PAGE FOUR
THE MICHIGAN DAILY
TUESDAY, MARCH 15, 1955
PAGE FOTJR THE MICHIGAN DAILY TUESDAY, MARCH 15, 1955
BULLS, BEARS & SENATORS:
How Sound Is the Market?
"I Had No Idea Elephants Were So Sensitive"
-A Confident View
BULLS and bears have been in the news late-
ly in quite a market-circus.
The American stock market never did hit
the expected low following the Second World
War, and with the advent of the Korean
conflict, the market began to go upward.
Recent times have witnessed a market at levels
higher than the point at which the' crash
occured in 1929, pitching us into the long-
lasting depression.
America is now quite prosperous. The cost
of living has gone up considerably but so has
the standard of living. More and more people
can today do more and more things. The only-
general complaint is that we have become too
great a material society.
But getting back to the bulls and bears. (A
bull market is a buying one while a bear indi-
cates a selling wave.)
There has been so much market activity
that the government has found it necessary
to investigate in a friendly way. The Senate
Banking and Currency Committee for nearly
two weeks has been looking at the market and
at the future it sees because of or in spite of
the market.
It is certainly true that stock market prices
have risen sharply, about 54 per cent in the
last sixteen months. It has also been some-
what obvious that many individuals have been
connected with their share of "deals," shady
and otherwise. Commentator Walter Winchell
has been under some fire recently for having
given some market "tips" on his radio program
resulting in some extremely active market deal-
ings.
Winchell et al certainly are doing the mar-
ket no good; but after all, speculators have
been with us since recorded time. True, the
radio man or newspaper writer can do much
damage openly, but what of the "back scene"
goings on?
IT SEEMS to this writer that an active
stock market does not automatically fore-
run economic disaster. There are now more
and more people who buy shares on the mar-
ket because 1) they have more money with
which to invest and 2) stocks and stock buy-
ing is no longer something for "Wail Street
Men" only.
Perhaps an investigation into present day
market activities is not unwarranted. The
points that the Senate Committee are look-
ing into are valid issues:
Should margin be upped? Margin is the
amount of cash a buyer must put up to buy
stock. Today, the buyer must pay 60 per cent
of the price. Some are seeking a 100 per cent
margin.
What should be done with over-the-counter
sales? (Any sales of stock not listed on an
exchange is called an over-the-counter sale.)
Many economists hold that since most un-
listed stocks are not under the regulations of
the Securities and Exchange Commission, in-
vestors (often of financial institutions) are
facing a grave danger.
These items are weak points of the market.
Few can deny that they can influence the mar-
ket in a bad way. But we should at the same
time remember that an increase in stock mar-
ket activity does not mean that a group of men-
acing capitalists from Wall Street are trying
to ruin the market. It should also not neces-
sarily mean the coming of another depres-
sion or to any extent a major recession.
As Burton Crane in Sunday's New York
Times noted, "there is a good deal of laugh-
ter" among the committee members and the
investigation. It may not be "a laughing mat+
ter" but there is nothing too serious about the
market situation either.
The market is good; too much anxiety can
lead to a crash as easily as can real economic
setbacks.
--Harry Strauss
IJI
LETTERS TO THM E EDITOR
ALONG THE WATERFRONTi
Notes on Louisville Flood
THE CITY of Louisville, Kentucky, situa'W, on the south floodplain
of the Ohio River at the Fall of the Ohio, is a city famous for a
number of exportable commodities: Bourbon colonels, and horses; it
is equally famous for some non-exportables: mint juleps, a real per-
sonality of place, dating to some romantic pages of Franco-American
confluence, and this self-same River, source of both prosperity and
municipal nightmare, currently approaching flood crest.
Just now as you walk along the portions of River Road not yet
inundated, the mood reflected in the faces of many spectators is a
mixed one, compounded of parts of apprehension and of fascination,
of a magnetic reflection that any great natural force lived with
DAILY
OFFICIAL
BULLETIN
Assembly Constitution Stand
Shows Increased Awareness
IT HAS TAKEN two weeks of discussion and
three contradictory votes for Assembly As-
sociation to decide there should be no strings
attached in their relation with the University
administration.
The eventual decision, however, merits ap-
plause.
Assembly yesterday voted down a constitu-
tional requirement for review of new poli-
eies by the Dean of Women's office, as well as
a promise of "cooperation with the University
Administration."
The central issue, Asembly Dorm Council
representatives finally realized, is not should
they cooperate with the University, but rather
can they afford to pledge themselves to con-
tinue future cooperation.
To make such a pledge would overlook the
fact that there are times when cooperation is
contrary to the best interests of independent
women students. In deciding not to include
this pledge in their constitution, Assembly pre-
served its right to protest such things as a
future hike in room and board fees if they
should choose.
IT IS unfortunate that a representative stu-
dent body such as Assembly ever consid.
ered the constitutional provision that all new
policies be reviewed by the Dean of Women's
office. This provision could completely stifle
any expression of independent student opinion
and turn the group into a sounding board for
University policy. Yet 'it was approved with
only one dissenting vote at last week's ,As-
sembly Dorm Council meeting. The vote sup-
posedly reflected the opinion of independent
women in housing groups all over campus.
ADC's second thought, the "cooperation"
clause, was an improvement over the first.
After a week of discussion in the housing
units, however, the group threw out any men-
tion of policy toward the University, yester-
day, with only two dissenting votes.'
Last year's Assembly president, Dolores Mes-
singer, '55, deserves credit for arousing the or-
ganization to possible implications of the re-
striction they nearly approved.
The trend in tpe thinking of ADC repre-
sentatives is an encouraging one. A week ago
they appeared to be a group willing to accept
without comment any proposal offered to then-.
Since that time some vigorous discussion has
made them aware of their responsibility to the
students they represent.
-Phyllis Lipsky
DREW PEARSON:
Mr. Sam Puts Country
Before Politics
SGC Canddates...
To the Editor:
IT WOULD SEEM from their
statements and speeches that
few of the SGC candidates are
aware of the problems resulting
from the combination of the SL
and the SAC - particularly the
main one of how the necessary
"busy" work will be accomplished
and the educational theory upon
which student government must
be founded will be practiced so
that neither is done at the expense
of the other.
It is wryly amusing to note the
supreme overconfidence and inex-
perience of the majority of the
candidates. These people were so
sure that they understood the na-
ture "of the SGC that they didn't
feel they needed to even attend ei-
ther the training program set up
for their benefit or any of the final
SL and SAC meetings. Conse-
quently, they now 'have no idea of
what has gone on in the past and
are totally unprepared to face the
staggering job of determining the
scope of the SGC. This unprepar-
edness is rather shocking when one
considers that the SAChdemanded
such "expert" opinion that six of
its seven student members were
presidents of major campus organ-
izations.
Fortunately, there is a small
though strong nucleus of experi-
enced and aware candidates who
are looking into the future and not
mouthing platitudes and rehash-
ing "issues" of the past. This group
must be elected if the SGC is to
get off on the right foot toward re-
alizing its possible potential. I
trust the campus realizes this, too,
and will see that these people do
get elected-unfortunately, a few
of the others mustalso, but we
can only hope that they fall from
their ivory towers as quickly as
possible.
-Ruth Rossner
* *
Yote .. .
To the Editor:
IN LAST DECEMBER'S election
you expressed your opinion that
Michigan should have a powerful
student government. Well, there is
more to establishing an effective
government than just voting out
the old one and voting in a new.
A successful SGC must have the
most capable at Michigan working
Sixty-Fifth Year
Edited and managed by students of
the University of Michigan under the
authority of the Board in Control of
Student Publications.
Editorial Staff
Eugene Hartwig ......Managing Editor
Dorothy Myers............City Editor
Jon Sobeloff.... ....Editorial Director
Pat Roelofs...Associate City Editor
Becky Conrad .........Associate Editor
Nan Swinehart ........Associate Editor
David Livingston ......Sports Editor
Hanley Gurwin ....Assoc. Spo-fs Editor
Warrn Wertheimer
.. . . . . ..Associate Sports Editor
Roa Shlimovitz .......Women's Editor
Janet Smith Associate Women's Editor
John Hirtzel .......Chief Photographer
0
Business Staff
Lois Pollak.........Business Manager
Phil Brunskill, Assoc. Business Manager
Bill wise ........Advertising Manager
Mary Jean Monkoski .Finance Manager
TelephoneN o 23-24-1
Member
on it, and these people must repre-
sent the opinions of the students.
At Michigan, or any other de-
mocracy in which size makes it
necessary to have one person rep-
resent many others, your only real
chance to express your opinion is
at election time. It would be ridic-
ulous to say that eleven people, or
eleven people who were not elect-
ed by a far greater number of stu-
dents than have taken part in past
elections, can represent the opin-
ion of the whole student body.
When you voted for the SGC, you
obligated yourselves to vote in its
elections.
Perhaps the obligation is more
serious than you realize. The SGC
has real power, and the campaign
promises of the people you elect
will become part of the regulations
by which you live. You express
your opinions by voting for candi-
dates whose platforms you ap-
prove. If you fail to vote you are
defeating everything you stand for,
just as surely as if you vote-for a
candidate that you oppose.
We remind you of the All Cam-
pus Elections March 15 and 16,
and urge you to vote and vote in-
telligently,
-Russ McKennon,
Michigan Union
Student Offices
* * *
GGC Platform .. .
To the Editor;
O N READING last Sunday's sup-
plement to The Daily, we have
realized that a great number of
the candidates for SGC accept as
a matter of course that they are
to be the "campus leaders" with-
out really having any clear idea of
what to strive for once elected.
For those people we are proposing
the following platform, with the
hope that if they adopt it on time,
they will lose fewer votes than oth-
erwise.
i) The name SGC should be
changed to GGC (Greek Govern-
ment Council), and since it seems
that the balance of power will be
on the side of the fraternities,
more sorority members should be
encouraged to run for GGC offices.
2) Of the ex-officio positions of
GGC, certainly the Presidents of
Inter House Council and Assembly,
and if necessary, the Managing
Editor of The Daily and the Presi-
dents of the League and the Un-
ion should be removed, with a pos-
sible reduction in the number of
elective positions to retain the ra-
tio so altered.
3) Social freedom rather than
academic freedom should be stress-
ed in line with the educational
ideals of this institution of learn-
ing.
4) Student Political Parties
should be banned, as they tend to
provoke independent thinking that
will certainly interfere with the
smooth functioning of GGC.
5) We maintain GGC's right to
debate "controversial issues," such
as whether beer should or should
not be served in the Union.
6) Tuition should be increased
by 10 to 20 per cent to help build a
bigger stadium, and an ex-officio
position in GGC should be created
for a representative of the Athletic
Department.
-Eduardo Orias, 55
-Robert M. Russell, '56
THE dilemma of whether a war
would be long or short has
tremendous budgetary importance.
Few who know the capabilities of
destruction of atomic weapons be-
lieve that an atomic war could last
long. At SHAPE, where the staff
has been studying and war-gam-
ing atomic war for more than two
intimately is likely to produce in
cohabitants.
Apprehension: As first floors of
buildings built up sloping Third,
Fourth, and Fifth Streets, laid
away from the river at right ang-
les, are disappearing under water
that takes its whimsically wilful
course, man's devices not with-
standing, you see housewives with
aprons gathered around their arms
against chill wind leaning over
second-story balconies. They look
away at the miles of choppy brown
water, and talk stops. You know
their conversation is not neigh-
borly gossip.
Although it is Sunday (March
6), the activity at the foot of
Fourth Street is greater than on
even the busiest week-day. Iron-
ically, the businessmen who are
evacuating their premises are mar-
ine equipment proprietors. Heavy
trucks grind up the hill, hauling
away assorted sizes of pleasure
boats, just at the moment when
the stream for which they are in-
tended is presenting itself at the
livery doors, as if claiming some-
thing dedicated but not forthcom-
ing.
You look across the street in the
harsh, thin March sunlight and
see a man wearing business suit
and tie and hip-high rubber boots
carrying an arm load of ledgers
from the open door of a store; al-
ready a propellor has been secured
to the building with a small chain
so that It will not be lost to the
water.
Stepping across the sidewalk
you kick up a shaled piece of con-
crete and become aware of the
pitted and stratified condition of
streets and sidewalks in this, the
oldest part of the city, the thous-
ands of little erosions underfoot
caused by this same Ohio River
gone mad each ungentle spring.
March, 1955 is the cruelest month.
The whole public is represented,
as though misapprehension were a
condition better borne when pub-
licly .shared. A ceaseless flow of
traffic crowds the Clark Memorial
Bridge, linking Jeffersonville, In-
diana, at north with Louisville at
south. And even though traffic is
heavy for hours, there is no im-
patient traffic tie-up. Cars filled
mostly with what are obviously
family groups, move slowly, order-
ly, the same vehicles recrossing the
bridge after the first convenient
circle has been made. The faces do
not show holiday-spirit, but the
s a m e speculation-entrancement
seen on pedestrians along rivers-
edge. Will this year be as bad as
1945 when a sizeable portion of the
city's populace-as a consequence
of adequate warning - fled the
rising water? Probably not.
At least a repetition of 1937
seems impossible to everyone. That
year waters rose almost overnight;
no flood walls, no municipal facil-
ities for keeping sewers flowing
out, existed and at breakfast time
one morning seventy per-cent of
the city's area was in flood. The
Brown Hotel, Louisville's leading
hostelry, located nearly three-
quarters mile from the river, at
Fourth and Broadway, had several
feet of water in the marbelled lob-
by. A stuffed fish some 12 or 14
inches long hangs now in the ho-
tel and is said to have been hooked
in the flooded premises. Fact or
no, a fish might have been caught
there had anyone been calm
enough to angle. Panic arose, the
second aggravated wave, engulf-
ing, threatening the city. The sta-
tue of Lincoln at the Louisville
Free Public Library, a block be-
yond the Brown Hotel on Fourth,
appeared to float on water.
Flood walls, pumping stations,
and hydrologists and meteorolo-
gists have eliminated an encore of
that flood, particularly the panic.
It wasn't so much that Louisvil-
lians didn't understand their great,
unpredictable, fluid neighbor that
short space ago, but rather that it
acted with such frightening speed.
LOOKING EAST and west along
River Road you see more hu-
man activity. The Louisville Life-
guard Station, a United States
Coast Guard facility, has small
craft tied up for routine trans-
portation and emergency calls.
Were these uniformed authori-
ties to permit, you could board
any number of rowboats, motor-
driven craft, houseboats, or com-
mercial river ships, with little more
than wet trousers. The "Martha E.
Greene," a stern-wheeler, and a
Commercial Barge Lines river-
barge are both tied fifty yards
nearer city streets than is norm-
ally possible; men on the bridges
of both keep watches; you see them
look up and down the river with
his n- - r
is a roof and a darkened neon
sign, and perhaps fish swim around
plates that might have been their
biers. The Thompson Sea-Plane
Base ("Charter Service - Sea
Plane Rides") becomes a perch
for waterbirds, a point to which
the planes, not now in sight, could
moor up.
A man escorts two women along
the lapping, slapping watersedge,
taking snapshots while the women
select and reject pieces of drift-
wood, curiously macabre souvenirs
for a nascent decorating scheme.
Two men, unknown to each oth-
er, exchange wry comments at
humor caused by man and the
river: Signs in three feet of water
inform observers that 35 miles per
hour is maximum legal speed for
automobiles, that somewhere be-
yond the canalized road is private
property which you may not tres-
pass, the signs being reinforced
by a fense with only stakes visible.
At Municipal Boat Harbor sight-
seers buy balloons from a vendor
wearing galoshes.
All over people are taking pic-
tures, checking light and shadow
conditions, hanging or perching
precariously, for a view they would
record.
SOME public concern rose when
it became known that the
"Delta Queen" with her load of
passengers come from New Or-
leans' Mardi Gras revels, bound
for home-port of Cincinnati, over
a hundred miles north-easterly by
river, would arrive at Louisville's
west bridge Saturday (March 5).
Concern centered on whether or
not the stack of the "Queen," a
side-wheeler, would clear the Ken-
tucky-Indiana bridge. Louisville's
older bridge connects that city and
New Albany, Indiana, and its
heighth is not so great as that of
'lark Memorial Bridge. The older
bridge has a movable span, but it
had not been operated since 1921
or thereabouts and doubts were ex-
pressed that it could be opened.
Some persons predicted that guy
lines, important to bridge stability,
would have to be severed to per-.
mit opening. Others said machin-
ery for opening the span would no
longer function.
The harbor-master remained
publicly calm, saying the situation
would be faced if and when it ma-
terialized. An observer said if the
passengers weren't all tired of
party-making, the "Queen" could
tie-up at New Albany for a water
party and wait for the river to
subside.
The "Delta Queen" came, pass-
ed under safely with elegant flour-
ishes from her whistles, delivered
her passengers at home-berth,
of upstreaming a river nearing
having given them the experience
flood crest. After all, the operators
of the "Queen" could not have pre-
dicted the flood, but they probably
were not surprised, since tle
floods are regular in an irregular
way; the 1937 flood came in Jan-
uary, and danger exists-depend-
ing on upstream rainfall-until
mid-April.
FASCINATION, magnetic pull:
It seems, whether expression
of conscious or subconscious mind,
or sensations unnamed, the people
like the river must out.
If the flood is considered over-
all, in its tremendous reality, per-
haps it is a kind of catharsis im-
posed on the great valley by the
elements in seasonal conflict. The
fertile valley cleans itself of win-
ter sluggishness and waste and
washes all ahead of it, until its
confluence with the Mississippi
compounds the surge, not expend-
ed until the last silt is dropped
from a spent current far out in the
Gulf of Mexico, muddied a wide
off-shore area by fury born in-
land.
Are these people come, do you
come, noting the river's excrement
cast up on paved streets-bottles,
boxes, limbs, chairs-to confirm
how tiny man-even a large com-
munity of men-is? Do you not
feel a catharsis in yourself, wit-
nessing so great a natural purge,
that you go home and feel some-
how relieved and cleansed, though
no less apprehensive?
"Changeless change": Melville
called the sea that and told read-
ers of flocks congregated from a
city's cells on New York's beaches.
Inland though you are, you sense
the rightness of what he said, the
truth of the fact, although you
Man no more divine the exact
"Why?" of it all than he could.
To be aware seems enough, and
.nv, n~rha-r ,am. ns-n ..
(Continued from Page 2)
speak on "The Structure of Tobacco
Mosaic virus including the Ribonucleic
Acid."
Seminar in complex Variables will
meet Tues., March 15, pt 2:00 p.m. in
247 West Engr. Prof. Wilfred Kaplan
will speak on "Some Classical Results
of vitall."
Mathematics colloquium. T u e .
March 15, at 4:10 p.m. in Room 225 An-
gell Hall. Prof. Nicolas Rashevsky,of
the University of Chicago, will speak
on "Topology and Life: In Search of
General Mathematical Principles in Bi-
ology and Sociology."
Freshman Engineers. Pick up mentor
grades Fri. p.m. March 18, Sat. a.m.
March 19, Mon., March 21, Tues., March
22,
Group Preliminary Examination dur-
ing the week of April 11. Students who
Intend to take this examination should
leave their names with the secretary
in the office of the Mathematics De-
partment by March 18. Anyone in doubt
as to whether he is qualified to take
the examination consult S. B. Meyers.
Sociology Coffee Hour. Mar. 16, 4:00
p.m. Wed., in the Sociology Lounge.
Architecture and Design students may
not drop courses without record after
5:00 p.m., Fri., March 18.
Architecture and Design students who
have inoompletes incurred last semester
must remove them by Fr., March 19.
Concerts
The Berlin Philharmonic Orchestra
will give the ninth concert in the Chor-
al Union Series, Tues., March 15, at
8:30 p.m., in Hill Auditorium. Mozart's
Symphony No. 35 in D major, (Haffner);
Wagner's Prelude and Love-Death from
"Tristan and Isolde"; and the Brahms
Symphony No. 1 in C minor.
Student Recital. Mary Ann Smelter,
pianist, and pupil of Marian Owen.
Backham Assembly Hll at 8:30 p.m.,
Wed., March 16, In a program of works
by Bach, Beethoven, Bloch and Schu-
mann. Presented in partial fulfillment
of the requirements for the degree of
Master of Music, the recital will be open
to the public.
Exhibitions
Museum of Art. Alumni Memorial
Hall:Contemporary American Drawings
George Braque-Prints. Through April
3. Hours: 9:00 a.m.-5:00 p.m. weekdays,
2:00-5:00 p.m. Sundays. Public invited.
Events Today
Generation poetry staff will meet
Tues., Mar. 15 at 7:30 p.m.
The Film Forum on International Ed-
ucation, sponsored by the Dept. of His-
tory and Principles of Education, will
present a UNESCO film, "World With-
out End," Mar. 15 at 4:15 p.m., Aud. A.,
Angell Hall.
Blue Team floor show tryouts. Tues.,
March 15. Women's League 7:00 p.m.
No talent required.
Lutheran Student Association. Tues.,
7:15 p.m. Study of the great leaders of
the church, the Reformation Period
centering on Erasmus and Luther. ar-
ner of Hill St. and Forest Ave.
General Meeting of Sigma Alpha Eta
Tues., March 15, 7:30 p.m. at the
League. Miss Ruth Curtiss will speak nn.
"Speech Correction in the Publie
Schools." Initiation of new key mem-
bers.
Episcopal Student Foundation. Stu-
dent and Faculty-conducted Evensong
Tues., March 15, at 5:15 p.m., in the
Chapel of St. Michael and All Angels.
Fresh Week-end. Blue team program
committee. Tues., 7:00 p.m. League.
Congregational-Disciples Guild. 4:30-
5:45 p.m., Tea at the Guild House.
Sigma Rho Tau will meet tonight in
Room 3-R of the Union at 7:00 p.m. to
develop "Racontage" speaking. Prepre
to share your favorite story.
Coming Events
Research Club will meet wed., March
16 at 8:00 p.m. in the Rackham Amphi-
theater. Henry van der Schalie (Zoolo-
gy), on: "Problems of Blood Fluke Con-
trol in Egypt and the Sudan"; Irving
A. Leonard (Spanish-American Litera.
ture and History) on: "The First Amer-
ican Writer: the Inca Garcilaso de Ia
Vega." Members only.
Claude Rains, "Great Words To Great
Music," Wed., Mar. 16, 8:30 p.m., Hill
Auditorium, on the current Lecture
Course. Reading from classical and mod-
ern literature, Mr. Rains will be accom-
panied on the piano by Jack Maxin.
Tickets are on sale at the Auditorium
box office, today 10:00 a.m.-5:00 p.m.; to-
morrow 10:00-8:30 p.m.
Senior Board meeting at 7:30 p;m. in
the League Wed., March 16. The room
will be posted on the bulletin board.
Lutheran Student Association. Wed.,
Mar. 16, 7:30 p.m. Meditation on the
Fourth Word from the Cross. Corner of
Hill St. and Forest Ave.
Hillel: Hillelzapoppin' Sat., Mar. 26,
7:15 p.m. at Tappan Junior High School.
Tickets may be ordered by sending cash
or check made payable to Hiilel Student
Community, along with a stamped self-
addressed envelope to: Jan Schuster,
826 Tappan, Ann Arbor, Mich. Tickets
are $1.50 and $1.75 and include free bus
transportation. Please indicate on mail
order if free transportation is desired.
Tickets also on sale at Mason Hall Mar.
14-18 and Mar. 21-25 from 11:00-12:00
a.m. and from 1-2 p.m.
Blue Team Poster-Publicity Meeting.
Wed., Mar. 16, 7:00 p.m. Women's
League. Consult Frosh Weekend bul-
letin board in Undergrad office.
A
I
1
WASHINGTON-Here are two recent signifi-
cant episodes in the constantly unfolding
drama of Washington:
SCENE I-The office of Speaker Sam Ray-
burn. A delegation of rebel Democrats had
come to see him. Democratic leader John Mc-
Cormick of Boston had warned them not to,
but they came anyway. They didn't like the way
the Democratic leadership was passing the
Formosan resolution, giving Eisenhower unlim-
ited power, without even any debate.
"I agree he doesn't need the resolution," re-
plied the Speakere when his Democratic friends
urged him to go slow." He already has the
power. But I want to show the world that we
have a united country."
"This is just a method of sucking the Demo-
crats in on whatever trouble he gets us into
around Formosa," the Democratic delegation
argued.
"Maybe so," shot back Mr. Sam, "but the
country comes first. We're not going to play
politics. I remember how the Republicans pat-
ted Truman on the back when he first went
into Korea then kicked him in the pants after-
ward. We're not going to do that."
"OK," i argued Congressman Jack Shelly of
San Francisco, "We'll pass the resolution, but
only after a couple of days of debate. Let the
country know the facts."
"No," said Mr. Sam, "we're not going to de-
bate. I don't want one word said against this
resolution when it gets to the floor of the
House"
That enided that. The Formosan resolution
was passed with only one Democrat voting
against it.
SCENE II--The ballroom of the Statler Ho-
correspondents dinner. Three seats away as tl*
chief guest of honor was President Eisenhower,
the man Rayburn had saved on his Formosan
resolution and on reciprocal trade, but whose
wrath he'd incurred for proposing a $20 tax
cut. "Irresponsible" was what Ike called it.
The dinner progressed. There was joviality on
all sides. But no conversation between the Pre-
sident and Speaker Rayburn. Once the Presi-
dent got up and briefly left the room, passing
right by the Speaker. He did not greet him. He
came back, but did not greet him.-
At the end of the dinner, he got up, walked
by the Speaker again, again did not greet him,
stopped a few seats beyond to shake hands
with others.
Newsmen at the dinner noted the snub,
wondered.
Speaker Sam got up and went home.
Ike and Newspapers
SID RICHARDSON, the big Texas oil man
who is extremely close to Eisenhower, tele-
phoned Speaker Sam Rayburn the other day.
He caught the Speaker just after Ike had de-
nounced him for "fiscal irresponsibility" and
for "lacking the courage" to put his $20 tax cut
in a separate bill. The Speaker was frankly sore.
"What does Eisenhower mean," he told Rich-
radson, "by saying I am irresponsible. When I
put through the reciprocal trade treaty they
thought differently down at the White House.
When I passed that Formosan resolution for
him it saved Ike's neck. But when I push a $20
tax reductioon to give the little fellow a break,
I am irresponsible'."
"The trouble with Eisenhower," replied Sid
Richardson, "is he probably didn't even know
you nassed the Recinrnn lTrade reatv fn
,
t