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n ^ ■ / i THE CHRONICLE Strives To Be A Clean 4 Newspaper, Complete Nefcy and Reliable Volume LI \ (Eltntmt If You Don't Read THE CHRONICLE You Don't Get the News Clinton, S. C, Thursday, May 11, 1950 Number 19 A Regular Chronicle Feature Farmers Not Talking Real Estate, Are Buying Stocks III By ROGER BABSON . Eureka, Kafts., May 5.—<Every year since 1940—while traveling through our great Central West— I have seen a great improve ment, better homes, new factories, fine cattle and prosperi ty everywhere. This is my first trip, however, when farmers and ranch ers have asked me about stocks and bonds. Heretofore, ■ —9 they have been in- R«s«r W. BabM* terested only in land values, prices of farm products and the condition of their banks. Now these men, are convinced that both their farms and their banks are on a good sound basis. They are looking about for oth- *er forms of safe investment. This is especially true this year as crops are poorer and farms less profit able. Wf \ / m J X ” \ i PC Trackmen Top Wofford, 92 to B9 Presbyterian college laid it on Wofford, 92-39, in a track meet here Saturday. Presbyterian took 11 first places in the 15-event meet. Walter Gooch closely followed by E. M. Watt with closley followed by E. M. Watts with 13. Wood ham was high scorer for Wof ford with 10. ..JLmi .Sb-aH -I a .A , . , ... traveling will do much to cushion the next depression, including stock mar ket and commodity prices. U Ton Don’t Road THE CHRONICLE Ton Don’t Get the News 4 * «> > Probably one reason for the above change is the selling cam-1 paigns which the mutual investment trusts are putting on in this part of the country, plus the enticing na-1 tional advertising'' which the New; York stock exchange and their mem bers are doing. Furthermore, many of the farms are being operated or ,j>wned by sons and daughters who j have been to college" arid studied ec onomics, investments and allied sub jects. Farmers Want Interest Heretofore, farmers have only been borrowers with no money to invest. [ Now with money to invest they see the other side of the picture. They j have been trained to believe anyone : who borrows money should pay six-L per cent to 8 per cent. This rate they | have been forced to pay. Now that' these farmers themselves have mon- | ey to loan, they also want to get j these high rates. When the banks of- : fer them one percent to three per 1 cent, they are disgusted. J As very few farm loans are now i available, the stock market is the only place where these fanners can get the six percent to eight percent which they have been forced to pay for years. Their children believe that the stocks of our large indus trial companies which pay six per cent or more are perfectly safe. They are gradually selling this idea to the old folks. The children are not talk ing “profit" but only safety and in come. As a result good dividend pay ing stocks are being bought here in large quantities. Farmers are paying cash for these j stocks and putting them in safe de- 1 posit boxes. What these buyers will do when the next depression comes, no one knows. My guess is that if i reasonable dividends are continued, | these farmers will continue to hold y the stocks, however much they may! decline in price. The newspapers outj here give little financial news and: with the exception of the big dailies, j very few quotations. Farmers are not speculators, but are income minded.! Many also are depending upon thei weekly reports of long established 4, investment advisors which is much. to their credit. This new development is a good thing for investors everywhere. It opens a new market for those east ern estates which are compelled to liquidate upon the death of some pro minent member; further it puts the stocks in the hands of permanent in vestors. This is more to be preferred, for all concerned than to have the i stocks in speculative broker accounts; in New York or other cities. In fact,; I feel much better about the stock market today than when leaving Washington several weeks ago. Due to the increasing number of young people reaching working age plus the better health of older peo ple and the greater use of labor-sav ing machinery, a rise in unemploy ment may be expected throughout all' sections of our country. This will reach about 6,000,000 during 1950. This unemployment will not be evi dent here’in the Central West until i October; but over the entire year it I will be considerable. Remember this western section is fast becoming in dustrialized. I am glad to report that farmers are not responsible for the nation’s' great rise in installment buying that: has now reached about $11,000,000,-! 0000, a gain ol $2,500,000,000 over a; year 'ago. Money in savings accounts, for the entire nation—thanks to the' farming sections—continues to equal: 1949’s figure of $4,300,000,000. The city people, however, are now saving less than two percent of their in come while the “average American’ of the rural sections is saving six percent. Retail sales and new build ing are now less in the large cities of the East; but are holding up through the central west and Pacific coast. It rather looks to me that the central states through which I am Big 4-Ring Circus " To Give Two Shows Here Tuesday, May 16 Hey, Skinny! the circus is coming to town! Yes, sir, kids (and that means all you youngsters from 6 to 60), the big Rogers Bros. 4-ring cir cus will come to Clinton Tuesday, May 16, for two performances. The big top will be set up on the lot in front of Dapper Hosiery mills on Henry street, and performances will be at 3 and 8 pjn., with the doors opening at 2 and 7 p.m. to see the big free menagerie. Rogers Bros, circus is being brought to Clinton under the spon sorship of the Kiwanis club. All members of the chib have tickets for sale and W. C. Baldwin, chairman of the committee, urges all to get j their tickets now, as the club receives 50 per cent of the advance sales. This year Rogers Bros, circus is a bigger and better circus than ever, being the only 4-ring motorized cir cus on tour—carrying 65 motorized units, a personnel of 250 and about 200 animals; ar.d the only motorized circus carrying a free menagerie in which may be seen elephants, tigers, * Hons, panthers, pumas, bears, mon keys, baboons, and other wild life from the four corners of the globe, j Twenty-seven feature displays of , outstanding circus acts will be seen in the new big 5-pole top. They are listed in an advertisement in today’s paper. PC Signs Lorendo As Grid, Cage Coach For Coming Season Gene Lorendo, pass receiving star on the University of Georgia football team, has been named end coach and head basketball coach at Presbyte- rian college. Lorendo, a native of Gilbert, Min nesota, ended his college career with the Bulldogs last fall. He will join the coaching staff here in August, replacing Claude Crocker as basketball coach. At Georgia, Lorendo ranked as a top offensive end on Coach Wally Butts’ football squad. In addition, he won two letters in basketball and became freshman basketball coach when the 1949 grid season ended. v?* Mt/Pr/M ? I Go GREYHOUND '.and SAVE TNRIUIM IXPENSI-MIB T4VRS AIMOST ANYWHERE IN THE U. S. A., CANADA, MEXICO ITDOESEVERYTH/NG... ^STREAMLiNED Hamilton Ross ElECTR/C Ki»DRILL-0-MATIC t&Tgf POLISHES I WAXESI GIvm eut*. htnxiturM SMOOTHESI SANDSI P*rU«t tw rvaMvtaf paint. Mnd- X r 1 £ SHARPENS! HONES! 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