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Newspaper
News
Location
Frederick, Maryland, United States of America
Date
Feb 02, 1948
Page
10
Berlin reports fear of new money and currency reform as black market rates surge from 180 to 260 marks per dollar. Citizens swap marks for tangible goods amid auctions rising prices and a general confidence that the present mark may be replaced.
Claude M Gray, president of the Baltimore Transit Company, was found shot to death in his kitchen. Police report two .22 caliber rifle wounds to the breast and head in the oven, a .22 shell on the table. Gray, 55, had been in low spirits over Public Service Commission hearings. He came to BT from St Louis in 1946. Survived by widow and two daughters Elizabeth Ann and Mary Jane. Body to be sent to Terre Haute for burial.
Baltimore February 1 Senator O'Conor says the nation's income has been underestimated by up to 33 billion dollars. He cites historical figures 122 billion in 1942 150 billion in 1943 71 billion in 1945 and last year about 206 billion noting federal expenditures now influence the annual income. He advocates reducing proposed budget expenditures and outlines six points toward that goal.
The article cites proposals for tax simplification and relief, including accelerated debt payments, tax ceilings, and fewer dividends taxes, alongside criticism of illiteracy and education quality. It notes 100000 teachers deemed substandard amid emergency hires, and reports 38 Farouk I University students arrested in Alenandma for protests against the regime and in support of reform.
Federal Security Administrator Oscar R. Ewing criticizes public school education in America as a lottery. He states that well funded communities with qualified teachers bolster a child’s aptitudes, while unlucky areas with incompetent staff leave many children undereducated. He claims over two million children are educationally starving and many more receive inadequate schooling.
Rep Sundstorm proposes a plan to call in all U S currency and issue new notes to expose foreign hoarders. Americans would swap old dollars for new ones, aiding a European program by pushing foreign holders to exchange dollars for their own currencies. The bill, from the Banking Committee, aims to tally foreign hoardage of about billions.
A proposal argues replacing old currency with American dollars in foreign markets would supply needed dollars to buy U.S. goods and aid recovery while saving the U.S. government substantial relief funding costs. Sand storm explains the approach aims to stabilize economies and speed postwar rebuilding efforts.
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