The Clinton chronicle. (Clinton, S.C.) 1901-current, December 31, 1953, Image 1
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Volume LIV
Clinton, S. C. # Thursday, December 31,1953
Number 53
A Chronicle Feature
Babspn Gives Forecast
For First Half of 1954
Noted Statistician Discusses Problems Confront
ing American People In 25 Predictions. Forecast for
Second Sue Months of Year Be Made Next June.
By ROGER W. BABSON
I do not now believe “in the the
ory of most economists—that busi
ness will fall of 10 per cent in 1954,
A, with a greater decline in net earn
ings. My feeling is that everyone
will unite forces to hold up busi
ness, at least during the first half,
to its approximate 1953 average.
This can be done by expanding re
search, increase advertising ap
propriations, extending further
credits, and obtaining labor’s co
operation.
But, I say something much more
important than the above; namely,
if business should slump 10 per
cent, the decline would probably
not stop at 10 per cent. Too many
business concerns and individuals
are working on a very narrow and
slim margin. The decline in em
ployment, with resulting business
losses which a 10 per cent in gross
would cause, could result in mil
lions of families being unable to
pay their bills and installment ob
ligations. This could set off a chain
reaction, which could send business
down 10 to 30 per cent more, with a
corresponding decline in the stock
market, commodity prices, and real
estate. In this latter case, the Eis
enhower Administration would
suffer as did the Hoover Adminis
tration.
In view of this possible serious
alternative, I have contacted the
leading newspaper publishers as to
the attitude of their respective
communities. Of these, over 970
have replied as follows: The people
$■ of 30 communities are discouraged
and want to liquidate; 297 com
munities are optimitic and want to
buy and invest more; 643 are now
content and in a strong position,
but are waiting until they see how
will sell for less during the first
half of 1954, when farmers’ profits
will begin to decline.
10. The Central and Southwest
will not suffer drought as in 1953.
11. There will be more fear of|
World War III as years go on. Peo
ple will gradually move out of cer
tain large cities. Nearby farm land
will be split up. A rise in the price
of such fringe farm land is certain.
12. The U. S. Government will
give less money to the European
and other nations direct; but will
help them through the United Na
tions.
13. There will be fewer employed
next June—the total take-home-
pay will be less—than last June.
This, however, may be a good thing
for the morale of the nation.
14. The present Administration
will suffer much opposition to at
tempts to reduce tariffs if profits
decline or unemployment increases.
15. The Administration and the
Labor Leaders will try to revamp
the Taft-Hartley Bill during 1954;
but bad strikes are coming.
16. I am no weather prophet, but
experts expect a warmer winter for
the eastern portion of the U. S. and
a colder Florida.
17. Canada will continue to boom
during the first half of 1954, but
this may be a good time to take
profits on Canadian investments.
18. The above may also apply to
Southern California and its air
plane and movie industries. Both
may have reached their peaks for
the present
19 Automobiles will be harder to
sell and easier to buy during the
first half of 1954. Both the automo
bile stocks and the cars will be in
less demand. There will be more
bargains in used cars, discounts on
new cars, especially cars of the “in-
you so well that when it departs
down the corridors of Time, you’ll
count it among your luckiest years
. , . richly endowed with good
health, warm friendships, solid
achievement and high happiness.
The Chronicle
“The Paper Everybody Reads
Recommend $70.5 Million S. C. Outlay
For Public Schools During Coming Year
By W. D. WORKMAN. JR.
South Carolina
Crops Show
Increase Over '52
Columbia—Year-end estimates of
23 field and 15 commercial truck
crops grown in South Carolina in
dicate an aggrega’e farm crop p?b
duction 6 per cent more than in
1952, but still 5 per cent less than
average.
The increase from last year was
attributed by Frank O. Black, stat
istician in charge of the U. S. De
partment of Agriculture’s State
Crop Reporting Service Office here,
to better per-acre yields. The be-
low-average volume, he said, was
the reult almost entirely of tesa
I than the average acreage being
I planted.
Here's what Black told the Asso
ciated Press about 1953 South Car
olina crop production:
Most spring and summer matur
ing crops were good to excellent—
oats and tobacco breaking previous
per acre yields—but summer heat
and drought seriously damaged
fall harvested crops and pastures.
Generally speaking, yields were
poorest in the south and east, al
though varying with moisture con
ditions in all sections. On the whole
1953 was a reasonably good crop
year despite adverse conditions
that caused severe losses on many
farms.
The composite or all-crop' yield
of 606 tons from each acre was 5
per cent better than last year and
almost equal to the 10-year aver
age
Crops were harvested from ap
proximately 4,164,000 acres. Thu
was nearly 1 per cent more than
the area harvested last year, but 5
per cent less than average. The
“lost” acre went mostly into graz
ing crops.
Production of oats ana soybeans
Mrs. Frances Ray Wier, 52, wife broke all previous records. Larger
Lost Rites Held
Here Sunday For
Mrs. W. L Weir
Columbia.—An outlay of more MaSOniC GoupS
than $70 1-2 million in state pip r f. Offirnrc
federal funds alone has been recom- CIcCi VaTTlCCia
mended for South Carolina’s public p(jr Coming YcOf
schools for the fiscal year 1954-’55. I J —
That amount is more than the to- following officers have been
of W. L. Wier, died here last Satur
day afternoon at the home of her
daughter, Mrs. Hhrry E. Baldwin,
after several years of declining
health
than last year’s crops of cotton, to
bacco, rye, com, grain sorghum,
sweet potatoes, peaches, pears and
pecans were made. Wheat, cow-
peas. peanut and grape production
were
1954 develops. Due to the results
of this survey, I believe the chances dependent” manufacturers.
ate fn la a— that at laart the fort, ** rorrdt- may have
halfeof 1954 WILL BE FAIRLY 1 f ros «s during the next few months.
GOOD. j This will cheer up California, Ari-
Below are 25 definite forecasts zcna Texas,
which, in any case, should prove 21. The Korean situation will re
correct for the first six months of n -i a i n about as is—as the Chinaman
1954 . My forecast for the' econd “ muc h talkie, no shoo tie/’
six months will appear in this pa- 22. There will be one or two res-
per next June. j jgnations from the Eisenhower
1. There will be no World War in “businessmen’s Cabinet,” replaced grand total of about $79 1-2 million
the first half of 1954. by “politicians.” All is not going (These figures do not include the
2. The Dow-Jones Industrial| we n The President is not used| additional millions raised and
Stock Average will be leas on June 1 1 0 being pressured by lobbies. j spent within the state’s various;
30, 1954, than on January 1, 1954. 2 3. The first half of 1954 should! school districts.)
Funeral sen-ices
, , _ .. . Sunday afternoon
tal appropriation five years ago lor electe<1 and installed for the local Creek Presbyterian
operating the entire state govern- organizations for the year ; here bv Rev. J S. Gray, aaaisted bv
killing jnant, including education but ex-. 1954: Dr. W R. Turner. Burial followed
cu d>ng highway expenditures. Campbell Lodge No. 44. AFM— in the church cemetery the ritest>e-
l lf the appropitatkms recommend- Clyde R. Trammell, Worshipful 1 ing attended by a large gathering of
ed for the state’s other educational \iaster; T. Leo Heatherly, Senior friends and relatives, with many
institutions (including colleges and;yy arden . william J. Davis, Junior, lovely floral tributes banked upon
the University) are added to the Warden; F. *M. Boland, Treasurer; the grave indicat.ve of the love and
public school cost, the 1954-’55 alio-; \r p Adair, Secretary; John W. esteem in which she was held,
cation for education would rise an* Moore, Senior Deacon; C. F. Duna-j Pallbearers were Jack Holland,
other $9 million and stand at a way> j un i or Deacon; J. T.
man. Steward; Wm. R. Fennell, ( win, C. W. Wier, Jr, Sam Wier, Jr,
Steward; Rev. E. K. Garrison, Buford and Bill Wier.
Chaplain; J, M. DeYoung, Tiler. Mrs. Wier was a native of this
William Plumer Jacobs Chapter! section of the county where most of
conducted wa * virtu * u y ^ s*me Barley and
Gall-1 Edgar Tavlor, Jr, Thbmas E. Bald- „ . „
342 million dollars
3. Taxes will be lowered by ex- be your best time to get out of debt
piring laws. j Qr a t least reduce your debt Re-
4. The price for most commodities member that most bankers are in
will be lower on June 30, 1954.
5. The Eisenhower “Honeymoon
is fast ending and he will have a
the business of “loaning umbrellas
when the sun is shining, and calling
them in when it rains.” Moreover,
hard time controlling Congress dur- 1 y OU cannot blame them because the
umbrellas really belong to the de
positors, who also will want them
on rainy days! Operate so you can
dean up your bank loans once dur
ing 1954.
24. The companies which will
proper most are those which have
ing the next six months.
6. Retail sales can be kept up by
manufacturers nad merchants
spending more money on advertis
ing, selling and developing new
products.
7. The U. S. population will con
tinue its present growth and the
best prospects for sales in 1954 will
be the “teen-agers”.
8. Interest rates during the first
The greatly increased cost to th£
No. 54. AFM—M. N. DeYoung, her life was spent. She was a
High Priest; S. C. Chaney, King;
state of the public school establish- Wm. J. Davis, Scribe; K. F. Mills,
ment is due in large measure to the C. of H.; Geo. J. Sineath, P. S.; E.
equalization and expaasion program R. Knox, R. A. C.; J. E. Ellison, M.
adopted by the 1951 legislature. 1st. V.; B. F. Harvey, M. 2nd. V.;
Since that time, state aid to the
public school system has increased
87 per cent. The average state-paid
salary for teachers has been boosted
43 per cent over that in effect for
the 1950-’51 school year, and the
number of pupils transported by
school bus has jumped 35 per cent.
The massive school construction
inaugurated effective labor-saving program undertaken by the Educa
programs. Most manufacturers are
learning that they cannot beat la
bor through mere strikes. They are
renewal of low-rate loans.
9. Farm lands, except near cities,
What Will President
Eisenhower Do?
By ROGER W. BABSON
I have promised to answer the
following four questions:
1. Is Eisenhower to take the ad
vice of Assistant President Adatns,
representing certain Republican
leaders, and turn to the left? Or,
will he stick to his conservative
election platform?
Answer: He will stick to his elec
tion platform.
2. To put the question in a more
practical way: Will 1954 be a year
of reform and economic adjustment
as promised by President Eisen
hower, or will he give the country
more inflation, and further play
Santa Claus to labor, farm, high
tariff, and other groups?
1 Answer: He is learning that “eco
nomic reforms” must be gradual.
six months of 1954 should average 1 winning only as they purchase new
about as at present, except on the, labor-saving machinery, spend
more money on research and on
well-directed advertising. 1
25. There may be some further
inflation in 1954; but percentage
wise to the total national output it
should not help the stock market.
Sociol Security
Tax Rates Go Up
Effective Jan. 1
The South Carolina district office
of the Internal Revenue Service
Monday began notifying 45,000 em
ployers of increased social security
tax rates beginning January 1.
Director R. C. Pitts said the tax
hike wiU be to two per cent for
employers and to two per cent for
employees.
“These rates,” he explained, “will
apply to wages paid after Dec. 31,
regardless of when earned.”
Two-thirds of the notices are go
ing to business employers, the re
mainder to households employing
servants.
The tax supports old age and
3. Will he run the risk of losing! survivors social security insurance
Congress in 1954 and the election in
1956 FOR A MATTER OF PRINCI
PLE, AS DID HOOVER IN 1932?
Or, will he succumb to the tempta
tion of changing his policy with an
attempt to “save his party”?
Answer: He will run the.risk of
losing Congress in 1954, and the
chance to run again in 1956.
4. Is a * ’middle-of-the-road” pol
icy practical? Will it serve both
groups, or no group?
Answer: Yes, it is practical for
benefits.
Stomp Springs
Firm Is Chartered
Secretary at State Frank Thorn
ton granted a charter during the
week to Stomp Springs Furniture
Company, Inc, Stomp Springs,
Clinton, to do a general furniture
business, to deal in antiques, capi
tal stock $5,000. Thomas E. Hair hunting
tional Finance Commission has re
sulted in the allocation of more than
$85 million out of a total authoriza
tion (under present legislation) of
$175 million. For the next fiscal
year, the State Budget and Control
Board has recommended an appro-
F. E. Miller, M. 3rd. V.; V. P. Adair,
Sec.; F. M. Boland, Treas.; Carolus
B. Davis, Guard; Olin F. Furr, Sen
ior Steward; Wm. S. Weir, Junior
Steward.
Musgrove Council, No. 40, RMS
—S. C. Chaney, I. M.; J. K. John
son, D. M.; B. F. Harvey, P. C. W.; I four grandchildren.
F. M. Boland, Treas.; V. P. Adair,
Sec.; Durward Murdock, C. G.; M.
N. DeYoung, C. C.; F. E. Miller,
Steward; E. R. Knox, Sentinel.
daughter of the late Charles and
Maggie Lou Simpson Ray and was
a lifelong member of the Duncan’s
Creek church.
Survivors include her husband,
two daughters, Mrs. A. J Katzburg
of Nashville, Term.; Mrs. Harry
Baldwin of this city; one brother,
C. Dudley Ray of this city; three
sisters, Mrs. Edgar C. Taylor, Mrs.
I. Bluford Copeland and Mrs. John
David Blakely, all of this city; and
Episcopal Minister
Resigns Work Here
Open Meeting By
County Delegation
Set for January 11
from Duncans! ^ ** U \?*Z wer * "\ oderatety
church near a l and seed Qro ^
lespedeza, lupine, crimson clover
and tall fescue—were down sharp
ly. Fruit and nut crops were gener
ally good. Food grain production
was one-fifth larger
Prices received for farm prod
ucts generally were less than re^
ceived last year. This fact more
than offset the increase crop ton
making total crop value of
nearly 2 per
cent less than the revised value of
347 million for crops in 1952. The
worth of this year’s crops, how
ever, is 15 per cent more than the
1942-51 average
The principal cash crops of Lint
cotton and tobacco are valued at
21 million dollars compared with
208 million in 1952, cotton being
about four million less but tobacco
about seven million more. Other
crops with higher values than in
1952 are com, oat, rye, grain sor
ghum, soybeans and pecans.
A coton crop of 696,000 bales
and cotonseed of 294,000 tons are
indicated from Dec. 1 reports. The
bales are valued at aproximatelv
114 million dollars and seed at
nearly 15 million compared with
1952 figures of 119 million and 20
million, respectively.
; The county delegation plans to give
' the public an opportunity to air
priation of $17 1-2 million for thei The Rev. Edwin Ballenger Clip- their views on local or state meas-
Finance Commission for the con-!pard, minister-in-charge of St.lures before the meeting of the 1954
tinuance of school construction, bus Luke’s Episcopal church at New- legislature.
transportation debt service and ov-1 berry, the Church of the Epiphany, Rep. J ustin Bridges, secretary to
erhead. (These construction funds j in Laurens, and All Saints Church the delegation, said that at a recent
are separate from those raised 0 f this city, has concluded his pas- meeting the delegation decided
through issuance of state school' toral duties here to assume his new 1 to have a public meeting in the
bonds.) | duties as pastor of the Protestant court house at 10 a. m., Jan. 11, the
Under the proposed budget now Episcopal Church of the Holy Com- day before the legislature convenes,
being studied by the House Ways munion in Charleston January 1. when citizens may appear and
The announcement is one of regret! make their views known on any
here. , 1 legislative subject,
to members of his congregation He also said that the delegation
Mr. Clippard married Miss So- approved a group hospitalization
phie Willis Wallace, daughter of, insurance policy for county em-
the late Dr. Duncan D. Wallace
Wofford college, in 1952.
and Means Committee, the Depart
ment of Education itself would re
ceive $46 1-2 million (most of which
would go for teachers’ salaries), in
cluding more than $3 million in fed
eral funds for education. An addi
tional $4.4 million would go toward
teachers’ retirement, and almost
$60,000 would go to the State School
Book conamiasion for its operation.
The three per cent general sales
tax imposed in 1991 will provide
the greatest part of the state’s
school money. For the year l954-’55.
Good Christmas
Business Reported
of ployees, including court house otfi-
| cials. Under the approval, he said,
the county will pay 25c per month
on each policy and, the employees
will pay the rest
The 25 cents payment, Mr. Bridg-
! es said, was the minimum amount
down required of the county to allow the
Clinton merchants closed
tight for Christmas Day and Satur- employees to qualify for the policy,
that tax is expected to raise $47 day, with a quiet holiday season re- Practically all of the employees
million. Almost $6 million is ex-j ported in the city and community, wanted the coverage, he said, and
pected to come from the state’s One of the largest crowds seen on w ere wiling to pay their share. Mr.
share of alcoholic liquor taxes, the streets in many years was here Bridges said he did not know what
leaving an amount of more than all day Christmas Eve and until 1 their share would be but that it
$14 million to be appropriated for late closing hours doing their last! would be a greater part of the cost,
public schools out of the state’s gen- minute shopping. The peak of The total cost to the county for
eral revenue. Christmas shopping came the last, the 60 to 70 employees will be in
^ three days with heavy buying and the neighborhood of $180 per year,
merchants reporting a atisfactory he said,
volume of business as good as last — - ■■ ■ 1 ♦
year, and reported by several as r. c
surpassing the ’52 record. MOrCS UOSC Friday
second T: For New Year's Day
Dove Season Closes
On January 9
should serve both groups.
Columbia. Dec. 26—The
half of South Carolina's split dove MRS. DAVIS IN HOSPITAL
*v, wvv . usu hunting season opened at noon 1 Friends of Mrs. John D. Davis Stores and business firms
of Columbia, developer of Stomp Saturday. It will close Jan. 9, the will regret to know she is a patient; erally will be closed Friday
gen-
for
working a gradual change, and it| $PnngB, ig president of the new same day the duck hunting season-at the General hospital in Green- New' Year’s Day. Stores will be
company.
closes.
Citizens Federal
Pays $80,911.15
In 1953 Dividends
The Citizens Federal Savings and
Loan Association of this city, will
pay its regular semi-annual divi
dend today to investors as of De
cember 31. The dividend is on the
basis of 3 per cent per annum.
The December dividend amounts
to $41,631.73, added to the June 30
dividend paid of $39,279 40. brings
the total dividend paid during 1953
to $80,911.15, an increase of ap
prox imatelyW^OOOoverlast year.
COMMUNION SERVICE
The first communion service of
the new year will be held Sunday
morning at the First Presbyterian
church during the 11 o’clock wor
ship hour.
ville.
open on Saturday the usual hours.
FOOD...
Is An Important
Item With Housewives
You wiy. find helpful Gro
cery and Market News in THE
CHRONICLE every week from
leading food stores in the city.
Read the advertisements reg
ularly — they tell you about
changing prices each week and
where you can supply your
needs and buy to advantage.
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