 The World's Most Honored Watch is Laun Jean. Laun Jean watches have won ten World Fair Grand Prizes, twenty-eight gold medals and more, honors for accuracy than any other timepiece. Laun Jean's The World's Most Honored Watch is made and guaranteed by the Laun Jean Wittner Watch Company. For the Laun Jean Chronoscope, a television journal of the vital issues of the hour. A presentation of the Laun Jean Wittner Watch Company. Maker of Laun Jean, The World's Most Honored Watch. And Wittner, Distinguished Companion to the World Honored Laun Jean. Good evening, this is Frank Knight. May I introduce our co-editors for this edition of the Laun Jean Chronoscope. Taking the place of Mr. Henry Haslett, who's on a mission to Europe, is Mr. Eugene Lyons, roving editor for Reader's Digest, and Mr. William Bradford Huey, editor of the American Mercury. Our distinguished guest for this evening is Mr. Floyd Odlam, one of America's leading financiers and industrialists. In this spontaneous and unrehearsed discussion, the opinions expressed are necessarily those of the speakers. Mr. Odlam, the American people know you, sir, as the head of a vast financial empire. And more recently, I believe that one of your firms has been awarded the contract for the first nuclear-propelled aircraft. Is that right, sir? Yes, I happen to be chairman of the board of the Consolidated Vultee Company, which has an order to develop an atomic-powered plant. We understand, sir, that we can't discuss the actual nature of this development, but tonight we'd like briefly to discuss some of the implications of this aircraft. Why specifically is it important that an airplane will be powered by nuclear energy? What can it do that a conventional plane can't? Well, perhaps I can say it this way. The greatest progress that we are making in the speeds and range of planes is being made in the fuels and engines. And of course, nuclear energy is one more advanced source of power. In effect, an airplane powered by atom fuel, as it were, will be able to fly limitless distances, won't it? Well, I wouldn't want to discuss what the range of the time of life would be because I never know when I'm transgressing secret information and therefore I only talk about things that I see in public releases. I see, but you would say, sir, that within the lifetime of most of us living that we are likely to see an actual nuclear-propelled aircraft. Yes, I think so, and many other almost equally startling developments. Well, that ought to have a profound effect on strategy and some strategies related to diplomacy also on foreign affairs. I would think so very much so. And just as soon as you eliminate the range in airplanes, you will eliminate the necessity for distant basis. I think when the Wright brothers flew their first plane in 1908, they ushered in a new era. We're in the air age today. And do you foresee, sir, within the next few years the same rate of advancement in air travel that you've seen in your lifetime? The tempo. Yes, I believe the tempo of advancement will keep up and we will see as much in the next 30 years as we've seen in the last 30 years. And I would like to bring this up, sir, since airplanes cost a great deal of money and since you're a man who deals with large amounts of finance, what do you think is the greatest danger financially to our people today? Well, the greatest danger financially to our people is the inflationary pressure that we're under for rising prices caused by shortages of civilian goods. That is created in turn by the pressure for defense products. Do you look for the inflation to take a critical, acute form in the near future or are you more optimistic than that? Well, I don't think inflation will take an acute form compared with its present form in the near future, but I don't see any end to the inflationary process unless we do a lot of things that we're not doing at the present time. For instance, Mr. Adlon? Well, first and foremost, production, more production, feeding more goods out, more work. If we have more goods that the people can buy, the inflationary pressure will be reduced. Would you say, sir, that the American workman today is giving a dollar's worth of work for the dollar he receives? Well, I wouldn't like to answer that question in terms of dollars. What I think is that product is the result of labor and raw materials and tools and tools themselves are the product of labor and raw materials. And therefore I think that the greatest thing in our national defense, as well as protection for our economy, is for everyone, no matter in what walk he's in, while he's at work to give a good, heavy, honest day's work. Mr. Adlon, is there anything the ordinary mortal can do to protect himself against oncoming inflation? There is no answer. Well, I don't think that the things that one would do at the heat of excitement over inflation would be helpful. They might even intensify inflation. I think that the control of inflation must come from work and produce on the part of the people and controls on the part of our government. But you do foresee, as a financier, you foresee a continued rate of inflation, something like we've had in the last ten years. We've had a creeping inflation for the last ten years, and I don't see any end to it at the present time. I think it will continue to creep along. Of course, outwardly, the country is enjoying prosperity. Everyone has a lot of money. Yet there's a very definite sense of unease, of apprehension in the average American's mind. And do you feel that justified, that it's grounded? In a sense, I think it's grounded. People who have money, they fear that money is going to become less valuable, and then they start spending it. When they start spending it, they keep the wheel turning over and over in the cycle moving. I think we've all got to take a pretty serious grip on this thing from the government to the individual citizen. Would you say that the central crumble is with our taxation system, or at least that one of the main troubles is there? Well, our taxation system, in my opinion, is not entirely right. I think that this question of stepping out each time tax and taxing the so-called higher brackets has not the slightest effect on inflation and has practically no effect on money raising. When you are going to reach money, you have to go where the money is. I checked up not so long ago, and if they confiscated all the incomes in this country, over $50,000, they wouldn't take a tenth of 1% of what's needed. It's just now. So you're implying, sir, that all future taxations, efforts to raise large amounts of money to finance either the defense program or a peace program, must come from people with lower income. Absolutely. It must come from the middle brackets. No matter what form you apply the tax, it's got to come because that's where the money is. I'd like to ask just this question, sir. Inflation is hardly a threat to me. If money loses value, I don't have much to lose. You're a man who guards many millions of dollars of yours and other people. Are you particularly concerned as a trustee for this vast amount of money over inflation now? Well, it's my job as the head of an investment company to protect my people as best I can about against inflation. And I do that as best I can, and I succeed pretty well. But the methods that are open in the way of investments in special situations are methods that are not generally open to everybody, and therefore it's no cure-all. How can the little man who has a few hundred dollars to invest, how can he best safeguard himself from inflation? Well, I don't know. Purchasing land or buying a home? Land or going in a good industrial stock or something that will equalize the purchasing value of a dollar. There's been a bullish market in the last few months. Do you consider that a healthy sign or otherwise? Well, I consider the so-called bullish market in the last two months made up partly of the pressure of war orders that are now biting into the economy and we're having goods fed out and partly a fear on the part of others that the dollar will lose some of its value and therefore they're wanting to buy things rather than to have money. Mr. Adler, you're a man who's made a great deal of money. Do you think that American youth still has the opportunities that you had as a youth? Well, there are opportunities always present, but I must admit sorrowfully that I do not believe that the youth of today has the same opportunity as the youth had when I was in that age bracket. I think that because, one, there's more regimentation today and two, because higher taxes destroy initiative and enterprise and therefore they don't get that chance to take the big opportunity or to move from one bracket to another. Mr. Adler, Russian propaganda, communist propaganda generally, insists that the American businessmen that capitalism once wore, what's your reply to that charge? Well, I think you've used the proper term, Mr. Lyons, in answering that question. You used the word propaganda. This is lying propaganda of the worst sort. American business cannot be helped by war. War is destructive. It's upsetting. I'm sorry, Mr. Adler. Thank you very much, sir. I thank you for being with us. The editorial board for this edition of the Lawn Jean Chronoscope was Mr. Eugene Lyons and Mr. William Bradford Huey. Our distinguished guest was Mr. Floyd Adler. Next week we will have with us the honorable T. R. McKelden, Governor of Maryland. I wonder if you know who was the first lucky woman to have a wristwatch. History tells us it was the Empress Josephine, wife of Napoleon. In 1806, they was presented to her this fabulous creation. Ornamented with emeralds and pearls and won by a pearl-studded key. The Empress was probably no more proud of her timepiece than today's owner of a Lawn Jean, who looks upon her watch as a thing of beauty, a treasure fit for a queen, as well as a faithful and dependable timepiece. Let's look at some of the Lawn Jean ladies' watches of today. There's a Lawn Jean watch for every need, styled with the good taste for which Lawn Jean watches have always been noted. Sport watches with leather or suede straps. Sweep-second watches for nurses and other professional women. Impressive bracelet watches and other set with diamonds and other gems. Lawn Jean men's watches are made in an equally wide array. When next you buy a watch for yourself or as a gift, remember if you pay $71.50 or more for a watch, you're paying the price of a Lawn Jean, and you should insist on getting a Lawn Jean. The world's most honored watch. The only watch in history ever to win 10 World's Fair Grand Prizes and 28 Gold Medal Awards and highest honors for accuracy from the great government observatories. This is Frank Knight. Inciting you to join us again next week for the Lawn Jean Chronoscope, a television journal of the important issues of the hour. Broadcast on behalf of Lawn Jean, the world's most honored watch, and Wittner, distinguished companion to the world's honored Lawn Jean. Sold and serviced from coast to coast by more than 4,000 leading jewelers who proudly display the emblem, Agency for Lawn Jean Wittner Watches. This is the CBS Television Network.