davidaulloa/AmericanStories huggingface dataset:
Milford chronicle., 1952-06-20

BABSON PARK, Mass. June 20-NOw that the
first half of the year 1852 is nearly income tax
reckoning still leaves in its wake a raft of ques-
tions For instance, if someone should ask about
the effect of income taxes profits, the answer
would seem to be obvious. Taxes bite into profits
and apparently bring about simmer margins between
sales and costs Business tries, however to make up
for this shrnkage in profits by expanding the vol
of sales.
TAXES MAY HELP BUSINESS TEMPORARILY
There are also other silver Innings" to the
cloud / hate high taxes much any reader
does but we should realize that indirectly such taxes
may have certain advantages:-Q) High taxes make
us all work harder. (2) AS high taxes are hardest
on retired people living on a fixed income, these
higher taxes forcing many of them to again
become producers 60 High taxes should make us
all more interested in electing better government
(D High taxes may result in increased gifts to
churches, hospitals and charities.
Even excess profits" taxes have certain COM
pensatiOns. For example, at maximum rates, seven
ty-seven cents of every dollar of excess profits may
60 to the Government in taxes. But if the corpOr-
alton decides to spend what would go into it's excess
profits for research, advertising employing more
statesmen, it could do advantageously Every
dollar of such outlay would then cost the corpora
ton only twenty-three cents. Companies in a posi-
ton to make of these thrifty" dollars might
better maintain buildings and expand sales efforts.
TAXES AND THE STOCK MARKET
Now with some degree of certainty of earnings
at the level where excess profits begin there might
even be reflection thereof in higher prices for the
company's shares What would be the position of
the stockholder in such case? The higher stock
prices might bring about long-term capital gains
Milford chronicle., 1952-06-20

such power can fairly be implied . H.. More
over, the use of the seizure technique to
solve labor disputes in order to prevent work
stOppages was not only unauthorized by any
congressional enactment; prior to this con-
trOversy, Congress had refused to adopt that
method Of settling labor disputes"
By this time, all listeners must have
known that the President had lost his case.
Justice Black made it clear that Congress
has the power to authorize the taking of pri-
vate property for public use, if it chooses to
exercise it. Then came these fateful, final
words: 'The founders of this nation en-
trusted the lawmaking powers to the Con-
gress alone in both good times and bad. 1t
would do no good to recall the historical
events, the fears of power and the hopes for
freedom that lay behind their choice. Such
a review would but confirm our holding that
this seizure order cannot stand.
THE judgment of the district court is
affirmed"
So ended one of the most important cases
OF modern times-and so was established a
precedent of the most far-reaching signif-
cance To the layman, it would seem that the
majority for whom Justice Black spoke re-
affirmed the ancient principle that this is a
government of laws, not of men.
NG0N&
Milford chronicle., 1952-06-20
Watch Out For Kids
When Driving Autos

Schools out! Watch out for the
kids!
This was the warning issued to-
day by the Delaware Safety Coun-
Gil as the majority of Delaware
schools have closed their doors un-
til September.
Summertime is fun time. But you
boys and girls should remember
that grOwn-ups who drive cars may
feel gay, too. They may show it by
driving fast or without paying at
tentiOn as they go along your
street. So don't let your frisky feel
ing cause you to play in the street
or on the curb.
The Council offers this advice to
help protect you during play hours:
Play on Fairgrounds, yards or va
cant lOts-neVer in the streets.
Roller skate only on sidewalks and
never roller skate or coast from
driveways or alleys into the street
Never try to "hitch" a ride on a
vehicle when you are roller skat-
ing or bicycling. And remember this
too: follow all regular traffic rules
and hand signals for motorists
when you are riding your bicycle.
Most grOwn-ups have a soft spot
in their hearts for children-but
statistics show that about 1000
children are killed each year in
traffic accidents. OF course, we are
inclined to point the finger of
blame Tesentfully at careless mo-
tOrists-and they must indeed ac-
cept a large responsibility. We
shake our heads, too, over the un-
thinking recklessness of the chill
dren. And that is a true factor to
be reckOned with.
But the Delaware Safety Council
asks the parents to think seriously
of their own responsibility to pre-
vent this tragic loss of child life.
Every parent, says the Council,
should consider early and cOntinu-
Gus safety training an important
part of child rearing. American
motorists should be more child
conscious. But children should be
more safety-cOnscious, too. And
that is the parents job.
Milford chronicle., 1952-06-20

derelict in its duty to the American
people"
Thus, it does not require too much
imagination to anticipate the key
note address will be a "fight-talk,"
and that it may we'll be the open
ing skirmish of General MacAr-
thurs return to the defense of his
country. Few have forgotten his
promise on leaving the fallen Cor
regidOr; or how completely he full
filled it. And few can question, in
this hour, our need for another
comeback.
AP-SLAP- SLAP
Should the House approve the
bill passed by the Senate last
Thursday. by a vote of So to 18,
extending wage price and rent con-
trolls through next February 28th
and including a request" that the
President employ the Taft-Hartley
Act, Mr.. Truman will have the ans
wer to his personal plea to Con-
gress for seizure powers. D..
Even as this is written, he should
begin to get the idea, as the law
makers have. that the people do
not think such powers should be
entrusted to Mr.. Truman or any
other President.
With the passage of the bill in
the Senate. Administration sup
porters of seizure legislation threw
in the sp0nge-fOr the time being
but said they would try again
later. On Tuesday, the Senate re-
jected a seizure amendment by
Senator Humphrey. (Dem) of Min
nesOta. On Thursday, Senator
Case, (Rep) of South Dakota with
drew his seizure amendment, and
( Senator Maybank, (Dem) of South
Carolina, said he would not call
up his seizure amendment. Also
on Thursday, the ordinarily pro-
Administration House Banking
Committee voted down, 10 to 5,
/ a carbon copy of Senator Humph-
reys amendment offered by Sen
ator Boiling, Dem) of Missouri.
The tattered remnants were sent
to the Senate Labor Committee,
which is to patch them together
into a separate seizure bill that
could be acted on in August or
September if the steel strike is
still on.
1t will be particularly interest
ing to observe the Presidents re-
action to the request" that he re-
sort to established law as the next
move in the steel crisis un-
less speedy settlement of the strike
by collective bargaining saves his
face.
Milford chronicle., 1952-06-20
I'm TIE AIR FORCE"
By Eloine Townsend Dickerson

Life several weeks ago.
One Of the things we are en-
Joying most about Houston is its
television station; which is owned
Dy the Houston Post. The west
coast Of Florida did not have tele-
vision and we were without this
luxury for the IA months we were
stationed there. Right now ali the
SHOWS here are canned" but as the
singing commercial states. ssThe
cable is coming July the first. the
cable is coming July the first
The Rice Institute, University OF
Houston, and Baylor University
College of Medicine are ali here IN
Houston and afford many oppor-
tunitles for the natives to witness
good ball games. Other amuse-
ments in town are tennis. SWIM
ming, iishing, hunting, even ice
skating rinks, wrestling and box-
ing arenas, automobile speedway
and of course rodeos. If Won nro-
nounce that ro-da'-o, you're no
Texan.
Houston is an inland port and is
connected with the sea lanes Of the
world by so foot long channel
developed at a cost of $50, 600 600
AS every one knows one of the
biggest industries in Houston Is
! the oil business. Tanker move
ments of crude oil and refined pro-
ducts have contributed to making
Houston one of the principal TTni-
ted States ports. The area around
Houston in 1850 produced 361. 600
barrels of oil daily. The average
I production per well was 43 barrels
daily, which is nothing to be sneez-
ed at, is it? Wouldn't it be fun to
buy one while we were here? Just
one!
Since we've been here I've been
in the Shamrock Hotel, Glenn Nc
Carty's pride and joy, but / won't
tell you about that now because I
understand Hayes class has its
graduation dinner there and can
write about that later, too.
In Florida, Betty Reilly, of Nor
ristown, Pennsylvania, and / at
tended Margaret's Truman's con-
cert in the University of Tampa's
auditorium. Here in the Rice Stad-
ium l saw another nationally
known personality, the evangelist.
the Rev. Mr.. Billy Graham. had
read about him when he was in
Washington, D. c., last year and
wanted to hear him and see his
power in drawing such a large
crowd. He originally was scheduI-
ed to have his meetings in the Col
iseum, but his audiences expanded
so, that they met in the Rice Stad-
: ium, whose capacity is 10000 peo-
pie. His largest crowd for one ser
, mon tOtaled $4,000 and that was
his final appearance here in Hous-
= ton and the day Dale and Roy Rog-
ers gave their testimonials.
= There is so much of Houston and
so much of Texas, I could 60 on
and on and on, but this is all for
= the DOnce. Thanks for reading my
/ column.
Elaine Townsend Dickerson
Milford chronicle., 1952-06-20
OURS is A GOVERNMENT OF
LAWS - NOT OF MEN

The Supreme Court of the United States
has known many historic moments. These
were when decisions were handed down
whose ultimate Importance dwarfed the par
ticular litigation involved and established
precedents touching on the tremendous, fun
damental question of what powers govern
ment or branch of government have-and
what powers they do not have. 1t knew such
a moment on June 2, when Justice Black de-
livered the majority opinion in the steel
seizure case.
Far more than the interests of the steel
owners or the steel workers were involved
here. The question was whether a President,
lacking any specific authority in the COnsti-
tuition Or an Act of Congress, could if he felt
it necessary to the public interest seize pri-
vate property entirely on his own response
bility The government lawyers said that
he could. The lawyers for the steel industry
said he could not In the district court, Judge
Pine held against the President on every
count Only the court of last resort could
make the final decision.
Justice Black began with factual sum-
mary of the case and the arguments that had
been presented. He then said, 1.-TWO crucial
issues have developed: First, should final
determination of the constitutional validity
of the Presidents order be made in this case
which has proceeded no further than the
preliminary injunction stage; second, if so,
is the seizure order within the constitutional
power of the Pres;dent?"
The answer to the first question was Yes
to the second, No.
Reading on, Justice Black said, ''The
Presidents power to issue the order must
stem either from an Act of Congress or from
the Constitution itself There is no statute
that expressly authorizes the President to
take possession of property as he did here.
Nor is there any Act Of Congress to which
our attention has been directed from which
Milford chronicle., 1952-06-20
RED RADIO BEAMS
PROPAGANDA

LONDON up - Moscow Radio
breaches the Kremlin line to the
world in 80 foreign languages.
In tongues as diverse as Arabic,
Cantonese, Macedonian and Hindu
stani, the giant b-oadcasting center
reaches every corner of the globe.
Using several channels, short
and medium wave, Moscow Radio
is on the air with 500 hours OF for
eign broadcasts weekly. The pro-
grams are relayed by transmitters
in the Soviet Union and in the sat
elite countries.
The United States is the princi-
pal target with g6 hours week Of
English-language broadcasts. Rus >
sian commentators often speak
ing in American slang - concen-
trate on Korean War propaganda.
Milford chronicle., 1952-06-20
81 SHALL RETURN"

Once more General of the Army
Douglas Macarthur is the man-of-
the-hOuT.
Most significant political news of
the past week, his selection as Re
publican Convention keynOter, was
followed quickly by the demand of
Representative Melvin Price. (Dem)
of Illinois that the General retire
from the Army first, and make his
address afterward To sound off
from a political platform in his
present active-duty status, said the
Congressman, is "a clear violation"
of Army Regulation 60O-1O, and he
invited the "Old Soldier" who hasn't
"faded-away" perceptibly, to emu
late the example of the retiring Mr..
Eisenhower.
The PentagOn issued a stiff-neck-
ed cOmmunique, saying THE De-
partment of the Army is not consid-
ering any action in connection with
the designation of General MaCAr-
thur as keynote speaker for the
Republican National Convention. ="
Whether there is any one in uni
form with sufficient authority to
issue orders to Macarthur might
be a moot question, so newsmen
asked the President what he in
tended to do about it. He said that
he would stay out of the argument,
that it was political, but up to the
Army.
A report from a nameless Taft
supporter in Chicago, who is also
a friend of the General, indicated
that in the event of Taft victory
in November, Macarthur would be
given complete authority of the
Army, Navy and Air Force
Al his Abilene press conference,
General Eisenhower, in spite of his
rule against discussing peTsOnali-
! ties, said: Il have tremendous re-
spect for General MacArthur's abil-
/ ity. Nothing would stop me from
using the finest brains and eXper
fence available"
In his June first "air-power'
speech, Senator Taft said: ANY
Republican administration that
would not make maximum use of
the unique abilities and knowledge
Z of General Macarthur would be
Milford chronicle., 1952-06-20
Washington Letter. By Robert Nelson Taylor
THE SHOW GOES ON .
W2RRS

THE SHOW GOES ON -. AND ON
These days, we think, editors
should have the privilege accorded
to playwrights of earlier days
the opportunity of an explanatory
prologue.
At this writing, the task of re-
viewing the Washington scene is
just that blood, sweat and a
mOdicum of tears. Far more pOig-
nantly today than when the song
hit was written, "The World Is
Waiting for the Sunrise" And you
may be sure we are straining our
eyes toward the East, looking for
the first streaks in the sky that
may promise that new-and-better
day. Nearly year ago, when the
Korean tTuce-talks began, we saw
the false-dawn but the black
ness closed in again. The rumble
and roar you hear is the battle for
ballots.
In spite of rebuffs from a U. S.
District Court, the Court of APP
peals, the Supreme Court, and sub
seQuently from both the Senate
and House, President Truman is
still reaching for the big apple in
the political Garden of Eden, the
seizure powers that contain the
seeds of dictatorship. His TRADES
that others are making political
speeches are less amusing than
they were at first.
Congress, busy pOliticking, and
eager to be off to Chicago, is strug-
Cling manfully to clean up legis-
latiOn essential to the continued
functioning of Government, and has
no time for impeachment proceed
ings, no matter how outrageous the
Chief Executives conduct may be-
come.
In the Pentagon inquiry into the
Koje Island kidnapping of Briga-
dier General DOdd, and his sell-Out
ransom by Brigadier General Col
son, brother officers have found
that these heroes "acted in the best
interests of the United States"
There may be plenty of plot in
the Washington drama and
there's q climax coming up =. but
there's mighty little Comedy-relief
+ 3 .
YOU NAME IT
Snafu is not the word for our
Korean police action" at this writ
ing. There is no word, in English
at least, for the current situation
While enemy pressure builds VI
along the front, the real war re-
mains at the rear in the muir
derous Koje Island prison camps
and in Pusan, where the dill
gent interference of the Voice Ot
America in the internal squabbles
Milford chronicle., 1952-06-20
STOP ASKING FEDERAL AID!

eff local leaders will voluntarily desist in
their requests for Federal aid, it will save
billions of dollars"
So said Chairman Cannon of the House
Appropriations Committee in a recent
speech. And his words emphasized one of
the reasons why Federal economy is so diff
cult
When members of Congress are under
pressure to promote Federal spending in
their own districts while demanding econ
omy throughout the rest of the country, the
result is likely to be a series of horse trades.
10 get support for projects in his home ter
ritOry, Congressman may be pressured in
to supporting projects favored by his COL
leagues.
All that means more bills for all the tax
payers. If we want lower taxes, we've got
to forego some of the pet projects that re-
quire Federal aid.
Milford chronicle., 1952-06-20

Dear Friends:
/ couldn't begin to talk about
Houston without expounding about
its HEAT. wrote to the Cham
ber of Commerce about Houston
and in the material they sent me
/ read where the ideal two months
of the year to visit this city are
April and October. Wouldn't you
know it? We got here in May and
will leave in mid-OctOber. / quote
from their paper, "The summers
are very hot in Houston and, due
to this fact, we now have the dis
tinctiOn of being the most thor
Oughly air conditioned city in the
Nation" If the Chamber of Com
merce says this, we'll remem-
Der / told you last week, that the
average temperature year around
is 69.2. 1t beats Florida, but Texas
is supposed to Outdo all states in
everything, don't forget.
Houston was founded in 1886 and
named for General Sam Houston.
the first President of the Republic
of Texas. From a log cabin from
tier town it has grown to it's pres
ent position of industrial leadership
in the South. Three years after it
was founded its population totaled
1000; today the estimated pOpula-
tiOn of Houston is half a million
people, 50 you can see how it has
grown and what a big city we are
living in.
There are 525 churches in Hous-
ton Our adopted church, the st.
Andrews Methodist Church, is one
of the many air conditioned build
ings in Houston that the C. of c.
refers to. There are 25 banks, 55
hospitals, one central library and
six branches, which, to me, seems
inadequate for city this size. The
three largest newspapers in the
city are the Chronicle, the Post and
the Press. We wanted to subscribe
to the Chronicle, maybe you can
guess why, but it is an afternoon
paper and we like news with OuI
breakfast, or shouldn't / admit that
Well, anyway, we read daily the
Houston Post. The Post is publish.
ed by w. P. Hobby, the President
and Oveta c. Hobby, is Executive
Vice President and Editor. Mr.
Hobby was a former Governor o.
Texas and many of you will have
probably guessed by now, that Mrs
Oveta Hobby, his wife, was the for
mer head of the WACs.
Houston has 80 municipal park
and Fairgrounds, and for one o
my columns I must tell you abou
our picnic in one of these parks
One of the things we must see j
the Houston Zoo with its S3S nam
mails, Gil birds and 70 reptiles.
had my fill Of snakes in Florida
but that again is another column.
There are approximately IS the
atres here in Houston, one of whic
houses the Symphony SOciety's Or
chestra, which is comprised of
musicians. This orchestra is on
of the 25 major symphony Orches
tras in the United States and if In
not mistaken was written up il
Milford chronicle., 1952-06-20
Federal Reserve Bank Tells HOw
Banks adjust Their Reserves

delphia banks set up more than
three years ago for trading in
Federal funds. Every day represen-
tatives of nine large Philadelphia
banks clear their information on
Federal funds through a large Sc
curities dealer. A bank which may
be anxious to lend excess reserve
funds no longer has to canvass the
other banks in town to find out
which banks might need reserves
temporarily. The dealer puts bOr-
rowers and lenders in touch with
each other Dealers in other cities
frequently offer this same service,
but Philadelphia is the only place
where information is pooled by all
the large banks as a regular part
Of the daily routine.
Suspension Of Consumer
Installment Credit Controls
The recent suspension of consum-
er credit controls, Regulation w,
is discussed il the June Business
Review. In reviewing the reasons
why the regulation was put into
effect, the Bank points out that Reg
ulatiOn w was used several times
in the past and may be considered
again. 1t has been imposed and
tightened at times when prices
were rising and more imitation
threatened. Generally speaking, the
/ regulation has been relaxed and
suspended at times when it was
felt that infatiOnary pressures had
( subsided.
The most recent version of Regu-
lation w went into effect in Sep
tember 1860. Installment credit
outstanding leveled OF shortly af-
terward, the Review states, and
moved downward until August 1851
after liberalized terms prescribed
by Congress went into effect. There
was a moderate increase from that
time until the end Of the year.
While the Bank points to this as
an impressive anti-infiatiOnary rec
ord, it is careful to present certain
qualifications. Other controls, as
well as business factors, undoubt-
edly contributed to the decline in
consumer credit. Moreover, the
relatively small amount of new
purchasing power which the regu-
lation prevented from coming into
existence did not, by itself. prevent
additional imitation. But as a sup
plement to a well-integrated, fiscal.
monetary, anti-inflatiOn program
the Review concludes, consumer
credit regulation may play a sig.
niiicaat rcle.
Milford chronicle., 1952-06-20

Banks are changing the method
by which they adjust their reserves,
according to an article in the June
Business Review" of the Federal
Reserve Bank of Philadelphia. Buy
ing and selling of Government Sc
curities has become less important,
while borrowing from the Federal
Reserve Banks and use of Federal
funds have increased.
The article points out that these
changes reflect changes in Federal
Reserve policies. Since the "ac-
cord" on monetary and debt man
agement policies, reached by the
Treasury and the Federal Reserve
System over a year ago, bank re-
serves have been less freely avail
able. Because prices of Government
securities now move freely in re-
sponse to supply and demand con-
ditions, banks have been discOur-
aged from fajusting reserves by
selling Governments. In an un-
supported market, banks must find
buyers other than the Federal Re-
serve.
The Review states, furthermore,
with reserves less freely available
from other sources, banks have
borrowed more extensively from
the Reserve Banks. A major OBJ
jective of the Treasury-Federal Re
serve accord" is to permit the
short-term Government securities)
market TO adjust to a position at
which banks would depend upon
borrowing at the Federal Reserve
to make needed adjustments in
their reserves" When bank bor-
rows from a Reserve Bank, the ad-
dition to reserves is much less like
ly to be permanent than when a
bank sells Governments to the
Federal Reserve. The reason is not
only that banks dislike to be in
their debt for extended periods but
also that the borrowing transac-
ton is for a short, fixed period and
involves close contact between tho
member bank and the Reserve
Bank; excessive borrowing can be
discouraged directly, if necessary.
The article points out that the
increased use Of Federal funds
that is, overnight borrowing and
lending Of reserves among banks
also reflects the Tightening in re-
serves. Banks have become more
anxious to economizeN the reserves
available and to avoid the expense
Of holding excess reserves.
The Review describes a unique
system which a number Of Paila-