The Clinton chronicle. (Clinton, S.C.) 1901-current, September 14, 1950, Image 9
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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
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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
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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
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