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4 i v t i i 4 % i r THE CLINTON CHRONICLE « - a w ThunnUy. Ptc—Wf L XP* Taxes and Credit Curbs Shade Business Outlook ' v * m v Babson Park. Mass., Dec. 1—The prospects of higher taxes and credit restrictions is casting a shadow over the Business Outlook for the coming winter. These ap ply to automobiles, refrigerators and television sets; but not as to most con sumer items. Recently we know that the output ot industry has exceed- e d consumption. Automobiles and trucks have been W. iub»«a produced at the un precedented rate of ten million per year; over 20 per cent of all units now’ on the road. The recent rate of home construction has exceeded any previously recorded annual output by over 50 per cent. Scarce buying lifted the sale of Household Appli ances to unprecedented heights dur ing the summer. However, we find already that re action has set in, with lumber prices breaking during the last few weeks. The sales of many consumer items are back to pre-June levels. New construction is currently off sharp ly. We know that the easy credit policies of the Federal Government Agencies have artificially stimulated home building. With the tightening up of credit controls further cut backs will continue. Recent increases in bank loans outstanding have been largely siphoned off into consumer credit expansion. This caused a tre mendous boom in the purchase of consumer goods during recent months. Much stricter credit regula tions will certainly have a depressing effect on the inflationary spiral. Now’, is no time to buy everything in sight. Outlook For Defense Spending Defense orders in 1951 will un doubtedly maintain hi^h employ ment, at least during the coming winter. D|ue to the allocation of cer tain materials in short supply being funneled into defense activities, bus iness profits will not be uniformly good. Dislocations will take place. This will create shortages of mater ials throughout the nation w’hich can have an adverse effect on the normal flow of business and profits. Gov ernment bureaucrats do queer things. Investors who search for an infla tion hedge in common stocks should watch their step. The Dow-Jones In dustrial Stock Average is higher than it has been for the last 20 years. More burdensome taxes during 1951 will have an adverse effect on earn ings. Many companies fully convert ed from civilian to military produc tion will have their manufacturing margins cut. War stocks are certain ly at their peak. Don't forget what Keep Pepsi On Hand tops for quality tops for quality tops for quality Ptpri-Cola Company, homy Idand City, N. Y, A Real Taste Treasure! Including Tax REFRESH WITH PEPSI! I PEPSI-COLA BOTTLING CO. GREENVILLE, S. C. happened during the renegotiation period of 1M6-47. Diversify Your Investments Government policy makers are now pouring water over the inflationary fire on which they were dumping gasoline only a short time ago. This vacillating policy requires careful di versification of investment funds during the coming winter. Have less than half of the total funds in com mon stocks. For this half buy only securities of companies that make some money both during good times arxi bad times; and where the man agement is of high character. Buy no bonds except Convertible Bonds. Have the other half of your invest ment funds in cash, savings accounts, Government bonds, etc. awaiting more favorable buying opportunities later. Political Outlook No one in this world has gotten something for nothing for any great length of time. I should, therefore, like to point out that we are heading for some very serious trouble in this country unless employees improve their output to compensate for in creases in wage rates; otherwise, fu ture increases in wages will prove to be an illusion. Subsidies given one section mean taking wealth away from another section. In the long run employers are only cutting their; own throats by charging too high prices. Honest value for goods and serv ices should be the aim of us all. Reg imentation is not the answer to our troubles. The planners, whether they | be in Washington, London or Mos cow, never create wealth,—all they do is to re-distribute the fruits of other peoples labor. This is not treat ing one’s neighbors fairly. Basically what really counts most of all is how we people treat one another. Only through an economy based on the Teachings of Jesus can we hope to maintain and improve our splendid standard of living. Snyder Sees General Price, Wage Controls Washington. Dec. 4—Secretary of the Treasury Snyder predicted today that general wage-price controls will have to be invoked to avoid damag ing inflation But Alan Valentine, chief of the Federal Wage-JMc* Control agency, declined to be specific on UmLig who;: senrten den.*nded to know what the irtn>«ni$tration plans to do about ruing pr cs and wage prob lem*. Valentine indicated that the fov» rrnment has not yet mooilLed a staff to carry out the controls even if it wished to do so. Snyder's forecast was the first outright statement by a top govern ment official that across-the-board controls on wages and prices may be inevitable Meanwhile, the Senate voted to be gin debate at once on a bill extend ing federal rent control for two months beyond the present expira tion date on December SI. In the houae, hearings are now go ing forward on a separate bill to ex- tend rent controls for the full 90- day period requested by President Truman. Under present law federal controls end December 31 except where communities have acted to re tain them. Testifying before the Senate fin ance committee. Secretary Snyder made his prediction on the likelihood of wage-price controls in reply to a question by Senator Millikin (R.- Colo.). Snyder declined to say, how ever, when the controls might be clamped down. Cotton Supported At Ninety Percent For 1951 Charles F. Brannon, secretary of agriculture, has announced the price support on 1951 cotton set at 90 per cent of parity, according to letter re ceived from R. W. Hamilton, chair man, South Carolina State PMA Committee. There is to be no cotton acreage allotment for 1951. The government is asking for a 16 million bale cot ton production for next year. Farm ers who have labor, equipment and land should increase their cotton ac reage for next year, keeping mind not to upset or unbalance a sound agriculture program on their farm Farmers who are developing grass farming and livestock program on their farm should not sacrifice their balanced progra min the face of the cotton situation. CREDITOR’S NOTICE All persons having claims against the estate of Herbert M. Chaney, de ceased, are hereby notified to file the same duly verified, with the under signed, and those indebted to said estate will please make payment like wise. CARL I. CHANEY, Executor. Nov. 30, 1950. 21-3c A Gift from Prather-Simpson means Quality. Old Fashion POUND CAKE Iced Christmas Decorations TINMAN'S BAKERY Phone 334-W FALL SWEATERS and JACKETS In all the latest styles L. B. DILLARD Reduce Your Food Bills With Dixie-Home’s... When it comes to SAVINGS, it it what | you SAVE IN TOTAL that count*! 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