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CA1 agv blUO UU/I1VU wuv vvueumer price index of the Bureau of Labor Statistics showed that a dollar was worth 54 cents in terras of its 1935-39 purchasing power, Mr. Brown said today, j >
The boom following«War II shot prices up-—and the dollar’s value down, he explained. In com-, parsion wth its 190 cents worth in the 1935-39 years, a dollar was worth only 67 cents in the fall of 1948. It picked up a little in 1949 and early 1950, but the outbreak of the Korean war sent buyers on— a spree and prices rose sharply, to the detriment of the dollar.
A year ago at this time prices were still going up. Inflation was the order of the day. The dollar would buy only 54 cents worth of consumer ’^oods.
It was then—a year ago this week—that the bankers of the country decided to do something about it. They set up a Voluntary Credit Restraint Program with the expressed purpose of cutting down on loans for. non-essential and speculatTveHpurposes in order to
56.5%