Newspaper Page Text
PAGE TWO
Rails Resume Work
On Coal Green Light
; PITTSBURGH, March 29—(AP)
—_Coal-bearing railroads took full
advantage of John L. Lewis’ green
signal block today, “pulling long
drags of coal cars to an eager mar
ket.
Their action was the answer to
whether 463,000 United Mine
Workers east of the Mississippi
river had obeyed Lewis: The
miners to a man had followed
their chief’s order ending a two
week mine shutdown on schedule.
Less than 24 hours after the
stoppage ended yesterday railroad
crews came into the coal fields to
attach locomotives to cars loaded
to the: brim. During the early
morning hours today strings of
empties were shuttled onto mine
sidings.
Some 70,000 railroaders were
idled during the two-week stop
page. It was impossible to de
termine the exact.number sum
moned back today. Most were
running crews — engineers, fire
men, brakemen and conductors,
Many thousands of shop work
ers remained idle but railroads in
dicated they would be back at
work, too, by next week. The
Chesapeake & Ohio said it would
have sfit /7,000 shopmen report.
by % S
Among railroads reporting mines
ITALIAN MINISTER
REPORTS ONALLIANCE
WASHINGTON, March 29 —-—[
(AP) — Italy’s foreign minister
headed for the State Department
today to report his country’s
readiness to join the other west
ern democracies in an alliance
against Russian expansion. |
The bearded diplomat reached.
here late last night, well ahead of
the procession of nine—and pos
sibly - 11-=other foreign ministers
converging on the United States to
sign the North Atlantic Defense
Treaty April 4.
Sforza’s first words on arrival
were to hail the pact, which the
Communists have denounced as
“aggressive,” as an instrument
aimed at keeping the peace.
“] have put my name to many
treaties but if there is one which
I am glad to sign as a man and as
a citizen, it is the North Atlantic
Pact,” he said.
His decision to call promptly on
Acheson raised speculation that he
planned to devote part of the
meeting to discussion of Italy’s
request for trusteeship control
over her three former colonies in
Africa.
The United National Assembly
is to decide the future of the colo
nies during the session beginning
in New York April 5. The United
States at last report still was un
degided about its policy toward
two of the colonies—Eritrea and
Tripolitania.
Assistant Secretary of State
Dean Rusk saidl at a news confer
ence yesterday that this country
If Stomach Gas or
Sour Food Taste
Robs You of Sleep
Here's How You May Help,
Whether You Eat 500 Pounds
or 2000 Pounds of Food
In a Year
You can't feel cheerful, be happy and
sleep well, if Xoux_’ stomach is alwayu up~
set, As ,ag; advances the “‘old stomach”
needs more help. The reason is this:
‘Everytime food enters the stomach a
vital gastric juice must flow noflillly to
break-up certain food particles; Blse the
16od may ferment. Sour food, acid indl
gestion and gas frequently cause a mor=
bid, touchy, fretfaul, peevish, nervous
condition, loss.of appetite, underweight,
restless sleep, weakness,
"To get real relief you must increase
the flow of this vital gastric juice, Medi
cal authorities, {n independent lahora
tory tests on human stomachs, have by
positive proof shown that SBB Tonic is
amazingly effective in increasing this
flow when it is too little or scanty due
1o a non-organic stomach disturbance,
This is due to the S 8 Tonic formula
which contains very special and potent
activating Ingredients,
Alro, SBB Tonlc helps bulld-up non
organic, weak, watery blood in nutri
tional anemia—so with a good flow of
this gastric digestive juice, plus richred
blood you should eat better, sleep better,
feel better, work better, play better. .
Avold punishing yourself with over
doses of soda and other alkalizers to
counteract f“ and bloating .Wl’n what
you so déarly need is SSS Tonic to help
you digest food for body m-en;;,h and
repair. Don't wais! Join the host of
hAd:py people SSS Tonic has helped.
Millions of bottles sold. Get a bottle of
BSS Tonic from your drug store today.
888 Tonic helps Build Sturdy Health.
RKE THE SECRET,
ATLANTIC g
T ALE o UDEER B
.‘\ P R ' ;
bchwefizer-lzed
- Vsl @(fié s
XR R R RAR
PROCESS"” :
ATLANTIC COMPANY BREWERIES
Atlanta — Charlotte — Orlando
working full blast along their|
J routes was the Norfolk & Western. |
| It serves 128 mines in West Vir-|
n'ginia, Virginia and Kentucky. Thei
Virginian Railway, which seives,
75 mines in West Virginia, said all |‘
were operating. {
That was the picture in all‘
states where the UMW merbers
quit work March 14 when Lewis‘
called the shutdown. He termed |
it a memorial to mers killed and r
injured last year—and a protest
‘against appointment of Dr. James
‘Boyd as head of the Federal Bu
reau of Mines.
The Senate confirmed Boyd last
week by a 50-11 vote. Some op-|
erators feared Lewis wouldn’t end
the walkout on schedule. But such
wasn't the case.
However, soft-coal miners will
work a short week. April 1 is ob
served as John Mitchell Day, in
honor of an early UMW leader
whom miners call the father of
the 8-hour day. A similar holiday
is observed in the anthracite fields
during October.
Anthracite miners will work at
least four days this week because |
the Pennsylvania Anthracite Com
mission fixed a 965,000 ton quota.
Thatt’: do&t;lf the quota of the
J of March .7, the last week
S P
“cite fields of Eastern Pennsylvania.
favors returning the third colony,
Somaliland, to Italy under a trus
teeship arrangement.
Ttalian embassy aides said the
foreign minister will be on hand
when the Queen Mary Docks to
morrow with the foreign minis
ters. of Britain, Belgium, Holland
and Luxembourg.
The official business is sche
duled to get underway Saturday
when the foreign ministers meet
in a secret session intended to
smooth out details leading up to
the signing on Monday.
Rent
(Continued from“ Page One)
a resolution, after a public hear
ing, saying there no longer was
any need for rent controls in the
ccmmunity. If the governor ap
proved the resolution, the housing
expediter would have to free the
community of rent curbs. If the
governor disapproved, that would
kill the move.
3. Individual states could take
over the rent control program if
the governor showed that the
state had an adequate rentlaw on
the books.
’ Rent Damage
4. The housing expediter is au
thorized to sue for treble damages
in cases where tenants are over
charged for rent. Under the pres
ent law, only the tenant can sue
for triple damages.
5. The housing expediter could
write eviction regulations intend
ed to apply uniformly throughout
the country. Under existing law,
the federal government has limi
ted jurisdiction over evictions.
Local eviction laws apply for the
most part.
6. The expediter could recon
trol any area he freed of rent
curbs on his own intiative after
March 31. He could not recontrol
any areas which were decontroll
ed prior to that date unless the
local rent advisory board recom
mended it.
7. Trailer camps used for per
manent residence would be recon
trolled. . :
8. The bill gives the expediter
discretion to recontrol so-called
luxury apartments. He would de
cide what is a luxury dwelling
He could decontrol only if assured
that the unit would be converted
into two or more dwellings to
create. more housing.
9. Non-~transient hotels in New
York and Chicago would be re
controlled. The rents for perma
nent residential units would be
“frozen” at the level of March 1,
1949,
Fred Pike has operated the time
clock at the Detroit Olympic stadi
um during hockey games of the
Detroit Red Wings for 21 years.
More than three fourths of the
ties men buy are of the bold va
riety despite the howls of pain
over gifts frequently heard from
men after Christmas.
» &
WHAT A NAME:
JUST TRY TO
PRONOUNCEIT
BOSTON, March 29.—(AP)—
The senator’s civic pride was
was hurt.
“I wouldn’t mind,” State Sen
ator Joseph A. Gibney {(D.-
Webster) told the other Massa
chusetts senators, “if legislative
documents left out one, or two
or even three letters of the name
of the lake in my home town.
“But they left out 28!”
The lake, Gibney added, is
named (he drew a deep breath
at this point):
“Lake Chargoggagoggmancha~
uggaggchaubunagungammaugg.”
“It means — in Indian: Yeu
fish on your sige; I'll fish on my
side and nobody fishes in the
middle.” »
Sinee nobody else could pro
nounce it, the other senators just
voted for the bill under discus
sion. It changes the dates of the
fishing season. The name in the
document remained unchanged.
Kaiser - Frazer
Orders Big
Price Cutback
DETROIT, March 29—(AP)—
Kaiser-Frazer Corp.; already the
industry’s fourth largest producer,
came out today with the biggest
postwar automobile price cuts in a
bid to further improve its compe
tive position.
To speed its entry into a
“broader mass market” the four
year-old partnership company
shifted increasing control into the
family of industrialist Henry J.
Kaiser.
Edgar F. Kaiser, son of the co
founder of Kaiser-Frazer, was
elevated to president. He succeeds
Joseph W. Frazer, who was given
a newly-created post of vice
chairman of the board. The
younger Kaiser had been vice
president and general manager.
The price slashes range from
$l9B on the standard Frazer up to
$333 on the Kaiser special, the
company’s lowest priced car. They
are effective immediately.
K-F sources indicated that al
though Frazer will remain a
board member, Edgar Kaiser will
have almost a free hand in guid
ing the company’s new policy.
They said they were not yet
prepared, however, to announced
new production schedules under
the expanded program.
The price reductions were the
third in the auto industry in little
over a month. General Motors,
the biggest producer, cut $lO to
S4O off its passenger cars Febru
ary 25 and up to $l5O off its truck
:prig.e..s.' = & A 2 -
© Willys-Overland brought down
its prices from $25 to $270 March
Kaiser-Frazer, ranking behind
only GM, Ford, and Chrysler in
production, said its latest action
would give “the public the lowest
priced big cars in the world.”
It said its “best supply position”
since it started operations in 1945
with regard to finished parts and
basic materials made the reduc
tions possible.
Powell Rites
To Be Held
Thursday At 3
Services for Mrs. Della Mae
Powell, well known Barnett Shoals
resident, will be conducted Wed
nesday afternoon at 3 o’clock from
Tuckston Methodist Church with
Rev. R. N. Saye officiating.
Burial will foliow in Tuckston
cemetery, Clyde McDorman Fun
eral Home in charge of arrange
ments. Pall-bearers will be Ben
nie Wigley, Ben Ramey, Loyd Al
len, Gent Howington, Henry Gil
len and Jack Garrison.
Mrs. Powell is survived by her
husband, G. P. Powell; four daugh
ters, Mrs. Arthur Murray and
Miss Rosie Mae Powell, both of
Athens, Mrs. Hercules Bodie, At
lanta, and Miss Irene Powell,
Greer, S. C.; sons, George, Robert,
Curtis and Clarence Powell, all of
Athens, Lawrence E. Powell, Unit
ed State Navy, and W. A. Powell,
Columbia, S. C.; two sisters, Mrs.
H. B. Hill, Felton, Fla., and Mrs.
J. J. Allen, Constee, S. C.; brother,
C. O. Haynes. Athens. and five
granachildren.
Born in Clarke county, Mrs.
Powell had lived in this communi
ty all of her life. She was a mem
ber of the Baptist church and died
in a local hospital Saturday night
at 10:45 o’clock after an illness of
two weeks. Mrs. Powell was 60
years old.
Although Ted Atkinson annually
has been one of the leading Hia
leah riders, his victory on Olympia
this year was his first Flamingo
victory.
It is against the law to smoke
or strike a match in any down
town store in Springfield, O.
INVESTORS MUTUAL,
INC.
Dividend Nofice No. 34
The Board of Directors of Investors Mutval,
Inc. has declared a quarterly dividend of
fourteen cents pear share payable on April
21, 1949, to sharsholders on record as of
March 31, 1949, '
‘e E Crakb, Presideat
maca—
R. E. STATHAM
140 Morton Ave.
Fhone 2191-W
WALKING ON TREE TOPS
Air Rescuers Tell
Of Fight With Jungle
MARIKINA, Phillippines, March*
29— (AP)—Thirteen American Air
Force men sprawled exhausted on
the rocks beside the almost dry
Santa Inez river. ! ey
They looked up, these grounded
airmen, where there were no
wings to take them—to the 4,800-
foot peak of Mt. Caladang. Twelve
days it had taken wiem to fight
their way up there and bring back
the remains of nine comrades who
had crashed in a B-29 flying tank
er.
With the American ground team
were 16 Filipino guides. They had
guided the ground party through
the dense jungle of Caladang’s
lower slopes and over her rocky
sides higher up to the place where
the tanker hit—l 2 feet from the
top. :
‘Upstream, bearers were emerg
ing from the thickets with the re
mains of nine fliers who never
made it back to Clark Air Base
after refueling The Lucky Lady IL
on her non-stop flight arcund the
world on March 1. .
Capt. M. Q. Beack of Compton,
Calif., told what they had been.
through for the 12 days. Most of
the others just lay on the rocks
and rested. Among them were
Master Sgt. William C. Bowers of
Indio, Calif.; Staff Sgt. Glenn A.
Benner, of Canfield, 0., and Staff
Sgt. Norman C. Queen of Ports
mouth, Va.
Beck said the worst part was the
jungle undergrowth.
“It was so thick we couldn’t cut
through it,” he said. “We climbed
over it. It was like walking on
treetops.”
The party was attacked repeat
edly by bees and “the leeches weare
terrific.”
The party was without enough
food and water for days, Beck
said. They were supplied by air
but bad weather made the drops
irregular.
And the men didn’t always get
everything. Some food rations
were lost in the jungle. Once a
water can hit a rock and broke
open.
It’s not over yet. They . still
have three more days of walking
to get back to civilization.
They expect to get back to Clark
Air Base March 31—they flashed
gired smiles—“in time for pay
ay.!l ¥ 1t
Goal Reached
(Continued from Page One)
authorized by a vote of 78 to 31
and the executive committee of
the Board of Directors was desig
nated to consummate the sale and
sign the contract.
Under the terms of the contract
of sale the purchasers agreed to
operate a cattle auection barn in
Clarke county for the next five
years and to never exceed the
present rate of commissions for the
same period.
In addition, it was stated, the
new Company agrees to make
available better grade cattle from
time to time to be sold on a cost
basis to those who wish to improve
their livestock herds in this sec
tion, Mr. Winston said. ‘“Thus,” he
declared, “we feel that the stock
holders have received a splendid
financial return on their invesi
ment of SIO.OO per share, and a
livestock market has also been
established for our section.” Mr.
Winston said stockholders of the
Association will not have to sur
render their stock certificates.
They will continue as stockholders
and will also receive their share of
the cash proceeds of the ‘sale of
assets, being around SIOO.OO for
each SIO.OO share.
Officers of the Northeast Geor
gia Livestock Marketing Associa
tion are A. P. Winston, Clarke
county, president; W. S. Lowe,
Madison county, vice-president,
and D. L. Branyon, county agent
for Clarke, secretary. Directors of
the Association are Mr. Winston,
chairman; E. K. Davis, Franklin
county; J. R. Westbrook, Madison
county; W. S. Lowe, Madison
county; W. T. Cunnirzham oO~iss
thorpe county; E. O. Cabaniss,
Oglethorpe county; ‘Mat¢ Cbow,
Hart county; F. E. McHugh,
Clarke county; L. O. Price, sr.,
Clarke county; Malcolm Rowe,
Madison county; W. A. Sa
Clarke county, and W. C. Al:;
ander, Banks county.
Formed In 1939
Organized in 1939 by a move
ment started by the Agriculture
Committee of the Chamber of
Commerce with Mr. Winston as
chairman, the Livestock Marketing
Association had a two-fold objec
tive, providing a market for live
stock raised in Clarke and the
nearby counties, and to develop
and expand the raising of livestock
| with a view of providing farmers
! a new ‘“‘cash” crop. The expansion
program envisioned encouraging
the raising of thoroughbred ani
mals and development of a pas
ture program. James White, jr.,
at that time president of the Na
tional Bank of Athens, and Mr.
. Winston went into the surround
ing counties as a promotion com
mittee and the county agents as
well as other participated in pro
moting: the movement. Mr. White
became , the Association’s first
president.
The first year the Marketing As
sociation was 1n business, its
weekly sales for 1939 amounted to
' $200,000. Each year saw an in
‘crease in the sales volume as the
livestock industry developed and
broadened in this section. Since its
establishment, the Association
averaged in round figures a stock
divident of 5 per cent with a 10
per cent dividend for the past 5
yvears. Book value of the stock as
of Feb. 28, 1949 was listed as
$91.00 a share. In 1948 the sales
recorded for the weekly cattle
auctions exceeded $2,909,-900,-!
000,00 upon which tee Association !
received commissions totaling ap- |
THE BANNER-HERALD, ATHENS, GEORGIA.
* * *
PREACHER’S
WIFE FINED
FOR HER JOY
LAFAYETTE, Ga., March 29.
(AP)—A preacher was acquit
ted on assault and battery char
ges yesterday but his wife was
fined $25 for contempt of court
when she shouied for joy over
the verdict.
Rep. W. J. Herwlin, pastor of
the Happy Valley Baptist
Church at Rossville, Ga., was in
dicted by the Walker county
grand jury on charges that he
slapped a church deacon.
Mrs. Heflin was so happy over
the ountcome of the trial that she
didn’t mind paying the fine.
C. Of C., Rail
Agent To Confer
‘Dallas T. Daily, Industrial
Agent of the Seaboard Air Line
Railroad, will be in Athens next
Monday to confer with members
of the Industrial Council of the
Chamber of Commerce, it was an
rounced this morning by W. A.
Mathis, chairman.
Mi. Daily is expected to dis
cuss with members of the Indus
trial Council plans the organiza
{ion is working on in connection
with efforts to attract further in
dustrial expansion in the Athens
area.
proximately $30,000.00 gross with
a net income: of over $6,700.00. }
“The goal of providing a market
for livestock raised in this section
has been reached,” President
Winston said this morning, "and“
the Association is now free to de
vote its efforts and energies to
promoting the expansion and de
velopment of livestock raising
through a better and larger pas
ture program and introduction of
more blooded livestock as a basis
for starting new herds and ex
panding those already started.”
Boon To Farmers :
“Development of the livestock
industry in this section has been a
great boon to farmers throughout
Northeast Georgia because it has
provided a new ‘cash’ crop and the
weekly sales that have been held
here, and will be continued. and
expanded, provide the outlet need
ed to move the livestock to mar
ket,” Mr. Winston pointed out.
‘“Development of the livestock in
dustry has enabled our farmers to
get away from the old-time ‘one
crop’. system that for so many
generations delayed the economic
progress of the rural sections, and
this of course, affected the pro
gress of everyone since our whole
economy in its final analysis, is
based on the welfare of our agri
culture.. Our Association, having
reached its objective of providing
a ‘market for livestock, now can
turn its full efforts to further de
veloping and expanding livestock
raising gand thus further iincrease
the benefits to farmers of North
east Georgia.”
FUNERAL NOTICE
POWELL. — The relatives and
friends of Mr. and Mis. G. P.
Poweil, Mr. and Mrs. Arthur
Murray, Miss Rosie Mae Pow
all; Mr. and Mrs. George Pow
ell, Mr. Robert Powell, Mr Cu:i
tis Powell, Mr. and Mrs. Clar -
ence Powell, Mr. and Mrs. Her
culeas Bodie, Atlanta, Ga.; Miss
Irene Powell, Greer, S. C.; Mr.
and Mrs. W. A. Powell, Coium
bia, S. C.; Mr. Lawrence Pow
ell, U. S. Navy; Mr. and Mrs. H.
B. Hill, Felton, Fla.; Mr. and
Mrs. J. J. Allen, Constee, S. C.;
and Mr. and Mrs. C. O. Haynes
of Athens, Ga., are invited to
attend the funeral of Mrs. G. P.
(Della Mae) Powell, Wednesday
afternoon, March 30th, 1049 at
three (3:00) o’clock from the
Tuckston = Methodist Church.
Rev. R. N. Saye will officiate.
The following gentlemen will
serve as pallbearers: Messrs.
Benny Wigley, Ben Ramey,
Lloyd Allen, Gent Howington,
Henry Gillen and Jack Garri
son. The remains will lie in
. gtate from two p. m. until the
hour of the service. Interment
Tuckston cemetery. McDorman
{ Funeral Home, 220 Prince Ave
nue.
SELLING OUT ON ACCOUNT
OF DEATH OF PARTNER:
ALL STOCK OF :
ARMY SURPLUS
STORE
120 E, Madicon Street
: Dublin, Georgia
Below is a few items on sale:
4 Drawer Wood Filing
Cabinets..... .... .... $12.50
Metal Desk .... .... .. $24.50
Wood Desk .... .... .. $14.95
315x4 Card Size Cabinets
) $2.00 Up
White Metal Cabinets
Metal Lockers
Desk Chairs
High Desk Chairs
Remington Cardex Files $35.00
VIR &oo i b S OY
Meat Cutting Tables i
Army Shoes or Slippers, Ready
LW .o BN
SPECIAL TO DEALERS:
Box New Bearings—Value
oe R Oe O L R
;’a B |
Gown Courtesy ‘Merci’ lrain "
F 5 : 4 ‘.. ;;‘., Ly ;b A : ; ’: & 5 %
. . E
, /| ORI Ry 2 RO 5 # 3
:e& 9 g
e 7 s -3 '
eTo Y e
L aiaat e % g R
R N
;- - @
f .
’ & & o ,b "
il
John Farrell, 21, kisses the girl he will marry in June’in New
Haven, Conn., as she models her wedding gown, one of the gifts on
the French “Thank You” Train. The girl is Connie Eaccarino, 22,
Attached to the gown, the gift of the people of Lyon, was a note
which said it was to go to a Connecticut girl who would be married
in June and who fitted it best. Connie was chosen from 175 girls.
40 Universit
~1 1 y
(Coniinued from FPage One)
11; General Extension Division,
4; Georgia State College at Savan
ndh, 1; Fort Valley State College,
7; and Construction Department,
a.
Scholarship 1
Included in the budget cuts was
abandonment for next year of
new scholarships awarded by the
Regents. Chancellor Harmon
Caldwell said the scholarships
have been costing up to SBO,OOO
annuaily.
The reduction by institutions,
with this year’s total budget, next
year’s proposed budget and the
loss: *
University of Georgia in Athens,
$4,288,898, $3,694,002, $594,896.
Atlanta Division, University of
Georgia, . $1,154,090, $752,700.
$401,390.
Georgia Tech, $4,180,412, $3,-
757,136, $423,276.
General Extension Division,
$274,173, $253,408, $20,765.
University Medical School at
Augusta, $639,681, $584,461, $55,-
' 220.
~ North Georgia College Dahlone
ga, $381,602, $315,000, $66,602.
. Georgia Teachers College States
boro, $357,755, $309,160, $48,595.
| Georgia State Women’s College,
PENNEY Sl €5
TR NED .
N USAVINGS
N EEe F 4.)
A RUNNING WEDNESDAY MORNING!
| NEW! BRENTWOOD* ™.
B &A B
by o RS e e S |
IN SANFORIZED - WAFFLE PIQUE
AND STILL ONLY @
Y 7 |
. ‘ ‘
“’E ! ) =R
b f N 1
/ %st ‘f
ey O ey |
® Sanforized Waffle Pique frocks at this \'7% '
famous Penney Low Price. e %fj’fi,i//’ . &
vy i"}, ‘g'
® Bright Prints and Stripes accent these §s g‘y‘ ;
tailored pigues! ' A%:'gj:, ;
< ] \ :‘.“. %; f
® All suds-loving sizes 12-24. \:{ / ?
\i%7/ %
COME IN TODAY! A %
| N
At PENNEY’S
.;/aldosta, $215,693, $169,452, $46,-
41.
Georgia Southwestern College,
Azmericus, $134,941, $119,516, $15,-
425.
! West Georgia College, Carroli
ton, $175,079, $150,664,
Middle Georgia College Coch
ran, $128,709, $112,350, $16,359.
| South Georgia College, Douglas,
! $208,761, $140,435, $68,326.
i Abraham Baldwin College,
]Tifton, $209,171, $166,708, $42,-
463.
| Albany State College, $209,485,
is2o2’B3o’ $6,655.
{ Fort Valley State College, $429,-
’215, $416,207, $12,008.
| Georgia State College, Savan
| nah, $478,091, $458,300, $17,791.
l Georgia Experiment Station,
Griffin, $585,742, $586,653, $2,089.
Tifton Experiment Station,
$344,928, $262,600, $82,328.
i Agricultural Extension Service,
‘31,749,590, $1,684,356, $65,324.
| Investors Mutual
'Declares Dividend
! MINNEAPOLIS, March 21 —
l The directors of Investors Mutual,
Inc.,, open-end investment com
| pany, today declared a quarterly
| dividend of 14 cents a share, it
Iwas announced by E. E. Crabb,
| President and Chairman of the
"'Board. The ' current dividend,
| derived exclusively from interest
|and dividend income, is payable
TUESDAY, MARCH 29, 1949,
Less Worry
About U.S.
Inflation
WASHINGTON, March 29
(AP)—Lessening worry about in
flation was apparent today in the
Federal Reserve Board’s decision
to make it easier to invest ip
stocks.
The board, which controls the
volume of money and credit, a].
ready had made it easier to byy
autos, furniture, and the like, oy
the installment plan.
Then last night, it decreed that
stocks may be bought after today
with a cash down payment of 5
percent as compared to the 75
percent required for the past two
years. The cut is warranted, the
board said, by the “general credit
situation.”
The board’s order was issued in
the wake of a flow of government
reports showing employment, pro
duction, prices, bank loans and
sales of many goods -coursing
down together in early 1949,
Not in four years — since the
approaching end of the war made
the board in 1945 fearful of an in
flationary boom spreading out of
the stock markets—and the board
made securities-buying credit so
liberal.
Throughout 194(; when it was
sounding the gong against infla
tionary fires, the board banned
grant of any credit to stock buy
ers.
The shift in the board’s views
on the economic state were under
lined by the fact that easier “stock
margin requirements” were au
thorized on the heels of consumer
credit control relaxation March 3.
Credit Terms
In the earlier move, installment
buyers were given 21 months to
finish paying off, thus lengthening
payment time by three to six
months for various goods and,
consequently, m a kin g each
month’s installment smaller.
The cash down payment on all
goods but autos also was cut to 15
percent from the previous 20 per
cent level, although down pay
ments on cars were held at 33
percent.
What easier credit might do to
stock prices and the volume of
stock trading, which has been un
ually light for many weeks, was
something for which there was no
sure answer in advance.
April 21, 1949 to shareholders of
record as a of March 31, 1949.
As a matter of Company policy,
dividend distribution from profits
on the sale of portfolio securities
are made only in the final quarter
of the fiscal year.
Net assets of Investors Mutual,
Inc.. as of March 17, 1949 were
$135,613,139 with shares currently
owned by more than 68,000 share
holders. Investors Syndicate, Min
nea}g@lis, is .the principal under
wri and investment manager of
the Fund.