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Es i DAVIES COMPANY, LIMITED obable that the practice of sending out weekly the price "packers will pay for hogs the following week, ha a f cause for the widespread impression that the price named fs fixed through arrangement and understanding be- or tween the packers. In view of the recent attack made upon packers, a statement which will explain why a price is thus sent out, sind the conditions associated with it, may serve a useful purpose. For the most part the cattle and small stock (sheep, lambs and Wich come to the Oattle Markets in Toronto are bargained for 1f the market is favorable, the drovers make a profit. If ie ot is unfavorable, they suffer a loss. The price of cattle and 'mall stock, therefore, ia determined each market da by the ordinary competitive conditions prevailing .upon public markets. The price . which the drover pays in the 'country the next week is determined by . his view of what he hopes to receive when the stock is offered for cale by him upon either of the markets in this city or in Montreal. : The hog situation is entirely different. After the manner of well recognized market conditions, there has been no public market in On- tario upon which hogs have been offered for sale. For thirty years { 80.to 90 0 por cent. of the hogs. on the Toronto Cattle Market have bgen delivered on the market for one buyer, and at a price agreed upon be- fore the hogs were shipped. Five-sixths of the packing houses in Ontario have not only not bought hogs upon the Toronto Cattle Market, . but they have not bought hogs upon any public market, because there ve been no markets upon which hogs have been offered for sale. ie Union Btock Yards Company at Toronto Junction are now endeat- 'oring to establish a competitive open market upon which hogs will be offered for sale... Time only will determine the success or failure of this effort. Coin a : "As, therefore, there has been no open market for hogs. the price which _the packer pays for hig hogs has had to be determined by a different method, and under different circumstances than the open market conditions have established for cattle and small stock. The pressure of these 'circumstances has developed the practice which causes each packing establishment to depend clriefly for its supply of hogs weekly upon drovers who ship regularly to it. To establish this regularity, the respective houses have found it necessary, at the pnd of each week, to advise drovers the price they would pay for hogs 2bipped to them the following week. This custom is followed in Den- mark and Ireland, the weekly price, however, being sent to farmers in place of drovers. She Tye In accordance with these conditions, the officers of this Company determine on Friday afternoon of each week the price they will name to drovers for shipment the following week. This advice covers a "price free on cars at the shipping point, or delivered into the yards at our factory, or fed and watered hogs delivered on the Toronto Cattle Market. In reaching this determination we are governed by our read- ing of the domestic and exports markets, by cable advices covering Danish and Irish killings, and cable advices telling of the quantity of American products which have been landed at the various ports in Great Britain. We also have to interpret from these conditions, which are common to the trade, how the judgment of our competitors will be affected by them, and what conclusions they will likely reach as to the buying price the; will name for the following week. ! Having decided the price we will name, we communicate it to drov- ers by telephone or telegram, to points East as far as Montreal, West as far as Chatham, and North as far as hogs are raiged in sufficient quantities to give weekly deliveries. In all the foregoing we have neither conference, understanding nor arrangement, directly or indirectly, with any other packer, nor have we had any such connection at any time during the past twenty years. If other packers offer a higher price, we learn of it through tele- graph or telephone communications from drovers in various parts of the country, who advise they are unable to buy at the price we have named because drovers from competitive houses are paying a higher price. Each packer in the trade doubtless has similar advices when the circumstances warrant it. When such advices reach us, we determine our conduct by a variety of considerations, and we will, as" will other packers similarly placed, refuse dg Tollow the lead set by others, or accept such lead ag inevitable, as we may have a favorable or unfavorable view of the market. The effect of the decision either way is reflected in the volume of deliveries, If 'we or others similarly placed refuse to advance, while other packers are active, there will be a shrinkage of from 10 to 50 per cent. from the normal receipts of hogs. If we follow the advance, we will secure our normaliquantity, with possibly some surplus added. It is alleged that the trade generally await information as to the buying price named by this Company before sending out their own ad- vices. On reflection it will be. recognized that this is not an unnatural course to follow.' By reason of the extent of our operations, the price named by this Company is known in every part of the Province, and authoritatively establishes the minimum price which can be paid. For _ mecessitous reasons no other house can buy at a lower price. Inas- much, however, as the aggregate purchases by other packers represent 0 per cent. of the total deliveries of hogs in Ontario and Quebec; there | : is no reasén why, after our price is known, a higher price should not be named by some of all of our competitors, if their reading of the market differs from ours: "As a matter of fact, this is precisely what occurs; and probably there are as many weeks.in the year when our . price is exceeded and we must follow others, as when our price is ac- . cepted and o Ww. us: : We' Would welcomes '¢oniditions which . of hogs upon public markets ers could buy hogs after : shey would 'always would. establish the purchase oti*an openly competitive basis. game manner, as cattle are now bought, the 'measure of their competitors, whereas 18 we shave to guess at their measurement, to take hogs freely, we could do so, and from the market, we could do so. Under er can 'afford to break with his regular ship- to take stock when he would prefer to leave The tendency under the 3 timate they dare pay, rather than how low a price 4 be borne in mind that the aggregate capa- 'the supply of hogs, and that practi- ations of a packing house are deter- 3 iness secured. Therefore, when we are | g the buying price we will else is' the pressure which felt that if we do not name we may find our supplies the p suggest |, Green Tomate pie Line « 3 ? a 3 € tin with sich pie erust, then : ice thin three good sized to- -| matoes. Sy Bond hh If pack-| present method is for packers weekly to | sugar, then grate nutmeg on it, | then sprinkle; with flour, and lastly add little more sugar; then place on the top layer of pie crust and bake in a mioderate oven. Very delicious. : : rench Cream Pie.--Two eggs well beaten, three-quarters cup sugar, one cup sour cream, two cups 'raisins chopped fine. Mix all together and bake with top crust. Served with whipped cream is de- licious. id Potato Forte.--Two cups white sugar, one cup butter, four eggs, one-half cup milk, one cup cold .po- tatoes, grated, one teaspoonful each of cinnamon and cloves, one- half cup chocolate, two cups flour, two teaspoonfuls baking powder, one cup almonds. Blanche and chop almonds, beat eggs separately, adding whites last. Bake in shal- low pans in & moderate oven and cover with frosting. e Shaker Dried Corn.--Far better than canned corn and easily made in any home. Also, it is not neces- sary to eat more than you wish to "save it,' as is done when a can is opened. Cut the tops of the ker- nels first and then scrape both, that no chaff from the cob be in the corn and that all corn may be used, especially the germs. Now spread the corn upun earthen or enamel plates and place in a hot oven, stir- ring and keeping.the heat just be- low the browning point. In less than an honr the corn on two plates can be placed on one. Continue filling plates and drying until as many are placed in the oven as can be managed in a day. If con- venient, spread in the sun next dav and then place in cotton cloth bags and hang near the range, and later place in some dry. closet or storeroom. The corn should not be boiled at all but cut directly from the cob as soon as conveni- ent after being taken from the stalks. This' is convenient to handle and is far more delicious than canned corn. EE Apple Dumplings.--Three apples, rather tart, pare, halve and core. Crust: Two cups of flour, one heap- ing teaspoon. baking powder, pinch of salt, two heaping tablespoons fresh lard or butter, sweet milk to make a dough. 8ift flour, baking powder, and salt together, cut in shortening, and with a mixing spoon stir in the milk. Rell to about one- fourth inch thickness and wrap each half of apple and place in rather deep pan. Take four cups of sugar, one tablespoon flour, one table- spoon butter, and nutmeg to fla- vor; mix together and add one quart boiling water, stirring while adding, then pour over dumplings in pan and bake one-half to three- quarters of an hour in rather hot oven. Baste with the sauce around dumplings when half done and let bake a nice brown. . Serve with cream, either whipped or plain. These are splendid. -- SPECIAL DISHES; Stuffed Figs.--Steam for one hour dried pulled figs, remove one at a time, clip off the stem end, 'open, and ptess in a marshmallow. Roll in powdered sugar. Chili Beans.--Scak pink beans over night in water, to which is ad- 8 iit) STOVE PO | 7 on RAVE Hasthe 'Black Knight' come to your home? Let him show you the Quick and easy way to shine "ot B ck Knight" takes all the hard work and dirty work out of stove polishing. chet Root Pills, thoroughly tested by overfifty years of use, have been proved a safe and certain cure for constipation and all kindred troubles, Try them. . 25c¢. a box. ded a teaspoonful of soda to a quart of the water. In the morn- ing pour off soda water and wash well, then boil in clear water until tender, then add salt, a pint or more of tomatoes, an onion - cut fine, a teaspoonful of chili powder, and a generous slice of butter. Cook all together hour or more. Shad Roe Salad.--Boil the roe in salted water for twenty minutes and set it aside to cool. When it is cold carefully remove the skin and cut the roe into thin slices. Ar- range a bed of lettuce leaves in a salad bowl, lay upon it the slices of roe, which should be disposed to overlap each other, pour over them a mayonnaise dressing, and serve. Stuffed Cabbage Head. -- Pull off about half a dozen of the outer leaves of a medicore sized cabbage and put aside. Chop half of the head of cabbage and mix with two slices of bread which has been soaked in water and squeezed out, one onion chopped, one-half pound pork sausage meat, one egg, salt and pepper. Put cloth in deep kettle, lay the outer leaves in cloth, slowly for an and fill with above mixture. Tie| cloth and boil one and one-half hours in salted water. This has the appearance of a boiled cabbage and is appetizing. rrr FAVORITE DISHES. In cooking corned beef, select the day before you want to use it; cover it with cold water; let it remain until next morning. Boil and serve and you will never cook any |' other way. _ Mock Angel Food.--One cup milk, one cup flour, one cup sugar, two teaspoons baking powder, pinch salt, whites of two eggs, beat- en stiff. Heat the milk to boiling point, stir other ingredients to: gether several times (four or five) and stir into hot milk, then fold into this the whites of two eggs, already beaten. Do not flavor cake or grease pan, but flavor ic- ing. This cannot be told from a real angel food. Cleaning Fish.--Cut all fins, slit and draw, insert finger in opening | and rub up and down on a potato grater; no sore fingers or flying scales. To skin large perch cut all fins, slit down back, cut head across the back of neck, and draw down; takes entrails and all; quick and simple. To fry, dip in seasoned flour and fry in smoking hot fat. Custard Cake.--Custard part: Three-quarters cup grated choco- late, three-quarters cup brown sugar, one-half cup milk, yolk of an egg, mix all together, cook in a double boiler, let cool. Cake art: One cup sugar, one-half cup Butter, two and one-half cups flour,' one-half cup milk, three eggs, one teaspoon soda, one teaspoon vanil- la, bake in layers. Filling: One cup powdered sugar, two table- spoons butter creamed, two table spoons hot coffee, two tablespoons chocolate, one spoonful vanilla. Southern Graham Bread --Two- thirds of a cup of brown sugar, two tablespoonfuls of New Orleans mo- lasses, one and one-half cup of sour ilk, one teaspoonful of baking powder, one level teaspoonful of soda; one level teaspoonful of salt, two cups of graham flour, one-half cup 'of seeded raisins, Bake in a slow oven for one hour. OARAMEL CAKE. Beat one-half cup butter to a cream, add gradually one and one- half cups sugar, the yolks of two 'eggs, and one cup water. Add two 'cups flour and beat for five minutes, then add three teaspoons of caramel syrup, one teaspoon vanilla, and 'another half cup flour. Beat again thoroughly and then stir in care- 'fully two teaspoons of baking pow- der and well beaten whites of two Bake in three layers in a ate oven, ymel Syrup.--One-half eup| lated sugar in an iron or te pan, stir until sugar first then melts, and finally be- liquid and throws off intense A must burn. fling | eggs, add one teaspo: syrup 'and one .. beat until cool USEFUL HINTS. Winter squash should be soaked for two or hours before cook- ing. Always put it into boiling water, salted slightly. Sweetbreads parboiled, rolled in seasoned crumbs and toasted over, the coals, are delicious, served with a mushroom sauce. : The addition of a generous pinch of sugar to all boiling vegetables, except potatoes, gives a flavor which once tried will be repeated. Noodles cooked in boiling salted water and then drained are delici- ous if served with a sauce made of brown butter in which a generous amount of very fine bread crumbs have been cooked. In making fondant for candy, if it grains, you have boiled it too long. The difficulty may be reme- died by adding a little more water and boiling it again. It is a wise plan to make fondant the dav before you make the candy. If bread crumbs are to be kept for any length of time, put them in tightly corked wide-necked bot- tles or in tin cans, taking care to have the crumbs perfectly cold and dry when put away ; otherwise they will grow musty, if not mouldy. There is nothing better for a cold than castor oil, and a very simple way to give it to children is to make a pan of molasses candy and add plenty of castor oil to it just before removing from the fire. The taste of oil in it cannot be detected. A delicious appetizer is a cheese canape. Remove the crust from nicely toasted bread, and cut in triangles or strips, sprinkled gener- ously with grated cheese, seasoned with cayenne and salt, and put in the oven till the cheese is melted. Serve immediately. MAKING SAFE INVESTMENTS FARM MORTCAGES AS INVESTMENTS HAVE SOME VERY WEAK FEATURES. The Personal Element Which investors Often overlook Makes the Payment of Interest Sometimes of Doubtful Certain- ty--The Danger of Having a Conscience. The articles contributed by "Investor" are for the sole purpose of guiding pros- pective investors, and, if possible of eav- ing them from losing money through lacing it in "wildcat" + nterprises. The mpartial and reliable character of the information may be relied upon. The writer of these articles and the publisher of this paper have no interests to servo in connection with this matter other than those of the reader. Turning from generalities to the appli: cation of the principles of investment laid down in the earlier articles of thie series to classes of securities we will take up in turn the chief points to be considered in connection with the various forms of "promise-to-pay"' investments. Readers will remember that investments are divided into two general classes -- equities and promises to pay. Equities consist in shares and stocks of various companies. These are never repayable. Promises to pay, on the other hand, are securities which represent a sum of money borrowed by the person, munici- pality,: state or company igsuing them, and are repayable after a definite period of time. Under this head are bonds, de- bentures, mortgages, etc. . In this class, the most important in Oadada are real estate mortgages, mu: nicipal, industrial company bonds and railroad equipment bonds, and provin- cial and Dominion loans. The best known, of course, are real es- tate mortgages. It is quite superfluous to enlarge here on the details of the form of a real estate mortgage. Its usual form consists of a promise to pay the amount of the loan at maturity together with a cértain amount of interest on certain dates. It includes also a transfer of the property mortgaged, which, however, is non-effective, unless some detail of th conditions of the mortgage is not ful filled--such, for instance, as the payment of the interest. The question of real estate mortgages as investments, however, is a matter which relatively very few investors have approached in a full enlightened man- per. The average man figures in some such way ae this: "Will Smith wants me Spoon. caramel teaspoon 'vanilla; wr pha THE STANDARD | ARTICLE + SOLD i Je Wri , | fte ing, Gin 3 | Hato 8 | i isinroctirel ] Il Oo Tp Hi HRsIe: 8) iE rain riany ot | EW.GILLETT COMPANY TORONTO.ONT. | to lend him $1,000. His farm is worth $3,000 as it now stands and the interest at 7 per cent. comes to such a small amount that there is no danger that he will not be able to pay it. I certainly don't stand to lose anything," and makes the investment. . Now, probably his estimation of the matter is quite correct. He did not, how! ever, look on the matter in a broad man« ner. First, as to the safety of a mort{ gage. Like everything else, it depends od the amount of margin between the su loaned and the value of the property. Al most as important, it depends on th L character of the person making the mortd gage. . It must always be borne in mind that a mortgage to be of any real value re, quires that the property be kept up to its value by the work, as a rule, of "thal individual to whom the money is loaned. If he is a careful, progressive man, who has borrowed, perhaps to improve his farm in a manner which will make it more productive, this question need not be enquired into further. If, however, he is a man whose carelessness has got him into financial difficulties, he may let his farm run down, in a few years, to such an extent that, even if one were to foreclose the mortgage, there would be a very small value, and even that might not be got in the event of a forced sale. The safety of interest does not depend altogether on this point. A bad year may result in the farm being run at a net loss and the farmer may find it difficult,' or impossible, to meet the interest. This, point is where the rural "note shaver" makes his money. The average investor,| however, is not eager to profit by forcing' a man to the wall. Perhaps he is a per. sonal friend. At all events it is a cold- blooded thing to do to forclose a mort. gage just because a year's interest is in arrears. And so, perhaps, you find fit easier on your conscience to forego tha interest until next year, when in all pro- bability the mortagee will be able to catch up his arrears. Perhaps the man comes to you personally and puts hie case In a strong way, persuades you to let him drop his payments for several years. You probably will come out all right in the long run, but the certainty of your interest is in this way sometimesg doubtful. INVESTOR. Next week Investor will deal with other points in connection with mortgage in' vestmeuts. ym EQUIVOCAL. "My good man, are you im- pressed with this talk about the effects of whisky 1" "Yes, sir. I'just drink it in."' In making bread rolls of any, kind, roll the dough into a ball and then between the hands until it is! about three inches long. Some cooks make bread sticks by press. ing the bread dough through the closed palm and cutting it off the right length with scissors. Some men are born great, some shrink, and others never find oy] how small they really are. ---- N-------------- | ie 2 roy vi "a poi LIPTON'S TEA ACK AGE