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Newspaper
Ottawa Herald
Location
Ottawa, Kansas, United States of America
Date
Mar 08, 1955
Page
11
The economist cites safeguards against a new crash including curbs on market rigging and aggressive salesmanship but warns that containing a speculative orgy remains largely unsolved. He cites danger signs such as rising credit buying and new market entrants widening the gap between sale prices and book value, as California’s population grows by over 2.3 million since 1950.
Democrats in Washington launch hearings on the broad government security program begun under Eisenhower in 1953 and the 8,008 security risks who have quit or been discharged. Senate work will explore safeguards and potential injustices as Humphrey and Stennis push for a 12 member commission to study spying and sabotage laws with a March 1956 report. The hearings aim to parallel focus on the Eisenhower program and future reforms under congressional review.
Nine cars piled up in rapid succession on Detroit's Edsel Ford Expressway in one of the largest mass bumps. Three traffic tickets issued. one minor injury reported. Police noted car No 1 stalled and set off a chain reaction as others pushed and braked. Seven cars towed. police kept others back to untangle the wreck.
Harvard economist John K. Galbraith told the Senate Banking Committee that the United States may be in a boom bust cycle that could end in a 1929 style crash. He cited possible safeguards and called for readiness to halt credit buying of stocks if the bull market does not slacken soon.
AEC monitors report wind blown remnants of the year’s largest atomic explosion drifting across the nation. One cloud broke from yesterday’s A blast mushroom and moved east while another crossed central California toward the Pacific. Officials stressed the clouds were not dangerous.
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