Word: hepburn
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Enacted last week against the lively backdrop of current Ontario politics was a rapid little drama in which Ontario's dimple-chinned Premier Mitchell ("Mitch") Hepburn, who has been loudly promoting a provincial New Deal, played the hero and the bankers were cast as the villains. What gave this hoary theme a sudden and surprising twist, however, was the fact that the villains, instead of knuckling under as they had done in the U. S., cracked down on the hero...
Rather than boost rates to consumers so that Hydro could honor these sour contracts, Premier Hepburn proposes by act of the Ontario Parliament to repudiate them as "illegal, void & unenforceable...
Since "Mitch" Hepburn's high-handed power policy threatened Ontario's credit at home & abroad, Dominion bankers were naturally incensed. Last week someone in the Hepburn Government blundered, and the bankers got their innings...
Though the power contracts have not been officially disclaimed, Hydro served notice that it would not accept certain big blocks of power scheduled for delivery in the next few months. That meant that the Hepburn bluff-if bluff it was-was going to be played to the last card. Hydro's announcement, however, was made just a few days before a $15,000,000 Ontario loan went on sale. And in Toronto last week, when officials in the Parliament Buildings opened the box where bond tenders are dropped, not a bid was found at any price...
Tipped off before the bidless box was opened, Premier Hepburn hopped back to Toronto by plane from the bush, where he had been fishing with-of all people- President John P. ("Jack") Bickell of Mclntyre Porcupine Mines (gold), "richest bachelor in Canada," and Manhattan's legendary speculator, Bernard E. ("Ben") Smith, who is called a "money magnate'' in the Dominion Press. The Government's counter attack was planned at Jack Bickell's home located at Port Credit. "The financial interests undertook to discipline the Government of Ontario because of its stand on the power purchase...