Page 6 Section 2
THE CAPITAL JOURNAL
Salem, Oregon, Thursday, January 10, 195?
BUSINESS MIRROR
Congress Virtually Certain to
Look Into Tight Money Hassle
By SAM DAWSON
NEW YORK wv-ln his State of
the Union message today and in
coming messages on the state of
the economy, President Eisen
hower is expected to open up one
of the most controversial ques
tions now troubling businessmen
tight money.
Camp followers of this militant
debate are: the plight of small
business, the role of the Federal
Reserve Board, what to do about
inflation (or as it is better known
to most folk, the hiph cost of liv
ing), and fast writeoffs for de
preciation as an aid to industrial
expansion.
And allied to these will be the
chances of individuals getting in
come tax relief, and another prob
able extension of high taxes on
corporate incomes and of high:
excise taxes (the federal version
of the sales (ax).
In short, the President is ex
pected to open up the 'hole prob
lem of money and credit and
taxes for one more go-round in
the Congress by suggesting a new
study of governmental monetary
policies.
Tight money means difficulty in
finding credit for building a home,
running a business, expanding a
factory, or financing new schools.
It means that when you do find
the credit you pay higher interest
- rates on it.
Small business complains that
when easy money went out the
window, so did much of its
chances of competing with big
business, which often has better
credit standing at the banks and
pays lower rates.
The Federal Reserve, an inde
pendent banking agency set up to
monitor the money supply, has
been in the center of the dispute.
It contends that it didn't cause ;
tight money. It argues that what i
it did was to refrain from making !
money artificially easy which j
would have aided and abetted the j
strong trend toward rising prices
that marks the current phase of
the business boom.
Those who want easier credit
and lower interest rates have
urged that the Federal Reserve
be made responsible to the ad
ministration for its monetary pol
icies. Federal Reserve governors are
appointed by the President and
confirmed by the Congress. Be
yond thai, its handling of the
money supply is largely independ
ent. There is a strong body of opin
ion that (he board should remain
free of governmental, or political,
supervision, its defenders 'includ
ing most of the banking fratern
ity) hold that the board's anti
inflation policy is the best thing
for the nation as a whole, and
tends to prevent a runaway boom
begetting a bust. i
The whole dispute seems sure!
to be aired in this session of Con-!
gress.
New Portland
Chief Changes
21 Policemen
PWlTLAMn (I!P1 PrtriU,i-
new police chief, William J. Hif
oruncr, yesterday announced i
wholesale transfer nf nnWm ntti
cers and made it plain that he
Will hold nnlifP rantnint rnennnti.
ble for all activities under their
commands.
The shift in personnel saw IB
lieutenants and five sergeants
cnanpu amies.
Hilbruncr laid his policy square
Iv on the lino to hie Kiihnrrf;n.1i..c
Precinct commanders will be held
accountable for all types of law
cn orcement in ihir Hie r r.t
Should VICP Mftililv rrnn im tuhi,.U
they need help to handle, they will
uy i-xju'cira 10 asK ncip irom the
vice uciau.
In the land of wild ennspfan.
ada Eskimos arc being taught to
raise domestic geese to boost their
iooq supplies.
Phoenix Glad,
Sad Over 1st
, Rain in Year
PHOENIX, Ariz. Wi How do
people (ecl when it rains lor the
lirst time In a year? Most arc
pretty happy to see a break in
the drought. Some just have that
old rainy day feeling.
Newsmen gathered several
types of reactions yesterday at
the end of a three-day rainstorm
which sent thousands of acrc-feet
of water into the slate's reser
voirs and filled some streams to
their banks.
Postman E. W. James, who has
to carry the mall whether it rains
or shines, summed up the ma
jority: "A God's blessing."
Not so wilh switchboard opera
tor Clara Campbell, who said:
"My hair is curlier, my car is
cleaner. Otherwise you can have
it."
"I know we need It." said Ttny
E. Hackcnberry, a grocer, "but
I had my fill back casl."
Harry Nolle, desk clerk at a
resort, reported that most of Ihc
guests "have been very under
standing. They know how much
Arizona needs it. and they're will
ing to pul up wilh it if il doesn't
last loo long."
Max Tielry, a farm worker,
was contactor at Bnmbm.Vs bar
and cafe. "It put me out of a
job." he said, "but I'm not com
plaining as long as the brer holds
out."
Burns Man Is
Cattle Officer
rilOENIX. Ariz. i - J. (.
Cecil, Burns, Ore., was elected a
vice president of the American
National Cattlemen's Assn. before
the close of its annual convention
here Wednesday.
Don C. Cnilms. Kit Carson
Colo., was reelected president
Oklahoma City was chosen as tin
Site for the m meeting.
At the end of the enmentinn f
large group of Western cattlemen
proposed that Mexico contnhute
to joint defense by permitting the
I'nited States to use part of its
land for bombing ranges or other
military purposes.
Jack Crosby Sot
Avvvptvd for TV
HOLLYWOOD i-Snme months
ago Jack Crosby, a draftsman in
the CBS art department, v
asked to .send his picture to the
producer of the Phil Sihers' TV
show in New York,
Silvers wanted Crosby to por
tray a relative in the show.
Today Crosby heard from St I
vers. The relative played hm.self
In the show. The relator, whom
Jack resembles, is a Crosby nan.r
of Bing.
"I don't think the public is
ready for another Crosby in show
business," said Jack, son of Lar
ry and nephew of Bing and Bob
25 More Hungarian
Arrive in Portland
PORTLAND m Twenty-fur
more Hungarian refugees, who ar
rived by plane here Wednesday,
arc awaiting completion of ar
rangements for new homes
throughout Oregn,
The new (- fcrotwfel to iv.ir
ly 150 tfc wiikrvr ei rvfutfw
who have coi fen Navt rt be
finrO:ct ft auwt.t).
MEIER & FRANK'S-SALEM
for your shopping convenience
We have extended our store
hours to the following:
OPEN FRIDAY
10 A.M. to 9 P.M.
OPEN MONDAY
12 Noon to 9 P.M.
OTHER DAYS
9:30 A.M.to5:30 P.M.
Pi
'"""t 'a"''
i-mj WOW i
frA MyP.-p1" v ft ftettei larics $
t $77V m&de into ;
m Myf 'f-- 1 drapes ! '
I
xifK t OO yard $
y iin-Vvt$m. CHOOSE from special purchase h Jr
1 S- LSlvl fabrics ... better fabrics you'v --v
I lf I it Vifi seen for dollars more! . lllPllini'n -
' t 'JfiWi SNJOY tailoring in the finest liltlULLUlg
" ' I: traditionl
'CWW ! JUST BRING US your window i o hflV ton"
' - fJ'' i measurements ... leave the rest ; IttJJUI . IUU. j
Prh(- 1" Lv toPenney's! M 'On Drapes Longer Than 72 Inches .. . !
7fM" t j I I I DOWNSTAIRS STORE
Mm. Effl li buy now on easy d
'4M 1 1 ! -ff p ! PAY LAY-AWAY . . . fo
A 4)7 W 1 Ci I tmfW& fLU- t.( .p..i. Hold, Y.V, S8lec,i.nM i
STORE HOURS
MONDAY: 12:00 NOON TO 9 PM.
FRIDAY: J0:00 A.M. TO 9 P.M.
OTHER DAYS: 9.30 A.M. TO 5:30 P.M.
FREE STORE-SIDE PARKING
FOR OVER 1,000 CARS
ffflBB
vaun
f:1 't:1'? '": v,,m"
V;-
V 1
reg. $59.50 Sealy's
'Natural Rest"
mattress
as low os $5 0 month
NO DOWN PAYMENT
To celebrate Sealy's T6th anniversary, we bring you one of
their most popular mattresses . . . the "Natural Rest" . . .
sold year after year at $39.50 . . . now at a saving of almost
$20.(K)! You can't buy a finer quality, more luxuriously com
fortable mattress for the money! Ami you get all these
bullous Scaly quality features:
exclusive "True-Balance" inncrspring unit
extra high coil count
pre-built borders for non-sag edges
handsome decorator designed cover
sturdy cord handles. 8 ventilators
available in full or twin sie
reg. 849.50 matching box springs, $39.95
Mail anil phenr orders'
MATTRESSES SECOND FLOOR
Mail ami jiiorir orders. This shipping cost to areas outside our
regular truck delivery routes.
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