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HomeMy WebLinkAboutThe Brussels Post, 1911-10-19, Page 8tvl4ess the were heatsohe 1a b'0 elfin; NATtoi4 L PRIM Ria C {tEerheopi ts'AivalutslY Nahattiti .ML CO. o e ogliti'W Thc Buying rice of r ogs THE WILLIAM MIES COMPANY, LIMITED E T is probable 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 pride named is fixed through arrangement and understanding be- tween the packers, In view of the recent attack mode upon packers, a statement which .will explain why a price is thus sent out, and the conditions associated with it, may servo a useful purpose. For 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. If the market is unfavorable, they suffer a loss. The price of cattle and teoi dinar daybyh Y market 'n each m small stock,therefore,is.determi ed competitivconditionprevailing upon public markets. The price i 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 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 been no public market in On- tario upon which hogs have been offered for sale, For thirty years 80 to 90 per pent. of the hogs on the Toronto Cattle Market have been 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 iliave been no markets upon which hogs have been offered for sale. The Union Stock Yards Company at Toronto Junction are now endeav- 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. As, therefore, there has been no open market for hogs. the price ;which the packer pays fur his hogs has had to be determined by a different method, and under different circiunstaeces 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 chiefly for its supply of hogs weekly upon drovers who ship regularly to it. To establish thisregularity, the respective houses have found it necessary, at the end of each week, to advise drovers the price they would pay for hogs shipped 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. 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 ads se 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 frorn 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 r buying price they 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 raised in sufficient duantities 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 to follow the lead set by others, or accept such lead as 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 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 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 (laid. 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 is no 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, es 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 step aside from the market, we could do so. Under existing conditions no paeker can afford to break with his regular ship- pers, and frequently has to take stock when he would prefer to leave it alone. The tendency under the present method is for packers weekly to estimate how high a price they darn pay, rather than how low a price they will name, for it must be borne in mind that the aggregate capa- 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 volume 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 a price high enough to command quantity, we may find our supplies out off. The popular view of commercial sagacity would suggest that the remedy for such difficulties would be found in an understanding being reached by agreement between the packers. The significant fact is that the packers have refused to do So. Probably no business in Canada is more completely free from either 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. The William Davies Company, Limited TORONTO HOW ITALY LOST ABYSSINIA AND F4MPEROIE MENELIE WAN ITIS INDEPENDENCE. It Is Fifteen Fears Ago Since the Disastrous Italian Defeat At Adowa. Italy's last attempt at comeliest in Africa was disastrous, and the final campaign in Abyssinia will long be remembered, for it involved, in the rout at Adowa, the worst de- feat ever sustained by a European army in Africa. To go back, an advance by Ital- ians from Massowa had been re- sented by King John of Abyssinia, and in 1887 aforce of over 600 was wiped out, except one man, who reached the coast, stripped and wounded. The Italians' had fought until their ammunition was gone. A large reinforcement was de- spatched from Italy, and during the 1 wai8 of succession" fo It win gthe death of John, took possession of Asmara country. nthe A ra un a Y ren and l Ke The Italian Government supported IVIenelik II., who had always be- friended Italian explorers. Menelik became Negus, or Ene- poror of Ethiopia, in 1889, under a treaty which virtually made Abys- sinia an Italian protectorate, Men- elik, however, had ideas of his own. By Italian intervention he obtained arms and ammunition from Bel- gium, and soon organized an army of 70,000 men, abundant war ,stores, and 20 cannon, as well as having the support of numerous feudal lords, who paid tribute to Menelik, and had troops of their own. ITALIAN CLAIMS. The Italian Government, in pur- suance of its own aims, claimed possession of the Red Sea littoral from Cape Kasar to the strait of Bob -el -Mandeb. The Sultan of Obhia, on the Somali coast, and another Somali ruler wore, by their own desire, under Italian protec- tion, and by an arrangement with Britain the protectorate extended r' 'he coast of Somaliland to the uLda river. Bridandage was -re- pressed, commerce and tillage en- couraged, and native troops organ ized, who were devoted to the Ital- ian officers. In 1894, after a war- fare with Dervishes, the western frontier of the Italian colony was extended 250 miles inland from Massowa. MENELIK MOVES, •Menelik, meanwhile, was entreat- ed by the feudal princes to act against the Italians, who had, they asserted, occupied Kassala in order thence to attack Abyssinia. Gen. Bartieri, an old Garibaldian, who commanded the Italian troops in Abyssinia, when informed in 1894 of the intrigues, sent out troops, who defeated the rebels in the field, and concentrated for the defence off lllassowa, at the same time occupy- ing Adowa, He had hundreds of spies, who kept him well informed of the Abyssinian movements. The marching and counter -marching among swamps, passes, and tangled thicket were very arduous. At last Baratieri, in January, 1895, with 4,000 natives and 100 Ital- ian officers and men, took up a posi- tion at Coatit and awaited Ras (or Prince) Mangascia, who had been told by Menelik to "go and drive out the Italians first," when he had prayed to he made "King" of Tigre. Mangascia had 12,000 men.. A VICTORY. At sunrise on Jan. 13 the Italian battery opened fire on the native Two-thirds of the tin used in the . Every man hugs the delusion that world is supplied by the Malay sooner or later he will invent some- State3. thing that will make him rich. Has the "Black ILnight" come to your home? Let hien 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 "yon can see your face in". And the shine lasts Most dealers handle and recom- mend "Black Knight" Stove it your dealereannotsupply it, send ioc. for a big eau -Scat postpaid. Til£F'. E. nALLt:Y CO. 1.11121TFJa, Munition,. Ont. I 8 Afedrers of thrt J a ee '8 In 1 eke PAM, ir 71, Constipation is ilio. root of many forms of sickliness and of an endless amount of bureau misery. Dr. Morse's Indian Root Palsy., 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. camp athe foot of the mountain, , who then occupied the lofty hills to thenorth. T'i thin was resumed Figthing next day, and Mengascia sent a priest asking for terms, which Bar- atieri, informed that the Abys- sinians had suffered great losses and were running out of ammunition, refused. In the night the enemy fled, and Baratieri disbanded his troops. In September, 1895, .Man- gaeic took the field with a new army, and was again defeated, and his territory promptly annexed by Italy. A DEFEAT. In November Mangasoia declared his intention of recovering the lost prolvinces. Orders cont, to Major Tosselli, who had 2,400 troops at Makalla, to retire to Adigrat, were not received, and though his force repulsed an attack of 8,000 men, 12,000 reinforcements for the enemy came up next day, and in the at- tempt at retreat the army was al- most wiped out, Toselli shooting himself, The prisoners taken were not harmed, and the wounded were cared for. After this defeat the Italian Government decided to at- tempt no further extension of ter- ritorial influence in Africa. An im- mense force of Abyssinians, under Menelik himself, beleaguered Mak alfa, which was defended by 1,500 natives' under Italian officers, who finally surrendered and were allow- ed to go to Adigrat with arms. PEACE EFFORTS FAILED, There was an understanding that the King of Italy was to treat fo'r peace and pay a sum of money as ransom for the officers. Menelik, with his 70,000 men, were to be free to march on Adowa, while Baratieri, who had 30,00 men, was to abandon Adigrot. But the peace negotiations failed because Italy refused to abrogate the clauses in the old treaty, by which Menelik was to recognize an Italian "protectorate" and to treat with foreign powers only through the medium of Italy. BATTLE OF ADOWA. Then those native princes who had been friendly to Italy joined Menelik, the conquered provinces' were roused to revolt, and Baratieri found himself surrounded, his cara- vans seized and his troops un - provisioned. In' February, 1896, he decided to retreat, but was induced by a majority of his officers, most of whom were new to Africa, to at- tack the .emeny.. . On March 1st three columns ad- vanced. One 'reached a wrong point, and was utterly crushed. A second, marching to the rescue, was overwhelmed. A general rout fol- lowed. Two generals and ever 200 officers were killed or wounded, and nearly 10,000 native troops slain. Sixty cannon were captured. The people of Italy re -solved to have no more sacrifice of men or money in Africa, and the King was forced to accept the resignation of the Crispi-Ministry, who had rous- ed the utmost indignation by acting in defiance of Parliament, In October of the same year Italy recognized the independence of Abyssinia. SMART COUNSEL. An eminent King's Counsel, in the course of a learned argument, rested his ease entirely on one re- ported decision, which, he claimed to he of paramount importance. But, when he had finished, his opponent, being asked by the judge what he had to say, replied "I will not trouble your lord- ship with any further argument. I only wish to say that my friend has forgotten to inform your lordship that the case on which he relies has boon taken on appeal to the House of Lards and the decision absolute- ly reversed," Upon that the eminent K. C. turned to bis colleagues round about and whispered; "Gond heavens, what a liar that man must be 1 Why, there never was such a ease," ".Oh 1 yes; he's a very intellectual man." "What makes you think that l" "1 judged so fromhis talk,"` "Why, what does he talk aboutl" "He's forever, talking about how into/lacteal he is." MAKING SAFE INVESTMENTS FARM MORTOACES AS INVESTMENTS HAVE SOME VERY WEAR FEATURES. Tho Personal Element Whloii Investors Orton overlook Makes the Payment of interest sometimes of Ooubtfnl Certain. ty—Tho nangor of Having a Consolanaa. Tice articles contributed by "Investor" are for ,the sole purpose of guiding pros - ;motive investors, au{i, 1f possible of. say. iug them from losing moneythrough clueing it in wild -oat" ntorprisas. The impartial 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 serve in connectionwith 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 this cerise to classes of seouritiee'u'o will take up In turn the chief points to be considered in connection with the various forma 04' ay � " " investments. romiso-to- inv p n Readers will remember that investments aro 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 socui'itieo which represent a sum of money borrowed by the person, munici- pality, state or oompany issuing them, and are repayable after a definite period of time. Under this head are bonds, de- bentures, mortgagee, etc. In this class, the most important in Canada are real eetato mortgages, mu- nicipal, industrial company bonds and railroad equipment bonds, and provin. offal and Dominion loans. The best known, of course, are real 09 - tate mortgages. It is quite superfluous to enlarge hors 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 certain amount of interest ou certain dates. It includes also a transfer of the property mortgaged, which, however, is non -effective, unless some detail of the conditions of the mortgage is not ful. Riled--euah, 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- ner. The average man figures in some such way as this: 'Will Smith wants me to lend him $1,000. His farm is worth 83,000 as 1t 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 to quite correct. He did not, how- ever, look on the matter 10 a broad man- ner. First, as to the safety of a mort- gage. Like everything else, it depends on the amount of margin between the sum loaned and the value of the property. Al- most as important, it depends on the character of the person making the mort- gage. It must always be borne in mind that a mortgage to be of any real value re- quiresthat the property be kept up to its value by the work, as a rule, of the 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. 00, 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 moll 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 Bale. 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 and it di®oult, 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. conal friend. At all events it is a cold- blooded thing to do to forolose a inert. gage just because a year's Interest is in arrears. And so, perhaps, you find it easier on your conscience to forego tha interest until next year, when in all pro• bability tho mortagee will be able to patch up Ills arrears. Perhaps the mac comes to you .personally and puts his 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 sometimes doubtful. INVESTOR. Next weak Investor will deal with other Pointe to connection with mortgage in vestmonto. 11W.10$1: 8.:01 JN9110 ,1';11•• r f! fs lin,a„na,,,,1"" - t-"t7a I THE STANDARD ARTICLE • SOLD EVERYWHERE di Tina pl/��g so l/ II ICI , 1 ,n1, 85 U 1. ✓'1 roil II. �,J./ I I soiternn llwaterI) ihpll Illoaennu.11. II,,geesll111Ii' i (rel pyiitg Ij�rare , In. IIrnIUlJllilllll',.,Ib ,id.IN"lilpi��ulllhl•• �.'Q� 1 fi'l'l � C -t ➢ L 1 I 1 I I I c t, u 1 11 II .I YI I II I I I I I I I I f I I I I s! I II I it �,.,i,„ IY IIIIII II I I III I I II I rains ,Allrid17®1' IIIIIIIII$IIl0IIIIJIJUII Illllllllllll�l@IIIIIIIIIU many �oTher�purposesi II E.fil;„OJLLLE8 Y COMPANY LIM1TED TOROPelZ-O,QIVT. A CITY OF ROMANCE. Tripoli is a Maze of Narrow -Wind- ing Streets. Tripoli, which has just suffered bombardment, posseses little natur- al wealth, which accounts for its having escaped the European influ- ences so noticeable in Cairo, Tunis and Algiers. Archaeologically it has little to show with the sole ex- ception of a Roman triumphal arch, solitary relic of a previous occupa- tion, alongside of a barrel organ and a loud gr•amaphone wailing Arab. dirges in a wayside cafe. The triumphal arch has now lost its pristine glory. Delicate car- vings adorn the marble capitals and panels; but The sand of centuries blown from the Sahara has swallow- ed up the lower half, leaving visible little more than the circular arch. An enterprising tradesman has carefully boarded up the apertures, and a first-rate dried fish provision shop is the result. The capital is crescent in form, being about two miles from tip to tip ; and ono mile wide. The in- side of the crescent is bounded by a magnificent bay and the outside en- closed by huge ramparts except to the south-east,. whence lead the principal routes to the Sahara. Here, if anywhere, is a city of romance. Pirates and corsairs, doomed by obsolete Turkish gun- boats and modern progress to idle-. ness, still throng the marine cafes. In blue zouave jackets and loose, baggy trousers, faced with brilliant touches of gold and red embroidery, they remain at heart untamed, A maze of narrow, winding streets loads from Customs House and ram- parts to the business quarters. High whitewashed public build- ings, quaintly corbelled projections, and perforated casements, whence the harem ladies see themselves un- seen, combine in riotous fantasy of street architecture. Here and: there the street burrows through shouse or underneath a series of arches, built apparently to keep the houses from collision. So, by devious and marvelous ways, do all streets lead to the busi- ness centre. Suk-it-Turc (street of the Turks) is half a mile in length and some fifteen feet to twenty feet in width. Shops and bazaars oc- cupy both sides. Overhead latticed roof densely overgrown with vines runs from end to end. Brilliant splashes of light flicker down on a moving mass of Orientals. Every race from Stamboul to. Morocco is represented—Jews, Ar- menians, Sudanese, Arabs and Bed- ouins bargain and barter in the cool twilight. Donkeys nose their way through the chattering crowd while beggars appeal silently for alms. Possessing a candle-power of 150,- 600, the light of Eddystone Light- house can be seen in clear weather for 17,14 miles. THOSE GOOD QLD DAYS �'e•jtC•a-�i'',,4'Jl�'J*:ykW R,`re.�•e.�. e'it'•7lC,e'�� How would you like to return tQ The Good Old Days before the bill collector was turned, loose upon art innocent, unsuepooting and unpro- tected fiublial Before a parson know that he had concealed within his anatomy that dreadful and worthless piece of ma- chinery known as the, vermiform ap- pendix? p-pendih? When every doctor had his sad- dle, bags with him, and no ,matter what oiled you, gave you calomel and quinine l Before we were anfermed that countless death -dealing micrcbcs lurk in everything, from love's first honeyed kiss to a, hunk of Limburg- er cheese,l When an invitation to a wedclirlgg didn't have to be responded to with a $17 cut glass punch bowl or a $23 chafing dish 1 When a girl could make up her bed andsweep her room without having nervous prostration? When a boy could split a little kindling and tarry in an armful of wood without having a pain in his side or the, headache.I When ybu didn't leavo to sail a good horseto buy, your wife a hate, and too, to buy her a coat suite When • a boy at Christmas time was satisfied with a package of fire• crackers and three hog bladders, and a girl was delighted with a china doll and a Dandy sheep? In the Good Old Days if you had a pin soratch or a sore, toe, it was not deemed essential to send for three doctors and two trained nurses and eternize, everything on the place, from the baby's rattle to the bathroom outfit. • In the Good Old Days mother was not able to play as skillful a. game of progressive • euchre or bridge whist as the up-to-date' wo- man, but she was powerfully gifted in the sowing and knitting line, She may not have been able to play the ivories or perform like a prima donna, but she could produce melodies with the frying pan and the sjrillet. In the Good Old Days girlswore sun-bonnets that were sweet and simple as they were inexpensive. k can explain the mysteries of the Aurora Borealis; I can analyze the rings that encircle Saturn ; I can solve the intricate problems of algebra, geometry and calculus, and demonstrate the fourth dimension I can compute the return of Ha•1- ley's comet and explain the gym- nastic stunts performed by its evancescent tail; I can even ofr- cast with comparative accuracy • what a small boy is most likely to do under given conditions; but I cannot tell you why a young wo- man, married or single, or oven e, woman whose ago is enahrouded in a halo of mystery, will gad about the streets, take horseback or auto rides in all sorts of weather with nothing on her head but a collec- tion of store hair; while that same maiden or matron will attend. church wearing a hat eo large that' a, full grown man has to stand on the back of the bench to 'see the preacher. Neither can I explain why she will appear on the street with her sleeves rolled above the elbow as if she had just been washing dishes and forgot to roll them down while the cams day she will atten,cl a pink tea, nobody ptosent but wo- men, with 'gloves. on as long as a parasol handle. In the Good Old Days mother made cherry preserves, pach pre- serves, pear preserves, quince pre. - serves, plum butter, apple butter, poach marmalade, blackberrry jail, rasberry jam, nine kinds of jelly and several varieties of sweet pick- les, sour pickles and catsup. Now- adays a loving wife hurries home from a whist club and sets. before her hungry husband an attractive layout consisting of baker's bread, canned salmon, a factory -made pie and some elided bananas or dried 'prunes.—From Charles W. Bell's new book. The Good Old Days, - FEctSTING THE DIAD.. Itis a custom in China to feed the spirits of departed Ohinese, which must be done by male members of the family. The Feast of 'Universal Rescue is given from time to time in honor of such spirits as have no male relatives living to make of- ferings of food, A rough shed is built, divided into fivo rooms—one. living and one bath -room for ladies, and one each for gentlemen, the fifth being for the king of spirits, whose job is to stop his people from quarrelling over tho food provided. On the house a notice is put, iu- viting the good ladies and gentle- men of the spirit -world to the feast. Among the many kinds of fonds there is one consisting of a thick • gruel or paste, which ie intended for those who departed this world by ]laving, their heads out oft. 'These spirits having no mouth or teeth, it is supposed they earl pour the mess down their throats.. Some people aro too good to he. interesting, If you can't have your own sets" your can at least keep out of other pcoplu'se way.