The Courier News from Blytheville, Arkansas on January 27, 1955 · Page 2
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The Courier News from Blytheville, Arkansas · Page 2

Blytheville, Arkansas
Issue Date:
Thursday, January 27, 1955
Page 2
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PAQB tWO BLYTHEVILLE (ARK.) COURIER NEVTi THURSDAY, JANUARY ZT, 19B5 The Stock Market Soviet Economists Watch U.S. Closely for Signs of Slump ^ (4th in a Seriei) '"/~ V— By KELMAN MORIN NEW YORK (AP) Every time you draw a paycheck, it worries a man in Moscow, His name is Eugene Varga. He is the leading Soviet economist. He watches you and your earnings like a hawk. Why? Because he has staked his reputation—and possibly his neck—on the. prediction that millions of Americans will be out of work one of these days. He has been predicting for years thnt the United States Is due for another crippling depression. Soviet policy most probably is based on the proposition that the United States must suffer a severe economic setback after World War II The graph, for 150 years, indicates that this always happens, not once but twice, after fighting stops. Yet today, nearly 10 years after Commodity And Stock Markets- Ntw York Cotton Mar ....... 3468 May ........ 3500 July ....... 3518 Oct ....... 3505 Dec ....... 3524 3469 3500 3518 3505 3524 3464 3495 3514 3502 3518 Ntw Orltans Cotton Mar 3469 3469 3463 May 3501 3501 3495 Juyl 3521 3S21 3515 Oct 3506 3506 3501 Chicago Soybeans Men May July Sept Chicago Corn Mch ... 155% 155% May ... 157% 158 3514 3510 3520 3465 3497 3517 3505 154T, 157'A Chicago Wheat Mch ... 232% 232'/ 8 May ... 228% 229!"!, New York Stocks A T and T Amer Tobacco Anaconda Copper Beth Steel Chrysler Coca-Cola Gen Electric Gen Motors Montgomery Ward N Y Central Int Harvester Republic Steel Radio Socony Vacuum Studebaker Standard of N J Texas Corp Scars . U S Steel 23 Hi 227% 1551/, 157Vz 2281,2 . 175 . 67 3-4 . 52 3-4 . 118 3-4 . 67 3-4 , 116 3-4 . 48 7-8 . 38 3-4 . 82 1-4 . 34 3-4 , . 36 81 3-8 39 7-8 51 7-8 53 3-4 112 87 1-2 78 1-4 79 5-8 Livestock NA TIONAL STOCKYAHDS, Til. I/PI — (USDAl—Hogs 9.300; strong to higher; 180-210 Ib mostly 17.8518.00; few mostly choice No. 1 and 2 18.10; 210-220 Ib 17.50-85, occasionally 18.00: 220-240 Ib 17.00-50; occasional sales 220 Ib up to 17.75 and above; 240-270 Ib. 16.00-17.00 280-300 Ib 15.75-16.00; HO-170 Ib 16.75-17.75; sows 13.25-14.75. Cattle 1,700; calves 700: steady; good to low choice steers 21.5025.50; commercial to low good 18.00-21.00; good heifers and mixed yearlings 20.00-23.00; few commercials 17.00-19.50; utility and commercial cows 10.00-12.00; canners and cutters 8.00-10.50; lightwr'-ht canners down to 7.50 or less: / ; ,1- ity and commercial bulls l.i.50- 14.00; canner and cutter bulls 9.0012.00; good and choice vealers 25.00-32.00; few prime to 34.00; commercial and low good 17.0024.00; commercial and good slaughter calves 16.00-21.00. the war, the big crack has not developed. Slumps in 1949 and 1953 failed to follow the harshly familiar tracks of 1921 and 1932. Foreign aid, the Korean War, rearmament and a huge defense budget all affected the economy. But was there anything else? Big Question The great question today is this: Do American managers and planners possess the know-how, plus legislative machinery, to head off a depression in its early stages? Says the economist Dr. Sumner SHchter: "Surely, the days when Americans must accept pronounced ups and downs of business as inevitable are fast coming to an end." Of course, people were saying that in 1929 there would- be no depression. But- some changes have been made since then. Today, the Securities and Exchange commission holds wide powers over the stock market. It can require corporations to furnish complete financial information about a new stock issue. It can censor proxies and revoke trade privileges of brokers or investment bankers. And it can compel "insiders" in a corporation to pay over to the stockholders any gains found to have been made in stock operations through information not available to other holds. BraKes Applied The all-important functions of maintaining ft sound money and credit base- — which influences prices, employment and the general level of economic activity— rests with the Federal Reserve. About half of the banks in the nation are members of the system, and it holds some 75 per cent of the total deposits. The Federal Reserve Board recently used its braking powers on the stock market, lifting margin requirements by 10 per cent. That is, to buy $100 In stock today, you have to put up at least $60 in cash, as against $50 before this action. You can't borrow as much. Apart from the stock market, the economy as a whole today can be affected by the so-called "built-in" controls. Take 1953 as an example. A recession had apparently set in. Unemployment was rising town rd (he four million mark. Yet at ycarend, the total personal income of the nation had set a record. And disposable income —meaning" take-home pay—had remained level. Buying: Tower Sustained That in turn meant thnt the nation's buying power hud been largely sustained. Consumer buy- held up pretty well. In other words, the fateful cycle — reduced employment, reduced income, reduced buying, reduced production, causing increased unemployment — simply didn't develop In the usual way. A number of actions were taken, nnd apparently they were effective. First, about two billion dollars flowed into the economy in unemployment compensation payments. Second, tax relief turned back some seven billion dollars . Thus, even though government purchasing had been cut back by If billion dollars, something approaching a balance was achieved. Meanwhile, the spigots on credit __ which had been twisted to a tight point earlier — were opened in the fall of 1953. The Federal Reserve began buying 90-day Treasury bills, which eased the flow of credit. Oddly enough, the present great bull movement in the stock market began in September 1953, shortly before most of these actions were taken. The market tries to foresee the next trend in business and economic activity. Guessed Right In this case, the market guessed right. The present high levels on the exchanges indicate that traders and investors believe the economy is going to go right ahead, with increased production, earnings and profits. President Eisenhower made these points in his economic report to Congress: In the course of our latest encounter with the business cycle, we have learned or relearned several lessons. "First, that wise and early action by the government can stave off serious difficulties later "Second, that contraction may be stopped in its tracks even when governmental expenditures and Oudget deficits are declining, pro vided effective means are taken for building confidence." However, he added in the vein of most observers: "The experience of government L dealing with- fluctuations in employment is not of long stand' ing,' and there is much yet to be learned about the problem of economic stability." Tomorrow: The almost unimaginable future. SENATE Continued from Page 1 said. "But if the President really wants unity in Congress, he should act to meet some of the objections lo this resolution." The criticism voiced in preliminary debate yesterday centered on that portion of the resolution which, i generally interpreted, would i v e Eisenhower authorization from Congress to order attacks on ;roop concentrations or stagini areas on the China mainland. Humphrey has proposed to limit ;.he defense area to Formosa and the Pescadores. Kefauver would put Formosa under United Nations supervision. ien. Flanders (R-Vt), opposing the resolution, said he thinks it will pass "overwhelmingly" without substantial change. No Preventive War Flanders told the Senate "we have had intimations from the highest quarters that it would be ilitarily advisable to prevent the massing of troops and equipmenl gathered for the purpose of mat Ing a n assault on the islands (of Quemoy and Matsu)," and he declared: "Put in plain English, this is preventive war." Agreeing with Knowland there was no such Intent, Sen. Saltonstall (R-Mass) said, "We would never attack unless our own se curity is in danger." Sen. Morse (Ind-Ore). who firsl mentioned the 'preventive war' possibility, spoke of "trigger hap py" military advisers. Morse pic lured Adm. Arthur W. Radford chairman of the Joint Chiefs Staff, as. "strong for preventive action" and he said that sort o: action "will get us unnecessarily' into a third World War. Knowland told the Senate "There is not a scintilla of evi dence . . . which could lead any reasonable person to believe tha the purpose of the resolution is t( engage in a preventive war or tha' its purpose was aggression against the Communist regime or any oth er regime on the face of the earth." Obituary W. A. Ramsey Services Held LEAOHVILLE — Funeral services for William Alexander Ramsey, 78, who died at Leachville Sunday, were held at the Methodist Church, Tuesday at 2:00 o'clock. Rev. 8. D. Allen and Rev. J. E. Linam officiated. Mr. Ramsey was a retired farmer and had lived in the community for the past M years. He is survived by four daughters, Mrs. Gladys Pormon of Parkin, Mrs. W. M. Blagg of Dell, Mrs. Oarmie Kennedy and Mrs. W. A. Williams of Leachville; two sons, William P. Ramsey of Kansas City, Kan.; Finis Lee Ramsey of Cheyenne, Wyoming; five step-daughters, Mrs. Edward Smotherman and Mrs. Vivian Beasley of Detroit, Mich., Mrs. W. M. Williams of Pontotoc, Miss.; Mrs. H. B. Knap pot Denver, Colo.; Mrs. N. B. Smith of Los Angeles, Calif.; two step-sons, B. G. Duty and Otto Duty of Atlanta, Ga.; two brothers, Louis Ramsey of Pototoc, Miss.; Tom Ramsey of Wynne and 37 grandchildren. Burial Was in the Manila Cemetery with Howard Funeral Service in charge. ^' By HERBERT D. WILHOIT LOS ANGELES W-Qeneral of the Army Douglas MacArthur, a soldier for more than half a cen tury, gave the world today a ring- ng challenge to abolish war. But in fierce championship of of America lie cried out that "seductive murmurs are arising that patriotism is. outmoded,' 'and he lemanded: "Listen not to these voices, be they from the one political party or from the other, from the high and mighty or the lowly and forgotten. Visit them with scorn. Repudiate them In the marketplace, on the platform or in the pulpit." The conqueror Japan and drafts- lan of Its peace, who was recalled ASSEMBLY (Continued from Page l) the administration's successful effort. Jones and Sen. Roy Milum of Harrison co-authored the bill. The House has pussed a bill identical to the Jones - Milum measure, but neither chamber has .pproved the other's proposal Opponents thus will have another chance to defeat the bill before it becomes law. Earlier the Senate defeated bills which would have (1) allowed Arkansas taxpayers to credit federal income tax payments on their state income tax returns; (2) set up a retirement system for all state employes; (3) extended the deadline for buying state auto tags from Jan. 31 to Feb. 28; and (4) stopped liquor dealers from figuring a profit on the state tax on whiskey. The auto tag bill was defeated Tuesday, and the Senate re-affirmed its action yesterday by refusing to reconsider the vote on it. The House beat back an attempt to amend the present automobile drivers' responsibility law. The proposed amendment would have modified the present requirement for showing ability to meet possible judgments after a serious traffic collision or suffer the loss of driver's license and automobile license tags. Anti-Nudist Bill Under the proposal, the driver would have been subjected to possible loss of the licenses only after a judicial determination that he was at fault in the accident. Rep. Roy M. Haynes of Folk County, a freshman legislator who combines serving as. a Baptist minister with farming, introduced a long-expected anti-nudism bill. Boisterous House members yell ed for a "public showing" in connection with a public hearing on the measure and suggested that a non - existent Parks Committee would be a good group to consider the bill. The bill would prohibit nudism "as a form of social practice," and would forbid sale of nudisi magazines or other literature. Penalties of as much as $1,000 In fines and up to six months Imprisonment would be provided for violations, including that of renting land to be used for a nudist camp. The bill was assigned to the Temperance Committee, of whic Haynes Is vice chairman. Defends Patriotism Mac Arthur Challenges World to Abolish War h nr i ml to in- cation speech the general said: "I By HERBERT D. WILHOIT from his Far Eastern command lure whereby a snori ou• ™ imd(!re tand full well this memorial In 1951, observed his 75th birthday anniversary in Los Angeles yesterday. With Mrs. MacArthur constantly by his side, he went through a tiring day of three speechei, adulation of the crowds «nd dedication of a statue of himself and monument in his honor »t the city's MacArthur Park. He flies back to New York today to resume his business life as board chairman of the Remington- Rand Corp. In his speech last night at a civic banquet sponsored by the American Legion, he said: "War has become a Frankenstein to destroy both sides. No longer is it the weapon of adven- tUlC TYU^IWJ « — ... ternatlonal power and wealth place in the sun-can be gained If you lose, you are annihilated. If you win, you stand only to lose. "Double Suicide" He said war now contains "the germs of double suicide" and the great question Is, Does this mean that war can now be outlawed from the world? If so, it would mark the greatest advance in civilization since the Sermon on the Mount." This nation, he said, "should now proclaim our readiness to abolish war in concert with the great .powers of the world. The result would be magical." In the midday monument dedi- is intended to commemorate an epoch rather thnn an individual, an armed forces rather than Its commander, a nation rather than its servants, an ideal rather than its personality." And of the armed forces: "I and this statue and this pnrk nre but the selected reminders of their grandeur." Among birthday felicltatloni were messages from President El- senhower and Emperor Hirohito of japan. The President said, "Den. MacArthur exemplifies a great American standard both as a military commander and as a patriotic citizen who loves and serves hi* country." Draft Dodging Financier Found Slain NEW YORK 1*1 — Serge Rubinstein, 46, draft dodger and financial wizard, was found dead today in his lavish Fifth Avenue mansion—apparently the victim of a strangler. An authoritative' source said a cord had been twisted around the neck of the Wall Street stock operator. The body, bound and gagged and clad in black silk pajamas, was lying face upward in a ransacked third floor bedroom. Tape two inches wide covered his mouth. Police termed his death an "apparent homicide." Rubinstein, 46, had been in and jut of courts for years on charges of draft dodging, shady financial deals and deportation warrants. He was facing deportation action. But the dapper, stock financier continued to live a plush life, visiting expensive nightspots and furnishing his six-story mansion with works of art. About 75 per cent of the bttum Inous conl mined in the Unitet States is machine-loaded . Riot-Slayer Convicted JEFFERSON CITY ftfi—A Cole County Circuit Court jury today found Rollie M. Laster guilty of first degree murder in the Missouri prison riot-slaying last September of a fellow convict, Walter Lee Donriell. A margarine distinctively better — made from choice vegetable oils blended with fat-free milk, cream, and enriched with 15,000 units Vitamin A ELECTIONS (Continued from Page 1) nates Billy Horner, Bill Davidson, Joe Chapin. Clerks — Luther QammilL, Dean Pierce and Alternates Amos Decker, D. C. Wright. Ward HI. Fire Station Judges — William Borowsky, Guy Rubensteln, Joe Hornberger and Alternates Louis Broom, H. B. Perkins, Blythe Childress. Clerks — Luke Stewart, Olenn Horner and Alternates Neal Benson, CLeatus Loveless. Leachville, which will be voting one week later on Feb. 8, will find these polling places and election officials as set forth by the election commission: Ward 1, City Hall Judges — W. W. Cox, Gerald B. Ray, Hubert Reid. Clerks—Mrs. J. D. Wells, Mrs. Norman Kennett and Alternate J. E. Linam. Ward II, F. T. Glass Garage Judges—Harold White, H. H. Howard, Atherton Hiett and Alternates W. L. Bryant. Louis Weinberg. Clerks—Mrs. John Bearden, Sr., Mrs. Leroy Carter. Ward HI, Towcll Garage Judges — .Norman Bailey, S. H. Carter. Tom W. Midctleton. . Clerks — Mrs. John E. Bearden, Mrs. T. N. Rodman and Alternate Mrs. A. L. Wallace. DISTRIBUTED BY 0. W. Davis A person must have been citizen of the United States to be elected to the Hall of Fame for Great Americans. CHINESE (Continued from ?age 1) B36 intercontinental bombers are on Guam on 90-day routine training, but no B47 Jet bombers.) Anticipated Move (In Okinawa, an Okinawa command spokesman said redeployment of the 18th Fighter-Bomber Wing to Formosa had been anticipated for some time .The wing came here' last year and its departure for Formosa was actually announced in Tokyo before its presence here had been officially (Air activity on Okinawa has quickened In tempo, both defensively and offensively, since the Formosa crisis began. An island- wide practice blackout was held Tuesday night, and several practice alerts have been held since.) Okinawa is 400 miles from the troubled Tachen Islands, where the Nationalist garrison soon may be withdrawn under cover of TJ.S. sea and ^ air power. Transfer of the sabrejets brought them within 200 miles of the Tachens. Lt. Gen. Roger Ramey, 5th Air Force commander who heads FEAF tactical fighters and bombers in Japan and South Korea, flew to Formosa. He was accompanied by his deputy Brig Gen. Harold Grant. Signs mounted Vat the Nationalists would evacuate their 15,000 troops and 15,000 civilians from the two small Tachen Islands, which lie In an exposed position 200 miles north of Formosa and only 12 miles from the Communist China mainland. Bombers Hit Yiklangstmn Nationalist four-engine bombers flying out from Formosa in several waves last night and early today attacked Ylkiangshan Island, eight miles north of the Tachens, official reports said. Their targets apparently were Communist big guns which could harass an evacuation of the Ta- chens. The reports said the bombers, flying through intense antiaircraft fire, set fire to several targets. All returned to base, the Nationalists said. The Communist Peiplng radio said that the fast carriers Essex, Yorktown, Kenrsarge and Wasp, escorted by three cruisers including the 1th Fleet flagship Helena and 10 destroyers were maneuver- Ing off the China coast. Some of the ships and Navy planes were maneuvering near the Tachen Is- Inntls, t h e broadcast said. It bristled: "The great Chinese people are not afraid nor do they doubt their final victory In their cause for the liberation of Taiwan (Formosa) and the elimination of the traitor Chiang Kai-shek." The China News here, quoting "reliable sources," said 300 Navy planes roared through the skies north of Formosa yesterday "in a show of strength to tell the Reds off." Near-Complete News Blackout Placed on 7th Fleet Activities TAIPEH, Formosa tfl— American correspondents with the U.S. 7th Fleet off Formosa are subject to an almost complete news blackout under Navy censorship. The Navy's restrictions' forbid Set h»w mull y«« ton w«. Allstate is famous for low rates and fast, fair claim sctllcmcnts. That's why the number of Allstate policyholders has almost doubled in less than Ihrcc years. Over 2,500,000 car owners arc gelling the really better value you'd expect from Ihe company founded by Scars. Ask your Allstale Agent aboul Ihe easy payment plan, prompt friendly service throuiihoul Ihe U. S. and Canada, and many other advamagcs. AMOS R. PEMBERTON 503 W. Ford Oic«olo—Ph. 236 You're in good handi with . Negro Deaths Carrie Walker Services for Carrie Walker, 53. who died suddenly Wednesday while visiting her sister at West Hermondale, will be conducted in St. Louis Friday. Burial will be there also. Caston Funeral Home is in charge. . She leaves her husband. Matthew Walker; two brothers, Carl Hoke, Bragg City, Frank Hoke. Blytheville and three sister, Annie May Cole, Memphis, Josie Reece, West Hermondale and Olan Thomas, Chicago. State Weather Hits New Low By THE ASSOCIATED PRESS Mercury readings hit a new low for the year in Arkansas today as' winter moved into the state from the northwest. There is no relief in sight, the U. S. Weather Bureau at Little Rock said. Mountain Home recorded nine degrees for the lowest tempera- ure reading of the winter. The diving temperatures were accompanied by high winds which accen- .uated the wlntery blast. any news story touching on the following five subjects; 1. Fleet movements. 2. Fleet size. 3. Fleet disposition. 4. Intentions. 5. Possible damage. These restrictions have been applied so broadly and severely as to withhold anything but a trickle of minor feature stories. The Navy insists the restrictions are not ceasorship. However, the restrictions are actually a censorship much, much Uglier than any formal censorship applied by the U.N. Command in the Korean War. All correspondents with the fleet have been required to sign fresh agreements to submit their stories to the ship captain or higher commander for clearance. Even if the stories pass the captain, they must be sent to the commander "of the Pacific Fleet in Pearl Harbor, then to the Navy chief of information In Washington for ultimate release. As a result, almost no news of the fleet has been cleared for publication. The ileet commander, Vice Adm. Alfred M. Pride, has refused repeated requests, some made fare- to-face, to allow newsmen to work aboard tlie flagship. Now in this state AIMnte also offers low cost fire insurance! Listen to KLCN it 10:10 a.m. and 4 p.m. for Bill & Boxy Program Announcements THURSDAY and FRIDAY BOGART JOSE FERRER VAN JOHiiSON FRED MacMURRAY MI.MX.I ROBERT FRANCIS • MAY WYNN • ».,., TECHNICOLOR Suitfl Plij by JIANirr fiOrOTS • Btiel u;on the Pulit;tr fit ">n"ij rwt! try H[BW*.H flOUK OfmttiJ --v riM">D r—YX - t '"" ""BIA PICTURE • ' ...... . C Y K n »"rq PROD PLUS PARAMOUNT NEWS THEATRE ;~ On W. Main St. In Blytheville 1= I'hone 3-1R21 Weekdays Show Starts 7:00 n.m., gat., & Sun. 1:00 p.m. THURSDAY and FRIDAY Double Feature ; rtlti ILAWFORD «1CMARD GREENE MICE NILE ALSO CARTOON It's Coming Soon

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