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Sen. Bartlett Mils
Article on Alaska's
Economy Status
WASHINGTON UFi — Sen. E. L.
Bartlett said yesterday a news
paper’s recent analysis of Alas
ka’s economic situation presented
a gloomy picture that was un
warranted.
Through some of the assump
tions made in the article (Wall
Street Journal July 27> are cor
rect, he said, “the conclusions, I
believe, are thoroughly mislead
ing.”
“The article contains serious
errors in fact and unwarranted
inferences,” he said in a Senate
speech.
Bartlett said the analysis is
“decidedly unfair to the magni
ficent efforts which have been
made by Alaskans in a very dif
ficult period of transition from
territorial status to statehood . . .’’
“Since the article could do con
siderable damage to the state’s
reputation,” he said, “I feel it my
duty to amend the Journal’s con
clusions with respect to the fu
ture of the Alaska economy.”
He said the article compares
interest rates on recent Alaska
general obligation bond sales with
similar sales in North Carolina.
It concludes, he said, that “there
is a greater risk involved in own
ing Alaska bonds because Alaska
lacks the maturity of its sister
state in the south, because its
state government is largely un
tried, and its natural resources
largely undeveloped.”
“It is common knowledge,” said
Bartlett, “that Western States,
being, further from the nation's
financial centers pay consistently
higher rates than their sister
states in the East.”
He termed “mere double-talk”
contentions that a lack of confi
dence in Alaska securities is par
tially a result of her vulnerability
in the event of war and that shift
in defense strategy minimizes the
49th State’s role in a future con
flict.
“It is true,” said Bartlett, “that
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Alaska Chamber Sends
Letter of Protest to
Wall Street Journal
FAIRBANKS — A “strong
protest” against a report on AJas
ka’s economy carried in a recent
issue of the Wall Street Journal
has been made by the Alaska
State Chamber of Commerce.
C. W. Snedden, president of
Ihe Chamber, released copies of
a letter of protest sent to Robert
Bottorff, executive editor of the
Journal which described the arti
cle as “character assassination” of
Alaska's economy.
The distorted picture of cur
rent Alaskan economic conditions
presented to the Journal’s 650,
000 business readers throughout
the smaller state wil certainly
result in irreparable damage to
the financial reputation of the
49th State,” the Chamber presi
dent said.
In the letter the Chamber ask
ed the Journal to “assign a ca
pable, unbiased staff man to
factually evaluate the Alaskan
economy from a positive approach
and publish the resulting analy
sis at the earlist practical date.
Prompt consideration and imple
mentation of this request should
at least partially right the griev
ious wrong done to our great
state by your July 27 publica
tion,” the letter said.
outlays for military public works
construction in Alaska are de
clining, as they are in many
states, and that this decline im
poses considerable strain on the
Alaska economy.
“Proximity to the Soviet Union,
however, does not, in this day
and age, make Alaska more vul
nerable than the Continental
United States.”
In an age of missile warfare,
it makes “absolutely no difference
where a state is situated,” he
added.
Bartlett conceded “it is un
fortunately true” that Alaska’s
unemployment rate is the highest
in the nation. But, he added, “the
reporter fails to point out clear
ly that the figures he uses in
clude a period of very high un
! employment as a result of a labor
dispute which was subsequently
settled.”
“Nor does he mention,” he said,
“that, while unemployment re
mains high, the actual numbers
employed are more than last
year.”
LIGHTNING STORMS
HIT LOS ANGELES
LOS ANGELES (tf) — Lightning
storms and rain struck the Los
Angeles area early today. Light
ning set an oil derrick tower
afire in Beverly Hills. Bolts hit
several other communities.
It was the first measurable rain
since last spring.
Numerous power failures were
attributed to the lightning. Elec
trical storms swept desert areas
Thursday.
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