Logansport Pharos-Tribune from Logansport, Indiana on June 10, 1962 · Page 28
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Logansport Pharos-Tribune from Logansport, Indiana · Page 28

Logansport, Indiana
Issue Date:
Sunday, June 10, 1962
Page 28
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' PAGE TWENTY-EIGHT THE PHAROS-TRIBUNE and LOGANSPORT PRESS, LOGANSPORT, INDIANA SUNDAY, JUNE 10,1MI JFK And Advisers Calm Over Gyrating Market WASHINGTON (AP) - .Wall Street's Black Monday found the White House sharing much of the " consternation, concern, and uncertainty that afflicted millions of investors. ; Outwardly, .President Kennedy and his key financial advisers pre. served an air of confident calm. Behind the scenes, however, there were significant disagreements on how to deal with the stock market debacle. • Sources close to the discussion reported Saturday that policy makers considered—and • discard- In Loving Memory of Bessie Lydia Helmuth who . passed away June>9,1961. Missed - by children and grandchildren. Ice Cream Social WED., JUNE 20, 5:30-8:30 Royal Center Park Pavilion Free Will Offering Sandwiches, Salad, Pie, Cake, Drinks, Homemade and Commercial Ice Cream. Sponsored By • Victory Class of Crook Creek Church ed—suggestions for a variety of emergency moves including a special television-radio address by the President. At one point the source said, Kennedy was set to make such a talk. However, the President later pulled, back from the idea lest it be viewed as an indication of alarm. • Still other ideas were studied at a White House meeting on the morning of May 29, the day after the market, took its sharpest tumble since 1929. These included: Reduction of stock market margin requirements from 70 per cent to 50 per cent. Chairman William Chesney Martin of the Federal Reserve Board vigorously resisted this suggestion.' Issuance of an unusual public statement by Martin, once he had won the margin fight, to explain why he .felt lower margins would be unwise. A quick announcement that the administration would seek a cut individual in- were shelved initially but thp tax cut plan was revived a week later, with Kennedy announcing at his Thursday news conference that across-the- board reductions will be sought next year. in corporate and come tax rates. All these ideas LEARN to FLY SAMPLE LESSON. . .$5.00 SEE LOGANSPQRT'FROMT1HE.AIR HOQANSPORT AIIRIPOR.T .. . PHONE 4300 It seems likely also that participants in the'May 29 meeting al least reviewed the government's emergency powers to temporarily close stock exchanges and bar the redemption' of. mutual fund.shares. These steps'may be taken'by the .Securities and Exchange Commission with the President's approva There is no evidence to indicate that immediate resort to. either move was given serious consideration. .The administration's first pub; lie reaction ..to the events of v Black Monday came'.-at midday from Chairman Walter W. Heller of thi Council of Economic Advisers. He told a luncheon audience thai nothing in the economy justified the selloff. Heller a'nd the President,'' deeply distrubed by the historic 'tumble, thought.the simplest way .to restore market confidence mighl be to ease margin requirements to permit the purchase of stock with a downpayment of 50 per cent rather than 70 per cent. Secretary of the'Treasury Douglas Dillon agreed. During the evening, Dillon made a series of telephone calls to Martin, whose reserve board has jurisdiction over margin, levels: The reserve board chairman, a former president of the New York Stock Exchange, threw cold water on the suggestion. Martin salt lower margins would have no effect on those who'already hac bought stock ori' credit. Thus,-lower margins' could not be used to rescue investors facing - margin calls—demands for more collater. al—on current holdings. Martin believed also a cut in margins might be regarded as SUPER SPECIAL! JUST IN TIME FOR FATHER'S DAY SPECTATOR CUSTOM TAILORED SPORT SHIRTS •p < if I WASH AND WEAR SUBS [S-AU REGULAR PRICE S5.95 YOUR CHOICE Mon., flues., Wod. $199 OTHER WASH A'ND WEAR SPORT SHIRTS Priced from ... $1.69 BARNETT'S DISCOUNT STORE 416 S. Third Phone 282ll BONUS BUYS-MONDAY-TUESDAY ONLY FRESH-<100% PURE GROUND BEEF PRE9H-4JHAN PORKCUTLITS OUR OWN POTATO SAIAD POUND 39C OUR OWN MACARONI SALAD POUND 39C OUR OWN HAM SALAD' POUND 59c RKESH-SOUD-CRIISPY HEAD LETTUCE LARGE HEADS 29* ICECREAM IGA POTATO CHIPS BULL . .GAUON PACK 89* 490 STORE HOURS R&iiY 8 c!> tn. $o o p* in. Fridays 8 a. m. fo 9:30 p. rn, BEER AND WiME TOOARRYOUT WE (ISSUE MONEY ORDERS Bollei's I sign of official' panic and, in that woy, aggravate the situation..; Dillon swung around to Martin's view once he was convinced that lower margin would be useless as a rescue device. '_ ' . At this point, the White House made some changes in the President's,, schedule, moving to May 29, from June 1'the monthly meeting ofi Kennedy, • Dillpn, Heller. Martin and Budget Director David E. Bell.' ' , Joining Dillon; Heller and Martin in the President's office "were Kennedy, Bell, Undersecretary .of Commerce Edward Gudeman, Commissioner Manuel • F. Cohen or the SEC and presidential assistants- Theodore Sorensen and Myer Feldman.Kermit Gordon of the Council pf Economic Advisers also sat in briefly. Kennedy was in good spirits despite the somber topic. Both.the President and Heller argued at once for lowering margin requirements; Martin stood his ground, arguing that such a move would only add fuel to'WaH Street's fire.~Dil. ton backed him'lip.. It, was agreed there would be >no reduction .in margin. However, Dillon agreed.with Kennedy and Heller it might be helpful if Martin issued a- statement detailing his position. • • ' , , The reserve board chief said this would be out.of character and unwise, He suggested .that, at such a time, more good would come from, a statement by, for example, the American Telephone & Telegraph Co., than by anyone in-government—the President included. Dillon was 'as adamant as Martin when' the conferees discussed the possibility of a quick promise of a tax cut. Billon' wanted to stick to the original timetable of presenting Congress the. outlines of a broad tax reform package lat« in its current session, for action next year. When the conference broke up, it was agreed that Dillon would talk to newsmen. The word he had for them was that this was no time for panicky acton, that the economy was sound, and thai there was no need for a tax cut. Almost simultaneously, Secre- tary of Commerce Luther H. Hodges, who -had been fully briefed on the White House meeting told a news conference he favored an announcement as quickly as possible that the administration would seek a 1963 tax cut. As Hodges spoke, the market continued, in ', a dizzy tailspin. An hour later, however, the tide turned and a vigorous rally began. The immediate pressure was off Kennedy and his associates. . In,the week that followed, however, the market remained skittish and there was increasing talk of a sluggish economy despite its. steady climb to record levels. Discussion of taxes moved to the fore and Kennedy, a political activist who dislikes standing still, adopted the Hodges suggestion. On Friday, a convalescing stock market seemed not to notice. DEATHS PERRY .' Private services will be at two o'clock this 1 afternoon at the Fisher funeral home for Lewis Warren Perry, 43, of 907 Sunset Drive. The Reverend, Irving. Phillips will officiate. . . Read the Want Ads! Card pf Thanks' I want to thank the staff of Memorial hospital, Dr. Newcomb, Dr. Hedde, Rev. John Mull, the Zion church, Memorial Post Ladies' Society, the Harrison township Home Demonstration Club and all my friends and relatives for the beautiful flowers, prayers, 'gifts and cards- sent me in my recent illness. , —Lena Mae Finton. HD Club To Meet At Ro. Center Library Tuesday Aflernoon ROYAL CENTER-Boone township Home. Demonstration club will meet at 1:30 Tuesday in the library. Hostesses are Flora Hale, Wilmai Morphet, Esta Dodt and Hilda Dodt. .., •There will be initiation Wednesday, June 13, when Royal.Center chapter .OES has its regular stated meeting. This will be district deputy night. 1 .Kenneth W. Lucas has been commissioned a second'lieutenant in the Chemical Corps of the Army He&erve. • • -. Mrs. Mabel Morehouse and daughter," Mrs. Pat Hardy and children are visiting relatives at •Louisville. Mrs. Hazel Rans of Indianap- olis is visiting relatives and friends"'here. Mrs. Basil Hoover and sons of Depver visited Mr. and Mrs. Fred Douglas Monday. Mrs. Grace Taylor and Mrs. Mayme Coleman visited Mr. and Mrs. Dallas Tousley at Culver recently. Card of Thanks We wish to extend our thanks to our neighbors and friends for the acts of kindness, floral offerings, cards, and prayers shown us upon the passing of our mother Hertha Thompson Graeber. —Marjorie Bauer Everett "Buss" Thompson Card of Thanks We wish to thank friends, neighbors, Rev. Paul Grant and Kroc- ger Funeral Home, for their many acts of kindness during the death of our wife and mother. Jesse Maloy and Children if You Need A TRUSS We have all sizes. Single and Double Fittings Guaranteed Reasonably Priced BUSJAHN'S DRUG STORE Card of Thanks We wish to,express our sincere appreciation to friends and neighbors, Msgr. Foley, Father Wick- lum, Father Jost, all attending clergy, all the Sisters, Rosary Society, St. Joseph Children's Choir, St.. Joseph Hospital, Kroeger funeral home. Dr. Harrington, .for their consoling words and acts of kindness extended us upon the death of our beloved husband and father. —Mrs. William P. Loner and family. lUPHOlSTERINGl Card of Thanks , To-Rt. Rev. Msgr. John P. Schall, Rev. Thomas Fox, the Kroeger Funeral Home, Holy Rosary Society, Dr. Eugene L. Hedde, the employees on second floor of St. Joseph Hospital, the RBM em- )loyees, for all the kindness ihown during the illness and death of our mother, Mrs. Alice Rush. —The Family Fur Storage CallUs 1 Logan Fur Service 521 High Phone 3632 Closed Saturdays ' "Your Private Secretary" Florence Doggy Offset Printing - Typing Mimeographing - Photo Copy 129 Fourth St. Phone 3381 Let's Talk Cars How important is mileage in judging a used car's value? Not so, important as condition, visible wear and dealer reputation. Despite the fact that most folks shopping for a used car still let the speedometer influence them ^ghtUy, recorded mileage can be very misleading in assessing a car'i worth. . This is especially so today when manufacturer's advertising claims for reduced service on current models causes a tendency by drivers 'to regard their cars as mechanical wonders not requiring regular ser-vice as formerly. Excessive engine wear causing oil burning in two-and- three year old cars is fairly. common. The reason is that short trip driving, if not accompanied by .frequent oil changes, causes rapid' sludge .and varnish build lip. It is this chemical change in oil thkit causes most- extensive wear. Roughly one gallon of water is produced by a carte combustion system for every gal-, Ion of gas consumed. In a cold engine, instead of -going out the exhaust pipe, this water condenses and runs. into the: crankcase, setting up sludge deposits. Sludge plugs engine oil passages in the rings, causing oil burning and ultimately varnish. . II your car gets a lot of this "little old lady" type of driving (frequent trips of less than eight miles) yon will be well repaid by longer engine life and ultimately greater resale value to have your oil changed every thirty to sixty days even though your mileage is below maximum recommendations. Hendriclcsoa Motor Sales «US. Third Phone Sin 1018 NORTH STREET PHONE 4789 10 W. Lind. 24 Hr. Color Film Service Kodacolor—Ectachrome—Kodachrome ,. nAv .. Joe Vivians Fotoshop D! , fal 2332 NOTICE The following are the only printing establishments in the Cass county tcrea authorized to use the Union Label: * Chronicle Printing Co. * The Pharos-Tribune * TheLogansport Press Authorized by: International Typographical Union, local 196 loganiport- Printing Pressmen and Assistants Union Local,No. 356 Monday, Tuesday, Wednesday, June 11 12 -13 LOGANSPORT STARKE&WETZEL WIENERS Coca HIL1S BROTHERS Coffee MEDIUM YILIOW BONUS BUY CARTON BONUS BUY 2 LB QO CAN JJJJ 3 m 0 Q ( BAG £l7 WE ACCEPT if 'Payment of Utility Bilk. •^ Payment of telephone . bill.. . if 'Payment of gas bills. WE ISSUE if Money Orders •£• Sell Stamps if Cash Pay Checks WE RESERVE THE RIGHT TO 1IMIT QUANTITIES FOODS UXJANSPQRT 18th and ERIE .ft Vt

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