The Courier News from Blytheville, Arkansas on March 9, 1955 · Page 5
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The Courier News from Blytheville, Arkansas · Page 5

Blytheville, Arkansas
Issue Date:
Wednesday, March 9, 1955
Page 5
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WEDNESDAY, MARCH », 1955 BLTTHEVILLE (ARK.) COURIER NEWS PAGE FIVE Probe Didn't Cause Stock Markket Drop, Investigators Told By ED CREAGH . WASHINGTON (AP) — The head of the world's biggest brokerage firm testified today he doubts very much the Senate investigation had anything to do with yesterday's three- billion-dollar break in the stock market. WtoUjrop H. Smith, managing partner of Merrill Lynch, Pierce. Penner & Beane, gave that opinion and stood firm on a declaration—> prepared before the market drop- that public confidence in America's economic future has reached Commodity And Stock Markets- New York Cotton (12:31 quotation*) Mar 3321 3345 3321 3341 May 3350 3375 3350 3369 July 3368 3393 3368 3388 Oct 3391 3419 3391 3411 Dec 3406 3434 3406 3425 New Orleans Cotton Mar 3330 3330 3330 3330 May 3347 3371 3347 3365 July 3365 3391 3365 3385 Oct 3390 3418 3390 3410 Dec 3402 3431 3402 3425 Chicago Corn Mar 141V 2 142*i 14114 H2 May 144% 1451/B 144'A 14414 Chicago Soybeans Mar .... 271 271% 26914 2691', May .... 262 26414 262 262% July .... 258 259 257 257'/ 2 Sept .... 24614 24754 24114 24714 Chicago Wheat Mar .... 218% 218% 216% 216y» May .... 212i/ 2 213 3/ e 211% 212 New York Stocks A T and T Amer Tobacco Anaconda Copper Beth Steel Chrysler Coca-Cola ,.. 181 ... 65 ... 51 ... 122 ... 68 ... 117 Gen. Electric 50 Gen. Motors Montgomery Ward .. N. Y. Central Int. T'arvfter Republic Steel Radio Scccny Vacuum Stud^baker Et-ndr.rd of N j .... Texas Corp S urs U. S. St»el a very high level. Smith testified before the Senate Banking Committee. Chairman Pulbright (D-Ark) asked soon after Smith read his reared statement whether he thought the committee's inquiry into the stock market had anything to do with the rice drop. "I would doubt it very much, Mr. Chairman," Smith replied. Warned By Fulbrlyht He went on to note that Pul- bright made a statement last Thursday when the hearing opened warning Investors against buying or selling stocks on the basis of day-to-day testimony. Smith said he believed that statement took care of the situation "extremely well." Smith's view was pretty much echoed by Henry G. Riter HI, new president of the National Assn. of Manufacturers, in a talk with reporters at the White House. Riter had just had a visit with President Elsenhower, and said he told the President that business conditions generally "certainly are looking very good.", President Agreed Asked whether the President agreed, Riter replied: "I would say so, yes." Riter, president of the Thomas A. Edison Co. of West Orange, N.J., said his conversation with the President did not touch on the rise in stock market prices over the last year, or yesterday's sharp decline, Riter, a former investment banker, was asked for his opinion of the Senate committee's hearings on the stock market. "As long as they are conducted in the fair spirit which has prevailed up to now, I think it is a rather healthy thing," he said. In response to a question as to whether the investigation could adversely effect market prices ,Riter said: "Maybe a passing effect, but only passing." He added that he doubted very much whether anything said by committee witnesses could cause the market to fluctuate appreciably. In New York, the market showed signs of a continued downtrend in early dealings. However, some key issues showed strength. r'ec?ro Welfare Unit in Appeal Ne<?ro Welfare Mission of Blythe ville today sent out an appeal fo aid with which it will help Negr chiLdrcn and aged. Some of the children, it was re ported, are beln? kept out of schoo for want of clothing and food. Contributions rfmy be made t< Rev. J. W. Thompson or Charle: Payne by telephoning 3-6362 or a 1356 South Seventh. Firemen Injured KNOXVTJXE, Tenn. (fl»j — Four firemen were Injured last nigh when a fire-generated explosion blew the front out of a downtown building housing a paint store and restaurant equipment firm. Damage was estimated at $200,000. Box Office Opens 6:45 Show Starts 7:00 p. m. Admission !5c & 35c At All Times WED., & THURS. Double Feature AVAI -WHISTLE STOP _«oittiirT Assembly Boosts Welfare Pay $50 Minimum Bill Now Needs Only Governor's Signature By RAY STEPHENS LITTLE ROCK WV-Welfare pa> mcnts to Arkansas' needy old pe pic will be increased to a minimui of $50 a month unless Gov. Orva Faubus vetoes a bJJ] passed by th state Senate yesterday. Paubus declined to say late yes terday whether he would veto th measure, which won approval 22- in the Senate. "I will be very happy to ; see th old folks get $50 a month," h told newsmen. "All I'm waiting fo now is the General Assembly I make available enough revenue, s that I can give the old folks tha much money." In urging passage of the proposal, authored by Rep. Ro Haynes of Polk County, Sen. Ro Riales of Mena asked the Senat to "stand up and be counted to the old folks'." "Will Wreck Welfare" The bill drew vehement oppos tion from Sens. Marshall Sackle ford Jr., of El Dorado and C. E Yingling of Search. Both senators charged that th bill would wreck the Welfare De partment's program of assistanc the needy. Gov. Faubus already has sal ,hat unless new taxes are ap proved, there is a chance grants will be reduced. Old age grants now average around 30 a month Welfare Commissioner A. J Moss refused to comment on wha effect the bill might have on his department. Equalization Bill Passed The Senate completed action o: the plan to force an equalization o >rcperty assessments throughou he state. It approved 21-4 a bl to equalize the salaries of the 7 county assessors. The House stil nust vote on the bill. Sen. James P. Baker Jr., of Wes lelcna. guiding force of the entir program in the Senate, said the in creases were desirable as an incen -ive to the assessors to carry ou :he equalization program. The responsibility for bringing up assessed valuation of all rea ind personal property in the stat •ests solely wilh the assessors. Thi state Public Service Commissioi s authorized to exercise "Jlmitec supervision" in the task. A House bill which would havi prevented construction contractor om importing union workmen int Arkansas was amended to death b; fie Senate. .'en. C. Van Hayes of Benton, a sponsor of the measure, said it wa, ALSO CARTOON Cinemascope at Its Best With Stereophonic Sound! Listen to KLCN at 10:10 a.m and 4 p.m. for Kitz & Rorj Program Announcements WED. •THURS. •FRI. ARAMOUNT NEWS & CARTOON "WELL OILED" d«»igned to provide more jobs (or Arkuuu union worker*. The bill would h»ve prevented contractors on the Dlion-Y»Us power plant proposed for ne»r West Memphis from bringing In Memphis workmen, said Hayei. Sen. Ellis Pagan of Little Rock, who offered the amendment, charged that the bill would hamper construction work because 1 there are not enough Arkansans to fill available Jobs. The House passed a Senate measure which opponents claimed would make the state a "wholesale bootlegger" to legally dry Mississippi and Oklahoma. The bill, on which Gov. Faubus now has final say, would authorize the Alcoholic Beverage Control Board to license "wholesale exporters" on payment of a »1,500 annual fee. These exporters would collect and remit to the state a. 35-oent- a-case tax on liquor sold only for shipment to other states. To Aid U of A Proceeds, estimated In general terms at "several millions" a year, would go to the University of Arkansas, state-supported colleges, Welfare Department and other agencies. The House also' approved, with the same minimum of favorable votes, a Senate bill to permit confiscation and public sale of automobiles, firearms and other equipment used by "known" liquor law violators. But It rejected a Senate measure to reduce the tax on liquor from $2.50 to $1.50 a gallon. Several days previously the House amended the bill to include a provision for repeal of the "fair trades" price fix- Ing act for liquor. Defeat of the proposal apparently knocked in the head both a tax reduction and end of "fair trades" for the current legislative session. NAGY (Continued from Page 1) consumer goods. The broadcast declared: "Under the influence of these rightist deviationists, industry slowed its production, socialist work output decreased and the discipline of the citizens slackened." Obituary James Prater Rites Are Held CARUTHERSVILLE — Funeral services lor James Prater, 79, were conducted from LaForge Funeral Home Chapel here Tuesday afternoon. The Rev. John Henry Hicks officiated. Burial was In Little Prairie Cemetery. Mr. Prater, who was a retired lumber laborer, died unexpectedly at his home here Monday morning. He was born In Beach Creek, Tenn., and moved to this area 20 years ago. He was a Baptist. He is survived by his wife, Mrs. Argie Prater of Caruthersville; two daughters, Mrs. Mealey Hodge of Route One, Caruthersville, and Mrs. Lillie Yarbro of Finley, Tenn.; and a son, Ernest Prater of Waynesboro, Tenn. Comanches Set Tepee in Order The Comanches, a new Tribe of Y-lndlan Guides, was organized last ni«ht at a meeting held in the home of Chief Red Deer (Herman Carltonj, with seven fathers and their small sons in the Tribe. Tribal capacity is nine. Other officers elected were Tallykeeper — Red Moon fJas. L. Brooks); Wampum- hearer—Red Thunder (S. E. Tune); Tom-tom Beater—Little Red Moon f Lee Brooks); Indian ztunner —Little BLackfoot (Van Parker). This brings the Tribes in Elytheville to four, the Chickasaws, Apaches and Mohawks having been formed previously. All local Tribes are members of the Blytheville Longhouse, which arings all Tribes together in quarterly meetings. New Milestone MUNICH, Germany (JP) — The American - sponsored Crusade for Freedom sent its 100 millionth balloon-borne anti-Communist leaflet over :he Iron Curtain yesterday. Senate Group Okays Marian's Appointment WASHINGTON (>P) — The Senate Judiciary Committee today approved the nomination of Judge John Marshall Harlan for the Supreme Court. Sen. Dlrksen R-I11., emerging from a closed meeting of the committee, told newsmen that 10 senators voted for confirmation, 4 against and one voted present. HarJan, the grandson of a Supreme Court Justice, was nominated by President Elsenhower last November to fill a vacancy on the court left by the death last October of Justice Robert H. Jackson. ' Dirfcsen said that he thought there would be "a bit of a floor fight." when the nomination i& brought up in the Senate, in view of the four adverse votes tn the committee. Harlan now is a judge o! the 2nd U. S. Circuit Court of Appeals. He was confirmed for that post, in New York, last year. Former Solon Kemp Toney Dies PINE BLUFF, Ark W) — H. Kemp Tobey, 79. a member of the General Assembly for more than 50 years, died early this morning. Toney died at his home near White Hall, about six miles north of Pine Bluff on the Little Rock highway. First elected to the state legislature in 1890, Toney served 14 terms over a 50-year period. He was president of the senate during one term and speaker of the house during another. In Pine Bluff, Toney was a charter member of the city's Rotary club and a, past president of the Jefferson County Bar Association. He is survived by his wife, a daughter and a sister. Funeral arrangements are incomplete. The Declaration of Independence was written and signed and the Constitution of the United States drawn up at Philadelphia. ASSEMBLY (Continued from Page 1) sales tax advocates agreed with Ward In his effort to get immediate action. Sales tax proponents said pri- va 1 ly they still think they have the necessary 51 votes to pass the bill. Even if the House should pass an unamended bill, it apparently still would be necessary to employ some skillful parliamentary maneuvering to get the measure past an anti-sales tax bloc in the Senate before final legislative adjournment at noon tomorrow. Most of the proposed amendments Feild referred to are designed to cripple and eventually kill the tax bill. Adoption of even one, under customary procedure, would delay final House action until tomorrow, further lessening the bill's chances of ultimate approval in both branches. The sales tax fight has been raging in the House ever since the administration bill was introduced Feb. 28. .Opponents have stalled consideration until today by various parliamentary tactics — and by some unintentional help from the administration. Through an oversight, the original bill contained no provision for exemptions set out in present law County Baptists Score New Law Mississippi County's Baptist executive board has gone on record us opposing a recent act. of the Arkansas Assembly fixing dates for local option election and * letter has been sent to the Mississippi County legislators and the Governor expressing the group'* opposition. The group Is composed of representatives from 37 Baptist churches In Mississippi County. The act passed by the legislator* prohibits holding of local u.ption elections except at general elections which come only every two years. The Board expressed it* feeling that the bill was passed in the Interest of liquor dealers and would be an ultimate factor In "lowering of moral conduct." They also commended L. H. Autry, representative of Mississippi Comity, for his opposition to toe bill. New Carrier Given Approval WASHINGTON W! — The House Armed Services Committee today voted 34-0 for a fifth supercarrier and a billion-dollar Navy shlp- , . , j , building program for the year end- ond a new bill had to be mtro-! j n g m m id.]:g56 duced containing these provisions I ' The vote climaxed two days of after opponents kept the first bill hearings during which top Navy from being called up for a cor- [ officials called the giant flattops rective amendment. j "indispensable" to a modern fleet. New revenue, if the bill should)some congressmen nave called become law, has been estimated them too Vulnerable to atomic- at- at more than 15 million dollars, based on most recent collections. About 72.5 of the money would go for the public schools and the remainder for the University of Arkansas, state-supported colleges, public welfare and a number of other state agencies. Carrier Gets Name WASHINGTON W) — The Navy will name Its fourth 60,003-ton super-carrier the Independence. Work on the vessel will start this summer at the Brooklyn Naval Shipyard. Estimated cost: 3139,311,0000. Seoul Bus Fire Fatal to 21 SEOUL (ff>)— A bus jammed with passengers burst into flames 40 miles east of Seoul yesterday, burned 21 persons to death and injured 20 others. Police said a front wheel col" lapsed and the bus rolled over on its side. The gasoline tank explod- ' ed before the screaming passenger! could free themselves. There's even more to Chevrolet styling than meets the eye! This is beauty with a bonus .. . for Chevrolet styling is designed to add safety and comfort while you drive, and to return greater value when you trade. Visored headlighti H Louvered High-Level air intake Truly modern lines are shaped by usefulness. You can see what we mean in the deep crystal curve of Chevrolet's Sweep- Sight windshield ... a dramatic style note, certainly, but one that stems from the need for wider, safer vision. Or take high- set taillights — they add to the impressive length of line . . . but they are up there where they can be seen for safety's sake, and as convenient guides in parking. So, too, with the jutting peaks over the headlights. The smart louvers across the hood aren't just decoration .. . . they mark the intake for the High-Level ventilation system for cleaner, fresher air. And the whole shape of the body — its lowness, the dipped belt line — is merely a reflection of a lowered center of gravity, the added stability. •• This is truly funclional styling that serves you better every . Q Sweep-Sight mile, and preserves its value against the distant day when you trade. This is Body by Fisher — another Chevrolet exclusive in the low-price field. Come in and let us demonstrate that this new Chevrolet is just as exciting to drive as to look at! windshield Distinctive dip in belt line motoramic CHEVROLET STEALING THE THUNDER FROM THE HIGH-PRICED CARS! M Fender-high taillights liOv^va..^ ^ ^, „.„ Tasteful two-tone color styling Th< bwuWul 1*1 Air Sport Coup* wilt) »orfy by FWwr. SULLIVAN-NELSON CHEVROLET CO. 301 W. Walnut 3-4178 j

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