The Courier News from Blytheville, Arkansas on January 29, 1953 · Page 7
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The Courier News from Blytheville, Arkansas · Page 7

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Blytheville, Arkansas
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Thursday, January 29, 1953
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Page 7
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THURSDAY, JAN. Z9, 1953 Top Treasury Aides Are Expected to Urge Caution in Tax Cutting BLYTHEVILLE' (ARK.V COURIER NEWS By FRANK O'BRIEN WASHINGTON l.tl—On the basis of past performance the two chief policy-making aides to Secretary of the Treasury Humphrey—Marion Folsom and W. Randolph Burgess—can be expected to plug for caution tn cutting taxes, a balanced budget and anti-lnflallonarj' money policies. They may also be expected to favor longer-term funding of (he national debt, accepting the consequent rise in interest rates and the manifold impact on the national economy of increased interests. However, the winds of political and economic necessity blow harder at the summit of high office than In the confines of private life. And Ihey may veer Folsom and Burgess of their well known economic courses. Folsom, long treasurer of the Eastman Kodak Company and a prominent figure in the Comittee for Economic Development-CED), is to, be under secretary of the Treasury in charge of tax matters. Folsom has been chairman of CED . the past two years, and many of his views have received prominence-through the reports of this organization of businessmen and educators formed for the purpose of studying and commenting on the national economy p.nd government policies. Burgess came to the Treasury from the National City Bank of New York, where he was chairman of the Executive Committee. He will be special assistant to Humphrey in charge of debt man- Kagement, and in that role will ex- 4'ert a strong influence over the ^ nation's pocketbook. His Influence may already have made itself-felt in the announcement Tuesday that in its first debt- refunding operation the new administration will give holders of a short-term government security an opportunity to exchange for 'a medium-term obligation, with a probable rise of something like Ihree-quarters of I pel- cent in (he rate of interest. With Federal Reserve Bank Burgess, h'ke Folsom. has long been connected with' federal reserve banks. Burgess is the author of several books and'has In the past been an outspoken critic of Democratic economic policies. The views of Foli-om and Burgess are better known than those of their boss. Humphrey, who has been a Cleveland industrialist with a passion for staying out of the limelight. However. Humphrey is known to share their strong inclination toward a balanced .budget as a key to sound national economic policy, and it is believed (he three men share generally similar views. Humphrey is a past chairman of CED. _ • » In a message to Treasury en? ployes this week. Humphrey hinted 'that Folsom and Burgess may be regarded as masters in their own policy houses. He said he looked to his chief advisers to lake "real responsibility" and to provide leadership in their fields. Burgess 1 -. past pronouncements appear to indicate his' thinking runs along more or less classical conservative economic lines. Folsom has expressed more unorthodox views, and has indicated that in time of economic distress he might favor turning temporarily at least toward deficit spending. Most, if not .all, of what the two men have said in the past has been said In a time of inflation, and when nothing but continued inflation could be scsn ahead. They will now share responsibility for keeping the nation from deflation —recession—if the economy should show signs of turning downward. Both men appear to favor keep- Ing taxes high enough to bring about a balanced budget. In CED reports and in testimony before Congress. Folsom has in past times of deficit financing suggested that if no other means were found, a sales tax should be imposed to balance the budget. Under Folsom'E chairmanship the CED has urged that the gov eminent abandon the "annually balanced budget, policy" as a fall ure. This Is the. present policy o changing lax rates and govern ment expenditures yearly In the face of always uncertain economic prospects which make such at tempts at annual budget balancing difficult. Stabilising Budget Policy ' Instead, the CED and Folsom have suggested a "stabilizing budget policy." The heart of this, is the following: "Set tax rates to balance the budget and provide a surplus for debt retirement at an agreed high level of employment and nationa income. Having set these rates leave them alone unless there Is some .major change In national policy or condition ol nations life." The CED booklet setting forth this, under Folsom's chairmanship, said it would operate like this: If the national income fell, government income would fall with it as the set tax rates would apply to lower Incomes, and thus yield less. At the same time, government payments In unemployment compensation would rise, as more people became unemployed. The government would probably run a deficit, but it would help keep consumer purchasing power up, and in that way help stave off depression. In a time of rising national income, with the threat of infla lion, the set (ax rates would bite into the increasing -consumer incomes, helping to siphon off purchasing power. The government would have a surplus, which could be used to retire debt. "la a full turn of the business cycle," the CED booklet said, "the stabilizing budget policy would produce surpluses In good years to retire debt created in bad years... In fact (he policy would contribute to gradual debt reduction, unless the economy went into a long-term decline." Burgess replied, when -asked after he had been designated for the Treasury, about his policy views: . "My views on debt management and fiscal policy are well known.' Burgess' long list of publications and many public speeches bring out that he believes in: 1. Converting much of the present 49 billion dollars of short-term debt into longer-term issues. 2. Hiking interest rates on government securities—"3 per cent or more," he* said recently—as contrasted with the present 2>/ 2 per cent top on marketable government issues. .3. -Increasing the yields of U. S. savings bonds. . 4. Encouraging the federal reserve system to monitor the nation's money supply without obligation to "keep money excessively cheap for governmental borrowing." • i 5. An eventual return to the gold standard, some time after the principal world currencies have been made freely convertible. WARNING ORDER .In lh« Chancery Court, Chickasawba Dlifrici, Mississippi Counly, Arkansas. Gertrude Nelson, Ptf. vs- No. 12,305 Roy Calvin Nelson, Dft. The defendant. Roy Calvin Nelson, ij hereby • warned to appear within thirty days In the court named in the caption hereof and answer the complaint of the plaintiff. Gertrude Nelson. Dated this 21 day of January, 1953. Geraldine Liston, Clerk By Laverne Ball, D. C. C. P. Cooper, atty lor plaintiff. Ed B. Cook, atty ad litem. 1'22-M .2 5-12 A generation generally Is considered to be 33 years, thus allowing three generations to a centucy. Farmers To Be Sufc, Order Your .Fertilizer NOW. Nitrate of Soda 16% Nitrogen Sulphate of Ammonia 21% Nitrogen Nitramoncal 20^% Nitrogen Muriate of Potash 50% or 60% Superphosphate Mix Fertilizer - All Analysis For Immediate or Future Delivery In Sack- Ton- or Carload Lots Farmers Soybean Corp. PH8191 Blytheville N.Broadway FILES FOR TRUMAN MUSEUM-Under the watchful eye of an Army guard, right, one of 12 trailers filled witA President Truman's personal files is unloaded at the Jackson County Courthouse, in Kansas Cily, Mo. Special security measures have been taken to protect the documents, many of them containing confidential information, while they are stored In the courthouse Mr Truman s papers will eventually be filed in the Harry S. Truman Memorial Library, at Grandview, Mo., now under construction WARNING ORDER In (he Chancery Court, Cbicka- sawba District, Mississippi County. Arkansas. / Leona Jennings, Ptf. «• No. 12.3M Ijawrence Jennings, Dft. The defendant, Lawrence Jennings, Is hereby warned to appear within thirty days in the court named ,in the caption hereof and answer the complaint of the plaintiff. Leona Jennings, Dated this 21 day of January, 1953. C.-F. Cooper, attorney for ptf. Ed B. Cook, attorney ad litem. , Geraldine Listen, clerk By Laverne Ball, D. C. 1122-22 25-12 IN THE PROBATE COURT FOR THE CIIICKASAWBA DISTRICT OF MISSISSIPPI COUNTY. ARKANSAS IN THE MATTER OF THE ESTATE OF WILLIAM A. GRIMMETT, DECEASED No. 2161 NOTICE Last known address of decedent: 113 South Lake Street. Blytheville, Arkansas. Date of Death: January 15, 1953. The undersigned was appointed Administrator of the Estate of the above named decedent on the 21st day of January, 1953. All persons having claims against the -estate must exhibit -them, dull- verified, to the undersigned within six months from the date of the first publication of this.Notice, or they shall be forever barred and precluded from any benefit In the Estate. This Notice, first published 22nd day of January, 1953. _E. A. Rice, Administrator . 'P.O. Box 548, Blytheville, . Arkansas, Oscar Fendler, attorney lor the estate. , 1122-29 . First U. S. federal fish hatchery for propagating Atlantic salmon was established at Bucksport, Me in 1872. ; Honored on Birthday Honoring Evelyn Cash on h e r eighth birthday, her mother Mrs. D. D. Cash was hostess to 14 of her friends at a theatre party Saturday aflernoon. Following refreshments at the. Cash -ho in e guests attended the movie at Wilson Theatre. Recent Bride Honored Mrs. Bruce Frlzzell, 'a recent bride, was complimented when her Philathca Sunday School Class at First Baptist Church surprised her with a gift at the close of th.e class meeting Sunday morning. Mrs. J. B. Lovett, class president, presented her with the gilt, a combination sandwich grille and war- Shop the Convenient Sears Catalog-way! Yes, million! of people ore shopping the modern, convenient Sean Calatog-vvoy. U saves you lime, money, and quality is assured. Everything you buy n backed by Sears , famous guarantee ... "Satisfaction Guaranteed or your Money Back." Slop in your Seon Catalog Soles Office today and see the new Spring General Calalog that has jusl arrived. Pagt . through this remarkable book . . you'll agree, we think, thai i| it an outstanding guide to exceptional values. Come in your Sears Calalog Soles Office where you con ie« actual samples of acluol merchandise, have your measurement! taken if needed, and your order written for you. H you wish to take advonlage of our lelephone. order service: jusl- call 8131 and give your orHer. &&**/> SEARS 217 W. Main Phone 8131 BfyHicville, Ark. fie Iron. Class Meets Mrs. T. -J. McAfee was hostess Monday evening when 10 members of the Fldilis Sunday School Class met at her home for a combined business meeting and tacky party Mrs. H. G Y.atcs, class president, presided during the business session. Mrs. Albert Orccnwell was in charge of entertainment. Mrs, Curtis Miller was awarded the prize for wearing the tackiest costume. Carrying out, the tacky theme, the hostess served a tacky plate In mis-matched .dishes and no napkins. Personals H. Cannon Hobson Jr., returned to Montgomery. Ala., Sunday after a visit with his parents. Mrs. Edgar Dailey and baby daughter, Dorothy Marl e. of Moorehead, Miss.; are visiting her mother. Mrs. George Wilson, and her sister, Mrs. Charles Harwell and Mr. Harwell. Mr. and Mrs. Glen Wheeler and daughter, f,lenda, were the dinner guests of Mr. and Mrs. Paul Driver, Jr.. and family at their home in Tunell, Sunday. Miss Virginia McAfee, a student at St. Joseph Hospital School of Nursing, spent a few days last week with .her parents, Mr and Mrs. T. J. McAfee, and their Jnm- Mrs. Herman Mullins and daughter, Beth, of Memphis visited Mr and MIS. John Manker and family last week. Mrs. Annie Mae Driver of 05. ceola Is spending tills week with her brother, Glen Wheeler, and his family. Jim Deer, a student at lieiidrx College at • Conway, spent t h e week end with his family. Twenty-four members of First. Baptist Church attended the monthly services of the Mississippi County Prison Farm, Sunday. The Rev. D. B. Blcrtsoc. local pastor, brought the message. Mrs. D. D. Cash underwent surgery at the Baptist Hospital in Memphis, Monday. Mr. Cash reports her condition as satisfactory. Mrs. . Eva Kcilin, who recently underwent surgery at, a Memphis Hospital is recuperating at home. Members of the Baptist Brotherhood at First, Baptist Church \vho attended the Assoclational Brotherhood meeting Itisl Thursday night in Blytheville were j. B. Lovett, Joseph Pugh. Rev. D. c. Blcdsoc', Dwight Anderson. James Cobb, Albert Greemvell, Stanley Pierce.'Jim McCullar, H. 6. Yates Jr., Curtis Miller, W. D. Brown and Ed Williams. Mr.,and Mrs. Russie Perry were the guests of Mr. and Mrs. Walter Perry, in Memphis'Sunday. Mrs. _Maggie Boyles returned to Dell, Sunday, after spending the past two weeks with her son Buford Boyles and his family. ' Miss Carolyn Lynch, a student at Blue Mountain College, Blue Mountain. Miss., spent the week end with her family. Miss Annie Rac Rowland has returned after spending a few days with her mother, Mrs. s. Rowland, at Dumas. Mrs. Jess Rapp is recuperating at her home following surgery al 'the St. Joseph Hospital In Memphis, Her daughters, Mrs.' Jewell Flynn .and Mrs. Howard Copies. Mr. Copies and their family have returned to their homes in Portsmouth. Va., alter visiting her. Dr. nnd Mrs. N. B. F.llis have returned from Hot Springs after a few uiiys visit Ilicre. , Tlie Rev. and Mrs. F. o. Anders of Kelsor were visitors at the services at First Baptist Chinch, Sunday morning. j Mr. and Mrs. J, B. Lovett and KOIIS, John and Jim. were the dinner guests of Mr. and Mrs. Ed Williams and daughter. Jo Lee, Sunday. Mrs. Gilly Wright Is a patient at the Baptist Hospital. In Memphis. Mr. and Mrs, Arold McDaniel ?AGE SEVEX and daughter, Judy, visited her mother, Mrs. Hugh Morgan, at her home In Tyronza, Sunday. • Mr. and Mrs. Bufortl Boyles Jr., and daughter, Eleanor Suzanne, of Memphis were Die week end guestis of his parents. Mrs. J. B. Lovett and Mrs. Ed Williams nKciidcd the Associational Training Union study course held at First Baptist Church In Oscebla Sunday altcrnoon. Mr. and Mrs. Robert Bussey of Memphis announce the birth of a son Jan. 21 at the Baptist Hospital In Memphis. He is their first child. Mr. Busscy Is a former resident of Wilson. ATTENTION FARMERS SOYBEANS Woodson-Tenent Laboratories Licensed Grain Inspectors fi!2 West Ash SI. Blytheville, Ark. ^arsOld Extra Age—Extra Rich Just ask for Charier Oak. Now every golden drop is aged for six long years. + Available at 86 Proof and at 100 Proof .BoUled-in-Boad CONriNENTAt DISrtlllNG CORP. • PHIU;, PA, BOURBON WHJSKY «6 PROOF 3306 $7 55 *^ «•«"•'' -t-'Afi For deep mud end snow yeur best be? is the STUDDED SURE-GRIP ADDED TRACTION TIRE • Angular arrangemenfs of heavy studs ..Shoulder blocks dig in on soft going give maximum traction. Takes plenty of lough beatings. • Studs clean themselves. Mud and . The best tire when driving in mud or snow funnel oft at tire revolves. snow. LIBERAL TRADE-IN ALLOWANCES ... USE OUR EASY PAY PLAN Goodyear Service Store 410 W. Main Phone 2492

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