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About Herald and news. (Klamath Falls, Or.) 1942-current | View Entire Issue (Sept. 21, 1953)
1 MONDAY; SEPTEMBER 21. 1953 HERALD AND NEWS. KLAMATH FALLS. OREGON page rri Easing Of Herd Money Policy Assured If Recession Comes By STERLING F. GREEN '.' i " WASHINGTON ( He ' "hard I dollar" policy of the Eisenhower administration will be eased promptly i( a business recession looms, a leading banker told Uie American Bankers Assn (ABA) today. ' Roy L. Reierson, vice president of the Bankers Trust Co.; New Tork, assured the group's TOth convention here the government will stick to lis "mildly restric tive" credit policy while, business booms. . ' - . i But the Federal Reserve Board's quick corrective action this spring, when swiftly rising inteiest rates and a credit squeeze "distressed and disorganized" the financial markets, proved the alertness of the money managers in Washing ton, Reierson said. He. added: . r "In an economic downturn, the authorities- will almost certainly shift rapidly toward a pronounced easing of credit." . .- Reierson suggested that Interest rates have reached theii peak but show no sign of early decline. He said credit may be n.oderately tighter the rest of this year, but "a business downturn would accen tuate the seasonal easing of credit In early 1M4." . Few of the 7,000 delegates seemed to expect more than a mild and brief readjustment in the wake- of the 'mobilisation boom. Most of those Interviewed avoided even the word "recession". To a man they approved the "sound money" policy of the Republican administration. Assn. President W. Haiold Bren ton, in an Interview, described the economy as ?very healthy." He suggested that business ' activity has reached a high plateau "where It will remain for several months." ; Brenton. president of the State Bank of Des Moines, said some shipping is to be expected on the basis ox current trends In autos and farm machinery. But he add ed: "I believe the long run. trend of the economy will be up." Relerson's address was prepared for a meeting (0 a.m., EST) of the savings and mortgage division, one of the four major units which make up tba organisation, of 16,873 banks and branches. The other divisions state banks, national banks, and trust scheduled sepa rate sessions. ' Reierson told the bankers "no significantly damaging effects" were noticeable from last spring's credit crisis. It was eased when the Federal Reserve lowered the reserve requirements of its mem ber banks by about a billion dol lars, thereby boosting their lending power by about six billions. . But the money shortage and some misinterpretation of official statements, he said,(caused "in creasing anxiety regarding the future and contributed to - the evaporation of market confi dence." ... 1 M ADMIRING THE NEW truck at Stewart Lennox Volunteer Firs Department are Fir Chief Rodney Mathers and Assistant Fir Chief Albert Loomii. The GMC truck is equipped, with a Dean high pressure pump, around 240 gallon booster tank, and has a 200 toot hoje on each reel. So far the truck has been on on run - - to a house - from its location at 3519 Emerald. Man Claiming To Be Beria Sought By McCarthy Group WASHINGTON Wl-Sen. McCar . thy's Investigations subcommittee hopes to know within a tew days, an informed source said today, whether a mysterious figure who claims to be Lavrenty Berfa really Is the deposed Kremlin police boss. The Wisconsin Republican has refused to be quoted on the matter at all. A person familiar with the Sen ate group's operations said, how ever, that Investigators are con vinced Beria has 'scaped from Russia and Is hiding, In terror ot his life, in a neutral European country. , Other government sources, also asking not to be quoted by name, were skeptical, saying the chances of Beria's having escaped from behind the Iron Curtain were "one in a million." The Senate source said today "a new man has gone over who will know him if it is Beria," and thai a report from this person can be expected within a few days. . This source said the man who calls himself Beria had been con tacted by agents of McCarthy's subcommittee and had sougnt apolitical asylum In the United States In exchange for' disclosure of Russian secrets. . Officials In the executive branch of the government said they knew nothing which would lead thenv-to believe Beria, former head of the Russian secret police, has man aged to get out of Russia. At the same time, it was made clear this government would be glad to re ceive any man who knows as many of the Kremlin's secrets as Beria does. So firr as is known in the West, Beria was last seen In public in Moscow on May 1. Soviet Premier Malenkov denounced him as a traitor July 9 and ousted him from his posts as home minister and first deputy chairman of the Coun cil of Ministers. His name has not been men tioned in the Russian press or radio In recent weeks, and there has been no recent mention of any trial, nils has led to some specu lation here that he may already have been executed. The Senate source said an agent of McCarthy's subcommittee had flown to a "neutral, non-Commu nist country" in Europe and, after talking with the purported Beria, reported he is convinced the man is who he says he is. It was then, he said, that another agent who could identify Beria was sent. This source predicted that the State Department would issue a statement about the whole matter shortly. But a department spokes, man said he did not know any thing about the Beria' case. ' The Senate source said the man representing himself as Beria said he had escaped with three aides in an airplane and that, u given refuge in the United States, will talk only with McCarthy or Vice President Nixon. The source said McCarthy's agents have been In touch with him about a month. The source added that, unless the story proves to be a hoax, there is a good chance the man will be brought to tnis country. In Baltimore. Col. UUus L. L, Am oss, head of the International Services of Information, a private espionage outfit, said he had been contacted In Europe this summer by persons whoi said Beria had escaped from Russia. Red China Rule Gets Shake-Up ; HONG KONG Wl Red China ousted its finance minister and the secretary-general of the central government's administration coun cil in a weekend shakeup which ob servers here feel was ordered be cause the nation Is lagging in the first year of its five-year. plan. The official Red New China News Agency reported that Radio Peip lng made the announcements dur ing tne zstn meeting ot uie uenirai People's Government Council. In the reshuffle affecting 13 gov ernment bureaus. Li Wei-Han, sec retary general of the administra tive council, was replaced by Hsi Chung-Hsun, a - vice chairman of the cultural and education com mittee. . i Po Yi-Po, minister of finance. was replaced by Teng Hsiao-Ping, a vice premier of the government council. Other shifts were made in tne ministries of -post offices, foods, light industry, forests, labor, cul ture, banks and state planning council. ' Bans Norland m Pine St, Ante , Insurance, V f MIMMK X J ITOfW... ' X. minrwNiM mULi I MM UlflTfR nnrrrn MAfffBALL 'U. S. Puts Money Ahead of Security' ALBANY. N.Y. Wl Sen. Sym ington (D.-Mo.) holds that if Amer icans knew "the truth" about their military strength, "there would be far less' Interest in tax reduction and tar more" in national defense. Symington, secretary of the Air Force In the Truman administra tion declared Sunday the United States was putting "money ahead of security" to the "delight of the Communist conspirators." He told an estimated 10.000 per. sons at "I Am An American Day" ceremonies here that "today or tomorrow. America is facet! with . . auperior military strength on the part of an enemy who has repeatedly declared his determina tion to destroy us." miEiiMsntmmrii Quality! USHMLL T&nccu&vu. r Joel receive! . . . and JUST IN TIME for the year'e great est aporie leaion. Football fan and banters want the BEST and hero they ere. -Come right new and eee theie HIGH QUALITY blnacatara . . arleea J9.9S lor 1 x 15 ... as ta I1SS far the amatinr 7 1 extra wide field KAN GE MASTER. The till... MM . . - Caiee Klaasei have coatrd onllci. All glaieei have coated optica. St DAY FREE TRIAL, pricei pine 20 Fed. Tai. WenOBjOlfv aflrwIOT iff Walter Ziemba, now stalling his 11th season as assistant grid coach at Notre Dame, was the regular center on the 1041 and 1WJ Irish teams. Hughes Discloses Damage to Big Plane SAN PEDRO, Calif. (Pi Howard Hughes has disclosed that a break of an earth dike at the harbor has caused damage of more than five million dollars to his gigantic wooden flying boat, the world's largest airplane. - i The flying boat has been under experimental construction more tnan 10 years under a government contract. It has a wing span of 320 feet and is 31 feet long. The plane weighs more than 300 tons and Its tall is as tall as a two-story build ing. It Is designed for a passenger capacity of TOO. The earth dike had been con structed by a dredging company to retain material pumped from the harbor bottom. The hangar ot the eight-engine Plane was flooded with thousands of tons of mud, silt and water, Trade Fall-Off Farm III Cause ' WASHINGTON utt The Agri culture . Department says farm prices are down and farm surpluses are up because of s big postwar decline in the amount of V.S. farm goods sold abroad. The department reported Sunday that farm exports during the year which ended July 1 totaled W.SOO,- 000,000 in value 30 per cent below the preceding year and 20 per cent below the average of. the past five years. Tne report said tne export de cline came while domestic consum ption was high and production was a record level. Reduced export, it to fall and larger stocks of our said, "caused agricultural prices principal farm products to ac cumulate." . ' TO MOSCOW TAIPEH, Formosa 11 The of ficial news agency of Nationalist China's Interior ministry said Mon day Red Chinese premier Chou En- Lai went secretly to Moscow Sept. S with proposals for strengthening Communism In East Asia. The Ta Tao agency said its in formation came from reliable sources In Pelping. However, such Nationalist reports often prove erroneous. ALL TYPES OF CLOTHING FOR THE WORKING MAN AND HIS FAMILY AMBUS MANILA Ul Six persons war killed Monday in an ambush by Communist-led Huk outlaws off aba main national highway about H miles north of Manila. Philippine News Berrien said the dead were four civilian guards rid ing in a jeep and two women kflled by atray bullets. ARMSTRONG . 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