FRIDAY. MARCH M. 1955
U.S. Will Maintain
Forces in Europe
WASHINGTON, March 10 (JP)—President Dwight D. Eisenhow
er pledged today the United States will continue to maintain a
“fair share’’ of its land, sea and< air forces in Europe to guard against
Communist attack.
In a special message to . the premiers of
the President said he will keep American
aroun<l Europe "while a threat to
that area exists,”
This pledge, one of. six mad*
public by the White House, was
aimed at prodding European
countries to speed up parliamen
tary approval of arrangements for
rearming West Germany," ih lirie
with the London-P ar i 6 agree
ments nearly six moiiths ago.
Would Remove Troops
The promise Was 'designed to
allay any fear in France, for ex
ample, that when. German, armed
strength is added to that of Other
European nations, the U.S. would
take It? troops off the.continent;
'Some six divisions of American
troops are now stationed through
out Western Europe, most of them
in West Germany.
Backing these troops up are 18
wings of American bombers, 1
fighters, transports and troop car
riers, and the U.S. 6th Fleet in the
Mediterranean.
Replaces Policy
The President’s new pledge, ad
dressed to the leaders of Britain,
France, West Germahy, Italy, Bel
gium, the Netherlands and Lux
embourg, was intended to replace
a similar policy declaration made
last April 16.
This lapsed after earlier plans
Eccles Proposes
Tight Credit Curb
WASHINGTON, March 10 Marriner S. Eccles called today
for tighter credit curbs on stock buying and home building to com
bat what he called “elements of real danger” to the economy.
Eccles was chairman of thd
board of governors of the Federal
Reserve Board in the Roosevelt
and Truman administrations. He
said the margin requirement for
buying stocks should be increased
promptly to at least 75 per cent.
.It is now 60 per cent.
“If the value of stock continues
to rise,. the margin, requirement
should ultimately be increased to
100 pet* cent,” Eccles said.
Increasing margins, in effect
tightening stock market credit,
might be deflationary and slowing
the construction bdom undoubted
ly would, Eccles said. To offset
this, Eccles-suggested:
The $2O-per-persdn income tax
reduction already passed by the
House, and a “large and extensive
highway development” program.
John J. McCloy, chairman of the
board of the Chase National Bank,
one of the nation’s largest, steered
1 THE DAILY COLLEGIAN. SlAlt COLLEGE. PENNSYLVANIA
seven European Allies,
units deployed in and
for bringing West German armed
forces into the European Defense
Community collapsed because of
French opposition.
The timing of he President’s
message was obviously designed
tp exert maximuni effect upon the
French Council of the Republic,
Which expects to debate the meas
ure. later this month.
By stressing U.S. eadiness to
continue maintaining forces in
Europk the President hoped tp
make' it clear German troops are
not intended to replace American
manpower now in the area.
Repeals Pledges
In his 1000-word declaration,
the President repeated almost
word-for-word earlier pledges
made in connection with the ill
fated European army arrange
ment.
The only, new pledge was one
which expressed American will
ingness to consult with any agen
cy set up in West Europe , which
would seek to control armament
and block any menacing buildup
among members of the seven-na
tion union. This arms control
agency, proposed by France,
would be a new device.for pre
venting a rebirth of German mili
tarism.
away from expressing any opinion
as to whether stock prices are
too high. But he said the steep
ness of the rise over relatively
short periods warranted concern.
Eccles and McCloy testified be
fore the Senate Banking Com
mittee which is making what
Chairman Fulbright (D-Ark) has
described as a-“friendly study”
of booming stock prices during
the past 18 months.
Neither Ecfcles nor McCloy saw l
much similarity between condi
tions how and those which led to
the 1929 crash.
Harmless for Sure
WASHINGTON, March 10 <JPh—
A radioactive cloud about 1000
miles long and 200 miles wide
hangs harmlessly over the eastern
part of.the United States, the
weather bureau reported today.
Republicans Accuse
Democrat Chairman
Of 'Smear' Tactics
WASHINGTON. March 10 m
Congressional Republicans to
day accused Democratic Nation
al Chairman Paul M. Butler of
using "smear" tactics in sugges
ting that President Dwight D.
Eisenhower might not run
again because of his wife's
health.
Sen. George D. Aiken (R-Vt.)
told the Senate Butler was a
"scoundrel." Aiker said Mrs.
Eisenhower is "not a strong
woman compared to some per
sons," but said she was not in
poor health.
In all. six GOP senators and
eight Houfe members joined in
a concerted blast at Butler. It
was evident that they believed
he hao made a major political
mistake and that they were in
leift on hammering away at it.’
The Republican statements
also appeared aimed at con
vincing the country Eisenhower
is qot worried about the first
lady's health.
Ho(isg Votes Pay Raise
WASHINGTON, March 10 (IP)
—The House voted today, 399-1,
to grant pay raises of six to 25
per cent for career men in the
armed services. The idea is to
keep good men in, rather than
have them turn to jobs in pri
vate life.
“This is what I did yesterday”
“I like a job that keeps me jumping,”
says Bill Jermain, C.E. from Marquette,
’52. “Ana my first management assign
ment with Wisconsin Telephone Com
pany does just that. I’m Service
Foremanat Sheboygan,with nine install
ers, and that means variety of responsi
bility. But judge for yourself. Here’s
a quick run-down of what I did yester
day, on a typical day—
B:lo—“Checked day’s work schedule.
One of my new men was putting in a
buried service wire, and I went over the
job specs with him to be sure he had
things straight.
B:3o—“Answered mail while my clerk
checked time sheets from previous day.
9:3o—“Out to supervise installation of
the first aluminum Outdoor Telephone
Booth ’in my exchange. Reviewed the
assembly instructions with the installers,
then arranged for special tools and bolts
to be delivered to the job.
Bill has been in his present job about a year, and is
looking forward to nejv responsibilities as his expe
rience increases ... as are the many young college
men who have chosen telephone careers. If you’d be
interested in a similar opportunity with a Bell tele
phone company ... or with Bell Telephone Labora
tories, Western Electric or Sandia Corporation ... see
your Placement Officer for full details.
Major
Opens
WASHINGTON, March 10 (JP)—A major debate on tax policy
opened in the Senate today, with Sen. Harry F. Byrd (D-Va.) declar
ing the government is “mortgaged to the hilt” and cannot afford to
cut taxes without cutting spending.
The Virginia Democrat, chairman of the Senate Finance Cortl
mittee, said, “It should be the considered judgment of every one of
us that the federal debt should
not be increased except for ex
treme national emergency.”
The debt now stands at 280 bil
lion dollars,
Sen. Kerr (D-Okla.) argued on
the other hand that some indi
vidual income tax relief is re
quired right now to bolster em
ployment and industrial produc
tion.
Facing the Senate are two pro
posals to cut income taxes for mil
lions of Americans next year.
Both are opposed by the Eisen
hower administration and some
influential Democrats like Byrd
and Sen. George (D-Ga.).
The first is a bill, passed by
the House, to cut taxes by $2O for
every income taxpayer and de
pendent beginning next Jan. 1. It
would cost the government $2,-
200,000,000 a year.
The bill also would extend for
one year the corporate income and
excise tax rates scheduled to drop
April 1. This extension, advocated
by the administration, would
yield about three billion dollars.
The House tied the extension and
the proposed $2O-a-head cut to-
A Cconpus-to-Career Case History
Tax Debate
in Senate
gether in one measure.
The second proposal before the
Senate is a “compromise” tax bill
worked out by the Democratic
leadership.
11 ;30—“Drove across town. Made a
complete ‘quality inspection’ on a tele
phone we installed last week. Everything
checked O.K.
“Lunch.
12:00-
I:oo—“Picked up film for next day’s
safety meeting. Watched the film, made
notes for discussion.
2:oo—“Met with moving company
manager to estimate cost of telephone
cable lifting for a house moving job.
Drove the route he had planned and
worked out schedule for construction
crews.
3:3o—“Returned to aluminum booth in
stallation. Went over wiring specs with
the electrician.
4:oo—“Stopped at Central Office to
pick up next day’s orders. Met installers
at garage as they checked in and assigned
next day’s work.”
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