University of South Carolina Libraries
/ i I I 4> 4 * •4 THE CHRONICLE Strives To Be A Cleon Newspaper, Complete Newsy and Reliable r Stop Clinton If You Don't Read THE CHRONICLE You Don't Get the News Volume LI Clinton, S. C, Thursday, September 14, 1950 Number 37 A Regular Chronicle Feature Babson Thinks Building Of Mouses Is Made Too Easy cost to build, but you will still be getting it for about half of what it would cost to build today. Low Terms And Small Structures May Boom erang, He Says ——-. . By ROGER BABSON wh”.' fThin^fthe Pre P Qre For Office present housing boom, how long it will last whether it is wise to buy or build newh omes now. Briefly, these are my conclusions. t the state. He is actively identified I of state agencies and boards for with the educational program be-j fu ^s f ° r 2 _or 3 weeks. It will then cause he is chairman of the State Board .of Education and of the var- Byrnes Plans Homework To ious boards of state institutions of higher ieatning. Beginning with his attendance upon these meetings next month, Byrnes will meet with the State Pen itentiary board of which the govern or serves as chairman. He appoints members of this body and during his submit its recommendations to thej General Assembly. ! Byrnes will meet with the board during these hearings because the detailed breakdown of operations' presented by each state agency and institution, will give him insight intc the operation and needs of the var ious agencies. Since he advocated improvements referred to as assistant president of the United States. Prior to that, however, he served in Congress about 25 years, both houses, and then as associate justice of the Supreme Court. meiuuer* muus uuuy uuruus nw in the state’s educational system it term of office Byrnes will reappointl is expected that Byrnes will devote much of his time conferring with educational leaders. He will not be a newcomer to the the 5 members or appoint new mem bers. The penitentiary is in the midst of a building program and this in-, ...... . stitution will likely get considerable! executlve because he served ! attention from the govemor-nomin- as ^ ar mobdizerandstablizationdi- Columbia—Despite the fact that he ate f o r t he remainder of the year. p ector ^ nd< ~ r the late Presiden. spent the major part of his life in ; His recommendation to the Legislal' Roosevelt - In that P osltlon he public office, having held some of tW re regarding this institution will was During the first seven months ■of I the highest posts in the nation, James | have great weight with the lawmak- 1950, nearly 800,000 new non-farm F - Byrnes of Spartanburg will next ers dwellings were started in the Unit- \ month begin familiarizing himself ed States. In July a new monthly re cord of 144,000 units was chalked up. What is the reason for this unpre cedentedly high volume of new home construcion? The answer can be summed up in Just two words; easy credit Of course, there are other factors, but it is this ready avail ability of mortgage loans guaranteed v 1 by the government which has cred ited and sustained the housing boom. What la Wrong? Government pump-priming is not bed in itself. In a complicated and highly industrialized economy such as ours, it may become a necessary device in the promotion of our na tional interest. Hwever, I am op posed to the abuses of pump-prim ing. The powerful housing agency is fostering today's dangerous bous ing boom. Through it easy credit terms, it is encouraging individuals to discard the principles of industry, thrift and resourcefulness which have made our nation great. Easy mortgage loans are of dubi ous value if you take a long range viewpoint. They can prove disaster-1 ous following times like these when wages and prices are on an artifi-l daily high basis, I am greatly dis turbed when I see young people get- wit h details of a public office that is altogether new to him. One of his big tasks is serving as: chairman of the newly created bud get and control board. This board: The former assistant president will begin hearings next month or, during Franklin D. Roosevelt’s ad-j in November on moneUry requests' ministration, U. S. Supreme Court 11™ tb® °« x t fiscal year. __ justice and more recently the Sec- j Hearings on requests for appro- retary of State, becomes governor' priations for the succeeding fiscal of South Carolina next Jan. Id. year have been conducted by the In order to prepare himself for the former 3-member budget commis- 4-year term Mr. Byrnes plans to sion but with the change of the sys- meet with state boards during the tern last July this commission was few remaining months to get an in- replaced by the budget and contror sight into their operation. After as- board which is composed of the gov-, suming office next January it will be emor, chairman of the Senate Fi- 1 his duty to address the General As nance Committee, chairman of the sembly at which time he will outline House Ways and Means committee THE CHRONICLE Completely Covers Clinton's Trade Area for Advertisers There Is No Substitute for News paper Advertising his plans for the year and for his term of office. The governor serves as ex officio on many boards and commissions in and the treasurer and comptroller general. The latter 2 officers did not serve on the budget commission. This board will hear requests Goodyear Tires and Tubes BATTERIES AND ACCESSORIES McMillan Service Station Sinclair Prod acts Phone No. 2 ‘YOUR FAMILY THEATRE” ^ Children Under 12 Free First Show at Dusk — Complete Show After 10 FRIDA Y-SATURD AY SEPTEMBER 15-U» THE FIGHTING SEABEES Starring John Wayne and Susai* Hayward MONDAY-TUESDAY SEPTEMBER 18-19 APARTMENT FOR PEGGY Starring Jeanne Crain and William Holden W EDNESDAY-THURSDAY SEPTEMBER 20-21 A NIGHT AT THE OPERA Starring The Marx Brothers ting Involved in operations and com mitroenU that can be justified only if these extremely favorable business conditions should persist. Some will lose the new homes which they so proudly sad so easily acquired. Others •will be able to .heap them only at the price of diffi culties due to expecting something for nothing. Another aspect of the housing sit uation which distresses me is the size of the majority of the new houses now being built. In their zeal to keep costs at or near $10,000 per unit, builders seem to have con centrated on too small houses, many of which have only four rooms. Cer tainly these latter are not very prac tical for family living in the Amer ican tradition. Nor w’ill they have a very good resale value. G.Is and others, lured by the bait of no, or at feast a small, down pay ment and the promise of easy mort gage terms, should take time to think of these purchases in terms of future needs and future values. Perhaps if they were required to proffer a substantial down payment, as were their fathers, they would be more discerning and more prac- tical. What Should We Expect? A sharp decline from the present peak activity in home building now appears imijil nen ^» owing to the Korean trouble. However, I believe that the accumulation of deferred housing demand would have been satisfied before long anyway. Her cent tightening of federal housing credit and a very material increase in government stockpiling of strate gic materials should hasten the re turn to a more normal market in new home construction to provide for our expanding population. It is probable that the present scar city of housing in our larger cities may suddenly turn into a surplus. The day may not be far off when it’will be difficult to sell some of these city units at any price because of the possibility of their being bombed and because of high city taxes and living costs. Also remember that toddy there is a home to every 4.1 persons; while the previous saturation point came in 1930 when the people were satis fied with one home for each 4.4 of population! 1 . Don’t Overlook Cities I would not buy a house today in any of the larger cities of the United States unless it was essential that I live within the limits of one of them. Big city property valuations are too vulnerable. Yet, I would not hesitate to build or buy a house for my family’s use with a 30 per cent down payment in the better sections of most small American communi ties. I am convinced that the popu lation trend away from the larger cities will continue, thus decreasing big city real estate values. It also may be that an older type, well-built house in the best sections of these smaller cities is a better buy than a new house in the present crazy market. You may pay more for such a house than it originally LAY-AWAY NOW Only 86 More Shopping Days Til Christmas More Sensational Features Than Any Bicycle In America! Wonder bike with deluxe equipment that is out of this world! Power head-lite. Double action, spring forks, big stream-lined tank, built-in horn, rear bumper, scuff-guard rail.— Loaded with extras. Be Wise and Determine Your Bicycle Needs Now! LAY-AW AY YOUR CHOICE AND THUS PROTECT YOUR SELF AGAINST POSSIBLE PRICE RISES. BE ASSURED THAT YOU WILL GET THE BICYCLE OF YOUR CHOICE. WE HAVE IN STOCK NOW ALL MODELS IN 20, 24, AND 26 INCH SIZES, BOY’S AND GIRL’S. PRICES RANGE FROM $40.95 TO $64.50 Start Your Christmas Shopping Now! ♦ / * • . . .. 0 ■ V • ' Save Time, Save Money. Get Your Selection HOME 201 N. Broad St. AUTO SUPPLY “Customer Satisfaction Guaranteed Phone 12