Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1916-05-04
MAKING ENORMOUS PROFITS IN
CATTLE WHILE FEEDERS FAIL
TO BREAK EVEN.
MARKET MANIPULATION
MAKES EARNINGS GROW
Denver Broker in Cattle Paper Dis
cusses Live Stock Conditions Before
Bankers of Southwestern iowa-Tor-
rens System Of Land Titles Elk
PLANE and Advocated by Banker.

NouitIt DiuiiSs ."sis W SSsSiA
cattle feeders had their inning befor,
the annual convention of the bankers
of Group ), Iowa Bankers Association
at the Grand Hotel. when $50 banl
men of southwestern Iowa listened tt
A. Z. DeRicqles of Denver. a broker
of cattle paper" explain how it Is
possible that the individual feeder OF
cattle in 1915 lost ST. a head on his
product while it was possible for the
packers. who he said control the
market. to more than double their
profits in the single year.
Mr. De Ricqles said that the ques-
ton is not limited in its application to
the extreme west but that Iowa cattle
| feeders and feeders of every state east
and west is interested and he declared
that the cattle feeding industry in
Iowa, in common with all states east
and west. received u serious shock
during the years 1914 and 1918, in
spite of the fact that the demand for
meat products as result OF the
European war and the falling off OF
imports from Argentina and Australia.
allowed the packers to more than
double their net profits.
He produced charts which he said
could be authenticated by anybody
who doubted. showing that the in
crease in value Of meat exports in 1919
over 1914 amounted to e9o,023.926
pounds for beef products and to 3D.
l69 s62 pounds for pork.
He offered a chart of the balance
sheet figures of Swift & Co, and OF
Armour & Co. and declared that the
government has been asked to in
vestigate the methods of market
manipulation which he said are re-
sponsible for the condition shown.
Packers Are Prosperous.
Swift & Co. he said pays an an
nual dividend on stock OF the concern,
Of s.. $50 900 and in addition in 1915
added to its surplus the sum of $3.50
600 more than double the previous
year and infinitely more than in years
previous TO that.
The statistics for Armour & Co. he
said. show that from 1906 to 1911 in
elusive. the profits of the company
averaged se.1S7.627: for 1912. 1913 and
1914 the average was sl1,645,63o. and
in the single year of 1915 the profit
was sl1.954.370. a condition, he as
serted, "Nlcll dllNiti'i "a
the federal authorities. when taken in
connection with the fact that in 1914
the loss to feeders on each head OF
stock was Sc and odd cents and In
1915 it had grown to loss of sic and
over per head.
The speaker said that in 1915 the de-
partment Of agriculture made two en-
forts to get more information regard
ing the situation and help correct the
condition that existed. the first in July,
when western stockmen met in con-
ference at Denver with agents OF the
department of agriculture. and again
in December, when the Corn Belt Meat
Producers Association of Iowa took
up the matter and passed resolution
condemning the situation. Still later
in the year the American National
Live Stock Association at Ell Paso.
Tex. raised a fund to pay for an In
vestigation after vigorously condemn
ing the conditions existing.
He quoted from the Wallace Farmer
and Dean Curtis OF the state agricul-
tural college at Ames. in support CT his
contention that the producer OF meat
Is getting a very bad deal from the
manipulations Of markets by the pack
erS.
Torrens Land System.
Attorney o. P. Myers. Of Newton.
spoke on the "Torrens System OF
Land Titles" subject Of vital inter-
est to the bankers who do an enor-
NOUS business in real estate loans. He
defined the essential feature Of the
Torrens system as the creation and
recognition of an official conclusive
indefeasfble, registered certificate OF
title. under government guaranty.
This system he declafed TO be indis-
pensable since as at present every
banker must carry in his head the
state constitutions Of forty eight states
az we'll as the national constitution
and the land laws Of the nation and
each state.
The cuTnbersomeness Of the present
system Of land title he characterized
as archaic, with its long and lengthen-
ing abstracts Of title and the necessity
of certified records Of every transfer
from the original government title
down to the immediate present
IF any man would go into any re-
corder's office" the speaker declared,
he would likely come to the conclu-
sion that our recording system is a
Goddess and profitless Jungle where
the ghosts Of the past in all their
CHASTITY garments are continually ris-
ing and stalking most anywhere, while
this ordinary man pays the constantly
increasing freight
The Torrens system he. described as
use Of the lower courts of record.
where initial or original registration is