Decatur Daily Democrat, Volume 55, Number 23, Decatur, Adams County, 28 January 1957 — Page 2

PAGE TWO

Tight Money Impact On Buyer, Building Firms

Editors Note: The following dispatch gives the arguments against the “tight money" poliflp. . .■{ f■■• >'■ i • By JOSEPH B. HAVERSTfCK President. National Association of ’Home Builders Written for United Press The American people have been listening for many months to a steady flow of reassurances from Washington that the so - called “tight! money’’ policy has been enforced equitably and impartially for their own best interests, to protect the economy against inflation It is now time that they ask some searching questions of the money managers who 1 are enforcing that policy. j How effective is the tight money policy? Whom is it protecting? Is it being operated under the traditional American principle of equal treatment 1 Tor all* or does it discriminate unfairly against one segment of bur economy, against one group of our people? < ■ If the aim of the federal iovernment’s credit control .program is to slow down the demand for and of credit.'l think it can fairly be said that the program has Ltt’s look at the record. In the field of Consumer credit, it is an ironfc fact that .any American family can take a European vacation on credit but it has difficulty financing a home in today’s “tight" motjey market on a mortgage guaranteed by the United States government. ;-f "■ ..... The heaviest impact of the government’s tight money policy has fallen upon the home buyer and the tome building industry, because! they are singularly dependent od credit and consequently are mosj/vulnerable to changes in the

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credit supply. Indeed, it might ■ justly be said that they alone are 1 bearing the burden of credit restraint, since no other major seg- ’ ment of the American economy shows any signs of cutting back f as a result of tight credit. It should be remembered that much of the home building and i home-buying in the United States today operates under fixed interest i rates set by the U.S. government. Today, these rates are unattractive to lenders because they offer a lower return than can be obtained from corporate borrowers, who enjoy special tax privileges under our existing laws. Certainly, if “hard money” is good for the country, home builders as patriotic citizens would be willing to go along. But builders think it would be more justifiable if the hard money policy were the same for all, big and small, for home builders, appliance dealers, automobile manufacturers, steel companies, chemical producers and all the rest of the businessmen who make up our complex economy. Perhaps the,most pointed comment on the effectiveness of the “tight. money” policy is to be found in official figures prepared by the Department of Commerce and the Securities and Exchange Commission. They show that spending on new plant and equipment for industrial expansion ran at an annual rate of about $25 billion when the Federal Reserve Board first started its “restraint” on credit in 1955 and that it has moved upward in an unbroken line since that time to a rate of nearly S4O billion at the present moment. And this at a time when American families are being told that it is .“inflationary” to borrow

money for new homes. Neither home builders nor home buyers are asking for special treatment. But they are convinced that the time has come when there should be a thorough going reexamination of our monetary policies. Three Are Fined On Traffic Violations Three motorists appeared in Floyd Hunter’s justice of the peace court Saturday to answer charges of traffic violations. Ken Neuenschwande« 18, of Berne, arrested last Thursday on U. S. highway 27 for improper passing, was fined $1 and costs Saturday night. Also fined $1 and costs Saturday night was Thomas H. Miller, 22, of Fort Wayne, who was charged with speeding. A fine of $5 and costs was paid by Cecil C. Macias, 24, of Decatur, who was arrested Saturday on U.S. highway 27 at the north city limits for operating a vehicle without a license. Edgar' Adams Thieme, 41, of Monroeville route two, was arrested Sunday night on 13th street in Decatur. He is scheduled, to appear in J. court. Thursday. President Os Union Is Suicide Victim WASHINGTON (UP) — Michael E. Markwood, 42. president of the National Federation of Federal Employes, was killed Suiiday in a 90-foot plunge from the Taft Memorial Bridge. Markwood, president of the 100,-000-member union, died almost instantly. Coroner A Magruder Macthe death a suicide. He said he understood Markwood had been increasingly despondent lately. He said union officials told him Markwood had overworked and been in poor health.

THB DBCATUB DAILY DEMOCRAT, DBCATUR. INDUNA

Take Applications Now At Twin Pines Purdue Residence Available To Girls Adams county girls who may attend Purdue university next year , should apply now for residence In . Twin Pines co-operative house next . fall, advises Mrs. R.' C. Hdrsh, . home demonstration council presiI dent. Acceptance ihto the house ■ is comparable to a scholarship or I about $250 a year. , Last year. Donna Schieferstein t of this county lived at Twin .Pines, > and several girls in the past have ( applied for residence from this county. Applications are available . at the county extension office and wUI be accepted until February 12. ' Any girl in the county is eligible ' to apply, but all applications must ’ be considered by the county home demonstration council. ’ Twin Pines is a co-operative ’ house for girls located just off the campus at Purdue University. Sponsored by the Indiana Some Demonstration Association, its purpose is to aid and encourage Indiana girls to attend coUege and major in home economics. Eight new applicants from "the ( state will be selected to live at . Twin Pines next year. The house I accommodates 27 girls and a house- ! mother, with work and expenses . shared equally among all the girls. In addition to actual savings, the girls gain experience in home management that serves them after college days are over. Applications for acceptance into [ Twin Pines will be judged by the . county home demonstration counj cil. The winning application will be I submitted to a district house committee, which selects three winners and an alternate for consideration by the state house committee. State winners will be announced shortly after committee meets in March. WKJG Radio And TV Sale Is Announced Sale of the WKJG radio and TV stations, Fort Wayne, to a group headed by John F. Dille, Jr., president of the Truth Publishing Co., Elkhart, was announced Sunday night. The sale is subject to approval of the federal communications commission. The Elkhart group publishes the Elkhart Daily Truth, an afternoon newspaper, and operates WSJV-TV and WTRC radio, beth in ElkhS-rV It aKb stiK ‘ •ed no change in WKJD personnel was contemplated.

DON’T MISS OUR JANUARY SALE OR ADMIRAL TELEVISION GET 'W IT /7 HERE! /L /J ■ Jr ONLY I ’6/2 1 POUNDS Ip Admiral PeMMol PORTABLE IV In 6 Gorgeous Colors ’IO9 X MAZELIN Heating & Appliances HI-WAY 27—North of Fairway Restaurant Phone 3-3808 OPEN WED. & SAT. EVENiNOS — HMRM

I NEW COUNTY EXTENSION OFFICERS I ; ■ |M ■ ■ -- ' ■ jr juu . jfc "I■ ? W ® Hlr • • B§EN»4 ;x ' 4>■ ■■? • .••: A ' w 9 > lIISI >1 ■< >K Ww WlliiL <> ir lllhliW < i• * M ■> T' |||||l ~'- * W' V* 1 , /* | ’I ' j tv ,|BMg NEW COUNTY EXTENSION officers were elected for 1957 at the annual meeting of the extension committee held in the Co-op building at Monroe Tuesday. Pictured here are, left to right, Raymond Edwards of Blue Creek township, vice-chairman; Mrs. Noah Habegger, of Berne, director; Paid Yoder, of Linn Grove, chairman; Mrs. Dan Striker, of Monroe township, secretary; and Harold Moser, of French township, treasurer. 1 . ■ >

Explorer Scouts On Operation Deepfreeze Members of the Decatur Air Explorer Scouts participated in the Anthony Wayne council’s "operation deepfreeze” at the Pokagon state park Saturday and Sunday. The Scouts were accompanied by Oran Schultz and Bernard Hain, with Hain camping out with the boys. Dr. Melvin Weisman attended the camp Sunday and aided in returning the, boys home. The Scouts slept outdoors, prepared their own meals at outdoor fires, and engaged in such winter sports as hiking, sledding and tobogganing. Groups Win Honors At Music Contest School 'Honors Won : ByPleasant Mills Nine .groups representing the vocal music department of Pleasant Mills school won honors in the music contest held at Fort Wayne Central high school Saturday. The school earned five superior ratings, three excellent ratings and one good rating. Gold medal superior ratings went to Lynn Mefferd, tenor solo; Duane Seiple, piano solo; Homer Gause, baritone solo: a ( boys quartet including Lynn Me'fferd, Dick Johnson, Homer Gause and Gary Millington, and a girls quartet composed of Marilyn Seiple, Betty Myers, Mary Myers and Wanda Luginbill. Students who received excellent ratings were a girls trio including Sharon Bebbut, Carolyn Luginbill and Janice Smith; a mixed quartet with Gary Millington. Lynn Mefferd, Betty Myers and Mary Myers, and the girls vocal ensemble which was composed of Carolyn Luginbill, Marilyn Seiple, Sharon Bebout, Betty Myers, Wanda Luginbill, Mary Myers and Janice Smith. Third place was won by a mixed quartet including Marilyn Seiple, Carolyn Luginbill, Dick Johnson and Homer Gause. Mrs. Helen Ehrsam is vocal and instrumental music teacher and Glen Custard is principal for Pleasant Mills high School. Mrs. Ruth Mefferd and Mrs. Aldine Bebout were chaperones for the contestants. The students who received superior ratings will compete in the state finals at Butler University Reb. 23.

je yi vvi 1 || I ,4*Wa 1 fit >K nil z . #i 11 fmrjnjrr '■S-jZj H T t*F‘ 2r • ’ ‘ J ' '--'■ Jr > z I ■■■ - ~,.. ■ MRS. JULIA MELENDEZ, 88, Chicago, pufls on a cigar to ‘calm her nerves" after being forced to flee her home during a fire, ‘orty other tenants—many of them children—fled to the Street in ■ub-tero weather after the eXplbston at an-oil stove in-their - apartment house. (International)

Lutheran Laymen In ■' • . ■ I Membership Drive Kickoff Meeting Is Held Sunday Night The kickoff meeting for the an* nual membership drive of the Lutheran laymen’s league in the Decatur zone was held Sunday evening at St. John’s Lutheran church at Bingen. Ernest Vorwerk, of Napoleon, Ohio, membership secretary for the Northern Indiana district, addressed the group. Using a flip chart supplied by the national organization, he explained the various league projects. James Doty, of Marion, assistant secretary for the district, also spoke briefly. The Rev. O. C. Busse, of St. Paul’s, Preble, gave the inspiratioiaal, addxess. He, pwr>t«doutthe importance of the league and encouragtd the meh to continue their fine membership record. He also said that besides soliciting membership, special effort should be made to make every member an active, vigorous one rather than a roll-call name only. The national convention this yehr will be held in St. Louis and Rev. Busse urged that some special transportation be arranged so that as many as possible might attend. The zone Valparaiso representative reported that about one third of the congregations had reported on their drives to obtain funds to send some student from this area to Valparaiso University to the campus on a zone scholarship next fall. The exam for the scholarship is to be held February 9. • The Decatur zone of the Lutheran laymen’s Ifiague enrolled 1195 members last year. This represents nearly 40 percent of its communicant membership. The national organization hopes to achieve an additional lb percent increase this year, as it celebrates its fortieth anniversary. Marvin Schroeder, of Hoagland, is zone membership secretary and William Selking, of Preble, is president. The membership drive is to be completed and final reports made at the spring rally to be held April 28 at Emmanuel Lutheran church at Soest. -

i. on ■ # - IS » ». ■EjS ' ar I w BE - v - '-x - * ‘ l-' ■ HERE 1$ the first photo released of Princess Caroline Louise Marguerite of Monaco, She inherits not only a royal title but the classic beauty of her mother, Princess Grace. Caroline figured In her first state ceremonyofficial registration as helrea to the House of Grimaldi. Crying, lustily, she was carried to a . drawfer Palace for the inscription. ■ - ..... . — t >, ■ ■

1 w ' r 1 " 1 ■" I 0 1,811 Persons Had Chest X-Rays Here Mrs. W. Guy Brown, executive secretary of the Adams county tuberculosis assocaition, reported today that 1,811 persons were given free chest X-rays during the visit of the mobile X-ray unit in Adams county recently. e Fort Wayne Woman \ Suffers Broken Hip Mrs. Fred Roesener, of Fort • Wayne, suffered a broken hip in a r fall Sunday afternoon as she visit- " ed with her daughter, Mrs. William 1 Schaefer, of Decatur route three. She is a patient at the Adams • county memorial hospital. • - r frada to * uoo- Turn — nacatn.

■ ■ "'■B Public Auction » ; RESTAURANT & TAVERN EQUIPMENT " “CORNER POCKET” JUNCTION U. S. 33 & 49 WILLSHIRE, OHIO » I - <' » One P.M. Wednesday Jan. 30,1957 One P.l£ j e c^le X r® CorSusU e ast Bar > 2 a £, Ga - Water Heater; 2 Refrigerators: Electric Watercooler- Steam I 1 1!? 0 ’ it* inch Hart Grill & Stand (Gas); Gas Stove; Electric'Stove- ' Form'caßooths: 5 Wood Booths; 7 Formica Tables; 24 Pl? 1 ”! B®r Stools: Nauonal Electric Cash Register; 5-Speed Venti- • toting Fan; Two 15 ft Bars; 3 x 5 Wall Mirrori Soup Ort?n; Pfe Case; French Fry Cutter; Pressure Cooket; Electric Roaster- Hand JSfcter; Pop-Up Toaster: Large Filing Cabinet; Kitchen Work Bench? Two-Way Intercom System; Trash Burner; Shallow Well Pressure ’ System; Deep Well Pressure System (Jet); Two New. York Gun Type Oil Burners, 570,000 BTU; Several Suits Welding Clothes; Dishes; Glass Ware, and other Miscellaneous Items. • TERMS—CASH. Not Responsible for Accidents. C. T. SNIDER, Owner • Roy S. Johnson, Ned C. Johnson—Auctioneers 1 Shroyers—Clerks. This Ad Appears Today Only. . r 1 . ~ Public Auction As Mr. Thomas is quitting farming and moving to Decatur, the undersigned will sell the following at Public Auction 3 miles Southeast of Decatur, Indiana on the Piqua Road, or 1 mile West of Bobo on SATURDAY, FEBRUARY 2,1957 Eleven A. M. (CDT) ~ . . HOLSTEIN CATTLE — HOGS Five Holstein Milk Cows; -Seven Holstein Bred Heifers and one ‘ Open Heifer; Heifer Calf, 3 months old. (Cattle are TB & Bangs Test- .' cn’.' Sows; Landrace Boar, .2 yr. old. Sixty Feeders, 50 to 125 lbs.; 5 Btcd Gifts, due April 1. TRACTORS - COMBINE - PICKER - IMPLEMENTS 1948 Farmall M Tractor, fully equipped & Cultivators; 1941 Farmall H Tractor; IHC Model 64 Combine. 3 years old; Belle City Single Row Com Picker, 2 years old; Two "Little Genius” Tractor Plows, on ’ “ ’ rubber, One 3 Bottom One 2 Bottom; Two IHC Tractor Discs (1 Heavy & 1 Medium); IHC Tractor Rotary Hoe; 3 Section Spring Tooth Harrow: 2 Section Spike Tooth Harrow; IHC Mounted 2 Row Fertilizer Corn Planter, used 4 seasons; New Idea Tractor Manure Spreader; IHC Side Delivery Rake; Elevator wfth Gas EnginerTHC 6 ft. Tractor Power Mower; Oliver 12 Hole Fertilizer Grain Drill; Two Rubber Tire Wagons with Racks; Hay Loader; 3 Hog Houses; 8 Hole Galvanized Hog Feeder; Dairy Water Heater, Double Wash Tank, & Can Rack; 4 Drum (connected) Fuel Tank on Elevated Stand; Other Miscellaneous * Articles. * y , HAY & OATS—2OOO Bales of Hay—First & Second Cutting Alfalfa, Clover and Timothy, & Timothy; 600 Bushel Clinton 59 Oats. TERMS—CASH. Not Responsible for Accidents. LESTER THOMAS, and Owners KENNETH BUTLER, —p Rbyß. Johnson; Ned C. Johnson—Auctioneers , , ~ i i i.

MONDAY, JANUARY 28, 1857

)■/ ( I CtoMt a«4 W«a> 1 I water te (Iva ya« daaaar I I datearlNafWiuMoatteteail I Wuw M lte»V MODU WMJtt 1now with • 2 WASH SPIEDS 2 SPIN SPEEDS Normal or Slow Ar wo«h, Normal or Slow for spin—or any combination for any washablo fabric I Water Savor for small toads; Warm or Cold Rinses. Small Weekly Payments After Small Down Payment FAGER Appliance Sales 147 S. 2nd St. Phone 3-4362