Coral Gables Riviera-Times

Wednesday, November 19, 1947, page 1 (of 8)

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CORAL GABLES RIVIERA-TIMES

CONGRESS LOSES 'BIG STICK' ON PRICES, WAGES; AID FOR EUROPE IN HOPPER

WASHINGTON, Nov. 19. (UP)—Congress today pigeon-holed President Truman's request for emergency anti-inflation price and rationing controls until at least the regular session which starts in January. But the senate foreign relations committee unanimously approved the administration's emergency measure for $597,000,000 in stop-gap aid to France, Italy and Austria. Chairman Arthur H. Vandenberg, R., Mich., said the senate would start debate Monday on the relief bill. The decision to postpone consideration of the controversial price control and rationing authority request was made by the joint house-senate economic committee headed by Robert A. Taft, R., O. In sidetracking Mr. Truman's requests for price control and rationing power, the joint congressional economic committee decided to give first consideration to other proposals in his anti-inflation program. "I think that, if we're going to get anything out at the special session, we will have to let points nine and ten (the rationing and price control phases of the administration's program) go over to the regular session," said committee chairman Taft. Taft announced that the committee would consider these points at the special session: 1. Restoring controls on installment buying and restricting bank credit. 2. Regulating commodity exchanges. 3. Extension and strengthening of export controls. 4. Promoting the sale of livestock at weights and grades representing the most effective use of grain. 5. Enabling the Agriculture Department to expand its conservation program and authorizing measures to increase foreign food production.

Drop in Price of Homes Seen Evident Within Year

WASHINGTON, Nov. 19. (UP)—A construction industry spokesman said today there is "reasonably expectancy" that the price of homes will drop within a year or so. Robert W. McChesney, chairman of the construction industry advisory council's policy committee, said "there is abundant evidence that if at least current conditions prevail, the cost of construction will become stabilized." "The price of houses seems to have reached a plateau," he said, "and there is reasonable expectancy that the price will decline. Taking the 1940 cost as $100, the cost of a house rose to 141 during the war, standing at 141 on V-J day. In the year following when controls went off, the cost moved up to 181. In the past year the index has moved to 187. This indicates a plateau.