Logansport Pharos-Tribune from Logansport, Indiana on December 31, 1957 · Page 1
Get access to this page with a Free Trial

Logansport Pharos-Tribune from Logansport, Indiana · Page 1

Logansport, Indiana
Issue Date:
Tuesday, December 31, 1957
Page 1
Start Free Trial

LOGANSPORT PUBLIC LIBRARY EAR/ Logansport—Rain or snow, mixed at times with freezing rain or sleet changing to snow over most of state late this afternoon and early tonight. Colder tonight. Wednesday mostly sunny but colder. Sunset 4:30 p.m. Sunrise 7:06 a.m. Thursday outlook: Snow flurries. pit YOUR HOME TOWN NEWSPAPER ) NOW IN OUR 114th YEAR HOME EDITION Founded 1844— For All !>cpnr<men<« I'lione 4141 LOGANSPORT, INDIANA, TUESDAY EVENING, DECEMBER 31, 1957. Dny and Price Per Copy, Seven Cents BABSON'S REPORT Business-Financial Forecast For 1958 BY ROGER W. BABSON Noted Economist, Business Forecaster Next to the Russian situation, President Eisenhower's condition will be of supreme importance. What its influence upon Russia will be, nobody knows. It probably will not affect general business. I oe- lieve that for some time our President has not been making important policies and, much to his disappointment, his recommendations have been largely ignored. The major effect of the President's condition will be political. Those close to the President, for both friendship and political reasons, are hoping for his recovery both in health and in memory. Others in charge of the Republican Party, anxious about his possible incapacitation or death; would like to see him resign and drop out of the picture in order to give Vice-President Nixon a good buildup in the hope of re-electing the Republican Party again in 1960. For evident reasons, the Democrats are hoping that Vice-President Nixon will not have an opportunity to function as President before the coming election. Therefore, President Eisenhower's condition could greatly influence the political situation during the next few years. This would cause uncertainty and retard large corporate expansion programs as well as consumer buying. I cannot believe that Russia wants World War III; in fact I am confident that Russia will go to some lengths to avoid World War III. In case of any retaliation by us, Russia would suffer great losses. Moreover, if Russia has any hope of conquering our country, she certainly wishes to preserve our cities, industries, and other valuable assets. Russia has land enough now; it is our industries which Russia wants. This also applies to England and Western Europe as well as the United States. Therefore my forecasts for 1958 are as follows: 1. The present cold war will be intensified during 1958. This will increase fear of war, which could greatly affect retail sales. 2. Russian policy will be aimed at securing control of the United States, the countries of Western Europe, and the Middle East by infiltration. 3. The cold war costs the United States billions of dollars annually. This can be paid for only through increased taxes or inflation, or by the adoption of the Hoover Commission's recommendations for radical economy. 4. Profits will be further squeezed during 1958, as a result of higher costs and pressure for lower prices. 5. Competition at all levels will increase during 1958. 6. Only more advertising By both manufacturers and retailers •will enable them to keep up their present gross volume during 1958. 7. Failures will increase in 1958. These will apply mostly to small concerns, but some of the big companies in the Dow-Jones Averages may collapse. 8. Predicting a lower total volume of business for 1958, compared with 1957. I forecast a moderately lower trend, on average, for wholesale commodity prices. Expect a gradual decrease in the cost- of-living during 195B. 9. Wise labor leaders will hesitate to fight for higher wages, but wiE try for shorter hours, pensions, and other "fringes." 10. European countries will have less to spend for American goods, and foreign trade will decline in 1958 compared with 1957, MONEY OUTLOOK 11. Money will continue to be "tight" during 1958 for new borrowers who have not established a satisfactory line of credit. 12. Owing to declining demands for funds, interest rates will decline in 1958. 13. Concerns with large numbers of employees will receive first consideration both by banks and by the government. 14. For fear of World War III, and due to declining business, many plans for expansion of plants will be postponed. 15. Money rates may be "fixed" during 1958 by an economic dictator. 16. Lower money rates will make it easier to sell long-term bonds during 1958. 17. The supply txf non-taxable state, municipal, turnpike, and other "Authority"'bonds will increase during 1958.' 18. I forecast higher prices for many corporation bonds. 19. Investors will continue, during 1958, to switch from stocks to attractive bond issues; fear of war will rule all markets. 20. Bankers will fear that the government — as a part, of the cold war — will appoint a dictator to direct the policies of ail national banks, the leading stock exchanges, and investment dealers. LABOR OUTLOOK 21. Thore will be a general fear that the government — as a part of the cold war — will fix wages in many industries and prevent further increases during 1958. 22. The revelations brought about by the investigation of the Teamsters Union may lead to important new labor legislation. 23. The Taft-Hartley Law will not be repealed in 1958, and may be made more severe. Much, however, .will depend upon President Eisenhower's physical and mental condition. 24. Congressional attempt will be made to eliminate the present exemption of labor unions from anti-monopoly laws. 25. 195B will be a sad year for labor leaders. I forecast that there will be an increase of unemployment during 1958. 26. I forecast that with the possible exception of the auto industry, there will be no national strikes during 1958. 27. I forecast that automation will slowly increase during 1958. 28. If wages should be (ixed as a part of the cokUvar program retail prices will also be fixed. 29. All workers, especially office workers, will be more efficient in 1958. It will be more difficult for the next group of college graduates to get good positions at high wages. „. _ _>r the past few years labor has b seat. Many industrialists and political leaders have feared that the country is headed for a socialist or labor government. A cheerful sign -now is that such fears may, temporarily at' least, be forgotten. The American working man is himself becoming disgusted with too powerful labor leaders. This should be good news to all honest employers. OUTLOOK FOR REAL ESTATE 31. Land adjoining cities and towns will increase in value during 1958. This especially applies to small farms. 32. Large commercial farms will continue to prosper during 1958, but the small farmer will continue to suffer if dependent on farming. 33. Under an economic dictator, farmers would receive no increased price supports. If farm prices are fixed, they will be at lower levels 34. Large cities may continue to lose in population. Large city real estate will sell for less, for fear of Russian missiles. 35. The growth of suburbs will continue, although many houses now occupied by well-paid executives will be forced on the market as their owners lose their present high-salaried positions 36. Construction activity in many communities will decline. Older houses will come on the market. 37. In many sections of the country there will be a greater demand for co-operative modern apartments than for single houses, although old apartment houses will sell for less. More young people and old people will insist upon every modern convenience and upon locations not absolutely dependent on automobiles. 38. Well-located woodlands will continue to increase in price. This certainly applies to pine wood tracts, especially in the South. 39. Canadian oil reserves should begin to recover in price unless there is rationing of gasoline in the United States in late 1958. 40. The most important factor iri connection with real estate is the parking problem, which is a curse of almost every city. Suburban real estate and farms owe much to the automobile, but the automobile industry is now reaching a stage where it could revolutionize IKE OKS BIG BUDGET FIRST BABY OF 1957 Doubt Higher Taxes, But No Reductions President Also Confers With U. S. Scientific Aides GETTYSBURG, Pa. (UP)—The White House said today that President Eisenhower plans to submit CITY OFFICIALS: Building Pace To Continue In 1958 Logansport city officials voiced optimism today that construction in the city will continue at a record pace in 1058 despite a reduction in the civil city tax rate which will farce a cut-back in some types of improvemenls by the city. the city and property owner*. Several hundred square feet o£ sidewalks were poured in the residential areas as well, Doran. said. lie reported that an all-time high of 17,"WG lineal feet of concrete to Congress a 1959 budget which • Wayne Doran, city engineer re-. urbs ' an<J t(ers were 5 , so will be higher than this year, but;P°r ^ as the year came to a cl^Ltailcd during 1357, and approxi- balanced and with "a slight sur-! ^al a total of 00,265 square feet The winner of the 1057 New Year's Baby Derby, Joyce Raelene King, smiles happily as she poses with her parents, Mr .and Mrs. Edgar I. King, 215 W est Clem street, Flora. Joyce won many valuable prizes for being the first baby born in Cass county during 1057. She was born at 1:41 a.m. New Year's Day at St. Joseph's hospital. Another Baby Derb y is being held for 3958, and the first baby born in Cass county in the new year wUl be showered with gifts from local merchants. plus." The announcement followed a j.' conference of two hours and 15 minutes between the President, Budget Director Percival Brundage, Deputy Budget Director Maurice Stans and Dr. Jam<-' R. Killian, scientific adviser to the President. Killian also had a separate meeting with Eisenhower. Administration officials said the budget undoubtedly would be above this year's 72 billion dollars, the increase due largely to increased defense spending for the space era. of new sidewalks were put in down- the outlook for 1953, a United Press survey of representative spokesmen for 14 key industries Press Secretary James C. Hag- showed today, erty said he did not expect taxes, A few of these officials look for mately 61 blocks of first class paving was completed. Doran explained lhat the paving program included 52 blocks in residential areas and nine blocks o£ street in the downtown section. Ano'.her 6'/z blocks of alleys in the downtown area were also paved, he said. Building construction in the city soared during the year with school addition?, the Memorial hospital annex and the special education men are fairly optimistic about. building being started. The new St. Businessmen Optimistic on 1958 Outlook NEW YORK (UP) — Business- THIAS' SURVEY 1957 Crop Yields in County Above Average Crop yields in Cass county during 1957 were above average on the whole, but prices were slightly .ower than in 1956. Livestock producers enjoyed a good year, with prices averaging ligher than in 1956. These are the opinions of Gus W. Thias, county agricultural agent, in summing up the county rm picture for the year. Thias said corn yields were more than 10 per cent above the average for the past ten years, but high moisture content and increas- ed production throughout the corn belt kept prices down. Some counties in central Indiana saw corn fields drowned out by heavy rains, but Cass county farmers escaped flood conditions. However, the quality of the corn was poorer this year because of high moisture content, Thias said. Oats also were of poor quality i would have to be raised to keep ithe higher budget in balance. "But there'll be no tax reductions," .he said with a touch of grimness. Hagerty said the President and President has said before—that the administration will ask Congress to continue present high excise and corporation taxes. Hagerty saidt he President and Brundage had arrived at a tenta- Gas Odorizer Causes Alarm Small Amount of Natural Gas Escapes A broken glass gauge at the Northern Indiana Public Service company's gas pumping station four miles norlh of Logansport on state j defense items with Defense Secre- road 17 caused an alarm through-; t arv jj e il H. McElroy at a Cabi- a lower level of activity in their fields in- 1958, but they emphasize -that their operations will be well above recession levels. Some of them expect a record year. The concensus was that the decline in business would run its Joseph's parochial school was completed during the past summer. Building is expected to continue at a fast pace, with a new grade school already planned on the sou-thside and several other projects being contemplated. Laura Glass-on, city controller, _ said the cut-back in street workj] would come as a result of a re-" duction from $97,165 to $19,100 in (he city street department budget. course by the middle of 1958, with|The slash, which may bo made a second-half recovery leaving the i even greater, more than offset an economy slightly higher on bal-> increase from $127.000 to $160,000 ance. Jn (he special street fund budget. Competition for the consumer's Doran, in reporting on the street dollar will be in 1958, which •. ^ , , ,j uujicu wui. ut: auvtiLe'ii IHOO, wnii*n live final budget to Lai, bu could wjl , make ;t djfficult {or compan . close the books until the I President returns to Washington and talks over some particular j ies to raise their prices. Most businessmen look for higher dollar sales but lower earnings in 1958, as the profit-squeeze continues. 3 Scouters of Tipicon Lodge Get Honors Three scouters were honored and officers were elected and installed Monday night at the annual meeting of the Tipicon Lodge, Order of the Arrow, at Camp Buffalo Scout Camp. , The Vigil Honor, the lodge's highest award for exceptional service to scouting and to the lodge, was presented to W. Hartley Pierson, Monticello; Carl Wilson, Onward; and Ralph Levy, Lo- out the area as far north as Royal Center between 10:30 p.m. Monday and 12:30 a.m. Tuesday. Although Harry J. Winings, 1114 East Broadway, was temporarily per cent of the ten year average. Soybean production was high, but some fields were hit by a "bud blight" during the growing season. Wheat was the only grain that held its market value during U»e year. Thias attributed this to government acreage allotments. Farmers who depend on meat animals for their income — and these are in the majority in Cass county — had a better year, according to Thias. Hog, prices averaged about $3 more per hundred weight than in 1956. Beef cattle prices also were up. Dairymen were affected by slight- gansport. New officers are: Warren Hickman, Logansport, ;o iv oCir j;uu\* ^/v/oinuiu cit in^n <• wi,i,u. -- -. _ 30. For the past few years labor has been sitting in the driver's! lodge chief; Kenneth Ahler, JVie- -••• - ..._,. i,-- daryville, vice chief; Ralph Levy, Logansport, secretary; and Lyle (Continued on Page 8) pumping station at 11:15 p.m. to shut off the valve where the leak occurred, Fred Hauss, local NIPS- CO manager, said actually it was the odorizer rather than escaping natural gas that made people believe there was a heavy gas leak. net meeting Friday. Hagerty declined to give the tentative total for the new budget, but administration sources in Washington have predicted it would be about 74 billion dollars. Other news from the conferences this morning on the Eisenhower farm: —The President will deliver an Capt. J. E. Bowman, Of Amboy, Sets New Helicopter Record An Amboy, Ind. man has set a new world helicopter altitude rec- -ord of 30,335 feel, the Army announced Tuesday. Captain James E. Bowman set ly lower prices, du,e largely to in- as she drove.by the pumping sta- creased milk production, Thias tion and reported it to the slier- The amount of escaping'gas was menda ; ions particularly those in- comparatively small, he said. yolving domeslic legislation, will be spelled out in detail in his budget message. —The budget iself will be submitted to Congress Jan. 13. —No definite date for the President's economic rep.-.-t. to Congress has been set, but Jan. 20 seems most likely. abbreviated State of the Unionise record Dec. 28 at Wichita, Kan message to Congress in person |«vmg an Army YH-41 "Seneca" Jan 9 The bulk of his rceom-! helicopter. His record smashed the The break occurred at the point where the gas is odorized as a safety measure since refined natural gas has no odor, Hauss explained. The odor is very strong in its concentrated form. Ann Graham, who resides near Lucerne, heard the hissing sound said. Poultry prices also were down, but few county farmers specialize in this field, according to Thias. Pennsy Seeks to Discontinue Two Passenger Trains The Pennsylvania Railroad has asked the Indiana Public Service Commission for authority to discontinue two passenger trains be- Durbin, Logansport, treasurer. , t ween Logansport and Indianapolis. Installations were made by W.' The petition stated that the rail- Hartley Pierson, field scout ex-j road has lost $71,928 during the ecutive. 1 pa* year by operating the two George Hosier, Walton,'was in-j trams, stalled as lodge advisor, John' Oilman 1 III, Logansport, was named assistant advisor to the treasurer and Edwin Brubaker, Logansport, was named advisor to the secretary. The lodge voted to manage the concession stand at the Three Rivers Council Scout-0-Rama, May 3 at the National Guard Armory, and to act as host for the annual meeting of seven Northern Indiana lodges at Camp Buffalo April 12 and 13. ITALY TO BUY JETLINERS ROME (UP)— Italy plans to buy between 16 and 20 jet passenger transports from American firms for its nationalized airlines. Sen. Giuseppe Caron, undersecretary of state for civil aviation, told a group of visiting newsmen Monday the choice lies between Douglas DC-8 and Boeing 707 jets and that a decision probably will be reached by the end of January. One train, No. 91, arrives in Logansport daily at 11:25 a.m. from Indianapolis. The other, No. 92, leaves here daily at 5:50 p.m. for Indianapolis 'and Louisville. At present the railroad operates two passenger trains daily between here and Indianapolis, with an extra train 'every other day. Uf's office at 10:30 p.m. Lois Pursch, who resides on the John Esrr farm, called soon afterward to report she smelled escaping gas. The sheriff's office continued to receive calls for (lie next two hours. Sheriff 0. R. Carson, who had answered the first call, notified the NIPS company after he noticed the heavy gas odor in the area. When he returned to the pumping station at the same time Deputy Sheriff Roy King drove up, they saw Winings fall over near the pumping station.' old mark of 26,931 feet set by Jean Boulet of France, June 6, 1955. Capt. Bowman is the son of Mrs. Pear! Bowman of Amboy. He is work during the past, year, said (he (50,265 square feet of sidewalks in (he down-town area was put in at a cost of $14.920 to the city and $24.859 to property owners, which made the distribution of costs 37.5 per cent to the city and 62.5 per cent to owners. He pointed out that 1ho city also had the expense of the employes and materials needed to change water and parking meters where new sidewalks were laid, including moving the parkins mclers and installing new lead-in pipe and tile for the water meters. The curb and gutter work, for which the city contracted, was done at a cost of $26,185, accord- ins to Doran. Cost of the materials in the paving program, which in-eluded all sections of the cily, came to $79,573. This was spent for 7,010 tons 33 years old and the second young-1 0 { bituminous concrete surface est of Mrs. Bowman's six children. He joined the Navy when he was 17 and after bejng discharged attended college for several years, after which he enlisted in the Army and was sent to Officers Candidate School. In January he will be sent by the government to the University of Omaha to complete college. He is married and has two children, and at present is living at No Holiday For Curfew The 10 o'clock curfew for all Logansport boys and girls under 161 Enterprise, Ala, years of age will be enforced; Bowman, wearing a parachute Tuesday night the same as any j and carrying an oxygen bottle for other night, Don Armstrong, local;safety purposes, took the heli- probation officer, warned Tuesday. Only those boys and girls who are accompanied by someone at paving material, 4.729 tons of stone, 440 tons of cold mix patching material and 56.851 gallons of road oi! used as a stabilizer. S'reets in dire need of paving •will be taken care of during 1958, Doran assured, and plans_ are already underway for erection of a number of new street name signs as well as repair and replacement of some. least 21 years of age will be allowed on the streets after the curfew sounds, Armstrong said. v;in7ngT,"£fteThe"'obtamed some! Hn reported that he intends to fresh air, recovered sufficiently to return and shut off the valve until repairs could.be made Tuesdaj>, patrol the downtown area to make certain there are no violations of the curfew. No Paper on Wednesday There will be no publication of the Loganspnrt Pharos-Tribune on Wednesday—New Year's Day. The next edition will be published on Thursday afternoon. Employees of the Pharos- Tribune extend to all a safe ad sane holiday and best wishes for a healthy and prosperous new year. Weatherman Plans Icy Welcome for New Year •By LTVITED PRESS Snow, sleet, rain, drizzle and fog cast a gloomy pall over Indiana today on the last day of 1957. Hoosiers may greet the New Year tonight amid snowfall and sharply dropping temperatures, and drive home from parties on icy roads and streets. The snow blanket already was 1 to 1% inches deep in the area around the southern tip of Lake Michigan shortly after dawn, and forecasts called for an accumulation up to 2 to 4 inches deep by snow up to 2 inches deep. Southward, it probably will not get cold enough for snow to stick. Highways Were slippery slushy upstate as snow, sleet and freezing rain swept across the extreme north portion. Elsewhere, it was raining or drizzling, and there was fog in the Indianapolis, Xerre Haute, South Bend and Fort Wayne areas. The weatherman issued a "preliminary warning" of hazardous roads this evening and tonight in the Indianapolis area with freez- copter aloft twice last Saturday to set three separate altitude records. Two of the marks—set at 30,335 feet—were for a helicopter of unlimited weight and carrying 1,102 to 2,204 pounds. The third record he set on a second flight climbing to 28,200 feet with a payload in the 2,204 to 3,858 pound range. The Seneca is a four-man helicopter powered by 270-horsepower piston engine. Six of them have been delivered for testing at the Army Aviation Center, Ft. Rucker, .Ala. The ship is not yet operational. The helicopter record, however, was far below flights made in research planes and ballcons. In September, 1956, Air Force and Capt. Iven Kincheloe climbed to tonight in the northern third of! ig rain or sleet changing to snow while temperatures drop from a the state. The central portion may have high of 42 to a low of 20. Board of Works Meets Thursday This Week The regular .Board of Works meeting scheduled at 1:30 p.m. Wednesday of each week has been postponed this week until Thursday because of the New Year holiday, Mayor Ralph Eberls said today. All offices in the city building closed at noon on Tuesday and will be closed all day Wednesday. "SPIRITS" CANCEL SERVICE STAPLEFORD, Englanc' (UP)— The vicar of the local church cancelled the traditional New Year's Eve service because "people always come in the best of spirits- bottled!" 132,000 feet in a rocket-propelled research plane. A balloon flown by Air Force Maj. David G. Simons went to 102,000 feet earlier chis year. Army Maj. Hubert D v Gaddis set the original helicopter -altitude record, at 21,220 feet, in 1949. The Army said final approval of Bowman's mark is pending final approval by the Federation Aero- nautique Internationale in Paris; the world flight record governing body. These Sows Sold In a Hurry It didn't take long to sell these sows with a Pharos-Tribune and Press Want Ad: 6 SOWS ready to farrow, second, litter, xxxxxxxxxxxxx x- Ph. xxxxx. Livestock sells fast with classified ads. All you have to do is Phone 4141, place your ad, and wait for results. You'll be amazed at what these inexpen- Hive little action-getters will do for you!

Get access to Newspapers.com

  • The largest online newspaper archive
  • 11,800+ newspapers from the 1700s–2000s
  • Millions of additional pages added every month

Try it free