Amberst, N. S. Yielding From 5% To 6% WRITE US OR CALL AT OUR OFFICE AND CONSULT US. F. B. McCURDY & CO. 86-88 BROCK PHONE. 1223 Members Montreal Stock Exchange. H. W. NELLES, Manager. -- 1 MONT GeY RD HE 3 FINAL er ba mo) ® LL XT FINALLY GoT Rid oF | vEFEs snake Yesrerpay, A i READER wRore A ASTYER YO i I TUB Apes SANING THAT THERE 5 NO HUMOR. (NA SNAKE AND IE Hey | OF IT THAT WE'D LOSE ALL OUR READERS. S6 THE The | OUR BUTTER TRADE. MUST DELIVER ' THE CREAM MORE REGULARLY a-- § If Home Butter Is Not to be Displace ed by Imported Article--drof. L. A, Zufelt Deals With the Matter and Points ont things to be Pro- vided For. : sent condition of the butter industry of Canada said: "The demand of our local butter markets has increas ed to such an extent that we no long- er have butter to export, but on the other hand our imports' of this com- modity are' increasing rapidly year by year to supply this increased ~ de- mand. It is doubtful if we fully real ize just what effect this importation of foreign butter is going to have on our local producers, and it is well to look into this phase of the situation move closely. No long as we were ex- porters only. a small percentage of our output of butter came into competition with foreign makes. Now, however, our en. tire production will be placed side by side with these foreign imports and I am afraid will saffer by comparison, and. our success is holding our 'own lo- cal market. will depend altogether on our ability to not only make us good, but a superior quality Unfortunately in the past we have not always held the most enviable position in regard to the quality of our butter. This was partially if not altogether over- come when our whole milk creamertes entered the field, but s ual extimotion of these w again face to face with the prosposition of winning out, or at least holding our own against most aggressive compet- itors, with the added handicap of an inferior raw material; with this dis tinction, however, that wereas form- erly we were competitors in a foreign market with our best production we will now be fighting for possession of our own local markets where all our grades, good, bad and indifferent, will be in constant competition with. the best of the foreign makes. It is quite evident that much of our butter will not command the Mighest price and will gradually grow in disfavor unless we put forthe every dfiort to maintain a standard, if not better, at least oqu- al to the foreign imports. , ' "We must face the fact that our butter has not advanced in reputation side by side with our cheese and for i this fact we must find the cause be- fore we can apply a remedy. I believe {ii we just stop long enough to exam- ine carefulldythe conditions prevailing at the present time, it will not take us long to come to the conclusion that the trouble is largely an econo- mic one. I believe, and | feel sure ev- ery creamery man will agree with me, that the farmers supplying cream to the creameries are handling theic cream. more intelligently and taking' better care.of it to-day than they did some years ago; | also believe {hat our butter-makers have more know- ledge and are using more skill in the manufacture of the butter than they did formerly. Yaoi, we are faced with the fact that the quality is not keep- ing pace with these improved condi- tions, Now there must be a missing link somewhere in this «chain and 1 think we need not go very far before finding it. When cream gathering ereamerics were first being operated the ercam was expected to be deliver- ed at least threé times per week. As we all know. costs of labor, material, ete., have increased rapidly and' our Creamery managers in unison with all other amfacturees. in endeavoring to lessedt as much as possible the cost of mamuiacture came to the conclusion that this cost could be materially low- ered by hauling the cream' less... fre quently and we now find that whereas the cream was hauled three timés a week a few vears ago it is now being | hauled only twice and in many cases only once per week. There can be vo doubt but that the good accomplished by the educational work of our in- structors tolvards a better cream sup- ply has been largely nullified by this practice. of lessening the number of deliveries Jer week to the creamery and instead of this edugetional work having a beneficial effect 'on the gqual- ity oi the butter, it has been made use of to lessen somewhat the cost of haulage anghg the cream as a eonse- quence has not been delivered at the creamery in any better condition than formerly. In short it is a clear case of a sacrifice of quality ior a doubd ful saving in cost of manufacture, I feel that I cannot too strongly con- defnn this practice, which is perhaps the most prevalent one in all lines of dairy production. "I might point to the raocid stride, made by some of our ter provinces in raising the standard of quality of their butter from the lowest' to the : Jeff Simply Has to Have a Pet Around The Place Prof, Zufelt, in dealing with the pre- i THE DAILY BRITISH WHIG, SATURDAY, JANUARY IMPORTANT FACTS FROM THE CANADA LIFE Splendid Year Greatest Surplus Earnings. Over Now $153, All Factors Favorable. The Finaneial Statement Interest 2 Rate Increasing. Asfets q $52,000,000. Assurances ' Payments To Policyholders. te QFTHE = 7° ASSURANCE COMPANY ye net surplus is $6,183 27 Company's history. 1913 J -THE ASSETS Over 121,000. 1412, 6--THE MORTALITY of the vear was again more favor- able than the expeetation, and this, with a EXPENSE RATIO, contributed fo the earning surplus. nin Sl and Report of Directors, together with procee held 22nd January, 1914, are in the printer's bands and in a fe In important respects the Company in 1913 excelled its record for any previous year in.its"history. 1---THE SURPLUS EARNED in 1913 was $1,709,959.66, exceeding by over $179,000 the earnings of 1912, and by a much larger amount the earnings of any previous year. The present 8.39. --THE INCOME of $8,094,885.70 was greater than that of the previous year by $698,125.96, and the greatest in the The rate of interest earned, which had been steadily advancing since 1899, was further improved in This is an important factor in prodicing surplus. were increased by $3.860,271.32, now stand at $52,161,794 81. THE TOTAL ASSURANCES now in foree are for $153,121,363.94, an increase of over $8.273.000 in the vear. 5--~THE PAYMENTS TO POLICYHOLDERS in 1913 totalled $2,878,016.11, an increase 'of $415.051.31 over those of In addition to this, LOANS TO POLICYHOLDERS on security of their policy contracts were made for $1,692 248.71. and continued LOW of a record dings at the annual meeting, w days will be mailed on request. E. W. COX, President. very 'hig in the Dominion by the simple expedient of a system of | cream grading at the creameries. This system I am fnformed is to be further extended by applying it to the butter which in future will be graded as well, | and sold strictly on its merits. The advantage of this method is that the individual reaps the full benefii. of his laborer is made to suffer for his cirelessness. The careless producer nor interests with his more progressive neighbor nor shift his personal re- spounsibilities to the shoulders of oth- ers. It is quite evident that if On- iario wishes to occupy the position ' which should rightly be her's, that she cannot do better than copy the example set by these 'younger sister provinces. "There is room for only a few mew creameries in Eastern Ontario and these will he situated ¥n the larger towns having good railway connection and where a local market may be oh- tained for the by products. The bulk of the creamery butter of the near future will be manufactured in a fow large, ventrally * located creameries, equipped for the manufacture of . but- ter, and ice cream, as well as catering to the sweet cream trade. The small creamery, if it exists at all, will be found in the outlying districts and where the large creamery cannot enter into competition. Just what effect this will hahe on the industry is hard to say, but is is evident there are elements, of danger to be encoun tered in this new situation and 1 caution those about to enter this 'fivld to go slowly. "In recapitulation I would empha- gize the following points as an aid in mmproving the quality of our butter. First--Employ as butter makers only those who have the necessary qualifications. : "*Second--Introduce a system of grading cream at' the creameries whereby the individual producer will receive a just reward for his industry. "Third--1'o supplement the fore- going by some method that will in- sure the butter being sold on its merits." -------- A Tip to Young Husband The younger man was complaining that he could mot get his wife to send his clothes, "I asked her to sew a button on this vest last - night and she hasn't touched it," he 'said. At this the older man assumed the air of a atriarch. "Never agk a woman to mend any- thing," he said. "You haven't been married very long, and I think I can give you, some serviceable sugges- tions. When I want a shirt menfled I 'ake it to my wife and flourish it RELL - T HEAR HIM COMING NOW. I'LL BE (HCE To Him AND CHgEeRr HIM UP BECAUSE LOSING HIS PET SAKE, BE acl BROkEN UP ABouT HELLY FEF ex PRCTED rp SEC You act BRoxewn around a little and! say: «Where's that rag-bag ? y " 'What do you want of the rag- bag," asks the wife. Her suspicions are aroused at once. "'I want to throw this shirt a- way. It's worn out,' I say, with a few more flourishes. " 'Lot me see that shirt," my wife asks them. "Now, John, hand it to me at once.' "Of course I. pass i over and she examines it. : "" 'Why it ofly needs----"; and then she mends it. If all gift horses were axamined by men who could tell their age by their teeth many of them would be refused. It is not the amount a man earns but the salary he gets that deter- mines his financial standing. "Bud "Fisher