Indianapolis Times, Indianapolis, Marion County, 2 December 1951 — Page 56

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| SEC.4—PAGE 2 ___

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‘Wall St. Rage Enlivens Inquiry

By J. A. livingston WASHINGTON, Dec. 1—Rep. Wright Patman (D. Tex.) could use a few more “enemies.” They're giving him and his fofthcoming inquiry into the rélations of the Federal

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. Reserve System and the Treasury a million dollars worth

of advance press agentry. | — Ae 1 » Some persons try to damn him by { Thus, W. Randolph Burgess, ' : | ’ . ; 8a 3 , pH {chairman of the executive com- Jing, He's a Keynesian mittee of New York's Nationally, war a n " City. Bank, asserted before the|pe iP and Trangiion, proves {Bond Club of Chicago that the minded, intransigent, nor any

[Caiman {nquy Naz designed lolmai's Friday. In discussing the

| te > and make it subservient to theiSisputes Seiween gle, Tieanny Treasury.” The U,'8. Chamber ofa" ® S.eserve coapd, SN rpy : a {demonstrated a capacity to see Commerce stated inferentially:|s,. Reserve's argument as well as |“SBome see in this investigation 2 ihe Treasury's. What's more to carefully planned strategy to putiiye point, the questionnaire he the Federal Reserves Board under, + ot tor the Patman Commit\control of the White House and| or yo ey mod or aman tom 'the party in power.” {tee to the Treasury and Reserve I. : : Board officials, to economists]

| The Inyestment Bankers As-‘hankers, life insurance executives, |

|sociation anticipated the Patman bank supervisors, etc, indicates) inquiry by adopting a resolution @ desire to get at the facts. I “strongly” supporting an inde- didn’t find, as so many people ‘pendent Reserve System. Ditto charge, that it's loaded. | Winthrop W. Aldrich, chairman The Issues laf the Chase National Bank off The questions range over the New York, who urged before the entire field of credit control and Chamber of Commerce at Austin, debt management: What should Tex., that Congress adopt the be the general objectives of the

His book, “The National Debt

recommendation of Sen, Paul H, Douglas (Dem, Ill.) to. grant the Federal Reserye the specific power to control money.

Not Dry Now

ydust inquiry into “General Credit

Federal Reserve System? The Treasury? Who should own the Federal Reserve? How do for|eign central banks operate? Is lcapital available for small busi{ness? What is the nature of the

gerve and the Treasury on in-

a i; : 2 Wa, * v

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THE INDIANAPOLIS TIMES

§- or 8 a x

SUNDAY, DEC. 2 105

built in the Middle West gets

Stocks Advance Generally Young Mortgage

During Hectic News Week

NEW YORK. Dec. 1—Stocks| 0 . ec, ocks advanced in all sections during improved October earnings in sev-

the past week on slightly in-|fr21 instances and this helped the|

creased volume, The ' market went through a variety of emotions in the period, including an air-raid drill, a Ko- io" 11% barely managed to regls- | rean cease fire followed by a| £a'n on ne weex., resume fire, Russia's agreement

age gain of any other department. | Industrials were higher and the

When the rails weren't perform- |

on a secret disarmament ror ling, it was the television shares, |

| What started out as a dry-as- reached between the Re- sion, y-as. accord lunfavorable earnings reports and |that this group faces one of its|

[Control and Debt Management” terest rates and monetary pol- |dividen

some favorable and some Which were spurred on by talk |

best growth periods.

..Men Hold Class Railroad companies reported!

group which made the best aver- in the mortgage banking field, a

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De ce a s— ————— ——

{has now become a knockdo7n| |drag-out battle: Wall Street vs.| |Patman of Texas. It doesn't help {bankers. It does help Patman. 1f| the can worry Wall Street, well, | ‘he must be quite “some punkins.”|

There's no question where and| how Patman stands, He's an inflationist, He dissented from the | Douglas report because it did not | |“make the Federal Reserve Sys-| [tem sufficiently responsive to the! executive department of the Fed-! eral Government.”

But why prejudge “the Inquiry) on that account? Patman by no| means dominates the Committee. | Douglas, himself, is a member. 80 is Sen, Ralph H. Flanders {(R. Vt), who is on record with| Douglas in support of the Reserve’ System vis-a-vis the Treasury, | [Another member is Rep. Jesse P.| Wolcott (R. Mich.), nobody's tool | jon financial matters. The fifth member {s Richard Bolling (D.! Mo.), who has no public record on monetary policy. He told me: “I'll wait and hear.” |

{the subcommittee, Henry C. Mur- deserve to be independent. (phy, on leave from the Interna-|the Board members mice, or are classes were comparatively scarce, | [tional Monetary Fund, has a mind they men?

of his own. True, he served in| the Treasury during the war. |

How to Go on Living, Though a Homeowner

| Home buying is fun, but it does

have hazards. The mother looks for closets, ‘at the kitchen, and how her | furniture will fit tie rooms. |

The father looks at the price,|

“f thé cellar and garage for work-!

|shop space and storage. | The up-coming young man at | the house looks for place to have | fun. Recreation is his realm.

[with her first lipstick goes for {color schemes, especially her bedroom, and how it will look to her {teen-age friends. But who looks for safety. That | worries insurance companies. So they tell you where to look. One place is fuse boxes, are they properly equipped, no coins stuck in for fuses. Keep fuses {under 15 amperes for ordinary fuze, : | Check wiring. Older houses are full of amateur wiring They're dangerous. Check electrical outlets and light fixtures, pull chains, and see

lights to prevent falls. | Look over the heating system for controls. See that they work, and that flues and chimneys are clean and tight. The water heater can start a fire if it is defective. More people get hurt in bathrooms than anywhere else. Tubs Ineed a hand grip and a soap dish. {And the medicine chest should be

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| And the young lady playing hanc self and the insurance company

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| company. or

s, ThenWPhere was the Shell on)

” ley? new oil well

The questivus were submitted | Company's to all members of the subco

on Wednesday. m- [Northern Pacific property an-|for a little more than a half hour |

The air raid drill came on| The market closed|

mittee for review. Douglas and nounced Friday. This one item 33 minutes after the opening. It

Flanders, as well commended additions an a, which were made. Piled high and deep. Stocks made it Murphy explained to me: consider myself a servant of the entire commiftee, Patman has Were the best for November. told me privately, as well as in|

> oy { » front ‘of newspaper men, to get . the best record possible, Tavs OSE Livestock

what I'm tring to do.” Dept I said: “That means you're try- Prices Are Lower ing to build up a better record] CHICAGO, Dec. 1 (UP)—Live-| than the Douglas subcommittee.” stock encountered mostly lower] “That's what it means” said markets during this week with

Murphy. “And that's going to be the exception of some grades of ’ | p gr Soybeans, Corn,

hard. That was a fine job. But cattle, we're not covering . quite the same field. They went into fiscal barrows and gilts of most weights licy more than we will.” closing the week 65 to 75 cents)

So, despite Patman’s past rec- under prices the preceding week-'markets came up strongly on the ord, his leanings, I'd still prefer end while sow prices declined a Board: of Trade this week with | {the December contract in wheat |

Salable cattle supplies were 1e88 forging ahead as much as 83% | trial. Additionally; if the Federal than 10 per. cent larger than 185t | oar te z bushel. i

not to prejudge the inquiry. Even full $1. a U. 8. Senator deserves a fair|

Reserve System cannot ‘survive week even though last week in-|

the rough-and-tumble of a Con- cluded a holiday. Fed steers and yp Furthermore, the economist of gressional inquiry, then it doesn't yearlings predominated, heifers wednesday and sold at even, Are were in good supply and other money with the March delivery.

{particularly bulls. |

In this instance, the Federal] Regerve System needs

{week ended Feb. 25, 1944, when|

decline in prices of live hogs. Receipts on sheep were about) 135,000 head larger at the 12 large, dren's reach, and no poisons markets than a week earlier.| should be kept in it. Wholesale dressed lamb trade was| Last, look- at floors for slip- sharply lower on carcasses scaling periness, weak boards, nails stick- (60 pounds and up. ing out, splinters and .obstruc-| Most slaughter steers and tions. : {heifers closed 50 to 75 cents lower

«pitheir very best. showing in the drill the list turned down from Friday session and sales that day |t {On that day only 1,1550,000 shares [turned over.

aged 1,248,000 shares contrasted with a daily average of 1,110,000 shares in the previous week, a| {period cut to four and a half days by the Thanksgiving Day holiday.

Hogs lost the most ground with Wheat All Gain

to be aggregated 597,000 this week, the gales \'True, also, he leans toward low, saved from the protection of its largest for any week since the! pritain, |institutionalized interest rates.'friends.

marketed. Heavy loadings coupled | average as

| kets,

as Patman, gave the market a better time |had been rising and volume had| d/than all the other good news been fairly good. But when|

rading was resumed after the

he highs and dealings dried up.

Sales for the full sessions aver-

CHICAGO, Dec. 1 (UP)—Grain

December wheat was carried to a new seasonal top on

Corn prices advanced an aver- |

{

to Austria and Great}

The soybean market gained]

Check supports such gs beams. |for the week with the exception}

sills and rafters, plaster ceilings of good and choice -under 1000 for cracks and sagging plaster. pounds steer yearlings which held Last, look around for rubbish. about steady. : v If there's any in the attic, base-| smrmmememrmm———s esr seat

ment or garage, get rid “of it. rsh: And chances are, you'll save your- Personal Room Heating y MINNEAPOLIS — MinneapolisHoneywell Regulator Co. estimates that 150,000 apartments in

Apple Distribution Gains over 60,000 new buildings now

. provide individual = apartment NEW: YORK — Although the temperature control. U. 8. Department of Agriculture ibid

reports the current apple crop to Steady Sharing

be 5 per cent less than last year, a sales increase of 35 per cent| FT. MADISON, lowa — Every

in 4500 A&P stores over the year since 1939 W. A. Sheaffer country is reported by the At./Pen Co. employees have received |lantic Commission Co., produce- profit-sharing payments amountbuying subsidiary of the food|ing to 15 per cent or more‘of their chain, np {annual earnings.

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