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THE DAILY. .T IMES-GAZETTE "AGE FIVLD THORBDAY, SEPTEMBER 20, 1951 Business And Markets B7 FORBES RHUDE Press Business Editor There might be less upset in Life these days if the following factors could be kept in mind: First, the ability of the North |Z American economy to produce vir- tually any amount of goods, once the necessity becomes clear; a fac- tor which should discourage panic buying by the public. Second, the present - day ability of the North American public to buy virtually unlimited amounts of goods if reasonable buying condi- tions are maintained. This should encourage business to remain calm, and keep its eye on prices; for there is nothing more important to business than keeping prices down. In regard to either factor, there has not been anything in an- nounced armament programs that should have made any one fear- ful of any real shortages in civilian oods. It is true that there has been, and is, the possibility of the third wotld war. If that comes there will, 'of course, be shortages; but there will also be regimentation such as we have never. seen. There is no purpose in governing one's buying habits by the possibilities of general war. A third factor arises from the extreme swings of thinking in the United States. Public opinion there sees black or white; there is no in-between. A glint of sun makes a fine day; or a speck of cloud a stormy one -- according to the mood of the moment. The succession of recent econ- omic processes in the United States, which have so much in- fluence here, is given in the cur- rent monthly letter of the National City Bank of New York, which reads as follows: Since the Korean war began, two phases are clearly seen. The first, which ran approximately until last March, was dominated by fear among business men and con- sumers alike that defence require- ments would create shortages of perhaps wartime intensity. It was a period of anticipation, sharply rising prices, and record- breaking d¢mand for goods. Buy- ers who would 'have liked to hold back were forced to join in, if they were to protect their needs. The second phase, which began in March and from which business has not yet emerged, was the reac- tion from the first. The immense and steadily -increasing productive capacity of the country asserted it- self even against the swollen de- mands. Surprisingly, there was an _in- crease, rather than curtailment, in output of goods for civilian use. Inventories were built up and mar- kets for specific things temporarily became saturated. The desire to buy ahead diminished as it became apparent that shortages would be less than advertised. Restrictions on personal credit checked the expansion of purchas- ing power through - borrowing. Higher prices themselves induced buying resistance and economy. The slackening in trade still leaves the volume at very high levels, . except when contrasted with the two great waves of buy- ing last summer and last winter; and the drop has not been progres- sive, for, according to the season- ally adjusted figures, retail sales have fully held their ground for about four months. Nevertheless, merchants have found themselves over - committed, for they prepared for more business than has appeared. Their concern now is to bring stocks and com- mitments down; and while they have made considerable progress, their buying for fall has been con- servative. An anomaly in the situation is that the slackening in retail sales has come at a time when personal incomes have been rising. . .and the rate of 'personal saving," which is the difference between in- come and expenditures and covers both liquid and non-liquid savings, has risen to the highest level since the war ended, both in dollars and as percentage of income. A divergence such as this has seldom been seen except during the war, In it merchants may find a good" deal of reassurance. The fact that people in the aggregate are spending a smaller part of their incomes than at any time since -1945 shows that they can spend more, if and when they choose. With potential support of this kind, the current inventory correc- tion is likely to start a downward spiral. Nor does all of the adjust- ment lie ahead. Retail stocks reached their peak in April and wholesale stocks in May. Outstand- ing commitments are sharply be- low a year ago. Manufacturers' stocks are large, but they typically consist of mater- ials or goods in process rather than finished goods;.they are on the low rather than the high side when re- lated to unfilled orders; and in many cases manufacturers would be happy to have even more ma- 'erials in hand. Housing Lack (Continued from Page 3) added, "and there never has been." Bill Rutherford of Local 222, UAW, Oshawa, said he had served on a housing committee in that city. The committee' had found that 33 per cent of the people are doubling up, he said. He also claimed that newjCanadians are be- | hi ing asked to pay $5,000 to $7,000 for shacks. Elroy 'Robson, Canadian Brother- hood of Railway Employees, Otta- wa, said that if the national hous- ing situation is a calamity now, it would be worse later. This country is faced with an in- dustrial expansion that will* bring 30,000,000 persons here in the next 30 years, he predicted. Want to buy, sell or trade? A Classified Ad, the deal is made. Farmers' Market. LIVESTOCK:- Toronto Toronto (CP) Early cattle hogs, 20; sheep and lambs, 120. There were 1100 cattle held over from Wednesday. Calves were steady at $36-$37 for choice vealers. Hogs sold at $29 for grade A. Sows were $24 dressed. Lambs were firm at $33.50 for good ewes and wethers, with bucks at $32.50. Stratford (CP) -- Trucks hog prices were quoted here today at Buffalo 4 Buffalo (AP) -- Cattle 450; early steer and heifer market not estab- lished; good dairy type cows 24.00- 26.00; cutters 21.00-23.50; fat yel- low cows 21.00 23.00; © canners 18.00 - 21.00; good dairy type heifers for slaughter 26.00 - 27.50; sausage bulls 27.00-30.00. Calves 100; good and choice handyweight calves 41.00 - 44.00; medium to good 36.00 - 39.00; culls and bobs 25.00 - 35.00. Hogs 850; good and choice nearby Boge 19.00 - 21.50; good sows 15.50- Sheep and lambs 600; not estab- lished. FRUIT:- Toronto (CP) -- Wholesale fruit and vegetable prices were un- changed here today with these.ex- ceptions: Cauliflower, crate, $1.00- $2.00; new cabbage, $1.00; beans round, 11 qt., $1.00; tomatoes, 11 qt., 50-60; six qt. leno peaches, no. 3, . Potato prices: Ontario, off-truck, $1.80 - $1.85; to trade, $2.00-$2.10. New Brunswick carlots, $1.80- $1.85; to trade $2.00 - $2.10. GRAIN:- Chicago Chicago (AP) -- Wheat was a little lower at the opening today. Prices or other grains were mixed. Wheat started % - % cent lower, September $2.39%; corn was un- changed to % higher, September $1.75%, and oats were 2 lower to Y% higher, September 80 5-8. Soy- beans were % cent lower to higher, $2.76 - 2.75%. Winnipeg Winnipeg (CP) -- Grain prices moved higher in early trade today on the Winnipeg Grain Exchange. Most buying was prompted by re- ports of rain and snow in Alberta, again delaying harvesting. Rain al- so was reported in some points in Saskatchewan. Export demand appeared in barl- ey in connection with overseas ex- port business in this commodity. A few shipper orders came into oats, while rye and flax trade was most- ly loca. Oats: Oct. % higher 85 3B; Dec. a higher 83 5B; May % higher #B. 1A; Dec. 1-1 33 higher 1.16 "3%; May 3ghigher 1.16 34A. Rye: Oct. 1 3 higher 1.77 Dec. 1% higher 1.71%B; May 34-5 higher 1.72 %B. Flax: Oct. Dec, not open; May 1 higher 3.96. PRODUCE:- Toronto (CP) -- Churning cream and butter prints prices were un- shingey here today from Wednes- ay. On the egg market today, grade A large are in good demand and low supply. A medium and A small were dull. Graded eggs, cases free, de- livered Toronto: Grade A large, 73-74; A medium, 56-58; A small, 46% - 47; grade B, 56; grade C, olesale to retail: Grade A large, 77-78; A medium 61-64; A small, 51-52; grade B, 61-62; grade C, - 51, Butter solids: First grade, 63%- 63% (nominal; second grade not established; western 642 (asked). W.H. Wright (Continued from Page 1) when he bought the Toronto Globe and then its competitor, the Mail and Empire. The paper has since been published by George McCul- lagh, a close friend of Mr. Wright and at the time of the Globe and Mail purchase, a young broker. Born in Sleaford, Lincolnshire, April 21, 1876, Mr. Wright reached Toronto in 1907, almost penniless after paying his passage from Eng- land. His personal history since seemed to parallel that of his adop- ted country--a rise from nothing to a position of international emi- nence. He called himself "Lucky Wright," and he was. He turned down a $10-a-month farm job in 1907 and went west where he be- came fired with the talks of for- tunes that could be made in miner- als. Then, after a year in a George- town, Ont. butcher shop--he had been apprenticed to a butcher in England at the age of 14--he went into the Northern Ontario mining county at the height of the Cobalt boom' in 1909. His big break came in 1911. With his brother-in-law, Edward Har- greaves, he went shooting for rab- bits as a break from the grind of prospecting for gold. He came across a likely-looking vein." That was the start of the Wright-Har- greaves gold mine, among Canada's largest ,a mine that produced mil- lions of dollars worth of the yellow metal. 1916 a prospective millionaire, ad staked the Sylvanite mine, part of the Lake Shore mine and a dozen other good prospects. But the First 'World: War 'was on and the man who had- served the King in South Africa, Ireland, India and Egypt 'enlisted with fhe Canadian forces. He served from 1916 until the armistice. UNDERGROUND HONEYCOMB One of the few. iron - ore mines in. England, a mine at Irthling. borough near Northampton has 45 miles of tunnels To Translate Writings Of Ancient Days Toronto Prof. Fritz Heichelheim, who rose to promin- ence amongst European historians in 1948 when he discovered that the economy of the ancient Greeks and Romans suffered from a boom and depression cycle, is once more peering into the past. Soon Prof. Heichelheim, classics professor at the University of Toronto, will begin translation and publication of one of the largest collections of untouched ancient writings in existence. The collection is now at the Uni- versity of Giessen, in Western Germany, where it largely surviv- ed the wartime bombing. Photo- static copies of items in the col- lection will be sent here for the professor to study. The Giessen collection is compos- ed of 1000 papyri and 500 ostraca -- writing on paper and pottery, respectively. In Athens, when the busy author ran out of paper, or couldn't afford it as it was very expensive in those days, he reach- ed for the nearest flower - pot. Pottery fragments were as useful as a writing pad to the early Greeks. They put their less im- portant notes on the pieces. Papyrus, a paper made from an Egyptian plant of the same name, was reserved for important speeches, documents and love let- ters. The ostraca were used for lesser correspondence and also as ballots. Most of the papyri and ostraca are in Greek, but there are groups in hieroglyphic, demotic, Arabic and Latin. Although that seems difficult enough, Professor Heich- elheim says that handwriting is one of the most serious problems. Like the economic cycle, hand- writing also had its ups and downs, he says. The inks the ancients used however, were very good. If they had cared to, they could probably (CP) have written under water -- if they | ag8€ had had fountain pens. The translation itself will be a joint project carried out by a com- mittee of staff members at the University of Toronto and at Gies- sen. The professor's connection with the German university is strong. He taught there before his dislike of Hitler caused him to move to England where he taught at Cambridge and Nottingham Uni- versities. Now he is an honorary professor of ancient economic his- tory at Giessen. Just what to expect from the writings Prof. Heichelheim does not know. Perhaps some may be profoundly important, a book by Aristotle or an unknown Greek tragedy. Others may be ordinary records of everyday affairs. Gross (Continued from Page 1) him .ive years in jail plus a $15,000 fine on 60 counts of contempt of court. And the judge plainly regarded this as only the g. He hinted he will go all - out to inh- fluence a sky-high prison sent- ence when the 35-year-old gambler goes into special sessions court Oct. 8 for further sentencing. Gross has pleaded guilty to 66 counts of conspiracy and gambling. The penalty is a maximum of 68 years in prison. McDonald suggested that Gross may have been bribed last week when the bookie made a runaway trip to Atlantic City. He was picked up at the race track and returned to Brooklyn--but not until he had been free from his police guard for a whole day. Gross' excuse for not testifying was that he feared it would en- danger his family's lives. His wife 'and two small children had been threatened with death by anonym- ous letters. Consumers (Continued from Page 1) within a country to slow up or even deflate high costs. A few of these steps had been initiated by the government. But these were not enough. The government had adopted a policy of high taxation to help fight inflation, but had weakened its po- sition by making insufficient effort to curb its own normal expendi- tures. "It seems absurb," said Mrs. Wal- ton, "to control the low-powered credit of instalment buying and the medium-powered credit ' of bank loans, if the government itself fails to exercise more adequate restraint on the credit and spending policies of its own ordinary expenditures." But Canadians could not leawe the matter of fighting inflation en- tirely in the hands of government. "The time has come," she said, "when Canadians need to roll up their ggleeves and produce nore, and at'the same time decrease their purchases of goods and increase their savings. "We cannot leave this cost-of- living business just to government. We can do something about it our- selves and each individual who' is able to must do everything he or she can." Bandit Hunt (Continued from. Page 1) their slowness. Then they acceler-|. ated up to speeds of 110 miles an hour "and shook off pursuers. The car, a green Meteor was re- ported stolen in Toronto and police said they believed a Toronto gang had engineered the robber. The Meteor was found abandoned four miles from this Lake Simcoe resort village where the thugs picked 'p ¢ second car which they had waiting for them. Police said Mr. Croft had a nar- row escape during the robbery. As the gunmen turned to leave the bank, Croft fired a .22 rifle at the man who appeared to be the leader. The shot missed. The leader whirled and blazed away with a machine gun. The bullets whistled by the manager's legs, waist and head. Police counted 17 bullet holes in the parti- tion and door of Mr. Croft's Office. Cop Tackles Red Hecklers This West Berlin policeman, who was caught by the camera in the stance of a bowler or a southpaw discus-.hrower, was actually trying to disperse a group of Communists attempting to harass Christian Fette at a rally of the West German Trade Union federation in Berlin, Mr, Fette is the newly elected chairman of the federation, --Central Press Conadion. Korea {Continued Irom Page 1) ing high ground rained artillery and mortar fire at the attacking al- lied infantrymen. Elsewhere on the east - central front, Eighth army soldiers con- tinued local attacks against Reds dug-in on high ground. U.N. advances also were re- ported on the western front. They were north of Yonchon and north- west of Chorwon. An allied jet photo plane was jumped by 12 Communist jets near Anju, but escaped without dam- 3 "» Other allied planes attacked the Red transportation network in North Korea. Tracks were cut 1n 17 places south of Chunghwa. South African F-51 Mustangs and U.S. F-84 Thunderjets pounded tunnels and trains in other air actions. On the ground, United Nations in- fantrymen pulled themselves to- gether for a drive to regain Wed- nesday's losses. The final score for Wednesday -- no hills won, three lost, and seven allied attacks turn- ed back -- was relieved only by the successful defence of three other peaks against strong Com- munist attacks. The "battle of the hills" flared from northwest of Yanggu almost to the Sea of Japan, west of Kae- song. The allies were fighting for a series of east - west positions that, if taken, would place the U.N. army in the best position yet to launch a wheeling movement to the northwest. Ground action in that area was savage. North Korean troops stormed ahead in the rain to recapture three peaks. They forced back the allies at several other points. On three peaks the allies stood fast. One of the positions lost was a commanding height on "Heart- break ridge," north of Yanggu. The allies took it late Tuesday night after a bitter hand-to-hand fight. The Reds counter-attacked almost immediately and rewon it. Attempts to regain the height were repulsed. After nightfall Wednesday several Communist pianes strafed and bombed allied positions on the western front. Their appearance was written off by allied officers as a diversionary stunt. Allied warships were active Wed- nesday. Wonsan, badly - battered east- coast port, came in for its daily ration of allied high explosives. The cruiser Toledo hammered the port, and rocket launchers poured more than 2000 projectiles on troop an; supply areas. The destroyer Perkins gave front- line support to South Korean troops south of Kosong on the east coast. The South Koreans overran dug-in Reds and captured a hill position. Other American. British and Australian ships ranged up and down the east coast, hammering Red supply lines, troop concentra- tions and rail yards. On the west coast, British and Australian ships kept Communist ground troops and gun batteries under constant fire. DOSCO (Continued from Page 1) manufacture of fencing wire and nails--walked off their job Tues- day night and still were not back late Wednesday. The company already has 575 other employes under supension for earlier walkoffs. Their sus- pension, under & contract clause which forbids wérk stoppage, ends Saturday. The dispute which touched off the walkouts started when local 1064 of United Steelworkers of America (CIO-CCL) asked Dosco to reopen wage talks. Intermittant walkouts -- termed spontaneous by the union-occurred during and since the talks. The union, whose 4700 members now make a basic hourly wage of $1,17, asked parity with other Ca- nadian steel workers and other concessions. Workers at the Steel 'Company of Canada in Hamilton make a basic rate of $1.29. ELUDES HOOKS 10 YEARS Bowers, Scotland (CP) -- A 10- pound female trout that defied anglers for 16 years was found dead in Stemster Loch. Officials of the Bower research centre said it was one of the oldest trout record- ed in the district. SOCIETY™ DOG FOOD HICH IN QUALITY LOW IN PRICE ISLAND TRADE Wood, tallow, hides and sheep- skins are the chief exports ot the Falkland Isles in the South At- lantic, Protest Bar Against Tass To Gallery New York (AP) -- The Foreign Press Association, an organization of newspaper men from abroad, protested last night any denial of congressional press credentials to representatives of Tass, the Rus- sian news agency. The FPA, representing correspon- dents of some 30 countries, made public a resolution expressing "con- cern" that the standing committee of correspondents in Washington had decided to consider no further- membership applications from Tass for the time being. The standing committee of cor- respondents is composed of work- ing newspapermen assigned to Con- gress. It supervises the congres- sional press galleries and passes on the accreditation to the press gal- leries. Its action on Tass correspondents came at a time when proposals were being made for outright de- nial of congressional press creden- tials to representatives of the Rus- sian news agency. 'The measure was suggested asa retaliation for the imnrjcn~m t Associated Press correspondent Wil liam N. Oatis by the Coiniului..o government of Czechoslovakia. Election {Continued from Page 1) 1, would be cut from five days to three. Anthony Eden, Conservative dep- uty party leader, was expected to hurry back to London from an Italian holiday. Some predict that if the Conservatives win, the aged Churchill' would take the prime ministry for a few days as a vic- tory trophy, then turn the job over to Eden, 53, or some other younger Tory. CHURCHILZ, 77 Churchill, who will be 77 Nov. 30, is suffering from increasing deafness. Recent public opinion .polls indi- cate that the country's $4. million voters have swung heavily/toward the Conservatives. One ppll gave the Tories 51% per cent to 38% per cent for Labor. Attlee's strategists faced two problems as the party machines raced into gear. Labor's socialist ranks were split when Aneurin Bevan, fiery Welsh leader of leftist sentiment, resign- ed as health minister and took a political walk in April. And Labor needs a tough-talking program to convince the voters the party should have more than the six - seat margin it now has. London political observers list Bevan and his suppofters as Attlee's biggest single headache. Some interpret the prime minis- ter's sudden decision to ask the ail- ing King to dissolve parliament for an election as a showdown with Bevan. One socialist source said "Attlee » Qc - A&P Nectar Orange Pekoe TER Austral Choice Austral Choice lona Orange & Grapefruit MARMALADE Sultana Peanut BUTTER Tomzto or Vegetable SQUPS car's Purity . FLOUR Shortening DOMESTIC Clover Valley LINK CHEESE York Brand Hawes FLOOR WAX Heinz White or Cider VINEGAR Preserving SEALERS Liquid CERTO Quick or Regular' 21 QUAKER OATS 48-0z pkg 3Bc Cereal VITA B Heinz Fancy Pink 40-60 Watt SOLEX LAMPS Shirriff's LUSHUS York Tendersweet CORN choice Velvet Pastry FLOUR - ANN PAGE VITAMIN B UNSLICED 24-0z loaf a-lb pkg Shc 28-0z hn 35 28-0z tin 39¢ 28-0z tin 31 5-Ib bag 36 ab pkg 29c 33-0z bil 2c pts doz 1.37 36-0z pkg 3c 13-0z bil 28¢c | 2 20-0z tins 35: 5b bag 38c MILK BREAD SLICED 24-0z loaf Je had to have an eiection now to de- cide who is boss in the party." Others saw the move as one to have the election before a cold win- ter and heavier financial 'woes affect the party even more. The last year has seen inflation and the spiralling cost of living, continued rationing, and Attlee's resistance to demands for higher wages adding to the Labor govern- ment's troubles. The conservative campaign is ex- pected to. call for a firmer line in foreign affairs, especially in deal- ing with Iran on oil and with Egypt on British troops in the Middle East; denationalization of the steel industry and parts of the trucking industry; stepped - up con- struction of homes; and an attempt at direct talks with Russia's Pre- mier Stalin in an effort to ease east - west tension. Remains of a Benedictine Abbey founded in 869 A.D. are still seen at Ramsay in Huntingdonshire, FACE COVERED WITH PIMPLES Miss B. Green, Box 361, Davis, Okla., writes: "For three years my face was covered with large pimples, I decided to try Cuticura Soap and Ointment. After using them for three weeks I was greatly relieved; and now the pimples are entirely gone." Cuticura Soap and Ointment may help you too! Buy Cuticura at your druggist today! NO FINER ME A:P SUPER RIGHT Quality MEATS/ A&P Super Right Quality Meats offer you more good eating--with less waste. A&P and see for yourself how each cut is trimmed before weighing. The Beef is Canada's finest Red and Blue Brands. See the illustration--pieces marked by the X is the trim you do nof pay for. a aud _ESTABLIS 1859 NSE Prices In Effect Until Saturday, September 22nd CUSTOM GROUND MILD AND MELLOW BACON 16-0z jar 31 PORK SHOULDERS COTTAGE ROLLS PORK SHOULDERS BREAKFAST -- Smoked Sliced PORK BUTTS BACON SQUARES BOILING FOWL PORK TENDERLOINS HALIBUT STEAKS AT THAN Come to BEFORE WEIGHING TT Rh | Customers' Corner A&P has always been known for its money saving prices. But we have always placed great emphasis on the quality of the food we sell, too. Anybody "can cut prices if they are willing to cut quality. But it has never been A&P policy %o achieve low prices by selling inferior food. So we are able to offer you the values you enjoy at your A&P because we work hard to hold up the quality of our food as well a¢ to keep down the - price. If you ever feel that the food you buy doesn't measure up to our high quality stand- ards please let us know. Please write: Customer Relations Department A&P Food Stores, 135 Laughton Ave, Toronto, Ont. 0-0z tins 19 Ib 34 12-0z tin @7c tb tin 3c bil 25¢ 1s tin a5: each. 20c 3 pkos 29c SPINACH ENRICHED CELERY STALKS CRANBERRIES Smoked Shankless, Picnic Style Ib 49c Peamealed Fresh, Fresh Smoked Grade A "Choice Choice Fresh A&P Choice, Ungraded » 7c AS¢ rindless Ib 79c b 59c b 37c Ib 53c Ib 99c Ib $5c¢ *b 38 Shankless b 69 TOMATOES ~~ 2-39: TOMATO JUICE 2. 25¢ CHOICE PEAS WAX BEANS A&P Choice Cut 20-oz tin 17: 20-02 tin 1h: or & P a a Vegetables ONTARIO GROWN APPLES Fancy Grade -Wealthy or St. Lawrence cor bok 55: CAULIFLOWER | Fres!, California Red Malaga, Ne. 1 Large White Heads, No. 1 "./.shed and Ready to Cook, No. 1 Bradford Pascal, No. 1 New Crop, Cape Cod, No. 1 ea 15¢ cello pkg 19: & for 19 cello box 29c 2 bs 29 LP Nper Hardels