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Exeter Advocate, 1912-2-29, Page 3TEXERE IIEGREEMT LAW MAKING SAFEINVESTMENTS WHY SHARES RISE OR FALL SHARP WHEN EARNINGS: ARE ewes OR Sweeping Verdict Given Validating Naar -1 BA., WHU,E uONDS'MOVE NARROWLY.. riage in liamous liobert Case A despatch from Montreal Payee tics Laurendeau erred. when In a judgment it is Impossible to conceive could be more sweeping, Mr, justice Charbonneau on Thurss. day morning "wiped the ne i'entere decree off the map of Canada," to March 23, 1911, he gave .eiv11 effect to the nanal:ment of the Marriage done by the ,Roman Catholic au- thorities- All of this is contained in the last use the words of a prominent Monts part of the judgment, which is. ase real lawyer, when he delivered his follows: pronouncement an the famous He- "Basing itself on the motives bort-Clouatre marriage ease. So given abov=e, the court declares the sweeping is it that it more than sur-` rearria gc of thesaid Emma Cloud, prised the .lawyers interested in the tre and Eugene Hebert, celebrated case, while Rev: Air. Timberlake, on the, 14th of July, 1903, before who performed the eor many, said Rev. Wm. Tinti}erlake, a on, prcdue- it "fairly took his breath away." tioa. of a. license of the 9th of 3uly, His Lordship's•'ftudings, in short, loos, 'geed a: d valid, declares that are as follows the decree promulgated by the con- -That the ne temer'e decree is' gregation of the °Queen of the of absolutely no force in the Pro- Roman Catholic Church on the 2nd eg August, 1227, .starting with the 'r as the legalviper; of Quebec, as 1a aspect of marriage gees, He holds that it is a decree which bas spirim turd obligations only, andthat its jilri;dietion in these spiritual mat- ters does not affect anyone Outside the pale of the Roman Catholics Church, Shares Depend for Their i',larltet price on the Amount of dividends They Can Produce -Bonds Cannot Pay tare Than Fixed Rate of interest, so Coad Earn^. in Cannot Helps Bond Haider Beyond Adding to lids Security. Tho articles contributed by "Investor are for the sole purpose of eluding pros^ neetive investors, and, if Possible, of sav- ing ,them from losing mooey through placing it in wild -cat" enterprises- ' The impartial and reliable character of the information 7nay be relied upon. The writer of these artieles and the publisher of this paper have no ieeeresta to Peeve; in conneetioe with rima matter other than those of the reader. (By "'Investor.") Even if, as was pointed out last week, Fortis `lie tetnere,' hay rip eivid cz shares involve n4 Lnrgmi e: of repay elle, feet, aed that the decree 9f the or- they usually eomtnand a readier rssseet titan bends, Sharer= listed ot1n troy et the laryc stack eeeb;fnges are airways in de' Toon il at some price. but, fanlike bonds Of. praliortionete merit, the prise ie subject attimes to wide :iltletuetione. This constitutes one at the chief we nesses of shares as invest oe1Us, Ti share depends for its intrinsic valuePrat on the amount of the, aasete of the tom,l puny left after rho amount of bonds. and other liabilities :A e detleeted, owl pee,• ndiY, enalto amount of profitswhich aro resulting from tbo bueiuess bein6 curried on, If pronto are poor as are-, Pelt of• an ofY year.. the shares decline in the market; ;f, on the contrary, profit aro large the price of bare tends to r iso. In the ease of bands. however. even ti n company whose shares arei! deet io sharp lturtuatious, the price isf usually unelianged. except, perhaps, rnAtter of a ;mint or two inestreatc; cases unless the ,lends are of an unusually; speettlrativei nature; The reason for thin is often overlooked, although ; the foot itself is a .matter +af es(+rytiay knowledge to anyone interested in investment flingers, A bond, as readers of thereart v, is a mortgage Learing on Its )reprise to pal' a certain rate o tercet at certain times, 15 hetber rho pany does Well or ill, to 10nit ne tt makes staple *0 pravitle for bond !Merest, tlta bondholder' is ecottre. Of eourtie, moat goodbonde are beaked by earnings, run- ning from double to many timet3 the bond intercnt. Therefore, an off year cannot atfeet the beetle' value materially, nor can a good Sunt offer any hopes of a greater, return an the investment. In the enso of the share, however, con- ditions are reversed (wo do not speak of "preferred" shares, which will be consid- There was a tremendous crowd in shed soon at some length). The share the court when the judge appeared does not Involve a promise to pay Rs "face value back at any time. nor does it on the bench; while the corridors promise any income to the shareholder, di"nary of the diocese of Mont'read, elated' November 12, 1909, pr'odueccd in this ease by the plaintiff, has no judieiai, effeet in the $aid ease," Each party is to pay its cell coat$. j''raJUDerE Ct RQNNEAU`, W1-10 f"3'E. RRD TIM FAMOUS' ivIARRIAGE CASA "The ne temere as areligious -� de - ere() ony, „ l he said, "andi- its n fllienec� is confined to spiritualplat tees -only, and in no way has any effect on the legality of marriage." 2 -His Lordship holds that the marriage performed by Rev. Wm. Timberlake, Methodist cderty man, between Emma Marie Clouatre and Eugene Hebert, on July 'lath, 1008, is now and has always been perfect- ly valid. 3 -The court holds that no matter what the religious persuasions of the contracting parties are, any duly authorized clergyman can per- form marri,a'i;ges which are perfectly legal in the eyes of the law of the Province of Quebec. 4—The court !holds that the an- nulment of the Hebert-Clouatre marriage by the Roman Catholic authorities of Montreal on- Novem- ber 12, 1909, is of absolutely no ef- e feet.its • far as the legality of the marriage is concerned. 5—The court holds that Mr. Ju,s It is doubtful that the Church authorities will iPpeal , as t i0 He- bert judgment has, no more effect than other decisions as strongly up- holding ecclesiastical law, but He- bert's lawyer: says he will appeal if the honey is forthcoming. -e a qB bre leading to the court were blocked with spectators and .lawyers. The judgment took his Lordship over an hour to read. NOT FINAL DECISION. Judge Charbonneau's decision does not finally settle the ,question of the status of the marriage law in Quebec. In another case an= other judge might give a decision diametrically opposed to this ver- dict, and the issue will remain un- settled until a decision is secured by appeal to 'the court of last resort, which is the Privy Council, or 'un- til' the law is changed. CONSUMPTION SANITARIUM. Hebrews of Montreal Have Raised $500,000. ' A despatch from Montreal says : The Hebrews of Montreal, who have just embarked upon a campaign to raise $500,000 for a consumption satitarium at Ste. Agathe, -Que., reached that .sins.. on.. Wednesday morning. Collection will continue, notwithstanding the amount want- ed has been obtained. EARNINGS OF THE T. & N. 0. Tet. Receipts of the Provincial Railway Total $593,152. In the annual report of the Tem- •iskarning & Northern Ontario Rail- way, presented to the Ontario Leg- islature on Thursday, there is an increase, in operating expenses over 1910 of $16,637.27,. although there has been a decrease in the �.percen- tagefrom 73.2 to 66.4, while the_to- tal net earnings for t ryear`are $593,152.69„ compared .with $436,- 130:31: for 1910, which represent 33.6 er cent. 'of;. the gross earnings for 1911.; as against 26:8 per cent. for 'The -Let al revenue` from."transpor- tation r ans pPor ., tationfor the, year. was $1,708,249.- 02; from sources other than trans- portation, rans- or -ation 715.81 making t ,72 �l , , a total operating revenue of $1,780,369.83. The operating expenses were $1,- 181 998.63, p as compared with $7,- 165361,36 for, 1910,, making the net ,:.operating revenue $598,966.20 and $426,490.66 respectively, which, in - chiding '`ore royalties of $17,060,56, rive atotal net revenue of 616,026.- 6 or.1911 - as a amist» $458 253..58 �a f 9 g , for 191b Eire roy ltti s fors the t;air• ..,.. 0 02 39: 0 W1�11!' ZF i)r ducting from the total net revenue. the cost of hiring- equipment; 'etc., for the year•. named; $22,874.07 for 1911 and $22,123.27. for 1910,' the to- tal' net earnings' for" the road are $593,152.69 for the Year ending;Oc- tober 31,1911,"and $486,130.31 for; the same period in 1910. In respect ofthose earnings a cheque for' $515,000 was:paid to the Provincial Treasurer,' while the 1910 payment was $420,000. The itemized pay -roll -roll of the rail vay for oPoration shows payments „. amounting to, $748,522.65 and $34,-, 696.24 for construction, which repre- sents a total sum paid for labor of $783,218.89. Thetotalmileage . in operation is 397.63, which includes branches to Charlton, Kerr Lake, Haileybury, Porcupine, ,tog.' ether with yards and , ,... sidiaigs. ,:The main .line from North' Bay ,to Cochrane: is 252.8.'' Net earn- ings for ,.theyear, increased $189,- 122,81, ,whops ;2s, principally due to 'e cam "al- traffic to Poretrpine gold. p, tho g1,1 tho''o ori f the rach'sla g . �'. .. a,1. ttr ..l er �c d n = ell be an �'''1 .,er,at b s a,ies If the company realms substantial pro- fits the directors 'may consider it wigs to "declare n dividoud"-i.e., divide the profits pro rata among the shareholders, usuallly on a basis of 8o much per cent. on the par value of each allure. In this case the share tends to rise in price, ir- respective of whether there aro any as- sets behind it to make its intrinsic value greater or not. As a rule, the market price of shares (not the intrinsic value, remember, which alone depends on the value of the assets) depends primarily on the company's ability or not to pay divi- dends. Take a concrete ease. A few years ago a company was forined to 'manufacture a certain well-known breakfast food. At that time the product was not well known, and its market problematical. The company was organized and floated in the States, and bonds were sold equalling in amount the total value of the visible assets. The stock that was given away with the bonds at the time had -in the usual nature of bonus stock -no intrinsic value. In time the company prospered. n T he stock sold at 40, and the General Man - V 'rW l.a ¢;' 01[' O Let "Dick” Choose Fill your bird's seed dish afresh`' with the seed you 'have- been using, then put some of BROCK'S within reach, and see how quickly Dick picks out " Brook's ", Feed him for a mon h an Brock's Bird Seed -let dim enlox the cake of Brook's r'''. Bird Treat thatcomes in every box- andnotice the improvement in his plumage, health and song. Let "Dick" try this Bird Tonic at our. expense. .:Mail us the coupon.` below, filled 1r,';and we will send you, absolutely free, two full-size cakes of Brock's Bird Treat. 45 NICI3OLSON & BROCK 9-11 Francis St., Toronto. For this coupon lease'' send me,`<; free of charge or»oblieation'on'my'" part two tui t size cakes es,of Brook's Bird Treat. and oblige. • Nnttit ....... r , Anbituss • dr 1.13► PEuM aFfaziouggisniumisesuumgottlaitssama Put a strong glass on the label and examine it closely every time. Always look for Ilse tlatne Like all good articles, which are extensively advertised, wwdett'S L,-y'e is frequently and very closely imitated, In some instances the imitators haveactually copied directionsand other printed matter from our label word for word. fie wise, and refuse to ,purchase imitation articles, for they are neve r satisfactory.. t On GettingGillett's Lye and c?ec to accept anything that looks to be an imitation or that is represented to be "just as good" or " betters' oY' " the same tiding," in our experience of over fifty years in business haye Bever known Of an imitation article: that has been a Success, for irnita- tors are not reliable people, At the best rife " just ab good" kinds are only trashy irriitations, so decline then with thanks every time., . .GILLETT COMPANY LIMITED rb1NNzl?g. f"QRO4TO. 04T. G tLL.k t T'S F,g,Frs-t,Jtri4 Q Acowca��rrt ca annpany advised A friend has*, `"11'hat assets are he'lauid tl 1crc1,.' a_lied the ft:cad, who wr,o rt€ t€iris not given to tailing ;uich. "tins" on rue1. avot F, dollar." sold the 0, 14.. lstlt the< company is earning enough to ay aside a mibstantial sinking toed to ray orf the bends before maturity, and o provide a very fair dividend me the tQelr," T1to eeet Sear two dividends of 1 per eb were ttnul: the nest year the totalled 3 Eger rettt,, last year 4 t. wale paid In at:r Talar t4lrldenala» iaal. lea, addit.oxn. A bonus of 1 t 0r Hent, was banded oat. °this year tlkat l TtareO bauld pay 6 per cent, this 0otnpany were t0 go out a ltaess ars bonds rsMild be retired oat <aagd its stock would Ito represented sssa'ts chief orf which aro inclu(l.d. be head of "good -will."' Good -will to prtillerty reckonedas an asset only 13, pay long as rho company le doing business. in time caro �tf liquidation its value van' lsbeutirnd. sa from a strictly investmentpoint of view the? company's shares are Intrinsically worth very little; their quer ration of between ED and *0 representing sbelr value merely' oat sources of dividends. It is easy to see from this extreme case w]tY stocks fluctuate violently in re- flection of goad cox balea being dosubject t ne, whdlo beads ntro uof disc a gueh tnovementt?, except *0 a very Moderate degree, nt. sit ton FARM r - 1tA..0 CENTRE AMERICA. A. pries' ftitt^r Ilrodtma a' and Ab oat], NADti'IdR1°Fa, CTS Che some 'TMtnux� n'lttter wl; cots, artl, sand a1 tt3.f5 to $3.90 for lao1 autptiuit, Mataaitoba tlonrs'•F1rst o, ;pa xMY; 5010Ud aateuttw. r,1,mord }trate ^at', 4.58, en track, * rondo, Ilnnitodta wit cat-' o, 1 Northern, o.2 tierthern oat and at 51,55, no ports, Feed wheal, all rail, '74 b e, Ontario wheat -No. 2 whites. red an mixed, 95 to 95.r outside Peas -Good shipping peas, 8118 to 25, outride, Oats -Vas lois of b o. 3 Ontario, 45 to 46e, and of No. 1 at 45 to 44e, outside.N+a. 2, 4a to 45. on track, Toronto. No, 1 extra. W.C. teed, 49c, and No. 1, 48e, lin}' a Il parley-Fertyt ight lbs. quoted ' at 95 to 96e, outside. Corn -yo. 3 American yellow, 701.2 to 71c, Toronto freight. Bye -Ne. 2 at 81,68 to $1,09, outsida. Buckwheat --70 to 71e, outside, Bran-3lanitoba, bran, 525, in bags, TO. ronto freight. Shorts, 126.50 to 527. COUNTRY PRODUCE, Apples -Good stock, 83 to $4 per barrel. Beans --Small lots of band -picked, $2.35 to $2.40 per bushel. Ilaney--l'bltraetecl, in tine, 11 to 120 per: lb. Combs, $2,60 to $2.75. ° Baled Day -Pair; No. 1 at 515,50 to 516, on track, and No. 2 at 812 to 513. -• Baled Straw -$10 on track, Toronto. Potatoes -Car late, in bags, $1.65, and Delawares at 51,85. Out -of -store, 51,80 to 51.90. Poultry -Wholesale prices of choice dressed poultry -Chickens, 12 to 15c per Ib.; fowl, 9 to 10e; geese, 13 to 15c;. ducks, 12 to 14e; turkeys, 20 to 2.1c. Live poul- try, about 2c lower than the above, BUTTER, EGGS, CHEESE. Butter -Dairy, choice, in wrappers, 29 to 32c; large rolls, 28.to 30c; andinferior, tubs, 20 to 21c. Creamery quoted at 36 to 37c for rolls, 34 to 35c' for solids, per Ib. Eggs -Americans, 37 to 38c per dozen, and strictly 'now -laid Canadians, 38 to 40c per dozen, in case lots, Cheese -Large, 161:2c, and twins at 163-4c per Ib. HOG PRODUCTS. Cured meats -Bacon, long clear, 111-2 to 113.4e per Ib., in case lots. Pork -Short cut, 522.50; do., mess, 819.50 to $20. Hams -Medium to light, 16 to 161.2c; heavy, 14 to 14 1-2crolls, 103.4 to 11c; breakfast bacon, 16 to 170; backs, 19 ,to 200, Lard Tierces, 12c; tubs, 121.4c; pails, 12 1.2c. e; No, 4 do , 49 to 411^2e,. Bh jag, 51.04 to 31900. 1 z;ekwbent' ,04 4'U. i^.K.93. +r.'.Ieir i,a4.'•:•Na. 3, 72 to 73Q. Flour --Manitoba 1 pr,ng wheat pawt• eats, firsts, $5,44} do,, seconds,. 5=,10; strong bakers', ;4.90; Winter patent,,,,, 10 to :5.25; straight rollers, 34,65 to $4 75; da.. base, 83.15 to 32.25, E?oiled oats. bar.. s, £5.05; bags, 90 lbs.. 53,49,. liratt.--524 rts, 524; ui,itdlinrs, 520; a;aoutllie. 539 per ttan, ens iota, . 15 ^g15,30. f lteesc bss44 i' cs*eroa, 1a ,4 4012e, VoestM, Essterns. 141'2 tel 14c. nttt- cl .Qias,ia„t s rrt a diet ', 13 to X5;01 5010045, 13 tQ f;1 Ptd. Rgg !tush., 31 to 4,e. 3'a - lots, 51.70 to 5129. e litaneapo •2; duly, 101 n1`itt. 0, Northern, 81.'00 tat tx1. 630. k'o, 3 rye. 871'2e F'irPt irate patents, fie to 83.65'; at IIOESTON SWEPT BY EIRE.. 1'muted by Gale, Over 250 Buildings Were 1)est roy'ed. A despatch from Houston, pTexas, says: Impelled by a gale that swept in with one of the coldest northers of the Winter, flames swept clean -through the eastern section of Houston early on Wednesday morn- ing. At least twenty-five blocks of the city have been destroyed, cov- ering an area one and one-half miles long and at points one-quar- ter mile deep. Streets of cottages were destroyed, several big manu- facturing plants were burned down, and thousands of persons are.. homeless. The losses are con- servatively set at from six to ten million ` dollars. About $5,000,000 of this is confined to the 'manufae- taring, lumber and cotton indus- tries. Forty-five thousand bales of cotton stored in warehouses and compresses were burned. This item alone represents a loss of $2,000,000. Besides the 45,000 bales of cotton destroyed with the Stand- ard Compress in the conflagra- tion, 36 Southern Pacific cars load- ed with cotton bales were burned. The number of homes and stores burned amounts to more than 250. ELI: LAKE BRANCH. Chairman Englehart Says Line Will Start From Earlton. A despatch' from Cobalt says Chairman Englehart of the T. ' & N. O. Commission made the an- nouncement here at noon on Wed- nesday ;that the Elk Lake branch of the railway 'would start from Earlton, 25 miles north of, here and ten miles south of Englehart. The; new line will be 30 miles in length,. and run through ninety . per cent. farming country.. It was at first thought; the branch line would'. go in from Charlton, but the excellent farming country that will be open- ed up ' b • the new route' was taken Y into consideration. TWENTY IiZGIaI D IN CYCLONE. Houses- and' Live Stock Destroyed in Louisiana. A ',despatchfrom 'New Orleans p say ter says: Twenty persons r e killed aJ j at 'least three score inured, and , 1 many. of thm .isy e�sel7e , in 'a cyclo- nic storm .which swept .through a strip of :northern Louisiana' and Mississippi Tuesday e vening ,,D os ens o£,,houses were. bl wn own''and^'inn cattle killed. a ae:.•"'; hart. c K 1 w`fire=i.�'; . 'st :3w `�i,+`'.�, hS.t .,..a+fi�'A6 4.Sf fir'}.'' i1,. �A`.'2 Yi 'C. rt' MONTREAL MARKETS. Montreal, Feb. 27.—Oats—Canadian West- ern, No. 2, 531.2 to 54e; do., No. 1, 51 1-2 to 52.e; extra No. 1 feed, 521-2 to 53e; No. 2 local white; 61 to 51'1.2c; No. 3 do.; 60 to T. 1D &7 4748 NNAB:U.1'S. Is, Feb, V. -Wheat -313y, 51,- 4 .05543 1.-;11.055.5 to 51,553.4; No, 1 bard. 1Northern. 51.041.2; No. 2 ;1.03 to f51„.02/.2; tio. 3 wheat. 03 2 No. 3 yellow corn, 61 to teitito oats. 49 to 491.2e. No. 2 Bran. 8:25 to 525,50, Plans-^' ire 54,90 to 55,20; do., second 5 io 54.60; liret clears, 53,30 Gond clearer, 82.20 to 52.10. LI r5 STOCK MARKETS, t4.1 ETS, Mon el, Feb. 27. -Butchers' choice, 57.40 to $725; ado., cattle, $5.50 to 56.75; do., cattle common, 53.59 to 55; canners, 5275 to ,53.25; butchers' cat- tle, choice cows, 55.50 to 55.75; do., ecettle, medium, 53,75 to 54.75; do., cattle. bulls. 53.50 to 56,60; ;milkers, choice, each, 575 to 580; milkers, corn. and medium, cash, 550 to 565; springers, 530 to 545, Sheep, ewes, 54.50 to 54.75; busks and tells, 53.75 to 54,25; Iambs, 56.50 to 57. HIo,gl, f.o.b., 57.35 to 57,50. Calves, 92.50 to $8.00. Toronto, Feb. 27.-A few bunches of c+hoiec butcher cattle sold from $6.30 to 56.65, but the general run of good cattle ranged from. 55.85 to $6. Two prime export cattle bought for feeding fetched 46,85. They weighed 2,510 pounds each. Thera was n fairly active enquiry for stocker% of good quality at 54,50 to 55.23. Cows: were easy at 54 to 55, end bulls were steady at 53 to 85.25. Common rattle wore dull at 52.50 to 54. Canners fetched 51.50 to 82.50. Lambe were firmer at $7.- 50 to 50 for choice ones. Sheep and hogs were unchanged in prices. tilthouCh hogs were firmer. le, Used in Canada for over half a century —used in every corner of the world where people suffer from Constipation and its resulting troubles— Dr®- Morse's Indian Root Pis, stand higher in public estimation than any others, and their ever- increasing sales prove their merit. Physicians prescribe them. 8 25c. a box J: Many of Canada's shrewdest and best informedinvestorsltape bouIt Western; Canada Power Co. Bonds. ' At their present price of go,they pay over 554%0. The plant is located 35 miles from the growing cities of Vancouver and New Westminster, B.C. and has secured perpetual water rights from government. Can develop foo 00o 11.P. -as demand increases and'should.earn this year three times bond interest. Engineer in charge, R. F. Hayward successfully constructed Mexican Li ht Heat & Power Co. In addition to hi h 'rate pf interest bonds g g should appreciatep'considerably ins next year. Directorate includes Sir Max Aitken C. IL Cohan; A. R, Dobie, Secretary Bank of Montreal; fno. Hendry Wm, McNeill, Vancouver; Mr. Campbell Sweeney, Manager Dank of Montreal, ; Vancouver. This is`an exceptional.investment opportunity from standpoint of both securityand interest. `Write us for full partietxta s. .�. x _ 0�P�JE�AT`ICJ'�i 1Ni1TEk3;::� BANK OF' MONTREAL BUILDINGYONGE AND ` QUEEN STREE7 S,, TORONTO .,.. R M. WYiTIa " ON.rREAL-4ti.S-t3€C-HAI.iF..AX. CTT V k. :iNa>laacer'. -�.r bON€N$'e i r r.,. a Ali ""t �+�. ' �,r tie � x � •tat t,• e�,,,;1. �"t, !, .�.�:�t •xt $.. ry't•.,t•, �s, a+ai .,,P H,�.