Indianapolis Times, Indianapolis, Marion County, 20 July 1948 — Page 4

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HRI A NBER Na

ongress Held C

THE INDIANAPOLIS TIMES

TUESDAY, JULY 20, 1943

ertain To Shun Steps Toward Deflation

Fall in Prices Might Launch Breadline Era

Truman to Seek

Secripps-| WASHINGTON, July 20 — One thing that can be counted as sure’ as Congress reconvenes: No real)

Politically, deflation is more] than inflation and no party leader wants to be blamed for falling prices. That leads to hard times and unemployment. What President Truman will! ask of Congress again, as he did, last winter and spring, is the power to try to ease the pinch of inflation in a few places. | Unless he pulls an unexpected, surprise, he'll ask for rationing

and price control powers for meat and steel. ‘ He'll ask for authority to force

larger down-payments on installment buying and probably ask for power to restrict commercial and high-priced home building to channel materials into cheaper homes and thus remove some of the pressure from building material prices, ! i Need Speed Laws “It’s like a man in a good car who is speeding along a good road at 100 miles per hour,” said one of the President's advisers. “You don’t have to tear up the road or put water in the gasoline tank to slow him down. All you need is a good speed law with policemen on the road to force a little direct restraint.” Government economists say inflation could be turned to deflation almost overnight if the Federal Reserve Board would pull the props out from under government bonds and let them sink below par. That would tighten up the money supply sharply, but it’s too drastic a remedy. Federal Reserve Board did this in 1920 and still gets much of the blame for the 1920-21 depression. A

Another method of bringing

about deflation, if anyone really|Stockyards today were unevenly,

FOUNDRY BLAST — Pete Cerar (left), 67, owner of the Western Foundry, 135 N. Richland Ave., escaped serious injury yesterday when a small melting furnace exploded and sprayed him with molten iron. Helping Dr. W. R. Rupper, General Hospital ambulance physician, bandage Mr. Cerar are Patrolmen Clinton Rosebrock (right of Mr. Cerar) and Herschal Robison (back to camera). Four other employees standing near the furnace were uninjured. ’

Congress Told Spies Use UN To Probe U. S.

Government Held Powerless to Act

WASHINGTON, July 20 (UP) ~The State Department has informed Congress that “an alarming” number of subversive foreign agents have entered this country through the United Nations, it was learned today. Department officials recently told a Senate subcommittee that several hundred known “subversive agents of foreign powers” have managed to get ‘into the United States in this manner. This government is powerless to do anything about it, they said. To the best of their knowledge, they said, these foreign agents are roaming around the country and no government agency—not even the FBI—is trying to keep tabs on them. ‘Foment Discord’ The information was given to the Senate Judiciary Subcommittee on Immigration and Naturalization by Robert C. Alexander, Assistant Chief of the State Department’s Visa Division, and R. Clyde Larkin, head of the visa division’s security unit. The subcommittee, headed by Sen. Chapman Revercomb W. Va.) is investigating this government’s immigration policies. Mr, Alexander told the subcommittee that these subversives include Moscow-trained “terrorists,” {espionage agents, aliens who “foment discord” and others trained in undercover activities “contrary

to the peace and good order of this country.”

not believe the United Nations is responsible. But he said these agents are using “the United Nations as a front or a cover or a blind for carrying on subversive activities against this . Protected by Law

Hog sales in the Indianapolis

wants it, would be for Congress weak to 50 cents lower than yesto increase taxes enough to pro-iterday’s averages, after opening

duce a large Treasury surplusisiow.

The practical

top was

which could be used for retire-|$29.75, with one load selling at

ment of government bonds —|$80 again reducing the money sup-

ply. Trend Halted

The Treasury had such a large|low good grades sold weak to surplus during the early months|prices 25 cents or more lower.

of this year, and the inflationary trend halted temporarily. But it's on the upswing again as Treasury Secretary Snyder says the

cents. ALS

Beef cows also lost 25 to 50 Vealers dropped 50 cents in a fairly active trade. Slaughter lambs and sheep remained steady. Mediums Poi

government likely will go into the red this fiscal year, spending more than it takes in. Government borrowing to meet a budget deficit is inflationary. Still another method of bring-

ing about deflation—which no ne

one seriously considers—would be to give up the Marshall Plan under which ‘we are going to

send about $6 billion worth of od 73 cholce

goods abroad this year. Congress could, too, if it wanted, send farm prices plummeting downward by dropping farm prices supports. But both parties went on record at their recent national conventions as favoring continued supports, Carry-over Larger Agriculture experts say, for example, they cannot estimate how far wheat prices would fall if it weren't for the present high government floors. The second biggest crop on record is being harvested, our wheat carry-over is larger than expected and foreign demand is dropping. One government economist wants to bet that the only ac-

Medium—

Ju TO cHolc 140- 160 bounds ... 60- 180 80- 300 200- 230

220- 240 240- 370 330 330- 360

Good to choice grain-fed cattle|Msdium— remained about steady with yes-{1100-terday’s average, while medium to

= Hog Sales Here 50c Lower; Practical Top Hits $29.75

CATTLE (1975) . Steers

36.504239.00 » 30.500 20.00 . [email protected] +s 33.00936.25 . Hlgnn « [email protected] « [email protected] [email protected] MON ’ 7001100 pounds .......... «. [email protected] Heifers Chotce—

nds 900-1100 Pounds "es 1100-1300 pounds ...

36.00 80 36.00@ 38.00

31.006 36.00

600-800-1000 31.00@ 36.00

19.009 34.00

00/Indpls Water Ol A com L 6%

160- 200 nds po Packing Sows

[email protected]

poun 300- 330 pounds .... 23.76

330- 360 pounds .... 360- 400 pounds ....

20.00022.00 [email protected]

+ [email protected] 13.500 32.00 gress to combat inflation would

400- 450 pounds 450- 550 pounds Medium

250- 550 unds Pigs—Medium to good, %- 120 pounds ........ ees

Good to choice Common to medium .. 00 Culls (76 lbs, up)

government program to underwrite home mortgages up to 90 per cent of construction costs. Congress allowed this mortgage underwriting to expire a couple of months ago and new home and apartment starts have dropped

insurance in effect now is the standard prewar FHA insurance

tion, if any, taken by the Con-

at 80 per cent of appraised value.

be inflationary. He said it is lke-| ly that Congress will renew the| 500 pounds down

Cutter and common. : CALVES

++ [email protected] Steers Feeder and Stocker Cattle and Calves Choice— 500- 800 mounds <.c.eveeeres [email protected] dS seevsseesees [email protected] sessscineess [email protected] «ss [email protected]

NAS «yuri: .s (Steers) choice—

500- 800 Medium §00-1000 pounds

Medium— A500 rounds down ........... : Calves (Heifers) Good to choice— pounds down Medium— 800 pounds down ‘ . SHEEP (750) Spring Lambs sorted

[email protected]

[email protected] .+ [email protected]

Choice closely G to choice .

some since. Government mortgage Medium fo good..

on . Ewes (Shorn) Good to cholee -......coi0nenee Common and medium 7.50

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Local Issues

Mr. Alexander said these foreign agents are protected by the

July 20 ° STOCKS Agents Pin Corp com......s. 8 Amerjean Btates pfd

Ayrshire Coll com *L 8 Ayres 4% % pid se *L 8 Ayres series 1047 Belt tk Yds com

Bobbs-Merrill pfd .... Central Soya Circle Comwith Loan 4% Consolidated Financ: Cont Car-Nu-Var .. Cummins Eng com ... Cummins Eng pid.. Consolidated Industries Consolidated Ind pid ... Delta Electric com Electronic Lab com Pt Wayne-Jackson R Hays Corp pid w w Herfl-Jones cl Home Tel & Tel 0

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BOND | Advance Paint 5s 62... ..... Allen & Buween 80 57 American Loan BH 60 American Loan 4%s 58 Bastian Morley 8s 61 ... Buhner Fertilizer 6s 54 . Ch of Com B 4 pf

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INDIANAPOLIS CLEARING HOUSE Clearings $ 8,186,

a a 89

21 terror pre stnmm Ya |=

TTR

Plnidriiations) Organizations Immunities Act” passed by Con in 1945. ¥ pis “Until there is some overt act

we cannot proceed against them,” he said.

Honger Policeman «Retuens $100 Over-pay

When Sgt. Daniel T. Veza of the police department opened his pay envelope this morning he found it contained $100 too much. He went to the Union Trust Co. where his check had been cashed and the currency placed in an envelope and told a clerk about

it. thanked Sgt, Veza profusely.

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chief enemy, state of Israel.

He emphasized that he does Ei during

air raids.

Probe Fatal Stoning of U. S.

Tourist in Downtown Cairo

State Department Anxiously Awaits Official Explanation From Egyptian Government

WASHINGTON, July 20 (

UP)—State Department

officials waited anxiously today for Egypt's official explanation of the fatal

businessman, who was on a five-month tour of the Mediterranean with

his wife. The State Department said that while Mr. Haas and his wife

tion of Cairo

they were set upon by a Howling mob of

Egyptians. The mob killed Mr with stones. His wife “roughed

Haas

Public Service Co.

Petitions PSC For Authority The Public Service Co. of Indiana, Inc., today petitioned the Public Service Commission of In-

up” but not seri-igiang for the authority to split

Mr. Haas

English’ couple, the Haases, also were assulted.

Motive Not Clear

The State Department, which learned of the incident from U. 8. consular officials in Cairo, said a strong protest has been lodged with the Egyptian government. It said the motive for the attack

has not been clearly established.

However, a department spokesman said a wave of anti-Amer-icanism has been sweeping the (R.|Middle East as a result of U. 8S. recognition of the Arab world’s the new Jewish

For instance,”

Mr, Haas was

a naturalized American. He Swas Hungary. Although he was a generous contributor to Jewish charities, he was not identified with the Zion-

born Mrs. Haas

ist movement.

Friends in Philadelphia said the touring couple had arrived in Cairo only the day before the slaying took place. Mrs, Haas is a former presi-

dent of the National Federation of Women's Clubs. Last year, she and her husband toured South America as “good will” ambassadors of the U. 8. gov-

dren. : The State Department's announcement was the first news of the affair. But officials were unable to say whether or not the Egyptian government was cen-

They found the mistake and!soring regular news dispatches

labout the slaying.

di ; HTT ann

ously injured. An unidentified accompanying

ernment. They have no chil-|

its. outstanding common stock two for one. *

Under the plan it will not be necessary for stockholders to surrender their present stock. The company will issue an equivalent in paid up common shares, PSC officials announced. A special meeting of company shareholders will be held on Sept. 28 to discuss the proposal. The company also announced a 20 per cent increase in the quarterly dividend on common stock to be distributed Sept. 1 payable in capital stock of the Indiana Gas & Water Co., at the rate of six-hundredths of a share of the capital stock for each share of Public Service Co. stock. 3

Rites Here Thursday For Edward Beggs

Services for Edward Lewis Beggs, 421 E. 33d 8t., who died yesterday in Methodist Hospital, will be held at 10 a. m. Thursday in Flanner & Buchanan Mortuary. Burial will be in Terre Haute. He was 54. Mr. Beggs, ah employee of the

in Terre Haute and lived here 22 years. Survivors are his wife, Mary Elizabeth; his daughter, Mrs. Robert K. Berry; his granddaughter, Judith” Kay Berry, all of Indianapolis; two brothers, John, Indianapolis, and Webb, Honolulu, and a sister, Mrs. Helen Crawley, California.

LOTS OF STREAMS There are 70,000 miles of fishing streams in the U. 8. national forests. '

U.S. Salement

WASHINGTON, July 20 (UP)—Government expenses and receipts for the ocurrent fiscal year through July 16, com-

pared: with a year ago: is Year Last Year Expenses $2,404,243,862 §$1,887,388,613 Receipts 1,200,037,63 2,371,085,700 c 1 510,302,913 Cash Balance 4, Public Debt 253, Gold Reserve

16 3! 2.73 53,42 1,265 258, 93,017,764 21,434, Nn

All Merchandise Subject te Prior Seiling! Sorry— No Mail, Phone or C. 0. D.

V4-Y3-Yo Of Regular Pris Plus Special Purchases

Values for Family and Home

Again tomorrow we offer amazing values . . . drastic reductions in our regular prices, plus special purchases! Take advantage of these buys . . . in clothing for the entire family .-. . furnishings for your home! We reserve the right to limit quantities!

DOWNSTAIRS at AYRES’

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~ CONTINUING TOMORROW!

Seeks Stock Spit =:

State Board of Health, was born|3oc

Foust Contends Will Violated

Attorney General Cleon yesterday asked the

building which will be the J. C. Penney Co., as a d ment store. The attorney generals contends the would be lation of the of the late William E. English which lated the building be used ag 2 headquariery for charitable age, es. Receives ‘Wage’ Petition The high court also received g petition for rehearing

back salary for state jobs on grounds they were viola constitutional prohibition against dual state job holding. Their sa}. aries had been held up by Stats

Supreme Court decision. The legislators were Rep, Beecher Conrad who also hel a job as barber inspector; Senator Clyde Black, secretary of the Flood Control Commission; Elmer Weller, who doubled as mo. tor vehicle director for the Pub. lic Service Commission, and Rep, Charles Miser who had been hold. ing down a job as a highway de. partment engineer.

Local Produce

leghorn springers, 34c; cocks and 17¢; hens, bs. and over, 30c; 4% Ibs. and leghorns, 26c; No. 4c less than No. 1. ggs—Current receipts, 54 Ibs. to ome 35c;' Grade A large, 48c; Grade A Mg dium, 43¢; Grade B large, 38c; no grads,

Butterfat—No. 1, 80c; No. 2, Tle.

Local Truck Grain Prices

No. 2 red wheat, $2.08, No. 2 white corn, $2.17. No. 2 yelow cofn, $1.92. No. 2 oats, 68c. No. 2 soybeans, 14% moisture, $3.40. i i By i

CORRECTLY FITTED SMARTLY STYLED

GLASSES

hen MILLER JEWELRY CO, Dr. M. Dea. Optometrist

Auditor A. V. Burch pending 4

Poultry — Springers and broilers, 3; ;

3 pou, |

Kno Is A

In cas

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“Open the P The kr ake over { a sleeper, named Ant records. Ann, whe has been O Wisconsir a hit In “I ave in Chi apolis dist: sold about here. “PDarlin’’ rustic twan he hillbilly angement o drag n slickers. A entioned, ing effect pany hitsand Knock The sec Polka,” W8 disc is bein, side will | ‘Sweet Pot bad novelt; pnother fai

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