NA-DRU-CO WAFERS The Buying Price of Hogs THE WILLIAM DAVIES COMPANY, LIMITED ¥ T is provable that the practice of sending out weekly the price which packers will pay for hogs the following week, has been the chief cause for the widespread impression that the price named is fixed through arrangement and understanding be- tween the packers. In view of the recent attack made upon packers, a statement which will explain why a price is thus sent out, aud the conditions associated with it, may serve a useful purpose. lor the most part the cattle and small stock (sheep, lambs and calves). which come to the Cattle Markets in Toronto are bargained for on arrival. If the market is favorable, the drovers make a profit. the market is unfavorable, they suffer a loss. The price of cattle and smal! stock, therefore, is determined each market day by the ordinary competitive conditions prevailing upon public markets. The price which the-drover pays in the country the-next-woek_is determinod--by his view of what he hopes to receive when the stock is offered for sale 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 heen no public market in On- ' tario upon which hogs have been offered for sale. For thirty years : to ¥0 per cent. of the hogs on the Toronto Cattle Market have been elivered on the market for one buyer, and at a price agreed upon be- fore the hogs were shipped. Five-sixths of the packing houses ia Ontario have not only not bought hogs upon the Toronto Cattle Market, ut they bave not bought hogs upon any public market, because there ave been no markets upon which hogs have been offered for sale. 'he Union Stock Yards Company at Toronto Junction ere now endeay- ering to establish a competitive open market upon which hogs will be offered for eale. Time only will determine the success or failure of this effort. a As, therefore, which the packer different method, there has been no open market for hogs. the price pays for his hogs has had to be determined by a and under different circumstances than the opeao market conditions have established for cattle and small stock. The pressure of these circumstances has developed the practice which causes each packing ostablishment to depend clrefly for its supply of bogs weekly upon drovers who ship regularly to it. To establish this regularity, the respective houses have found it necessary, at the end cf each week, to advise drovers the price they would pay for hogs mepecd to them the following week. This custom is followed in Den- mark and Ireland, the weekly price, however, beiug sent to farmers in place of drovers. 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 ti 'ree on-ars at the shipping point, or delivered into the yards at our iactory, or fed and watered hogs delivered on the Toronto Cattle arket. In reaching this determination we are governed by our read- g of the dumestic and exports markets, by cable advices vovering anich and Irish killings, and cablo advices telling of the quantity of meritan products which have been landed at the various ports in reat 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 they will name for the following week. aving decided the price we will name, wo conimunicate 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 raised 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 ® 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 to follow the lead set by others, or accept such lead as inevitable, a@s 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 gent. from the normal receipts of hogs. If we follow the advance, we will secure our normal quantity, 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 nut an unnatural course tu follow. By reasen of the extent of our operations, the price gamed by this Company is known in every part of the Province, and authoritatively ¢-tablishes the minimum price which can be paid. -- For necessitous reasons no other house can buy at a lower price. -- Inas- much, however, as the aggregate purchases by other packers represent 70 per cent. of the total deliveries of hogs in Ontario and Quebec, there in ne reason why, after our price is known, a higher price should not be named by some or 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 others follow us. We would welcome conditions which would establish the purchase of hogs upon public markets on an openly: competitive basis. If pack- ers could buy hogs after the same manner as cattle are now bought, they would always have the measure of their competitors, whereas | under existing conditions we have to guess at their measurement. | Moreover, when we desired to take hogs freely, we could do so, and: when we desired to stey: aside from the market, we could dv so. Under | 1 | \ / existing conditions no pucker ean afford to break with his regular sbip- 'pers, aud frequently has to take stock when he would prefer to leave t alone. i The tendency under the 'present inethod is for packers weekly to | estimate how high a price they dare pay, rather than how low a price | they will name, for it must be borne in mind that the aggregate eapa- | city of the houses greatly exceeds the supply of hogs, and that practi- ; cally the profit or loss of the operations of a packing house are deter- mined by the yolume of business secured. Therefore, when we are; ~seeking to determine each Friday evening the buying price we will. name for the following week, back of all else is the pressure which" demands quantity of hogs, and the anxiety felt that if we do not name eut off. | The pepular view of commercial sag> ity would suggest that the | remedy for such difficulties wonld be fou. in an understanding being | reached by agreement between the packers. Tho significant fact is | that the packers have refused to do so. Probably no business in } Canada is more completely free from eith+r the letter or the spirit of | what is known as a Trust, than this much-abused packing business. | The real relation of the packers to the hog industry has been an hon- | orable one of high merit. wee | : The William Davies Company, Limited TORONTO. i ~ -- | The steamer Toiler, an oil-burn- Mr. John Phair, bridge inspector, er, arrived at Montreal from Bri- was killed on the railway, below tain, and will be employed in the Quebec, when . =~ dake trade. _ with treia, a price high enough to command quantity, we may find our supplies | his 'cycle collided| ry pet aes Sade MAKING SAFE INVESTMENTS MORTCACES CANNOT APPRECIATE IN VALUE LIKE OTHER SECURITIES. Moreover are Extremely Dimcutt to Rea- lize On in Case Should be Necessary-- Forced Sale May Cause Severe Loss of Principal--Of Course, Have Cood Fea- tures--High Yield One. The articles contributed by "Investor" are for the sole pur pective investors, and, if po ing them losing 0 rvagh Jucing it in "wildcat" cuterprises. Tne eo intormation ma relie writer of these articles and of this paper have wo iaterests to 6 im connection with this matter other thag thosw of the reuder, Undoubtedly mortgages possess sever- al points of advantage as mediums for investment. Farm mortgages, as a rule, possess these in a higher degree than most other real estate securities, for the reason that a well tilled und fertile farm is almost always readily saleable, al- though they bave their off periods. So, if one is careful not to overvalue the property being mortgaged, and is also wise enough to loan not more than 50 per cent. of such valuation, there is no rea- gon to fear that the principal invested is not safe. As we saw last weck, is no great confidence felt in the cer- tainty of interest payments being promptly met in the general run of farm mortgages. And this is an important eature for the private investor, This is, of course, speaking comparatively, for in many cases this feature. is not con- tingent, owing to the relatively small amount of the mortgage, and therefore of the interest payments. We have learned in the general talks on investmont which have appeared in this column that, other things being equal, a high return on an investment im- plies weakness in some of the other four points. In the cuse of farm mortgages the safety of privcipal is sure; but that ef interest is doubtful. But this is not ulone enough to cause the high yield cf 8 per cent., which they usually return. There absolutely no prospect of a mortgage appreciating in value. Its face value is fixed and the amount loaned is always the par value of the mortguge. In cuse of a bond, however, or shares in a sound company Chere is always a chance for the investment to inerease in value during the time the investor holds it. In this way he may increase his capital. For iustunce, several sound issues of pub- lic utility bonds could have been bought within the last ten years at a price around 90, which may now be sold at par, giving investors an inerease of ten per cent, in their capital during that time in addition to their regular interest. In the case of a mortgage this is not pos- sible. So, as there must be some reward for lack of this feature there is neces- sarily a higher return on the amount in- however, there ig vested. There is another feature, however, that most investors would consider more of a drawback, if they took the trouble to go into the matter-when investing in mort- gages of any kind-in an enlightened way. Most people, when investing, place their money in a security with the feel- ing that some day- perhaps before its maturity. when a bond or a mortgage-- they may require to realize on the amount feo invested. In the ease of a mortgage, however, this can be done only with the greatest difficulty, and then only Juck. Few willing to a "serond hand" mortgage except at with people are buy Hasthe 'Black Knight' come to your home? Let him show you the quick and easy way to shine the stoves. '*Black Knight" takes all the hard work and dirty work out of stove polishing. It's a paste--so there is no watery mixture to be prepared. Just a few rubs with cloth or brush brings a mirror-like shine that "youcan see your facein". And the shine lasts! Most dealers handle and recom- mend "Black Knight" Stove Polish, If your dealer cannot supply it, send soc, for a big can--sent postpald, j bec nearly equals that of the cit- " 'ments the company claims many ap- Constipation is the root of many forms of sickness and of an endless amount of human misery. Dr. Morse's Indian Root Pills, thoroughly tested by over fifty years of use, have been proved a safe and certain. cure for constipation and all kindred troubles. Try them. 25c. a box. ° a substantial discount from its face value. And even then there is often no one look- [ -ing--for--that--sort-of--an---invrestment,; and 8O its sale may require a very long timo to effect. . S80 the element of weak marketability is an important feature to be consider- ed in the case of mortgages. In the case of most negotiable securities--that is shares and bonds that can be transferred without trouble--there is almost always a market for the investor to sell such of his holdings as he desires, or is forced to dispose of. The reasons for this roe- quiro more space than aro available this weck and will be treated further later. A TO FIGHT WHITE PLAGUE. Suggestions in Report of Quebec's Royal Commission. A despatch from Montreal says: Striking statements concerning the spread of the "white plague' :n this province are contained in the report of the Roya] Commission on Tuberculosis, which has just been published. The report includes the following features: "That the death rate from tuber- culosis is higher in Quebee than in Ontario or the adjacent States; that, while in other countries the death rate decrcased from 40 to 50 per cent. as a result of a well-or- ganized campaign, it remained sta- tionary in Quebec; that the death rate in the rural districts in Que- 1es. The measures against tuberculo- sis itself include an educational campaign showing people that tu- berculosis is infectious and is avoid- able: compulsory disinfection of lwellings ; f nt of by-laws forbidding expectoration in public places; the creation of anti-tuber- culosis dispensaries and isolation of open cases of tuberculosis. + YUKON OUTPUT $4,509,000. Steady Increase in Production of Gold is Looked For. A despatch from Vancouver, B. C., says: Gold production of the Yukon district this year will be about $4,500,000, or about $250,000 in excess of the output in 1910, ac- cording to E. FE. Stockton, of the Auditor-General's Department at Ottawa, who has returned from Dawson. Mr. Stockton had excep- tional facilities for gaining correct information, as he audited all the Government accounts, including the gold royalties of 2), per cent. The Yukon *Gold Company, con- trolled by the Guggenheimers, had seven dredges in operation this past season, which has not yet closed, and were also extracting gold by ether méthods. Other companies are also doing considerable work. Mr. Stockton looks for a slow but steady increase of gold production in-the Yukon. me. --_---* STRIKE NOT RECOGNIZED. G. T. Pacifie Filling Places of Men Who Went Out. A despatch frém Winnipeg, says: The Grand Trunk Pacific has refus- ed tu recognize astrike among its machinists and boilermakers and is PRICES OF FARM PRODUCTS LEPORTS FROM THE LEADING TRADE CENTRES OF AMERICA. Prices of Cattle, Grain, Cheese apd Other Produce at Home and Abroad, BREADSTUFFS. Toronto, Oct. 17.~Flour--Winter wheat, 90 per cent. patents, $3.50 to $3.53, Mont- roal freight. Manitoba floura~First pat- ents, $5.30; second patents, $4.80, and strong bakers, $4.60, on track, Toronto. Manitoba Wheat--New No. 1 Northern, $1.041-2, Bay ports; No. 2 Northern, $1.03, and No. 3, $1.001-2, Buy ports. Ontario Wheat--No. 2 white, mixed, new, 86c, outside. Poeas--Good milling peas, 92 side. Oats--Ontario No. 2 at 411-2 to 4%, out- side, and No. 3 at 4c. No. 2 Western Canada, 461-2, and No. 5, 45120, Bay ports. Barley--No. side. . Corn--No. 2 Amorican yellow' quoted at 7T3c, Bay ports. Rye-Car lots, outside, 750 west, and 77c ast. Buckwheat No. at 54 to 55c, outside. Bran--Manitoba bran sold at 823, in bags, Toronto [reight. Shorts, €25. red and to 95¢, out- 2 " would bring 80 to 85c, out- ° r COINTRY PRODUCE. Loaus-Small lots of hand-pickod, §2.- 25 to §2.30 per bushel. Honey--Extracted, in tins, 10 to lic per Ib. Combs, $2.25 to $2.50. Baled hay-No. 1 at $15 to $15.59, on track, and No. 2 at $12 to $15. Baled straw~3$6.50 to §7, on track, To- ronto, Potatoes--Car lots, in bags, at 85 to %c. Poultry--Wholesale prices of dressed poultry :--Chickens, 12 to 13c per lb.; ducks, 11 to 120; turkeys, 17c. Live poultry about 1 to 2o lower than the above. BUTTER AND EGGS. prints, 21 to 22¢; do, choice, in wrappers, 24 to 23c; inferior dairy, tub, 18 to 19. Creamery quoted at 26 to 28 per Ib. for rolls, and 24 to 2e for solids. Eggs' Strictly new-laid quoted at 26, and frosh at 22c per dozen, in case lots. Cheese -t5e per Ib., aud twins at 15 1-4e. Butter--Dairy ence mo0G PRODUCTS. Bacon- Long, clear, 12 to 121-2c per Ib., in case lots. Pork, short cut, $22.50; do., mess, $20 to $20.50. Hams, medium to light, 17 to 171-2c; do., heavy, 15 to 151-2c; rolls, 11 to i11-2c; breakfast-bacon, 17 to 18u; backs, 191-2 to 26. Lard--Tierces, 101-2c; tubs, 103-4c; pails, c. 1 ' _-------- BUSINESS AT MONTREAL, Montreal, Oct. 17.---Oats -Canadian West- ern, No. 2, 4€, car lots, ex-store; extra No. 1 feed, 471-2; No. 3 C. W., 47c; No. 2 local white, 461-2c; No. 3 local white, 461-2c; No. 4 local white,451-2c. Flour -- Manitoba Spring wheat patents, firsts, $540; seconds, $4.90; Winter wheat pat-; ents, $4.75 to $5.90; strong bakers', 64.70 straight rollers, $4.25 to $4.40; in bags, $1.95 to $2.05. Nolled oats--Per barrel, $5.25; bag of 90 Ibs., $2.50. Corn--Ameri- can No, 3 yelluw, 761-2 to 77e, Millfeed-- Bran, Ontario, $23 to $24; Manitoba,. $23; middlings, Ontario, $27 to $28; shorts, Ma- nitoba, $25; wouillie, $26 to $32, Eggs - Selected, 26¢; No. 1 stock, 211-2 to 2%. ! Cheese Westerns, 145-8 to 143-4e: erns, 1438 to 141-2c, Butier 261-2 to 27c; seconds, 26 tu 261-2s, east: | { Choices st, . UNITED STATES MARKETS. { December, | { 1 Minneapolis, Oct. 17. Wheat $1.087-8; May,' $1.13; No. 1. hard, $1.097-8; ¢ No. 1 Northern, $1.09 to $1.095-8; No. 2, Northern, $1.05 7-8 to $1.07 3-8; No. 3 wheat, $1.01 7-8 to $1.037-8. Corn---No. 3 yellow, | 68. Oats No. 3 white, 46 to 461-2c. Rye | No. 2, 9%. Bran ~$2i.50 to Flour-- First patents, $5.30 to $5.60; do., seconds, | $4.90 to $5.20: firgt clears, $3.80 to $4.13; | do, seconds, $2.70 te. $3.10. | Buffalo, Oct. 17. Spring wheat No. 1! Northern, carloads store, $1.15; winter, | No. 2 red 9¢. Corn--No. 3 yellow, 76 1-4e, on track, | through billed, Oats Steady. ay ee r LIVE STOCK MARKETS. filling the places of these who went | out as quickly as possible. At sev- | eral points in the West the men did | not strike. In reply to advertise- | | pileations vey made on Wednes- day. Withitt six weeks the new) Grand Trunk Pacific shops at! Transcona "will be working. when) the temporary shops at Rivers, | Man., will be practically abandon- ed. <img nce iments GIFT FOR OTTAWA. Material Which Composed sod way to Champlain's Home. A despatch from Ottawa Sir Sandford Fleming has written) the city offering to secure as a gift, to the city the material which com : Sah: | posed the gateway to the home of) Champlain at Breuage, Frayce, and } have it brought to Ottawa if a suit-, able memorial park will be luid out | OVER / plong the Ottawa River. -- aa Montreal, Oct, 17. Choice steers sold at §3-4e, good at Si-2e, fairly good, at 51-4, fair at Se, common at 41-2 to 45-de, and per pound, Cows and bulla from Sales of laws inferior at 33-4 to 41-2c 3 to 41-2 brought from 25-4 toa Jt-de -per pound 'yet announced as "official.'" It lunderstood that the transportation THE STANDARD ARTICLE - SOLD EVERYWHERE i NC , | 'maki % | ae water ireioving paint tp it rehioving paint, SINKS clo: 'Grains anakor] | vate mt malfedinqatiit Hint ay if i l i EW.GILLETT i Se TORONTO,ONT. at 5 to 51-2, and sheep at 3 to 31-20 per pound. Tho trade in calves was fairly active at prices ranging from &3 to gie each, as io size and quality. The weak feeling in the market for hogs coutinues, and prices havo scored a further decline of 25 to 50c per hundred pounds. Toronto, Ovt. 17.--Good feeding stecrs wers in demand, and brought from $4.50 to $5.10. Rough stockers were not wunt- ed. Butcher cows and bulls ranged from $3 to $4.85, according to quality, and feed- ing bulls fetched $3.50 to 84. Small stock waa slightly off all round, Lambs were about 25c lower. Hogs were steady and perhaps Sc higher. Light hogs were not wanted, . apparently har dad waw wawafaw C TRUCO-ITALIAN WAR ENDS. Peace Negotiations Follow Occupa- tion of Trinoli. A despatch from Rome, says: Ths first contingent of the Italian mili- tary expedition landed at Tripoli oa Wednesday and occupied the town. The Government's plans in regard to Tripoli include direct cable con- nection with Italy, the construction of railroads, and a permanent army, of 10,000 men. It is said that Italy, is willing to allow the Turkish car- rison to evacuate Tripoli with miii- tary honors and spare it _the humiliation of surrend=r, pro: 'ded Turkey, for which German dis- ciled to the unconditin ral fogs of the vilayet. Peace undeé. sarh con- ditions is possible thoagh it is not considered imminent. The armistice between Italy and Turkey, for which German dip- lomacy has been striving for come time, it is believéd here, has prac- tically been concluded, angen ae is of the Italian military expedition will not be interfered with, but that hostilities in all quarters will loease, This is considered as equiva- lent to the ending of the war, or at least, . the warlike movements, which now will be succeed by i negotiations looking to a seitle- ment. lt is regarded as probable that as soon as the strong Ttalian army has once disembarked at Tripoli, even the Young Turk, irreconeil- ables will begin to recognize as apparently the Ottoman Govern- ment already dovs. that there is no hope of withholding Tripoli from Italy. Then. it willebe possible for Turkey to enter into peace negotia- tious, with the prespect of reaching acless unsatisfactory conclusion ithan would resnit fro a continua- tion of the conflict, \ oo ae |THE ROY'S AMBITION "And what are you guing to be when you grow upl? ; "Well, after Ive been a judge for a owhile to please inother, an' 'an admiral to please father, IT hope tu be an-enwine driver." y. it LIPTON'S TEA MILLION PACKAGES SOLD WEEKLY