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Gs TUESDAY, JANUARY 6, 1948 = THE DAILY TIMES-GAZETTE PACE THREE Ald. Humphreys Takes Bonds Are Lower But Bank Action Retards Inflation By FORBES RHUDE Canadian Press Business Editor Toronto, Jan. 6 (CP)--Government and corporation bonds took a tumble yesterday when the Bank of Canada withdrew its customary quotations on government securities. This means that the bank has stopped maintaining the high prices which. have been prevailing for government issues, and that they will be al-® lowed, to some extent at least, to level off at their normal market price, . Nevertheless the bank remains in the background as a buyer and seller and, accordingly, a regula- tory force. It seems likély that the bonds will continue to sell at a premium for some time to come, but unlikely that they will return to their high figures unless con- ditions change. Yesterday they seemed to level off at losses ranging up to $2.60 but dealers were unwilling to pre- dict whether or not they 'had found a steady value there, The move was generally inter- preted as a step to increase inter- est rates on money and thus dis- courage loans which might tend to add to inflationary or high price influences. Yesterday's development was big news for big investors, but it also meant considerable ' to the man or woman who holds a few bonds, It means that his $100 bonds are worth up to $2.50 less, depending on the date of issue, than they were last week, but they still are worth more than he paid if he bought them for $100 when' issued. For instance, if he holds a $100 bond of the minth Victory Loan, some one last Saturday was bid- ding $104.37 for it, and he, as represented by all those who wanted to sell, was asking $105.- 12. At close of business yesterday some one was bidding only $101.- 75 and he was asking $103.25. Thus the bidder was trying to get "his bond $2 62 cheaper than Sat- urday, but he was being more stubborn and was reducing his price by only $1.97, Somewhere between those figures was what his bond was worth. Presumably there will be further fluctations today. Of course, the Individual want. ing to sell a bond doesn't go to the bank and haggle until a price is bet. But the price the bank gives is the end result of a lot of haggling between the total of those who wish to sell and the to- tal of those who wish to buy, as carried on through dealers. Up to yesterday the bargaining was modified by the fact that the Bank of Canada = would offer a certain price, which it fixed every morning. Now the bank won't do that and says if you wish to trade with it in bonds, step up and make a proposition. , But = don't take your $100 bond to it--it buys only in $25,000 lots or more. In effect it has become another dealer, though a dealer with un- «usual powers to go in and out of the market according as it deems best in the country's day-to-day monetary situation. FATHER, DAUGHTER MISSING Hamilton, Jan. 6--(CP)--Mrs, John McNamara of Hamilton is concerned for the safety of her husband and five-year-old daugh- ter, Brenda, whom she says have been unreported since he was em- ployed in the Simcoe tobacco fields of southern Ontario last July. A city police check through- out the province has failed to dis- close their-whereabouts, WINNIE" IN GOOD FORM Marrakech Morocco, Jan, 6 -- (Reuters)--Lord Moran person- a] physician to Winston Church- ill, said here last .ight that "Mr. Churchill is in good form and there is no rez on to believe that he will not be back in England for the opening of parliament to- wards the end of the month, FARMERS AND FISHERMEN About four-fifths of the popula- tion of Bulgaria live by agriculture or fishing, : | Ontario Spotlite TRAMS FOR "HOMES" Toronto, Jan, 6--(CP)--Some of the wooden bone-rattling trolleys-- 1910 model--being sold by the Tor- onto Transportation Commission y become bone-resting places for ary home-hunters, With delivery expected this month of 100 stream- lined cars, the TTC is advertising the sale of 100. or more 1910 cars and already offers have been re- ceived from many people who want to use them as homes or summer cottages, HOLDS CHILD,.SAVES LIFE Toronto, Jan. 6--(CP)--Young Marion Van Wart, month-old Purchases Arcade FRANK J. SIMMONS, for the past 10 years with R. J. Sibbery Ltd., Toronto, who has pur- chased The Arcade, 454 Simcoe Street South, from Mr, and Mrs, H. Bateman, F.J. Simmons Has Bought The Arcade The business known as The Ar- cade, located at 454 Simcoe Street South, which has been operated by Mr. and Mrs. H. Bateman for many years, has been purchased by Frank J. Simmons, former Oshawa citizen, who was educated in Osh- awa and lived here except for the past ten years when he has been associated at the main store of R. J. Sibbery Ltd., Toronto. Mr. Simmons commenced his re- tail training with "Canning's" King Street West, Oshawa, in 1923 and joined the Sibbery organization in 1935, spending three years in the local store. He was then transfer- red to the main store at Pape and Danforth in Tortnto, where he has been specializing in all lines of men's and boy's furnishings and ac- cessories, In acquiring The Arcade, Mr. Simmon announces that while, at the present time, the major por- tion of the business is ladies' and childfen's wear and general dry goods, he intends to enlarge in the near future the men's wear and boys' wear departments, carrying ® complete line with accessories. Mrs. Simmons, who is well known in Oshawa, will assist her husband in the operation of The Arcade, particularly in the Women's and Children's Departments. The sale and purchase of The Jreade became effective January FLATS COLD, FINED $100 Toronto, Jan. 6--(CP) -- A landlord who did not supply ade- quate heat to his tenants yester- flay was fined $100 and costs or one month. He was Julius Jack- son, owner of 0 centrally-heated apartments on Annette Street in Northwest Toronto, QUEEN'S 'PEN NAME Dowager Queen Elizabeth of Ro- mania who died in 1916 was best Sylva, known by her pen name, Carmen daughter of Elgin Van Wart, may probably never know that her father saved her from death yesterday, While carrying Mar- ion across the street, Mr. Vin Wart was hit by a car and thrown into the air but he managed to hold her tightly and save her from injury. BEET WORKERS COMING Chatham, Jan. 6--(CP)--Hun- dreds of skilled European heet workers will be brought to south- western Ontario this year according to a new immigration scheme to be launched this month by a sugar company, SCHOOL BOARD PIONEER Kenora, Jan. 6--(CP)--Melvin Seegmiller, who came to Kenora and nearby Rat Portage to teach school in 1886, has com- pleated 50 years as secretary of the Kenora Board of Education. He will be 80 years old May 27. ANGORA RABBITS KILLED Fort Erie, Jan. 6--(CP)--An an- imal, either half wild dog or wolf, broke into pens containing val- uable Angora rabbits imported frem England and killed three. Police are trying to trace the animal, EN FATHER'S FOOTSTEPS Niagara Falls, Jan. 6--(CP)-- Following in his father's foot- steps, Gordon Monroe was sworn into office as Chief Mag- istrate of suburban Stamford Carton F. Monroe, was a former Reeve in Stamford and Warden of Welland County, Deputy-Reeve (Continued from Page 1) reeve-elect by 133 votes and in| Raglan he chalked up 68 votes to 14 for Mr. Noble, Made Strong Run Councillor-elect Fraser, making his first try in munici al was among the top three in the race for council from the start. He was at or neat the top im all but two Westmount sub-divisions with his most solid backing com- ing from North Oshawa where he rolled up 266 of his 660 votes. Councillor-elect Powell led the polls in the Columbus and Raglan sub-divisions and ran second only to Mr. Fraser in North Oshawa. In Columbus he racked up 152 votes, almost double that of the next candidate Norman Down who received 89. His 70-vote total in the Raglan sub-division was again almost double Mr, Down's total of Former East Whitby reeve and member of council for nine years, Councillor-elect Norman Down two-year absence. He was defeated by A. E. Grass in a contest for the reeveship in 1946. Mr. Down polled a fairly stead vote throughout the towpship With the exception of the two West- mount sub-divisions 3 and 4 where his total dipped well below the leaders. In Harmony; North Osh- .awa, Raglan 'and Columbus sub- divisions, however, he built up a substantial vote which carried he into third position. Slyfield Ran Fourth Another candidate 'making his first try in the municipal field, Arthur Slyfield, ran a strong fourth, 59 votes behind Mr. Down. He placed well up in the running in every sub-division with the exception of Raglan. > ther candidates who made a determined stand were Joseph W. Childerhose, running fifth with 468 votes, and Roy Trimm, former member of council, who placed sixth with 439 votes. Mr. Childer- township, 'His father, the late "T} returns for a tenth term after af hose drew his chief support from His i Hat's In Ring Henry A, Wallace, former U.S. vice-president and secretary of com- merce, is pictured in Chicago, Ill, smiling in centre of group of news- men as he gives "quickie" press eonference following his broadcast an- nouncement of his candidacy for the presidency of the United States. The progressive citizens of America are expected to back his third party move with informal nomination at that organization's national conven- tion in Chicago, January 17th and 18th. The American Labor party and other groups are expected to back him. Wallace was removed from the cabinet by President Truman for rapping the U.S. policy to Russia, Record Of 75,000 Set For Immigration In 47 Ottawa, Jan. 6--(CP)--With the entry barriers lowered, Canada wel- comed aboyt 75,000 new citizens to the Dominion in 1947, and at the year's end the pace of immigration was still accelerating . Even without the 50,000 war brides and children who boistered the 1946 totals, last year's figure was expected to. be well above the 71,719 who.entered in 1946 and more than triple the 1945 immigration of politics, | 22,722 The 75,000 figure was given as an estimate for the year today by Re- sources Minister Glen, in charge of immigration, It was based on an 11-months total of 64,895 and a big December influx. During the year, said the minis- ter, the flow of immizsrants swelled steadily, and each succeeding month brought in more settlers than 'the last. A highlight was the number of Canadiang returning from the Unit- ed States, Last year, an estimated 9,000 came back to Canada, as com- pared with 5,177 the prévious year. Besides home-cceming Canadians, another 8,893 persons came into Canada ins11 months from the Un- ited States--all these American citi- zeng seeking new homes In Canada. Overseas immigrants increased greatly, Mr. Glen said, despite "the almost insuperable difficulty of finding ocean transport." The largest single group was from the United Kingdem, which sent across 33,10 persons in the first 11 months, This number did not in- clude families of Canadian service- men, who made up 66 per cent of all immigrants in 1946, but dropped to a bare trickle jast year. Entrants from the displaced per- sons camps of « Europe numbered 7,345 in the first 11 months. These formed part of a quota placed orig- inally at 5,000, but later boosted to 20,000. This movement is expected to be completed in the spring of this year. Six Canadian immigration teams now are working at the selection of displaced persons in Europe with headquarters at Heidelburg, Ger- many, As an Indication of the leap in the immigration rate, Mr. Glen cited the month of November, which showed an 89-per-cent rise over the total for the same month of the previous year. In this month, the flow fromm the British Isles rose by mere than 95 per cent, all three Westmount sub-divisions which gave him 402 of his 468- vote total, With Harmony providing rock- solid backing, J. Wesley Powers polled a sizeable 416-total to finish seventh while Wilbur Down, bro- ther of successful candidate Nor- man Down, took eighth position with 339 votes, Frank M. Craw- ford was ninth with 225 votes. D. R. Brown and H. L. Bowins lagged behind the field with 105 and 74 votes respectively, Polling 'sub-division 5 at Thorn- ton's Corners, with Mrs. Cecil Brown as deputy returning officer, was the first to be heard from at 7:35, 35 minutes after the polls closed. Following this, returns were slow with the next sub- division--No. 5 at Harmony-- reporting at about 8:05. Polling sub-division No. 8 at Raglag was next at 8:20. By 8:40, three more sub-divisions had been hewyd from. Last two sub-divisions regorting were No, 6 at North Oshawa and No. 38 in Westmount. Many Telephone Calls Interest in the election returns was at a high pitch as telephones in Times-Gazette offices jangled alpost continuously from 7 to ngar 11 o'clock. A steady stream calls--more than 350--kept the sYaff busy and reminded them of city election night tempo. Candidates -- successful and un- successful--crowded the township offices at 110 Park Road North together with a group of more than 30 ratepayers who ke watch as D. F. Wilson, townshi clerk and returning officer, re- ceived reports from each sub- division. Assisting Mr. Wilson were Stewart Sparling, township assess- ment commissioner, and Ralph Found, assistant assessor. Official returns, which made minor changes in totals but did not affect the results, were in by 9:45 p.m. CANDIDATES DEPUTY-REEVE HARMONY No. 1 HARMONY WESTMOUNT No. 2 ~~ > rol rr r~ J 506 CROMWELL AVE. AVE. | WESTMOUNT No. 4 348 ELMGROVE AVE. WESTMOUNT No. 3 AVALON PAVILION 348 ELMGROVE No. 3 > WESTMOUNT e N ~~ ~~ > ~ ~ GLOVER, EDGAR L.'...\........ & 0 ho n'Z ~~ w | ~ WESTMOUNT No. 4 ~~ r= N | ~~ | 8 | | | | FS TN ; N. OSHAWA ~ No. 6 ~~ AVALON PAVILION THORNTON'S CORNERS No. 5 > 'T N: OSHAWA 'N No.6 COLUMBUS - a 0 - | ~N NOBLE, WM. Bf ....ccc00cennee. & & 2 ro J Ra w! - ®| N he - 3 COUNCIL ® J BOWINS, HOWARD L. ....c...... BROWN, D. R. .....cccv0eenneee CHILDERHOSE, J. W. ........... CRAWFORD, FRANK M. ......... DOWN, NORMAN ..........cccuu. DOWN, WILBUR . FRASER, NEIL C. ............. POWELL, ELMER J.............. POWERS, JOHN 'WES' .......... as glslelulal ula SLYFIELD, ARTHUR ............ »H w TRIMM, ROY > tres eden esnn My ©! peratio should be given to the 33 respecting Blackwell Says Gambling Laws Could Be Revised Toronto, Jan. 6 (CP).--Notirg that under provisions of the Cri- minal - Code certain gambling is rmitted, Attorney-General Leslie lackwell of Ontario said yester- day that some reasonable consid- law lotteries and bingoes. : . "Although I am not advocating any substantial changes in the laws in question, they at least should be rationalized and a work- able administrative provision est- ablished by statute," he told the Canadian Club. Provisions of the Criminal Code enable agricultural fairs to let concessions for gambling, he de- clared. A municipality is also authorized to permit certain small draws and what are called "occa- sional" bingos. "It is extremely difficult for ublic opinion to understand the inconsistency and the lack of me- chanics for 'administering such laws," he continued. "For example, it is difficult to understand why professionals engaged in commer- cialized gambling should have con- cessions at the Toronto Exhibition while a service club should not be permitted to raffle a car for its charitable objects .because the price exceeds $50." EXCHANGE I'REQUENCY Toronto, Jan. 6--(CP)--A. D. Dunton, chairman of the Canad- ian Broadcasting Corporation an- nounced yesterday that the ex- change of frequencies by* two To- ronto stations--the CBC's CJBC and the privately-owned CFRB-- will be made next July 1, "Station CJBC will #e~to the power of A50 kilowatts on the frequency of 860 kilocycles," he said, "On the same date, station CFRB will movie to the frequency of 1010 kilocycles." * THREE BIRTHDAY ROSES Three birthday roses were pre- | sented at the luncheon meeting of the Oshawa Rotary Club yesterday. Those honored were Rotarians L. F. McLaughlin, C. R. McIntosh and S. T. Hopkins, Optimistic View Of The' ------lp ° Future Sees N 0 Grounds For Fear If City Exercises Gaution "I feel that if we proceed in an orderly manner and with caution there is no grounds for fear as to our future," de- clared Ald. R. D. Humphreys, K.C., who addressed the Oshawa Rotary Club's luncheon meeting yesterday on the subject, "Oshawa Today and Tomorrow", Ald. Humphreys, who 'was intro- duced by Alderman-elect W. J. Lock, reviewed the city's progress back from the brink of bankruptey in the early 30's and outlined some of the major projects which con- front the corporation at the present time. The thanks of the meeting, which was one of the largest of the year, was voiced by President J. Norval Willson. was pointed out that the City Council will this year spend well over $1,000,000 raised in the general tax rate for current expenses. In- cluded in this amount are the costs for thewypkeep of the Fire Depart- ment, Police Department, Board of Works, Board of Education, teach- ers' salaries, etc. In addition, Coun- cil has the power to incur on behalf of the citizens, almost unlimited indebtedness by borrowing money which the taxpayers will eventually have to repay, fot only in the amount - that is fborrowed, but in- terest and carrying charges on the money borrowedjover a long period of years, It was recalled that a few years after World War I, Oshawa Councils embarked upon what might be termed spending sprees which ran the city into a large capital indebt- edness. When the crash came in 1929, the capital indebtedness of the city in monies borrowed by way of debentures, and from the banks, amounted to $5,216,416. Unemploy- ment became widespread and the ability of the taxpayers to pay taxes diminished. The men who made up the Council persuaded the bank to advance sufficient monies to tide the city over the crisis. Must Pay Interest "I would draw to your attention that you cannot borrow money without paying ipterest, and the taxpayers of Oshawa pald out in money borrowed, for interest charges alone from 1928 to 1937, & period of 10 years, approximately $2,500,000, and that without retiring one cent of its capital indebted= ness," Ald. Humphreys continued. "Year hear people talk of all kinds of projects "involving many thousands of dollars, all of which would be nice to have, but I often OPTIMISTIC VIEW (Continued on Page 12) FARMERS BENEFIT* Boronto, Jan, 6--(CP--Secre= tary M. H. McPhail of the Ontare io Retail Feed Dealers Associae tion said last night in a state ment that, as feed prices have not * advanced since announcement of the new Canadian-British food contract ¢-reements, farmers stand to reap full benefit from the mew prices agreed upon, VISITORS AT ROTARY Visitors at the luncheon meeting of the Oshawa Rotary Club yester= day included L. M. Souch, chaire man of the Oshawa Board of Edu cation; Walter Dales of Montreal, Rotarians E. G. Hoy, G. E. Moody, William Ruddell, George James and C. G. Morris of 'Bowmanville and Rotarian W. Riesberry of Toronto, retail nothing but genuine merchandise at modera be assured of unexcelled and courteous service. Over a twenty-five years I have been a d expected, and it will be our constan wee, The Purchase of THE ARCADE A Well-Known Business at 54 SIMCOE ST. S. OSHAWA ® Ladies' Wear and Children's Wear General Dry Goods r ° Men's Wearing Apparel This denartment will shortly be enlarged to include all types of men's and boys' wear and accessories. TELEPHCNE 1062 at 454 Si St. South, Mrs. Simmons and I extend a cordial welcome to everyone to visit our store, where we assure every visitor of a warm welcome, It will be our policy to /Ndn returning to Oshawa and acquiring the well established tb tered hii t of p WED. MORNING SPECIALS BOYS' PARKAS SPECIAL VALUE REGULAR $12.79 te prices and every customer can period of approximately d and the kind of service t aim to render complete satisfaction. Frank Simmons. Special $10.95 MEN'S PARKAS IN SAND AND GREEN RED FLANNEL LINED Toss 51 8.95 BOYS' SN WHITE FLANNEL... 36" x CHILDREN'S SNOW SL NOW SUITS | CHILDREN'S EIDERDOWN BATHROBES special $2.98 yd. 59c¢ OW SUITS SUITS 1 TO 3 YEARS REG. $9.75, x 3 PIECES REG. $3.98 3 PIECES REG. $9.98 : Special $8.75 Speci $8 .98 spec $8 98 N MET EEL ATRL PAL INE D \ »