Alton Evening Telegraph from Alton, Illinois on January 3, 1950 · Page 4
Get access to this page with a Free Trial

Alton Evening Telegraph from Alton, Illinois · Page 4

Alton, Illinois
Issue Date:
Tuesday, January 3, 1950
Page 4
Start Free Trial

ALTON IVENINO TELEGRAPH TUESDAY, JANUARY I, mo , llTON EVENING TELEGRAPH •. Published by Alton telegraph PHntlng company. P. ft. COUILKY, ManaiHift Editor. dally except Sunday; subscription price SSe we«kly by carrier; by mall, I8.oo a year within 100 milts; W.OO beyond 100 mile*. Entered as second-class matter at the post of flee, at Alton, 111., Act «t Congress, March 3, 1979. tfce Mr os m* ASSOCIATED m Mr re»Ubllett MWlMlMt •• bllettMl 01 til lh» locn nrw* nrlntws in UlM Will •* III l/pi n*w» illiiMlclMt II Adwtlomi - Ritet «na com ran information al the r*le«r»ph husm«s o«lcc Ml B*lt Br«Mwi>. Alton. Ul. Nitlonil Adverllims ReDri>«cnMMf* We»» HollKU. Co New York Chicago Detroit Here It IN In Technical I Term* Chester C. D^vis is president of the Federal Re serve Bank of St. Louis. That makes him, in * way one of the murmuring voices in the federal admin istntion. Some observers of'the political and agricultura gccne have levelled more pungent criticisms at the Brannan agricultural ,iid plan. Their concensus ha been that it would take back in taxes to support more political jobholders far more than the money it might add to the farmer's prices .mil more than the sums it would save the consumer in retail prices Mr. Davis approaches it from a more forma viewpoint and in more technical terminology in sort of a special article in the Federal Reserve Bank's Monthly Review: "I have stated often my belief that farm prosperity cannot be legislated. It is one thing to attempt a support program designed to smooth the farm marketing process and thus alleviate the feast or famine character of agriculture. Such a program must be flexible and depend ultimately upon prices at which the market can clear itself. It is something entirely different to attempt to set prices above a point which the market will clear itself over a reasonable length of time. The result of this latter is unmanageable surpluses or strict acreage marketing controls, or both—and eventually very severe readjustments. And the problem hardly can be said to be solved by letting market forces act to .set prices at which the market clears, and then make up the dif fcrcnce between the market price and an artificially high price out of the public treasury." The Brannan plan exact!/ follows the latter part of Mr. Davis* statement. The farmer would sell his products at market prices and a natural retail level would be maintained. But the government, in the case of perishable products, would subsidize the farmer by making up to him the difference between what he could get on the natural market and a special parity price. Fortunately, the country is likely to gel a longer look at the Brannan plan before Congress takes a crack at it. Asked the middle of December whether the Senate might consider it and attempt to frame parts of it into legislative form, during the session beginning this month, Majority Leader Scott Lucas brushed off the question with: "I think the present farm bill will suffice, without further price support." While Secretary of Agriculture Brojinan is going through pretty strong motions of wooing the farm vote to the plan, it's pretty obvious what the administration is after. The big promise held out by the plan is lower consumer prices on perishable produce. That, in outward effect, contrasts it with the current farm aid program which merely guarantees specified support to prices paid the producer, and currently is helping to boost consumer prices. That could mean principally bait on the hook for the city vote—with an eye toward building up our governmental bureaus and the resultant patronage the urban vote see through the plan? Will it defeat the Congressmen opposing it in 19(0 elections? Or will it realize the added tax burden needed to pay the farmer the difference between natural prices and "parity" to meet a further swelled government payroll? When the New Century Begin* When folks are in argumentative mood about this time of the century's halving, or completion, there is one provocative question for debate. Many would hold that the century reached its half-way period Sunday night when the year. 1949 melted its way into 19JO. But, while in the case of a human being whose life begins at zero, it is quite different with the calendar year. The year is building up all the way to make a year and at the end of the first )65 days the Christian Era had completed its first year and was one year old. The argument may be continued on in the case of the century, which leads to the conclusion that the first century ended with the close of the full century, at the actual end of the year denoted by the hundreds. But the human being's case must not be confused with the case of the year, as it it quit* different. The twentieth century begins with the dawn of the year 2001. The nineteenth century concludes the last second of 2000 with the gasping 25 Years Ago January 3, 1925 Mitt Mena Kuehn of 902 S,tate died at her home after a short illness. She was born and reared In Alton and had spent all but a few years of her life here. She was the daughter of Charles and WIN helmina Kuehn. Henry Hoehn, jr., 18, was severely hurt In a coasting accident. He suffered a broken leg and an Injury to one eye when a sled on which he had been coasting was struck by a large bobsled. J. T. King, Civil War vetcrnn, who for many years conducted a store in Upper Alton, announced that, he- had turned the establishment over to his niece, Miss Marjorln Dietiker, who had been associated with him In business several years, Miss Nancy Lowry was expected home from Tulsa, Okla., where she spent the holidays with her sister, Mrs. V. C. Meiher. Miss Viola Elsenrelch was visiting In Charleston, Mo., with Miss Viola Grant and Cadet Anderson. She wrote of the happy time she was having In sleighing, skating and coasting. Mr. and Mrs. George Morrison of 813 Logan street entertained with a dinner parly in celebration of the seventh birthday anniversary of their son. Donald. Guests Included Mr. anrl Mrs. .lames Wan- namacher, Mrs. Johanna Thornton, Mr. and Mrs. Anthony Sprlngman, Mrs. J. D. Kelly, Marie, Louis, Aloyslus and Cecelia Sprlngman, Mr. and Mrs. George Morrison and children, Gertrude, Donald and Catherine. Mr. and Mrs. H. E. Paul and Mr. and Mrs. E. W. Gould entertained with a neighborhood party. Cards were played and favors were given to Mrs. H, E. Rumsey, Mrs. T. C. Mcrrlman, Mr. Merriman and J. W. Beall. Mr. and Mrs. Harry Lucr of Washington avenue entertained, having as guests members of the N. P. club. Bunco was played and prizes went to Fred Eckharrtt, William Barnard, Miss Freda Wetstein, Miss Emily Budde and Miss Marie Budde. Guests were Walter Rankln, Harry Wetstein, Richard Hudson, Len Elble, Fred Eckhardt, William Barnard, Harry Ehbert, Joe Brady, Miss Helen Fahrig, Miss Frieda Wetstein, Mrs. Lcn Elble, Miss Sadie Brueg- gcman, Miss Emily Budde, Mrs. Fred Eckhord, Miss Marie Budde and Miss Lena Fischer. Beta Gamma Upsllon Sorority gave their annual Christmas dancing party New Year's night, at. the Elks' Club. Chaperones were Mr. and Mrs. J. T. Corbelt, Mr. and Mrs, A. J. Schuessler and Mr. and Mrs. C. A. Halsey. Pledges that passed programs were Miss Virginia Bramlctte, Miss Alvlra Clark, Miss Margaret Hoefert and Miss Georgia Hale. Mrs, Charles R. Price of Decatur was the gusst of her daughter, Mrs. E. A. Hubcr, of Dry street. Mrs. J. Maley of Sanford avenue went to Jersey•Ille to visit her sister, Mrs, .7. Walsh. Judge and Mrs. .7. P. Streuber had arrived home fter a week's stay in Chicago. George Mook, cigar maker at Putzc- and Bund's Cigar store, who had taken severely ill while at, ork, was getting alonu well nnd wcs nblc to be moved to the home of his mother, Mrs. Frances ledecker on Diamond street. Mrs. Grove Smith of Detroit was visiting at the ome of her parents, Mr. and Mrs. C. A. Cook of 531 Hast Seventh street. 5O Years Ago January 3, 1900 Frozen water plugs resulted In the destruction by ftro of the home of James Coleman on Summit treet. Firemen finally ran out. 1600 feet of hose rom a plug at State'and Prospect, the only one •Ithln blocks from which water could be had, but It ook them 40 minutes to get a small stream on the ames. By that time the house was doomed. The oss was estimated at about $1500. Mrs. Toohey of ond street provided hot'coffee for the firemen. Charles F. Sparks was bujjding a bag-cutting TnimanSlarted Good Feeling By Burke Move WASHINGTON, Jan. 3.—President Truman IB to be heartily commended for • th* breadth of view which caused htm to brush aside petty criticism of Capt. Ar- lelfh Burke, war hero of the Pacific, and let him receive his much-deserVed promotion to rear admiral. Mr. Truman by his atllon started a wave of .good feeling throughout all the armed services, for, whether an officer Is In the army or the air force or the navy, he realizes that "pull" at the top could be disruptive of morale If allowed to direct the course of promotions and advancement. The exact circumstances under which the recommendations of the Navy Selection Board, which orlg- Innlly Included the name of Capt. Burke, were tampered with before they were sent to the President may never be known. The point Is academic now. What It Important la that the effort to punish Capt. Burke for alleged participation In the preparation of the navy's testimony before a congressional committee has failed and that Mr. Truman, by his vision and understanding, has spared the nation a serious squab- bio In Congress. It Is a Rfld commentary on the widespread misrepresentation which has emanated from Washington In recent months that some press dispatches actually accused Capt. Burke of being against unification and as having participated in some kind of revolt against authority because he did what he was ordered to do by his superior officer, the chief of naval operations. The facts about what "Operation 23" really did in collating data for presentation by naval officers will come out in due time, and It will be revealed that, what "Op 23" did Is still being done— nnd properly so—in both the air force and the army. The real trouble is that many people, irwide and outside of Washington, have not read the unlfl cation law passed last summer and they mistakenly label every honest difference -pf opinion on questions 'of strategy or the value 4 of weapons or even on the. size of appropriations as an attitude against unification. The law is worthy reading, for It specifically warns against merging the sen- ices or trying to weaken them under the guise of changing their Side •9 CM trail* COM. 1M* it MA MMMC, m. T. M. MO. W. S. WT. "Ever notice how • dog enjoys hit bones even if they re no better than the bones the people give the dog next door?" Pearson's Merry-Go-Round China, U. £• Problem functions by transfers or rearrangement of units. The law provides for the lachine of his invention s buUi at. * e Hayden machine for breath of the old year on the night, Doc. 31, as tlic old clocks start whirring to nuke ready for beating out the midnight alarm. BI«Hk«t> Hluiiktt Still Need Tough Speed La UK A traffic expert commcnieJ the other day that it might be a good thing if cities tailored &p«;d lawi to make them conform with modern cars rather than continue with the type of laws enforced in the Model T Ford age. With this viewpoint, most imuorisis may agree quickly— but on second thought, there arc *oinc Strings attached to the logic of such a move. Ooubtletily there are speed zonr* in cities thai *& ridiculously restrictive and these /one* are usually ignored by most motorists. For example, in a 20-mph wme, the stream of traffic ii often moving JO mph. Model T Mils in peace in the Junk heap, hop, and representatives of Bcmis Bag Co., who ad seen his working model In operation, declared he device to be the most, Ingenious ever perfected, he company had placed an order for several of machines, and the first was now near comple- on. The machine, which employed a band knife ould.cut 60 bags a minute. The school board had selected Charles F. Stel/el, ashler of Citizens National Bank, as treasurer. orthwcstern Mutual Fire Insurance Co., known as armors' Mutual, held its annual moot inn in Upper Hon with J. E. Kelsey of Bet hallo presiding. Sec- etary A. H. Hastings reported 581 policies in force 1th total Insurance coverage of $883,090. The company had paid out $2669 In losses and expense in 1899, Directors elected as officers were Col. A. F. Rodgers, W. H. Cartwrlght, Hastings, and L. S. Dorsey. George Haas resinned at Wyss drug store to take a position In Lincoln, and August Barth was to succeed him hero as pharmacist. Architect Pfelffcnbergcr called bids on erection of the new warehouse building for Beall Bros, on the former Carstang foundry site. The Bealls were to Install a small rlectric light plant to serve their new tool factory. Supt. Mlllard of the Bluff Line spent most of the day here seeking to adjust objections of Henry Watson and others to plans of his road for a crossing over the county road under the bluffs to reach the silo of Its new switching yards. Mayor Young pointed out that the Bluff Line had lost all rights to use the county roud with expiration of a franchise In 18S9. Mlllard said that in straightening its main line, in course of Improvements now in progress, the railroad tracks, excepting for crossings, would be wholly removed from the "authoritative coordination" of the three armed services and "for their Integration into an efficient team of land, naval and air forces but not to establish a single chief of staff over the armed forces npr an armed forces general staff," and it also explicitly orders the Secretary or Defense "not to merjsX'.the three armed services. The law also specifically declares that the combatant, functions assigned by previous laws to the miliary services "shall not, be transferred, reassigned, abolished, or consolidated." The law furthermore says: "The Secretary of Defense shall not direct the use and expenditure of the funds of the Department of Defense in such a manner as to effect the results prohibited" by certain numbered paragraphs prohibiting transfer, reassignment, abolition or consolidation. Finally the law says: "No provision of this act shall be so construed as to prevent a secretary of a military department or a member of the joint chiefs of- staff from presenting to the Congress, on his own Initiative, after first so informing the secretary of defense, any recommendation relating to the Department of Defense t hat he may deem proper." The chief of naval operations, Admiral Denfcld, ordered the bureau, known as "Operation 23" to prepare the necessary data and information for Congress on the progress of the law. But the admiral was removed for presenting his viewpoint, to Congress, and Capt. Burke, who had been assigned (o duty in the bureau by his superiors, was singled out for punishment by the Pentagon oligarchy who are perhaps the true "rebels" against the unification law. He has been saved only by the timely intervention of President Truman. (Reproduction Righti Rcurv<d) WASHINGTON, Jan. 3 — As Congress opens today, two important things are happening to the policy which guides the foreign relations of the U. S. A. and which in the long run either prevents or foments war: 1. The British are giving us a double-cross in China — at a time' when U. S. Treasury experts say two billions more will be needed to bail Britain out. 2. Congress will soon begin a vitriolic criticism of U. S. Vacillation in regard to China. It so happens that the British Foreign Office is recognizing the Communist government just at a time when it will hurt the State Department's relations with Congress most. This is not intentional, but rather because British Invest-, cott-blockade is about the only thing that could do ft- Otherwise most of Asia will gradually go under' Moscow's wing. Boycotting the West Robert S. Allen Reports^ Lftrtir-Lfji iji. j"i _>%°aL-' tf irirtJ'rft^lr^rVtr^nr'^xJMui^ Hoosler Bombers? WASHINGTON, Jan. f-the FBI probe of the Attempted tomb* Ing of the United Auto Workers headquarters has shifted to Indiana. G-men are checking reports that certain former UAW officials In that state fired by Walter Reuther have gangster connections and made threats to "get" him. Reuther axed the IndlananS as part of his purge of leftists when he won complete control of the big CIO union. The former were lieutenants of the defeated leftist leaders. Although outwardly following the Communist line, these elements secretly worked in cahoots with Ku Klux groups in the UAW who also were violently Opposed to Reuther. NEW AMA FIGHT—The American Medical Association .has trained Its potent guns on another administration bill. It Is the school health bill passed by the Senate last year without opposition. Now pending In the House, the measure would grant aid to states to develop school health serviced, particularly for the prevention and treatment of physical and mental defects. It provides for periodic medical and dental examinations of all school children. Significantly, AMA supported the bill before it began battling the President's national health insurance program. But, at a recent meeting of the AMA's board o: trustees, they voted to fight the school health bill. Notice of this has been served on members of the House in letters from Joseph S. Lawrence, director of the AMA's Washington office. TRUST TERRITORIES IN THE PACIFIC —Civilian administration will be strongly recommended for the Pacific Islands under U.S. trusteeship by the Congressional committee that recently toured the area. Headed by Representative John E. Miles (D., N. M.), the This writer was in China when | group visited Guam, Samoa, and such a boycott was applied to the; other islands. The trust territory western world in 1925. Chinese stu- corn prises 1450 Islands, of which dents had been killed by British nnlv 97 ments, British trade and the prized i munlty dinner. marines, and in retaliation the foreign colony of Shameen at Canton was boycotted by the Chinese. As a result, grass grew in the streets. All food had to be imported. Not a servant remained on the island. •* Every morning you saw the American consul sweeping his own office and the Italian consul hauling Ice on a child's express wagon. In the evening, the French consul mixed the salad, the British consul cooked the meat and the Italian consul fixed the" dessert at a com- A new electric socket with a bottle stopped base* easily converts almost any bottle, oil lamp, or vase, Into a table lamp. Connection wire and outlet plug accompany the socket. British island of Hongkong require protection. Meanwhile Secretary of State Acheson and Secretary of Defense Johnson are engaged In a tug of war regarding our Chinese policy with President Truman stamping his foot on the sidelines and demanding definite action, one way or the other. 'Actually, a firm and definite policy regarding that heterogeneous mass of 400,000,000 Chinese people speaking 23 different dialects is anything but easy. But there is one policy which the United States has never tried— namely, the tactics used by the Chinese against us. This is the age-old policy of passive resistance coupled with the boycott; and probably it is the only policy which will work either in China or against China. Reversing Chinese Weapons It sounds so simple that sophisticated diplomats probably won't consider it. But it has .been used scores of times by the Chinese against the western world, and it will work just as effectively if the western world uses it against the Chinese communists. This weapon merely consists of cutting off all trade, all communications, ail contact with the Chinese and letting them stew in their own Juice. In one respect, this would be cruel retaliation. For thousands of Chinese would starve; there would 9e unemployment, rioting and upheaval in Chinese cities. But it is the only way by which tho Chinese Communist government can be taught that it cannot seize our consuls, imprison our aviators and treat us as the Japs once reated Formosans. Furthermore it is the only way we can prevent the southward rush of Communism to the Philippines o French Indo-Chlna, Burma, the Dutch East Indies and India. Today, old-fashioned demonstra Ions by a few extra warships in Chinese waters won't mean more than a flea-bite to the vast and stirring continent of Asia. Nor can we Invade any part of China with an army. On the other hand, It wil" take novel and world-shaking ac tlon to halt the southward rush oi Communism, and the use of China's own tactics in the form of a boy- but in farmer owner* are at the wheels of newer, ftlffr CM*. The can have been improved greatly— but ffca owners have changed only tligluly for the bf(W> $PTO« jlfvcn't changed at ill. These latter are tkt blsnkfty-blaok fools who need suingem ft subftfliiM for lb* common icnw they lack. Mr* Mowwi, thoMfh you may be tempted to Jw»>< th» "Model T" ipecd county road to a fill along the rlvcrbank. When a Frisco baggage car burned near Springfield, Mo., contents destroyed Included a trunk of Mr. and Mrs. Leigh Wyinnn, which contained her trosseau, and jewelry and silverware to value of (1500. Mrs. Wyninn was a daughter of Mr. and Mrs. E. A. Clapp. She and her husband had established heir home in Joplln. UPPER ALTON. — The Town Council enacted an ordinance providing thai the curfew should be sounded from the new bell to be placed on the village h«ll. It defeated an ordinance providing for annexation of a large tract to northwest of the village which included Oak wood Cemetery. Prof Robert P. Kline, former Shurtleff faculty member, and Miss Claribel Vanllooser had been married New Year's Day at Oswego, Kan., where the bride was teaching school. Mrs. Rodemeyer was forming another dancing class. By F«nJ«iw4t The future of our nation will depend in great measure upon the wisdom and vigor with which the Department of interior discharges Its responsibility to safeguard, develop and utilize the natural resources necessary to maintain H free and thriving society.—Interior Secretary Oscar Chapman. limits, remember that you might be like the 4ud that'll eat all the candy he can get and not think about the conwqucncei. "WHISKY BILL" WORTLE If the Chinese had been smart enough to tighten this anti-western boycott around other cities instead of chiefly Canton, all foreigners would have been ousted. But, as usual, Chinese factions rowed between themselves, and the western powers practiced the old policy* of divide and rule. Today the reverse is true. The Chinese are now united under a ruthless rule of Communism, and are about, to divide Great Britain and the United States. FDK Considered Orient Boycott Nearest approach to a western large-scale use of the boycott came in 1936 when Adm. William Leahy then chief of naval operations, proposed to President Roosevelt that the American and British fleets blockade Japanese waters and cut off all supplies of oil, cotton, copper and scrap iron. This was' one of the most Important but least known chapters in American foreign policy, for if the blockade had been put across it is no exaggeration to say thai World War II probably could have been prevented. To put it across, FDR invited the nine power pact nations which liar guaranteed the sovereignty of China to meet, at Brussels in Oc tober, 1936. But there was dissension, not only between the nine powers, but inside the Roosevelt administration—just as there is to day. Cordell Hull, then secretary of state, was personally opposed. So was the late Hugh Wilson, one of his chief advisers. On the other hand, special Ambassador Norman Davis, later head of the Red Cross, together with Undersecretary ol State Sumner Welles, vigorously supported the boycott. British Would Soy No Thanks to this hesitation and dissension, the boycott of Japan died aborning. If put into effect however, it would have been a conclusive object lesson to the European . dictators that the democracies could act together against aggression. Today, our biggest problem In any boycott of China Is Britain. Even were the State and Defense Departments able to reconcile their differences, the British probably would not cooperate. They have been straining at the leash for months determined to recognize the Chinese Communists and, as late as November, British Ambassador Frank called on Secretary Acheson with a flat statement that Britain had made up Us mind to extend recognition. Acheson urged delay, but won only a scant few weeks. Reason for British determination to do business with the Communists is the great chain of warehouses, and shipping lines which have carried empire goods to the Orient for half a century. Also Hongkong would be forced to capitulate any time the Communists cut off Its water supply. So the British Foreign Office figures It can save these Investments by recognizing the Communist regime now. (Copyright. tSU. by Mil Syndic*!* Ine.i N, Y, Death Rate Loweit in History NEW YORK, Jan. 3 - I* -New York City's death rate In 1949 was the lowest in the city's history. For each 1000 population, there were 9.6 deaths, compared to lO.t the year before, the health department reported yesterday. Pre- vlous lowest mark was 9.9 In 1941. Total deaths last year were 71,. 597. Heart aliments were the main killers, with cancer next. The health department • annual report also estimated a rise In the city's population during the year n rom 8,067,000 to 1,1*1.000. only 97 are regularly inhabited. They cover an ocean area equal to the size of the U. S., but have a total population of only 53,446, approximately that of Santa Monica, Calif. The committee report will not criticize the navy',* administration, but will hold that much faster progress In giving the natives self- rule will be achieved under civilian control. . During their tour, the Congressmen were royally entertained by Admiral Radford, high commissioner of the trust territories. He made no mention of his bitter fight against unification. Members of the committee were William Lemke, N. D., Jay LeFevre, N. V., and Edward H. Jenison, 111., Arthur L. Miller, Neb., and Fred L. Crawford, Mich. GETTING-ACQUAINTED—When movie star Myrna Loy arrived in Washington during the holidays, one of the first things she did was to telephone "her" (Congressman, Representative Mike Mansfield (D,,. Mont.). Miss Loy had just returned to the U. S. after completing a film in Europe for the .United Nations Educationl, Scientific and Cultural Organization (UNESCO), of which she is a delegate. Her welcome from Mansfield was very different from their first meeting in Paris last .fall. He was introduced to her at a gathering at the U. S. embassy. He didn't' catch her name, and although she looked familiar, he couldn't place her. After they had talked for a while about UNESCO, she remarked, "I'm from Montana, too." "Where?" asked Mansfield. She named a small mining town near Helena, where her mother still resides. "I'm sorry," said Mansfield, "but I didn't catch your name when we were introduced." "Loy—Myrna Loy." This time, he got it and, red- faced, apologized. NOTE: Mansfield says It Is not unusual for Montanans to be international-minded; cites as proof atomic scientist Harold Urey; Clarence Streit, world federalist leader, and James Rowe, consultant to Secretary of State Dean Acheson. PUBLIC LANDS—According to a study compiled by the House public lands committee, the fed*. ral government still owns 455,146,726 acres of land, or 23.89 percent of the 1,905,361,920 acres In the U. S. These federal holdings are the lowest since 1943. Largest are In Nevada, where the government controls 84.71 per* cent of the state. Next largest is 50,471,920 acres in Arizona, 69 percent of the state. Third is California, where the federal government controls 45,900,157 acres, 45.74 percent of the state. Of the huge federal holdings, 262,155,709 acres are under the Interior Department) 11,738,808 acres belong to the air force; 9,. 020,424 acres to the army; and 2,345,495 acres to the navy. The Atomic Energy Commission owns 487,518 acres; the largest amount IS 219,361 aces, In Washington State, and the smallest, 1.37 acres In Massachusetts. HOW ECCLES WAS "GOT"— Federal Reserve Board member Marrlncr Eccles did some reveal, ing talking at his recent closed- door meeting with Treasury Secretary John Snyder before the Senate banking subcommittee headed by Senator Paul Douglas (D., 111.). Contrary to reports, there wai no clash between Eccles and Snyder over Interest rates on government bonds. They expounded their differing views in a friendly manner. Their cordiality was so marked that Douglas commented on It. "I heard you were old enemies," he laughed, "yet here you are practically making love to each other." "I consider John a very friend," replied Eccles. "In fact, in my more-than 15 years with the Federal Reserve System, I have differed with him less frequently than with any other Secretary of the Treasury. Morgenthau and I fought all the time. I had less difficulty with Vinson, but we clashed on a number of occasions. With John, I have had the least trouble of all." Eccles then went on to-relate who was responsible for his ouster BS Federal Reserve chairman. This has long been a mystery. At the time, it was widely reported that he had been assured of reappointment by President Truman. But, abruptly, Truman announced the selection of Thomas McCabe, Philadelphia Republican. Eccles attributed his ouster to I the following: The late A. P. Giannini and his son, Mario, head of the giant V/est Coast Bank of America system. Under Eccles' chairmanship, the Federal Reserve instituted a monopoly investigation against the Gianninis. Senator Sheridan Downey (D., Calif.), to -whom the Gianninis complained about Eccles. Ecclei declared that Downey then went tr> Senate Secretary Leslie Biffle and said, "Eccles is making it tough for the party on the West Coast. The Gianninis are the biggest contributors we have. You have got to stop Eccles or the party will suffer." The late Defense Secretary James Forrestal, onetime partner of the Wall Street banking firm ot Dillon; Read & Co. Forrestal "reluctantly" urged the President to appoint McCabe in place of Eocles. "These are the men who 'got' me," Eccles related. "Secretary Snyder had nothing to do with it, although he received a very attractive offer from the Gianninis." SHORTS—At a recent top-level Treasury conference, Secretary Snyder stated the U. S. now holds 67 percent of the world's gold reserve, approximately $24,000,000,000. "At the rate we are buying Uie metal," he said, "we will have $36,000,000,000 in storage in less than 10 years." The World Pacifist Congress, first of its kind ever held, is taking place in India. The. meeting is being held in ths home of the late famous Indian poet, Rablndranath Tagore. The Congress was organized by th« Late Mahatma Gandhi. ... In the last five years, 3,935,000 new business firms have been established in the U. S. . . . A nine-point "workers' security program" will be sub- mltted to Congress by Labor Secretary Maurice Tobin. It will propose increasing the national average weekly unemployment insurance benefit from $21 to $26. (Copyright. 1950, New York Foil Actress Answer to Previous Puttie HORIZONTAL I Dep'lrted actress. . Robinson • She performs on the IS Rebuild 14 Presage* 15 Consume HI Name IR Peu'tut coin of Thailand 4 Symbol for niton A Foldinit bed « Goddess of discord "J Caterpillar hair W Fish eggs 9 Part of "be" 10 More costly 11 Preposition 12 Hops' kilns ll I53?MI»|[ I II IHM MIII 11 ^ reply 22 Recede 25 Groan 2« Sea eaf le 21 Otherwise 19 Three in cards l7 l>°rd (ab ) 21 Sorrowful 20 Affirmative 22 Cod of love 23 Of the thing 24 Exist 29 Disorder 27 brought up So Correlative of 2* Abjure either Jl French article .12 Any 33 Symbol for stannum 34 Tidy 37 Submit to 3* Toward 40 Down 41 Carry (coll.) 43 Dress edge 41 Official deeds 49 Boundary <comb form) 50 Fortification 52 Atmosphere 83 Analyse a sentence AS Visionary * 57 Frozen rain US|i* in a featured — VUflCAl* I Orleve I Erect I Flowers 39 Ores* 30 Pedal digit 97 Harem room 3t Suited 41 Spinning toys 42 Verbal 43 Him 44 Icelandic myths 49 Crape refuse Ml 4l-li \ 47 Binds 48 Arrives (abj SO Rot by exposure t» moisture 91 Seine 54 Symbol for selenium M Measure of area I

What members have found on this page

Get access to

  • The largest online newspaper archive
  • 11,100+ newspapers from the 1700s–2000s
  • Millions of additional pages added every month

Try it free