MedfordTribune
Lea.e'j W;re.
L'niteo Press full Leaded Wire
Second Section
MEDFORD, OREGON, FRIDAY, JUNE 21, 1957
Man, With Vast Learning, Unable
To Control Inflation, Deflation
rontrv-i I m atorr
y ELMER C. WALZER
United Prei Financial Editor
New York Man, with his
vast k-aming. has been able to
build intricate
e 1 e ct r o n i c
brains to do
his detail
work, and
myriad other
marvels, but
he hasn't yet
rievi5Pd cures
either or fie
flation or inflation.
Eirner Waizer Take defla
flation. V.'e had it in copious
measure after the big boom of
the late 1920s feil by the way
aide. Washington economists in the
early lfiiiOs studied diliaentiy in
their economic tomes and came
up with what they might have
termed an axiom, mathematical
ly apeakinz, namely that when
thpra is a rerovery in business,
price of commodities rise,
yjlll Meani Enliifad
Thua, armed with thin fear
lesa truth, the economists set
hout 'o raise commodity prices.
They managed to enlist all means
at tlia command of the govern
ment devaluation of the dollar,
a'.erilij-ation ot gold, leaving the
fold standard, repudiation of the
gpM clause in government bonds,
and ao on.
c What happened' Not a single
r- thing. Commodities didn't go up.
Business didn't improve. In fact,
u business got chills and fever
aeh time a new expedient was
tr-.ed.
It took aeveral wars to turn
tha tide.
Kow we've had the wars. With
therm e got inflation. Now we
ant to mt rid of inflation and
keeo business prosperous. Its
lie eting one's cake and hav
ing it. Also it's a repudiation of
th axiom of the 1930s the fact
that when business is rising,
commodity prices rise.
Wall Street Confused
Now we want to prosper In
business with commodities de
linin. Thia is what confuses Wail
Street. The market doesn't try
to tell the world how to inflate
or deflate, but it does watch
those trends in its investments
Inflationary tendencies, ac
cording to market experts, seem
j to be built into the economy,
j They foresee a further dollar
: shrinkage. Hence many of them
: recommend stock rather than
I bond investment.
The market analysts, almost
! unanimously, say the market
still is in a strong technical po
! silion and is not vulnerable.
: No one seems to expect any
: more than routine interruptions
i to the rise which many expect
will soon lift industrials to new
I record highs in the averages in
selective trading.
!No Fees Required for
Assistance in Loans
No fees are required for as-
Pages 1-1? sistance in applying for the state
: veterans' farm and home loan,
Ernest J. Smith, loan manager
for the Oregon department of
veterans' affairs, said today.
Smith said the veterans' de
partment has been receiving re
ports that some firms are charg
ing veterans a fee for aiding
them in applying for the state
veterans' loan.
The department itself makes
a service charge at the time a
veteran's loan is closed. Smith
said, but he pointed out that this
has no connection with assistance
in applying for the loan. The
service charge is waived if the
loan is not completed.
Minnesota Joins Early
Presidential Balloting
St. Paul. Minn. 'ip Minne
sota will join New Hampshire in
casting the first 1960 presidential
primary ballots.
The 1957 legislature voted to
move the date for the prefer
ential primary up a week, to the
second Tuesday in March. New
Hampshire is the only other state
that holds its primaries that
early.
l J madford
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