THURSDAY. MARCH 24. 1955
Baruch Is Witness
In Banking Study
WASHINGTON, March 23 (Al—Bernard M. Baruch, ad
viser to Many presidents, today called for "an effective shield
of defense" and "replacing the fear of inflation with the con
fidence of stability."
The 84-year-old, *hite-haired financier told the Senate
Banking Committee:
"If we do not preserve our na
tional security and our national
credit, then nothing can have
lasting value."
Baruch, who made millions in
Wall Street, was the final witness
as the committee wound up three
weeks of some times stormy pub
lic hearings on the 18-month
boom in the stock market.
Chairman J. William Fulbright
(D.-Ark.) and Sen. Homer Cape
hart of Indiana the committee's
ranking Republican, kept their
feud under pretty good control
while Baruch testiifed. They made
clear afterward, however, that
their differences over the course
of the inquiry were as sharp as
ever.
Investigation, Useless
Capehart says the committee
investigation •is Useless,' if not
harmful; Fulbright calls it im
portant and says the •Republicans
don't want to do anything but
criticize.
In inviting Baruch to testify;
the committee asked for his views
on "whether present levels of
stock prices and recent accelera
tion of stock market prices con
stituted a potential danger to the
economy."
"No one knows whether stock
prices are too high today, Batuch
said.
Sound Policies
If general economic and se
curity policies are sound, he told
the committee, "the stock market
will adjust to them and we will
not need to worry about a pos
sible collapse in the market."
Baruch told the committee two
main factors in the economy
caused the general rise in the
price level of stocks. They were,
he said, "the dramatic expansion
and improvement of so many in
dustries," and "the cumulative ef
fects of the inflationary, policies
which have been followed over
the last decade and a half." lie
added:
"If any economic danger threat
ens today, it will be found not in
the stock market itself but in the
effects of this inflationary heri
tage."
Theatre Owners Bar
Television 'First' Films
PITTSBURGH, March 23 M—
t group of 'notion picture theatre
operators in what could be a pre
cedent have voted to boycott any
"first" filnis presented on tele
vision.
The Allied Motion Picture Op
erators of Western Pennsylvania
yesterday specifically included
Walt Disney's new film "Davy
Crockett." It appeared on Dis
ney's television show, "Disney
land."
Themove means that any new
movie first shown on TV will be
lx•yeotted, by thegroup. A Holly-
Wood spokesman for Disney said
the producer did not recall any
previous announced boycotts,
Crockett" or other television
films.
Heinz Warnecke is the sculptor
Of the University's famous Nittany
Lion statue.
SPUDNUT
A LA MODE
is served
daily at
The
CHUCK
WAGON
Veteran Enjoys
Senators' Queries
WASHINGTON, March 23 VP)
—Bernard Baruch was the clean
up hitter, the final witness in this
phase of the Senate Banking Com
mittee's study of the stock mar
ket. And it was obyious that af
ter all these years he still enjoys
taking his cuts at all congres
sional- questions tossed to him.
Right off, Baruch showed he
had the situation Well under con
trol. Sen. A. Willis Robertson
(D-Va) took off on one of those
rambling questions so beloved in
senatorial circles.
When Robertson finally reached
the interrogation point a couple
of minutes later Baruch did some
thing witnesses must have ached
to say ever since Congress began.
"I would like," Baruch said gent
ly, "to h av e your questions
sharper."
MGM Raises
Ban on Kelly
HOLLYWOOD, March 23 (141—
MGM studio today lifted its sus
pension of actress Grace Kelly.
Miss Kelly, now in New York,
was suspended March 7 for re
fusing to make the film "Jeremy
Rodock,"
An MGM spokesman said lift
ing of the suspension does not
mean she has agreed to make the
film. The spokesman did not dis
clase why it was lifted, but said
Miss Kelly is coming here for the
Academy Awa r d ceremonies
March 30 and presumably will
work out her movie future with
studio official at that time.
The young actress, who has had
a rapid and spectacular rise in
Hollywood, is nominated for an
Academy award for her part in
"The Country Girl," with sing
Crosby.
She turned down the "Jeremy
Rodock" role, she said, because
"I just don't feel right for the
part."
Monitor Predicts Big 4
Will Meet in June
BOSTON, March 23 (R)—The
Christian Science Monitor said
today a meeting of the Big Four
foreign ministers is expected to
take place this June in San Fran
cisco under United Nations aus
pices,
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THE DAILY COLLEGIAN. STATE COLLEGE. PENNSYLVANIA
Rearmament
Talks Open
In France
PARIS, March 23 (A ) )—The
French Senate opened its debate
today on the West German re
armament treaties. It heard a De
Gaullist appeal for their approval
as the "least evil" solution under
the circumstances.
Ratification by the Senate, or
Council of the Republic, is ex
pected to complete French parlia
mentary discussion. AThat is the
last big obstacle to putting guns
back in the hands of Germans.
A half dozen other countries
still must ratify one or another of
the treaties, but no difficulty is in
prospect.
Premier Edgar Faure told the
senators his government is unan
imous in backing the treaties, al
though several of his ministers
voted against them or abstained
in the National Assembly, lower
house of Parliament, which rati
fied them Dec. 30.
Sen. Michel Debre, a close fol
lower of Gen. Charles de Gaulle,
recommended adoption of the
treaties even though he said he
had doubts. He recalled the de
sire df many senators for a new
effort for Big Four talks before
West Germany is finally given
permission to take its place in
the Western military alliance.
"France finds itself in an im
passe," he said. "She wants to
negotiate, and feels that the ac
cords limit the chances of nego
tiation, but at the same time she
is in no position to negotiate as
long as there is any doubt on rat
ification of the accords. It will be
up to the historians to judge the
responsibility for such a situation.
In this year 1955 all the Council
of. the Republic can do is draw
the least evil conclusions from
the situation in which we find
ourselves."
House Gets Bill
For Vet Bonus
HARRISBURG, March 23 (iP)—
The House today received a pro
posal that would extend the dead
line for World War II veterans to
apply for a state bonus.
Reps. Leon J. Kolanklewicz (D
Phila) and Stepehen McCann (D-
Greene) suggested making the
new deadline Dec. 31, 1955. Under
present laW the adjutant general,
whose department processes bon
us claims, does not have to accept
or consider any application filed
after Dec. 31, 1953.
TIME FOR
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GOP Pay Boost
Attempt Fails
WASHINGTON, March 23 (IP)
—Senate Republican leaders
failed today in efforts to form a
united GOP front on legislation
to raise the pay of 1 1 / 2 million
federal workers.
Sen. Frank Carlson (R-Kan) re
ported most GOP senators would
support the administration's posi
tion that pay boosts be limited to
between 8 and 7 1 / 2 per cent.
But Sen. Styles Bridges (R-NH),
chairman of the Republican
Policy Committee in the Senate,
said "there are some senators
who favor some further compro
mise with those who are advo
cating a 10 per cent increase." He
referred specifically to postal pay.
Democrats are pushing for the
10 per cent figure, with the ex
pectation of picking up eight or
10 GOP votes when the test comes
late this week or early next week.
The Senate has 49 Democrats and
47 Republicans.
'President Eisenhower said to
day "any great increase" over the
figures recommended by the ad
ministration would cause him
"the gravest concern." This and
previous comments indicate the
President might veto any legisla-
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Attlee Attempts
Move for Unity
LONDON. March 23 (Al—Labor
party leader Clement Attlee to.
night held out an olive branch to
rebel Aneurin Bevan in an at
tempt to bring peace to the war
ring Socialists.
With a
. general election pos
sibly imminent, Attlee hedged
from demanding expulsion of the
fiery leftist who has defied his
leadership—and agreed to shake
hands on assurances from Bevan
that he would behave in the
future.
Bevan's supporters indicated he
would agree to call off the revolt
that has torn the Labor party in
to two factions right down to the
ward committees.
A feeling was evident that a
compromise could be worked out
as the party's ruling National
Executive—on Attlee's motion--
shelved a showdown vote until
Bevan, a 57-year-old for me r
Welsh coal miner, has a chance to
give his answer.
It was Attlee, always the
moderate, who stepped into the
role of a peacemaker.
tion raising government salarie
higher than the administratio
thinks expedient.
STATE COLLEGE
PAGE THREE