Greeley Daily Tribune from Greeley, Colorado • Page 19

Economists disagree on rood to financial recovery Nta'i CMMfl of told 4 UMment r-1 Ajrt 14. Ml CKEELEY TRIBUNE If part there little nation's MDaamtosd a mop of financial attaints ia New York, of the Federal arve Board ha ve takaa sharply Mtvergtnt potittohs on what policies the board follow as the nation out of its recession In the months ahead. J. Dewey Daane, a former member who Is now a 'tanker and an economics pro- 'laisor at Vanderbilt, says the cannot act more aggres- to expand the nation's supply without setting the stage for a new and worse "Bound of inflation. former board member Mdrew F.

Brimmer, now a j-awfessor at Harvard, predicts USe board will be forced to con- a more liberal monetary than it would like be- the domestic economy require it. iis placed by the Federal Reserve from keeping short- already earned ao outflow of dollars to other natkw, whkh tends to reduce international confidence in the dollar. Tltt Fed regulates the money supply by buying and selling government securities and-by adjusting the amount of money banks must keep oa reserve to cover deposits. A third economist, David I. Meisetaan of Virginia Polytechnic Ins'dtute, taking a so- called monetarist view, urged that the Federal Reserve ignore interest rates and concentrate entirely on money growth policies.

"Nobody knows what interest rates should be down the line. If we try.to control both rates and money) we cannot at the same time control the supply of money it's out of control," he told The Confer economists still cannot explain recover," he said. That should not be a major Hendrik S. Houthakker, a of monetary pd- Harvard economist who was on see economic surge Iis inventories hit record low WASHINGTON (AP) Led "uat month cunm, a tug decline in the backlog Department had reported that automobiles, inventories of Inventories in January also had TEe nation's businesses fell by a declined, but it revised those record $1.5 billion in February, figures today to show that they the Commerce Department re- actually increased by $5 mil- ported today. lion development was good Total business inventories news for government econo- including stocks for both manu- mists, who have said a large- factoring and trade totaled scale decrease in inventories, billion in February, down especially autos, is essential for from $171.8 billion in January Recovery from the nation's cur- The figures are adjusted for rent recession.

seasonal variations. decline in inventories Inventories of retail busi- liwans people an buying goods nesses declined by $1.1 bjlliofi faster than they are being pro- and inventories of wholesale duced. As inventories continue businesses fell $569 million, declining, manufacturers even- There was an Increase of $185 tualiy will need to begin pro- million in the inventories of diSdng again to rebuild in- manufacturers, vmtories. That means more inventories were falling jobs on production lines. In February, business sales all of the February rose by five-tenths of one per dtcline in inventories occurred cent, including 1.9 per cent at in; automobiles, which Were the retail level.

There were down $1.6 billion, the largest four straight months of in- monthly decline on record, creases In retail sales, from on auto inventories November through February, showed the sale rebate plans of until a small decline in March, auto manufacturers, in force The Commerce Department all of the month, appar- said total auto inventories in enfly were successful in reduc- February were nearly $16.3 bil- Ing the auto backlog. 1km, down from slightly more over-all decline in in- than $17.8 billion in January, vcntories of $1.5 billion was The department said retai- also the largest on record, ex- lers' inventories of nondurable ceedlng the previously high goods-such as food and cloth- monthly inventory liquidation ing increased $296 million in of $6.10 million in December of February to a total $40.1 bil I960. lion. fischer may issue challenge to Karpov for chess crown Mam's Cwndl of EoMtnfc Adrian, said of (root economic thtorr to not adetpwte to deal with the nation's economic problem. He said the widely foUewed theories of the late Bntnh economist, John nard Keynet, treated inflation and unemployment as mutually exclusive, even though both have occurred at the same time in the United States, giving rise to the term "stagnation." "Without a firmer basis for dealing with stagflation than Is provided by post-Keynesian economics, it is difficult to arrive at useful policy recommendations," he told The Conference Board.

Gardner Ackley of the University of'Michigan, who was a member of the Council of Economic Advisers under both Presidents John F. Kennedy and Lyndon B. Johnson, told the conference that some of the confusion over economic policy can be blamed on the government. For example, he said 'that early in the Nixon adminis- tmtton AmericaM wm told budfst deficits wm bad. Ttan they wwUM deficits an rtfht but fiitt ffnptoytMflt budget defldt was wwsg, and tven later that a full employ- budget was all right alter aD.

Economists do seem in gener- agreement on several baric points, includinf the prospect for an upturn in the economy later this year, ttw oead for tome restraint on the to of the budget deficit and the Mtd of private business for more investment capital to meet future investment needs. PIONEER HYBRID CORN SEED Germination Grain Varieties 3955 3932A 3933 3662 Call These Pioneer Representatives Today: Bob Felte, 486-2960 Onion Growers 834-2882 Les Peterson, 352-2286 Bill Schaefer, 284-6407 Al Seele, 587-2216 Walt Seele, 587-2330 Recreation Resolution GKEELEY PARKS AND RECREATION BOND ISSUE Give Spirit to A Good Community A meeting will held April 14 at 7:30 p.m In the City Council Chambers asking you to help do something good for Greeley. Being there means a great deal Paid for by the Parks Recreation Bond Committee JCPenney Super savings for your home. Save on our quilted bedspread Sale 20 twin reg. $25 Full, reg.

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Some Sizes Special Order Only. Philippines (AP) Former world chess champion Bobby Fischer says he wants to talk with his successor, Anatoly Karpov of the Soviet Union, about a match between them, a Philippine chess official reported today. Florendo Campomanes, deputy president of FIDE, the International Chess Federation, told newsmen Fischer tele- phoned him from his home in Pasadena, early today and said be wanted "to talk the matter over seriously with Mr Karpov." Campomanes said the 32 year-old American chess wiz ard was responding to a report that Karpov was challenging him to a match under rules to be decided between them per sonally. EARLY BIRD SPECIAL! FREE COOKER-FRYER With each patio-cover purchased ahead of patio season Enjoy a patio cover all Summer! ALSO. 4I2.MH PEASE HOME IMPROVEMENTS im Ntfttam CatoHo Siact H5I off washable Birchwood', Full, reg.

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