The Clinton chronicle. (Clinton, S.C.) 1901-current, May 11, 1950, Image 9
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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?*
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