10 Feb 1948
Page 1
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This newspaper page contains 14 articles. Subscribers can read the full text of each article.
Newspaper
Lethbridge Herald
Location
Lethbridge, Alberta, Canada
Date
Feb 10, 1948
Page
1
Prices in New York and wholesale markets tumble as grocery and meat sectors react to yesterday's livestock declines. Stocks slide $1 to $3 per share while Chicago wholesale beef prices drop sharply, signaling broad market weakness.
A Canadian Press report details a deadly series of fires across Canada and Newfoundland. An heroic mother saved six children in a four room bungalow blaze, while a three year old was burned. Fires in St John’s, Halifax, Port Colborne and Verdun caused multiple deaths and significant property damage. Authorities fear the toll will rise as debris is searched.
Winnipeg grains market opens with declines across most cereals as North American markets fall. Oats slip 3.5 to 4.5 cents, barley down 3.5 to 6 cents, meal lower 6 to 5 cents, with losses less severe than in the United States. Market turns nervous mid-session after an active start.
The Chicago grain market opened with wheat and other staples down several cents per bushel while cattle and hog prices fell in New York as livestock slumped. Farmers faced price cuts across commodities and a tentative trend toward stabilization amid widespread retail price declines.
The article notes Will Lassner's Time magazine inspired comparison of wages for various commodities in the USSR and the US. It cites Time's observation that twenty years after the Russian Revolution workers earned far less under communism than under capitalism, prompting debate on system efficacy.
The National Liberal Federation urged the government to raise veterans pensions and aid widows with dependents, seek a better basic pension rate, and support freer entry of desirable immigrants. It backed broadening natural resource development, university funding, and student income exemptions. it also expressed loyalty to Prime Minister King and called for a national convention. An impending cabinet decision on pension increases was considered likely.
Ottawa announces new rules to control auto imports and parts quotas effective March 1 and March 3. Importers receive dollar allotments based on vehicles imported in the year ending Oct. 31, with $230 per vehicle as the basis for complete cars and trucks from scheduled countries including the United States and several others.
London Feb 10 The Foreign Office said it has no trace of a Russian request to participate in the western powers analysis of captured German documents. Moscow had claimed Russia asked for representation in 1945 and was refused. The Soviet statement also said the western powers invited Russia, which Britain denies. Over 27 million documents are under study by British American and French experts in Berlin with plans for a public release later.
Washington reports Canadian born federal labor official Ching warned the U S government will not permit a coal strike this spring. Southern Coal Producers rebutted, saying Lewis holds a strong negotiating position while ministers discuss pension demands for older miners with long service. Moody notes operators expect Lewis to act by March 1 amid talk of a potential walkout and government intervention.
Ottawa authorities announce a federal windfall totaling about 192 million dollars for Canada’s wheat producers. The retroactive increase, likely 25 cents per bushel, raises payments from 135 to around 160 cents per bushel for deliveries since August 1, 1945. Saskatchewan gets the largest share, with Alberta and Manitoba receiving substantial amounts. The plan awaits parliamentary approval, then detailed distribution, possibly spread over several years.
Halifax braced as unemployment and ship idling hit the waterfront. Acadia Overseas FreightersLimited tied up two 10,000 ton vessels while Longshoremen's Association president 3. J Campbell warned conditions were worse than mid summer. Freight Handlers Union head Herbert Wearsley said the port has died as 18 stevedores and no ships moved.
A fierce fire in Hamilton threatens the old Guerney Tilden foundry building and endangers adjacent firms including Ontario Furniture Company Hotz Salvage Acme Calk and Tool Company and the Hamilton Guild of Metal Crafts The blaze is believed to have started at Hotz Salvage Company Leaves were lost and other blazes were reported in towns such as Wainfleet Port Colborne Kent Grimsby and Ripier with losses ranging up to 150000 by Sunday continued on page two
Ottawa Feb 10 Canadian mothers and housewives voiced opposition to price controls and subsidies urging ministers to learn the nutritional facts of life. Gladys Strom criticized the government’s “foolish economy” and warned that denying subsidies harms prenatal care and child health as the debate over a committee to investigate single living costs continued into a second week.
U S markets see a broad downturn with sharp declines across cotton and other commodities and stocks tumbling. Slacks to $1 to $5 per share, many closing near day lows amid widespread selling.
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