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i tk ELECTRI CITY FOB T HE FABM The Hon. Adam Beck Details the Uses Power Can Be Put To. A despatch from Quelph says : A cr-eam separator was operated twice a day by Hydro-electric p )W- er in the dairy section at the On- tario Provincial Winter Fair, and attracted a great deal of attention. The machine is so eimple tliat it can be attached to any electric lisht fixture. There are also pictures on show demonstrating the uses to which electricity can be put <^n tlie farm. The pictures were gather-'id by Hon. Adam Beck during bis travels in Europe. The uses to which electricity can be adapted on the farm were ex- plained to over a thousand interes- ted listeners from rural ,ja;'t3 at a public meeting in the City Hali, oy Hon. Adam Beck. Professor G. C. Creelman, Presi- dent of the 0. A. C, presented the case of his college before the far- mers, urging them to avail thern- gelves of it, and to spread its in- fluence. He also urged the crj'ing need of the college for greater fa- cilities and more extended accom- jnodation and more money from the Government. The Minister of Power promised the audience that within a few years his department would have 1,000 miles of low voltage lines through Ontario, and country farms for eight miles all along these lines could be served by power. Mr. Beck told of what he had seen of the op- eration of electricity on farms in European countries. Plowing, thrashing, milking cows, and many other operations were included. He promised the farmers that in On- tario all these things could be done by Hydro-electric power, and that the use of electricity would be a great economy. An experiment had been tried at Ingersoll of fil- ling a silo by electric power, which, showed that the electric operation cost $32 less than the same opera- tion by steam power. A STRIKING DIFFERENCE. The striking difference in the price received by the farmer for his beef and those paid by the consum- er was pointed out in an address on the economical feeding of beet cattle by Prof. J. H. Grisdale, Di- rector of the Dominion Experimen- tal Farm at Ottawa, who also gave some instances to show how many firmers make little out of their beef cattle. It cost the farmers from six to ten cents, live weight, to produce them. This cost in- cludes feeding, care, stabling, and all other items of expense. For this the farmers receive from four to eight cents a pound from the butchers, leaving a balance on the wrong side. At the same time the consumer pays from six to twenty- five cents a pound for the same meat. The lecturer said he could not a<;count for the difference in price, but believed the butchers might. Nevertheless, farmers could make a good profit from beef, in spite of the differences, by care and economical feeding. SEED GRAIN MEN. Mr. L. H. Newman, B. S. A., of Ottawa, Secretary of the Canadian Seed Grain Growers' Association, outlined the aims and work of the association, which were, briefly, to encourage the production and dis- tribution of the best stock seed through the country. "It is our aim," he said, "to put the hand- ling of the registered seed on a high commercial basis. We wish to increase the supply of real good seed in Canada. We have in On- tario this year a little over 3,000 bushels of registered seed. Many times this quantity are required, and it shall be our aim to work to- wards increasing this supply in fu- ture years." WOMEN'S INSTITUTE. Two hundred women from all parts of Wellington County held a meeting in connection with the Winter Fair for the purpose of dis- cussing the work carried on by the Women's Institute of the county. G. A. Putnam, of Toronto, superin- tendent of women's institutes, who presided, spoke of the value of the institutes from a community and co-operative standpoint, and refer- red to the good work carried on along the lines of sanitation of schools and the distribution of good seeds. Next year, he said, the con- vention would be extended by in- viting neighboring counties to send delegates. BOTH HELD LI.\BLE. Painters and .\(lvcrtising Company Caused Ueuth of tattle. A despatch from Ottawa says : An advertising company who put up a sign in a farmer's field and the company who painted the sign were held equally liable by Judge Gunn cm We<lucsday for damages because the plaintiff's cattle died as the re- sult of imbibing poison from some of the paint pots left in the field after the work was done. The com- pany erecting the sign had never obtained permission to do so. MONTREAL BKANCHI.NG OUT. Estimates for 1912 One Million in Excess of Previous Year. A despatch from Montreal says: According to the civic estimates ta- bulated at the City Hall at noon on Friday by Mr. Pelletier, the city comptroller, the city will spend more than a million dollars in ex- cess of last year. Next year's to- tal expenditure on revenue ac- count is placed at $8,135,000, against $7,005,285 placed in the estimates last year. WIRELESS TELEGRAPHY. Ctiuuda Maintains Twenty-two Coast Stations. A despatch from Ottawa says : Development of wireless telegraphy in Canada is indicated in a report just issued resi>ccting radio-tele- graphic stations. On the Pacific Coast there are nine stations, and on the .'Vtlantic thirteen. The cost of maintenance of the former sta- tions was .'^30,904, while the revenue was but $3,108. A total of 40,074 messages were transmitted on the east coast, maintenance of stations cost $44,524 and messages totalled $49,339. . q> UP GO FARES. British Railways Increase Excursion and Commutation Rates. A despatch from London says : It has been decided by practically all the railways in Great ^3ritain to increase the excursion and c.>in- mutatiun fares by from 7 to 10 per cent, on Jan. 1. This increase is made necessary, they claim, 'iy the raising of the wages of their em- ployes. ITAlTYjyiS^jI DAIEE Duke and Duchess of Fife and Two Daugh- ters in Steamship Wreck. A despatch from Gibraltar says: The P. and 0. steamship D-ilhi, bound for Egypt, ran ashore on Wednesday two miles south of Cape Spartel, wliich is on the northeast coast of Morocco. A number of British Royalties were on board the steamer, including the Prin- cess lloyal, Louise Victoria, sister of King" George V., her husband, the Uuke of Fife, and their two daughters, Princess .McKandra and Princess Maud. The passenger list also included Lord and Lady Kinnaiid, Sir Thomas Erskiiic Hol- land and Sir Lewis and Lady Moles- worth. The Delhi was bound from London to Bombay. The Royal passengers were en route to Egypt, and she had about 100 saloon pas- sengers. Fortunately the Delhi is fitted with wireless, and was able •peedily to summon aid from Gib- raltar and Tangier. Several war- â- blps were soon on the spot, and In spite of tho extremely rough iweathor all the passengers were rescued. The landing of the passengors was a dangerous undertaking, and all concerned were extremely anxi- ous. The waves were tremendous and the surf boats were constantly threatened with swamping. The Royal Princess and her daughters suffered like the rest. An eye-wit- ness of the landing on the beach at Capo Spartel says one boat capsized in the surf and all the occupants were drenched to the skin. Princess Alexandra, one of the daughters of the Duchess of Fife, was narrowly saved from drtiwning by a sailor, who'grab- bed her by the shoulders and held her up until the two were dragged ashore. The Duchess of Fife and her two daughters, after borrow- ing some clothes at the lighthouse, rode to Tangier on horseback. One of the launches of the French cruiser Friant, which had render- ed the bravest of services in taking off the women and children, was swamped and sank. Six of the crew wore drowned. The others strug- gled ashor© in an exhausted con dition. Several attempts of boats that went to the assistance of the Delhi were baffled by the tremend- ous seas. It is doubtftil if the ship can be saved, but if the gale abates the specie, luails and cargo may be lauded. MAKING SAFE INVESTMENTS ON RELATIVE AMOUNT OF NET QUICK ASSETS DEPENDS SAFETY OF MOST INDUSTRIAL BONOS. In Canada whar* Banking Systam is Superior Current Assets Need Not Ex- ceed Current Liabilities by so Croat Proportion as in Statesâ€" Bond issue to be Safe Should Not Exceed Amount of Net Quick Assets Unless Real Estate It Considerable. The artjcles contributed by "IriTeotor" are for the sole purpose of euidiue pro» pectiva inveBtors. anil, if possible of sav. iiig thom from IobIiik money tl'nuifh ylaclns it iu "wild-Hat" . uterpriees. The impartial and reliable character of the information may be relied upon. The writer of these articles and the pabliahef of this paper have uo interests to serve in counootion with this matter other thao those of the reader. (By "Investor.") The importauco of current assets hav- ing a substantial margin iu excels of current liabilities is, of course, appar- ent when considering the accounts of an industrial company with a view to in- vesting in its bonds. We read last week that this excess is called "net quick as- sets, ' and saw that it had an important bearing on the value of the bonds of any company whoso land holdings had a less value than the amount of bonds outstanding. For an industrial bond to be sate net quick assets, however, should do more than merely exist. They must be exam- ined with reference to their rulation to several other items to which they sboald bear a definite proportion. The following is a balance sheet cf an industrial company whose bonds are considered a sound investment and ie chosen as an illustration chiefly because of the simplicity of its arrangement. It has added interest by beinu the state- ment of an operating company and not merely a form got up for purpose of Il- lustration. If the inexperienced reader will follow the explanations carefully the next balance sheet ho examinos In connec- tion with a bond offering will doubtlcn have added interest. ASSETS. Properly :â€" Eoal Estate. Dulldlnge, Mach- inery, e*c $1,994,803 Patents, Trademarks and Good- will 182,485 Investmeuta 11,421 CURRENT A8HET8. Accounts and Bills Re- ceivable $724,046 Inventory Stock- in-Trade .. 951,866 Inventory Supplies B1.435 Cash on Uand and In Bank 63,782 $1,811,119 $3,999,828 LIABILITIES. rapltal stock $1,500,000 Bonds 1,051,200 CURRENT LIABILITIES. Interest accrued $31,536 Ac<v>unt8 and Bills Pay- able 109.670 Bank Advances 905.930 1,047,136 Surplus 401.492 $3,999,828 In this case current nssets iunount to $1,811,1:9 and current liabilities to $1,047,- 136, leaving a balance- net quick assetiâ€" to the amount of $763,983. Now in the United States where, owing to the de- fects of the bunking system, it is danger- ous to owe the banks much, it is a rule that to put a company in good shape its current afsets should am<iunt to at least double Its current liabilities. In Canada the banker of such a company would be deeply ooncerned in its welfare. He would be anxious for the company to do well and therefore there would bo a very remote possibility of the company hav. ing to pay off its advances when they matured, if that were at an inconvenient time. Thcro is, as a result, no danger of inability to renew maturing notes such as occurred in the United States in 1907, and which caused most of the induBtri il failures of that year there. So in Can- ada, unless bank advances form an in- considerable part of the total liabili- ties, the proportion between current as- sets and current liabilities need not bo so great as two to one, although, of course, the greater the projiortion is the better. Where bank loans are secured b.v such stable commodities as grain, iron, steel, etc, and form a substantial part of the current liabilities, the pro- portion of current loans to current lia- bilities niny tall to one and a half t<i one without misgiving. In the above instance the proportion is one and three-quarters to one. The proportion between net quick as. sets and bonded debt is a most import- ant consideration. Where a company has no real estate the bonded debt of a com. pany should never exceed the net quick assets. Whcra there is real estate of value the bonde<I debt should not exceed two-thirds the vr.luc of the real estate plus the net quick assets, and here uguin the greater the exci'ss of these two over bonded debt the better. In the case of the balance sheet given above, real es- t.ite, buildings, machinery, etc., amount to $1,994,803, of which owing to the na- ture of this particular business â€" the greater proportion is of value in case of forced liquidation. Ordinarily, how- ever, probably under 25 per cent, of the real estate, buildings and machinery ac- count represents the value of the land. Taking arbotrarily only 20 per cent, in this <'nse, wp have net quick a.ssnts of $763,983 phis value of land *398.%0. or 81.162,943 behind the $1.051,2CO of bonds outstanding, leaving a margin of over 10 per cent. Some companies do better than this, however. A recent issue of bonds. In addition to ren>l estate of con- siderably greater value than the bond Issue had net quick assefs over ten ver cent In exQCSH of the amount of bonds. PRICES OF FAjM PRODUCTS REPORTS FROM THE LEADING TRADE CENTRES OP AMERICA. Prices of Cattle. Grain, Chccso and Other Produce at Homo ^v ; and Abroad. BHEADSTUFFS. Toronto, Dec. 19.â€" Flourâ€" Winter wheat, 90 per cent, patents, $3.45 to $3.50, sea- board. Manitoba floursâ€" First patents, $5.50; second pa';ents, IS5; and strong bak- ers', $4.80, on track, Toronto. Manitoba wheatâ€" No. 1 Northern, $1.08 Bay ports; No. 2 Northern at $1.05, and No. 3 at $1.01. Bay ports. Ontario wheatâ€" No. 2 white, red and mixed, new, 88 to 89c, outside. Peasâ€" Good shipping peas, $1.05 to $1.- 10, outside. Oats -Car lots of No. 2 Ontario, 43 to 431-2c, and of No. 3 at 42 to 421-2c; on track, Toronto, 46 to 461-2c; No. 2 West- ern Canada oats, 46c, and feed, 44c, Bay ports. Barleyâ€" The market is very dull, with trade about over. Cornâ€" No. 3 American yellow quoted at 671.2 to 68c, Toronto freight. Eyeâ€" 93c, outside, for No. 2. Buckwheatâ€" 60 to 61c, outside. Branâ€" Manitoba bran, $24, In bags, Toronto freights. Shorts, $25.50 to $26. COUNTRY PRODUCE. Applesâ€" Winter stock, $3 to $4.60 per barrel. Beansâ€" Small lots of hand-picked, $2.- 30 to $2.35 per bushel. Honeyâ€" Extmcted. in tins, 11 to 12c per lb. Combs, $2.50 to $2.75. Baled hayâ€" No. 1 at $16 to $17. on track, nd No. 2 at $14 to $14.50. Baled straw- $7.50 to $8, on track, To- ronto. Potatoes â€" Car lots, in bags, quoted at $1.30, and Delawares at >1.35. Out of store, $1.45 to $1.50. Poultryâ€" Wholesale prices of dressed poultry: â€" Chickens, 12 to 13c per lb; fowl, 9 to He; ducks, 12 to 14c; geese, 11 to 12c ; turkeys, 18 to 20c. Live poultry, about 2o lower than the above. BUTTER. EGGS, CUEE8E. Butterâ€" Dairy, choice, in wrappers, 25 to 28c; Btoro,lots, 23 to 25c; and inferior, tubs, 17 to 18c. Creamery quoted at 51 to 32c for rolls, and 28 to 29o for solids, per lb. Eggsâ€" Strictly newlaid, 4.10, delivered here, and fresh at 27 to 28c per dorcn, in case Igts. Cheeseâ€" Largo quoted at 15 l-2c, and twins at 15 3-4o per lb. HOG PRODUCTS. tiacon- Long clear, 11 1-2 to 11 3-4o per lb., in case lots. Pork, short cut, $22 50; do., mess, $19.50 to $20. Uams â€" Medium to light, 16 to 161.2c; heavy, 14 to Ml-Ic; rolls, 10 3-4 to lie; breakfast bacon, 16 to 17c; backs, 19 to 20c. Lard Tierces, 113-4c; tubs, 12c; pails, 12 l-4c. BUSINESS AT MONTREAL. Montreal, Deo. 19. Oats â€" Canadian Western, No. 2, 47 1-2o; do.. No. 3, 46c; extra No. 1 feed, 46 to 461-2c;; No. 2 local white, 461.2c; No. i do.. 451-2c: No. 4 do., 44 1.2c. Barleyâ€" Manitoba feed, 64c; malting, 96c to $1. Buckwheat, No. 2, 65 to 66c. Flourâ€" Manitoba Spring wheat patents, firsts, $5.60; seconds, ?,t10; strong bakers'. $4.90; Winter patents, choice, $4.75 to $5; straight rollers, $4.-25 to $4.40; do., bags, $1.95 to $2.05. Rolled oats- Barrels, $5; bags, 90 lbs., $2,371-2. Branâ€" $23; shorts, $25; middlings, $27 to $28; mouillie, $29 to $34. Hayâ€" No. 2, per ton, car lots, $15 to $15 50. Cheese-Fin- est Westerns, 141-2 to 14 3-4c; finest East- erns, 13 7-8 to 14 l-4c. Butterâ€" Choicest creamery, 301-2 to 311-2o; seconds, 29 to 30c. Eggs- Fresh, 60c; selected, 30 to Slo; No. 1 stock, 26 to 27c. Potatoesâ€" Per bag, car lots, $1.25 to $1,271-2. UNITED STATES MARKETS. Minneapolis, Dec. 19.- Wheatâ€" Decem- ber, $1,001-2: May. $1,051-8; July, $1,061.4 to $1,063-8: No. 1 hard, $1,015-8; No. 1 Northern, $1,011-8; No. 2 Northern, 98 5-8 to 991-8C: No. 3 wheat, 95 5-8 to 98 5-8o. No. 3 yellow corn, 55 to 56c. No. 3 white oats, 50 to 54c. No. 2 rye, 85 to 86c. Bran, $23 to $23.50. Flour- First patents, $4.30 to $5 10; second patents, $4.40 to $4.70; first clears. $3.50 to $3.65; second clears, $2.20 to $2.60. Buffalo, Dec. 19.- Spring wheatâ€" No. 1 Northern, carloads store, $1.13; Winter, No. 2 red, 981-2c; No. 3 red, 961-2c; No. 2 while, 98 1-2c. Cornâ€" No. 2 yellow, 64 3-4c; No. 4 yellow, 62 3-4 c, all on track, through billed. Oats-No. 2 white, 521-4c; No. 3 white, 513-4c; No. 4 white, 50 3-4c. Barley -iMalting, $1.18 to $1.25. Rye-No. 2, track, $1.05, through billed. HIS MAJESTY IN INBIA Reviews 50.000 British and Native Troops and Held an Investiture. A despatch from Delhi, British India, says: King George, on Thurs- day, reviewed 50,000 British and native troops. His Majesty held an investiture in the lloyal Camp at night, bestowing order.s on ninety- three Knight.s jiiid two hundred Companions. The Queen witness- ed b<jth the review and the bestow- al of orders. TEXT GUTTED BY FIRE. King GtKirge and Queen M.iry were niitcli concerned during tha investiture of the King-EniiM-ror, when a large tent adjacent to the Eoyal shamiana was gutted by fire, according to a despatch to the Cen- tral Xew3. Tlic R-jyil quarters •were in considerablo danger for a time, and great e.*:citement pre- vailed. LIVE STOCK MARKETS. Montreal, Dec. 19.â€" Butchers' cattle, choice, $6.25 to $6.35; do., medium, $4.i0 to $5 50; do., common, $3 to $4; canncrs, $1.75 to $2.50; butchers' cattle, choice cows, $5.25 to $3.50; do., medium, $4.60 to $5; do., bulls, $3.50 to $4.50; milker.'', choice, each, $75; do., common and medi- | urn, each, $50 to $60; springers, $30 to • $40. Sheep, ewes, $3.75 to $4; bucks and culb, $325 to $3.60; lambs, $3.75 to $6. j Hogs, f.o.b., $6.50 to $6.80; calvcis $3 to! $14. j Toronto, Dec. 19 Butcher cattle of or- dinary good to choice weight sold from $5.65 to 86, with cr;tra choice Cbrintnii'.s | cattle not uneoninion salo:i at $6.10 to | $6.50. Lambs were much firmer at $5.25 : to $6 for t ho uhoi( est ones. Sbc«p and hogs were unchanged. * I The House of Ixirds rejected the naval prize bill. i THE NEWS IN A fkmim HAPPENINGS FRO.M .ILL OVER THE GLOBE IN A MTSHELL. Canada, (lio Empire and the World in General Before Vour Eves. CANAD.\. â-  Mr. J. C. Katon has given $25,- 000 to the Winnipeg General Hos- pital. The [K'nitentiary statistics show a large number of convicts under twenty years of age. The iierlin Board of Trade 's agitati.ig the tiuestion of the de- veiiipnient uf New Ontario. Perrin's confectionery works at London, Ont.. were damaged by lire on Saturday morning. The Berlin wat('rw<ii-ks vioklcd a net proiil of $M,1T0 during the year. The Railway Coininissiun is mak- ing rules for the insi)ection ami testing of railway engines. Sir William Mackenzie is report- ed to have bought a tract of oil lands in New Brunswick. The announccmenl. of now tele- phone rates in Winniiieg has aroused a st-orm of opiiositinn. In an official report. Dr. Kiithor- ford, livestock commissioner, strongly recommends the establish- ment of municipal abattoirs. The Government will probably make Saskatoon or vicinity the eastern terminus of the Hutlsuu Bay Haihvay. The contract has been signed for the building of tlie St. .lohii Valley, N. B., Railway, fnmi Grand Falls to St. John. It will be operated bv the I. C. R. Montreal proposes a civic pen- sion for firemen, police, clerks and permanent employes of the Roads Department, to which thev contri- bute one jier cent, of their wages. Canadian trade with the United States increased over $(i 1,0(10, 0(10 during the last fiscal year; with Germany it increased $2.280.O(K), and with France .$1,720,000. The increase with Brit.iin was only a little over two millions. .According to C. C. Castle, Do- minion Warehouse Commissioner, there is from 30 to 40 per cent, of the Western Camida crop still un- threshed in the fields. Thresiiing still continues in many sections of the Prairie Provinces and, given fair weather c<inditions, th<- grain will be cleaned up by February. GRKAT BRITAIN. The House of Lords passed the national insurance bill on Frid.'iy. The threatened strike on Hritish railways has been averted by an amicable Hottleraent. The \V;ir dflico h.'ts offered prizes for competition by military aero- planes, the contest to be open to the world. The Labor party in New Zealand has gained the balance of power at the polls and a, dissolution may fol- low. The British Government has inti- mated its determination not to is- sue tenders for army and navy contrivcts Ui the indicted United States meat packers. GENERAL. Delhi will liencefortli be the ca- pital of the Indian Em [lire and seat of centra! governmetU. The King and QiK'eii laid at Del- hi, on Friday, the f<Miiidation stone of the new GovoriimcMit buildings. Restriction.^ on the ]jr<Kliu-vion and distribution of •ipium. motphia and cocaine were agreed to at The Hague conference. * BniTisii SPIES si;nten{ i;!). Max Sciiiihz and Veeouiplices (ict Penal Servitude. .\ despatch from Lcip.-^ie, Ger- many, says : Heivy piinishnicnts were meletl out on Wednestl.iv to the Hritish spies .irresU'd at H.-ini- burg Lin M.ireh IH, tiul wlm had been on trial liehliul closed <loiirs before t!ie Imp''ri:il C^ourt for sev- eral ri.ivs. .Ma.\ Schiilt'/., ,-in l'".iig- lish .'^hip liroker, w.n.-i .^entencixl t i seven years" [M'n.il utiivitude. 'In.' of his associates, an engineei' n.-uued Wulff, was sent to jail for two years; a mercha'it mmed Voii Maack and Max Scbultz's house- keeper each received three ve:irs. . â€" __(t M.VN KILLED WITH AXF. Daniel Reynolil.s I '.-les Wea.'iiMi on Ciillterl .Vlter a Qnanel. A despatc'i from Lindon. Ont., says: Daniel Reynold-'., a junk deal- er of H,-imi!t4in road, kil!e<l a man named l'"red. Culliert, outside o| Graham's Hotel at Poltersburfi at 9.30 o'clock on Thuis^liv night. Th« men, it is said, worn ini-irrellinj^ over a gun behuujing to Revmlds. when the latter seiv.e'l ,'in a.xe an<i brought it down on C'ulbert's hi-ati with such force tit.'it Culbert waj instantly killed. The victim w.ii about thirty year.s old, mil the pri- soner gives bis ago a.< thirty seven. UO.Mi; 111 LE BILL DKAIiED. But Will Not be .Made Public I ntil (he New V'eiir. .â- \ despatch from London says : Replying to a ipieslion by Waldorf Astor, Unionist memiier for Ply- mouth, in t!io UoHso of Coniinotui, on Wednesd'iy night, Mr. Hirrel!, Chief Secret.'iry for Ireia;id, i;i'd the Home Rule Bill h.iJ been il.-.'.ft- ed, but would not bo lU'Kle public before the adjoiiriimeiit of Parlia- ment fyr the Christ. 'iias 'loli.lax-s. THE BEST SECURITY FOR YOUR MONEY IS BONDS ^ There are, broadly speaking, two classes of investments: speeiil.itiv-o invest, luents, wliich may or may not pay interest and may appreciate or dcpivciate in viiliie, fl .A.nd tliere are Bonds â€" Bonds are mortgages split up into clenoininatioiis of $100 or upwards. We continually have Bonds, tlie security of wliii:h is beyond question, which pay as high as 6 per cent, interest. They are the standard form of investment. They are purchased by Banks, Insurance Companies and chart- ered institutions, because the Government recognizes that they offer tlie ma.\iraum of safety with a profitable rate of interest. Send us your name and address and we will send you lilernture from time to time giviiij; particulars of new and old issues. Dr^VA]r SECURITIES KU I AL CORPORATION BANK OF MONTREAL BUILDING R. M. WHITE Manager LIMITED VONGE AND QUEEN STREETS TORONTO MONTREAL-OUEBf:0-HM.iFAX-OTT*W* LONDON it.NiS.)