Historical Newspapers of South Carolina

Below is the OCR text representation for this newspapers page. It is also available as plain text as well as XML.

'4 * .\ ♦ *» THE CHRONICLE Strives To Be A Cleon Newspaper, Complete Newsy and Reliable Site ffiltnlan Chrnnirlp If You Don't Read THE CHRONICLE You Don't Get the Newt Volume LI Clinton, S. C, Thursday, December 21, 1950 Number 51 % V * * <4 A Chronicle Feature BUSINESS AND FINANCIAL OUTLOOK GIVEN FOR 1951 L.. Noted Statistician Soys Volume of Business Will Be Less Than in 1950, With Higher Taxes and More Deficit Financing. SPECIAL EXCLUSIVE The United Nations will withdraw from Korea during 1951. Tne United States in 1951 will have the largest National Income of its history. f By ROGER W. BABSON 1. Excluding defense orders, the total business volume in 1951 will be less than that for 1950. However, Na tional Income in 1951 will be tne highest ever recorded, as war orders take the place of peace production and high prices prevail. More Government Controls Coming 2. The oustanding feature of 1951 will be the ever-increasing interfer ence of the government in the lives of businssmen and consumers. 3. The Administration and its eco nomic advisors are firmly convinced that radical inflation is about to break out next year. But the “brain . trusters’’ are overlooking the fact that the boom is already old and that it was creaking badly when the Ko rean War broke out. War postponed the downturn which would have tak en place much sooner. The date of the slide has only moved ahead. 4. Ruihing to catch up on its neg lected defense program, the Admin istration is anxious to shrink busi ness volume to an unnecessary de gree. Efforts at first will be along the line of tighter credit curbs, such as restrictions on mortgage and in- Ftallment loans and Increased bank reserve requirements. 5. As 1951 wears on, the effect of credit controls will cause a decline in legitimate business. Civilian pro duction will decline more than arma ment production will increase. The public may then cry, “This is a gov ernment-made slump; let’s get rid of the controls!” 6. If in 1951 it becomes evident that business is declining too fast as a result of government curbs, the planners at Washington may rush their patient into an oxygen tent OeUeek 7. Most labor groups will not be successful in getting a sixth round of wage increases in 1951. Although there may be more strikes in the first part Of 1951, there will be fewer for the whole year as compared with 1950 8. Tightness in the labor supply will be continued as the year wears on, particularly of highly-ski lied workers. 9. The Taft-Hartley Law will not be repealed during 1951 but may be amended. The Administrators of the law will continue to wink at some of its clauses. Commodity Prices Will Remain Firm 10. Wholesale prices of many com modities will be marked by a mild decline in 1951 when compared with the price level for December 51, 1950. In some lines the drop may be quite steep from the high Ivels of late 1950. Retail prices for 1951, I do not now forecast. 11. The year 1951 should prove an excellent time to keep a tight grip on inventories. Commodity speculation for the rise will not pay In 1951. Fur thermore, our expanding stockpiles of strategic materials present a real price threat in the event of a peace scare. Such stockpiles could then act strongly as a depressant on prices. 12. The cost of living will remain high during 1951. This prediction re cognizes that living costs next year may be above the lower levels that existed during the first half of the year now closing. Farm Outlook Good 13. Farmers’ income for 1951 should average no less than Lhat for 1950. Since the trend in die first half of 1950 was down, this forecast is not so optimistic as it might other wise seem, for there is likely to be a weakening of the farmers’ income position during the latter part of 1951. 14. Barring crop failures, the total ♦ ONLY i 3 Shopping Days Until Christmas Let THE CHRONICLE advertisements help you each week. They are filled with interesting, helpful suggestions and “Store news” that will save you time “and money while stodts are fresh, full, and thrilling. BE WISE- READ THE ADVS. supply of food available should be larger in 1951 than for 1950, since the government will raise planting quotas as part of its attack on infla tion. If the weather is extremely fav orable, the government will be blam ed for farm-price weakness during the latter part of 1951. 15. With prospects good for a ris ing supply of feed grains, meat should be more plentiful next year than in 1950. Prices for meat, how ever, will be held up by continued high National Income and by mili tary needs. Taxes Will Be Higher 18. The burden of federal taxes, both corporate and personal, will be increased again in 1951. State and municipal taxes will remain high. 17. There will be an excess profits tax in 1951. These excess profits taxes will be milder than those in force during World War 11; but they will be inflationary and retard ef ficiency, economy and incentive. 18. 'There will be heavy pressure for increased federal “sales taxes” to discourage purchasing of luxury and certain nonessential goods. Congress will sec the value of some such sales taxes as an inflation road block. 19. States and municipalities will again be under pressure to find ad equate sources of revenue. Further increases in such taxes can be look ed for next year with additional cities and or states adopting sales taxes. 20. Despite renewed efforts to in crease the long-term capital gains tax above the present 25 per cent figure, rates will remain unchanged. DamcsSic Trade Will Be Leas 21. Credit curbs mil cut into the demand for automobiles and house hold equipment Completions of fvw- dwaitings will also art IS a ffifflp. er on furniture sales. 22. Falling demand for hard goods should mean a stabilisation of the public’s spending for food and low er-priced soft goods. 23 The trend forecast in No. 22 will mean a decline in department store volume, but I predict a rise in the sales of variety chains and of drug chains. Foreign Trade Outlook Fair 24 Barring new war developments, I look for continued shrinkage in our exports during 1951. Imports, however, should rise further. Total foreign trade should not be much changed, but the exporters will be on the short end of this business with the importers gaining. 25. h will become more difficult to convince Congress that additional heavy credits should be granted abroad except for war supplies. 28. As was the case this year, many domestic manufacturers will feel in creasing competition from foreign merchandise. The cry for increased tariff protection will be heard again in the land. 27. Business and financial forecasts for next year are NOT based on the thought that World War III will start in 1951. Russia is certainly heading for war, but we do not believe she now wants it in Europe. She will be satisfied to have her satellites con tinue taking unexpected jabs at us, while the Politburo boys hand out the soothing syrup. But we may see (Continued on page seven) CLINTON FACES QUIET, ENJOYABLE CHRISTMAS HOLIDAY SEASON Business Firms and Mills To Close. Shoppers Throng Streets and Stores. Yuletide Spirit In Evidence. Bank Of Clinton To Pay Five Per Cent Stockholders Dividend President R. P. Hamer of Bank of Clinton, said yesterday that a divi dend of $5.00 per share on the capital stock will be distributed Friday to the 115 stockholders of the institu tion. The payment of the dividend was authorized by the board of di rectors at its November meeting, and later approved by the state bank board. Its payment is of record De cember 14, 1950. “We are gratified to pay this 5 per cent dividend to our stockhold ers”, President Hamer said, which is due to the loyalty Of our friends and customers and the increasing volume of business we have received since the bank opened in the late fall two years ago.” The bank last year paid a dividend of 3 per cent. Officers of the bank are: R. P. Hamer, president, T. E. Addison and John T. Young, vice-presidents, F. M. Boland, cashier, Harry MdSween, assistant cashier, Miss Margaret Hol land and Mrs. Frances Warner, bookkeepers. Boai'd otf directors: R P. Hamer, T. E. Addison, John T. Young, John W. Finney, Sr., F. M Boland, T. H. Copeland,W. W. Har ris, J. P. Prather, H. D. Henry and 6. G. Dillard. The streets will be crowded today, Friday and Saturday with throngs of people doing their last minute shop ping in preparation for Christmas. Clinton business will close down Monday for Christinas day as em ployees and employers celebrate the season with a holiday pointing to a Trappy obseftllRf. firms will reopen Tuesday morning. The city schools and college closed last Friday. The orphanage schools closed yesterday. The poetotfice will be closed *11 day Monday and no deliveries will be made. The Clinton and Lydia Cotton Mills, and Joanna Cotton Mills will close Friday night and reopen on their regular schedules next Wednes day morning the 27th. Other local plants, Gwen-Ev^p Mills, Dapper Hosiery Mills and Hall mark Manufacturing Corp. will ob serve holidays. Christmas cantatas and special programs have been presented in the schools and churches of the city, and sunilar music and Christmas ser mons are planned for Sunday Many will spend Christmas out of the city visiting relatives and friends, while others. Including col lege students, have returned to their homes here for the holidays. Christmas, of course, is the day of days for children, the celebration centering around the Chnst-Child. Upon Santa’s annual visit here re cently he was given a great welcome by the thousands who jammed the streets. Indications point to a quiet, en joyable Christinas for Clinton and this entire community. THE CHRON ICLE wishes for its thousands of readers a season of happiness, free of sorrow, tragedy and anxiety. 20 MEN INDUCTED BY DRAFT BOARD Twenty men were inducted into the armed forces through the Lau rens county draft board on Decem ber 8, according to chairman J. B Lewis. The men who reported for induc tion are: Meyer Price. Lindsay Bailey, Wil liam Henry Reddick, Ai Thompson of Laurens; Bob Wess, Edward Leon Pease, Jr., and Richard Games Fenell of Clinton; William Drayton Godfrey and Clifford Cunningham of Mount- ville; John Lewis Fortner, Jr., Hugh Lee Heilams, Herbert Hoover Boyd and Aroy Abrams of Gray Court; Also, Janmy Lee Williams of Lan- ford; Javan Junior Kelley of Fount ain Inn; Alford Brown of Cross Hill; Harold Martin. Lexington. N. C; Lee Grant Thompson, Waterbury, Conn.; and James Knox Reeder Brooklyn, N Y. Kiwonis Club To Act As Santa For Orphanage Family The Clinton Kiwanis club, follow ing a several years practice, will again serve as Santa Claus for the boys and girls of Thorrvwell orphan age. Bags will be presented all the chil dren Christmas morning containing an assortment of fruits and candy, with several club members present and Santa in person for the present ation. The bags will bear the greet ing, “Merry Christmas” from the Kiwanis club. Lost Of Dove Shooting Season Opens Dec. 23 The last part of the season for shooting doves will open Dec. 23rd at 12 o’clock noon and remain open through January 6th. The hours for shooting will be from 12 o’clock noon t until sunset each day. All automatic, pump or any auto loading gun must be plugged to hold not more than (3) three shells. The bag limit is 10 doves per person per day, according to Garvin B. O’Dell, county game warden. Dr. Samuel Rankin To Be Associated With Dr. Blolock Dr. and Mrs. Samuel G. Rankin and small daughter have moved here from Charlotte, N. C., and are now occupying the residence of Mr. and Mrs. Jack Johnson in College View. Dr. Rankin will be associated with Dr. George ft. Blalock at Blalock’s clinic after J«n. 1st. Dr. Rankin graduated from Louis iana State University and from the L. S. U.* Medical College in New Or leans in 1943. He interned at the Medical hospital in Portsmouth, Va., and for two years was assistant sur geon on the UBS Grimes, and also served as resident surgeon at the Grace hospital in Richmond, Va. Dr. Rankin also served two years in Chi na as medical missionary at Stout Memorial hospital at Wu Chow, Chi na. Prior to moving here he served as resident surgeon at the Charlotte Memorial hospital. VISITING IN CHARLESTON Mrs. Zee McLees and Miss Sallie Wright are spending the holidays in Charleston with the former’s son and daughter-in-law, Mr. and Mrs. Rob ert McLees and family. Today’s Christmas Edition With pleasure we present to our readers today our annual “Christmas Edition” following a long established custom. You will find in the edition much helpful advertising to assist shopper > in the last days rush, together with an unusually large collection of at tractive “Merry Christmas and Hap py New Year” greetings. These greetings come to you from the City merchants, banks, mills and varied other business firms. These messages, full of good-will and beautiful sentiment are inserted by Clinton firms as a means of pub licly expressing their thanks and ap preciation to their many friends and customers for thpir patronage, confi dence and consideration during tho year now drawing to a close. They likewise wish for everyone 365 days of health and happness in 1951. Today’s paper reaches our sub scribers whan everybody is busy with last-mimite shopping and preparation for Christmas. It comes to you how ever when there will be plenty time for the entire .family to read its con tents during the next few days and Christmas, after the rush is over. And we would point out that it con tains much beautiful and appropriate Christmas material in addition to community news. Don’t miss any of its pages. Today’s 32 page paper is unusually large for a town this size. We hope you will enjoy it. Merry Christmas. Midwoy Motel To Open Saturday For Public Inspection The Midway Mckel, ‘ One of Oar- olinas’ Finest", located midway be tween Clinton and Joanna, will be open for public inspection the first time on Saturday, December 23, be tween 1 and 5 o. m. The handsome Motel is owned and operated by Mr. and Mrs. R. D. Nance, and they extend a cordial welcome to their open-house on the above date and hours. The Motel with ample pinking space, has been built in a natural setting of oaks and stately pines. The building is, of Spanish type of architecture arid is modemly furnished with beautiful furniture. It is equipped with steam heat, all tile baths, cross ventilation, spacious porches, ample parking space, 24-hour service, and will offer every convenience to its guests. Sin gle, double and family rooms are available. Another unusual feature is the color scheme, every room hav ing two tones of soft colors. The owners say they have received many compliments on the Motel and truly it will be their endeavor to make it “Carolinas’ Finest”. Just across from the Motel Mr. and Mrs. Nance have an attractive new home they are now occupying The office adjoins the residence. , Their opening announcement in to day’s paper carries photographs of the Motel, the Nance residence, and one of its bed rooms. Christmas Program At Orphanage Sunday Thornwell will present its annual Christmas program Sunday , evening at 7:30 at Thornwell Memorial church. A pageant of the, Nativity will be given in song and tableau. The public is cordially invited to attend the service. Christmas Play At Lydia Church Sunday The Youth Fellowship of Lydia Methodist church will present a play, “The Christmas Story” at Lydia School auditorium Sunday evening at seven o’clock. Mrs. C. G. Gw inn is councelior and Miss Joyce Mitchell is president of the group. CHRISTMAS WEEK IN CLINTON 15 YEARS A60 Items of Interest Then About Happenings And People You Know. (Issue of The Chronicle, Decem ber 26. 1935) Dr. and Mrs. R. L. Coc and daugh ter of Columbia, arc spending the holidays with Mrs. Coe’s parents, Mr and Mrs. W. H. Shands. H. D. Rantin is spending Christmas with his daughter, Mrs. N. P. Dow. in Knoxville, Tenn. Prof. and. Mrs. M. W. Brown are spending the holidays with relative.' in Chattanooga and Newborn, Tenn. Miss Kate Milam oCSpringfield, is spending the holidays with her par- tnts, Mr. and Mrs J. W. Milam. Mrs. M. J. McFadden is at home- from a several weeks stay in Tampa. Fla. Dr. and Mrs. L. E. Bishop and fam ily have moved to the city from Lau rens. Misses Elizabeth Nelson, Mary Em ma Speake and Eloise Von Hollen, students at Lander college, are at ruxne for the holidays. Billy Owens, student at Georgia Tech, is spending Christmas with hi* mother, Mrs. William Bailey Owens. J. Isaac Copeland of Peabody col lege, Nashville, Tenn., is spending the holiday season with his parents, Mr. and Mrs. W. D. Copeland. Mrs. Gilbert Blakely and childreri are spending the holidays with her parents in Montrose, Ga. Miss Emily Ferguson, student at Queens-Chicora college in Charlotte, and Edward Ferguson, Duke univer sity student, are spending the holi days with their pnrents, Mr and Mrs R. E Fenguson Thurston Giles of Detroit, Mich., and Miss Patricia Giles, student at William and Mary School of Art, Richmond. Va., are with their par ents, Mr and Mrs. C. C. Giles for the holidays Mr and Mrs. E. D. Craag and chil dren are spending Christmas with, relatives in Wrens, Ga. Miss Margaret Jones, student at Dr. White's Bible college, New York. 1* spending the holidays with her par ents, Dr. and Mrs. Dudley Jones. Miss Mary Workman who teaches, at Dunbarton, is at home for the hol idays. Ross Lynn of Home, Ga, Robert Lynn of Dublin, Ga., and Miss Eli zabeth Lynn of Talabasaee. Fla., an* with their parents, Dr. and Mrs. L. R. Lynn for the holidays. Robert Vance and Bailey Williams, students at Davidson college, are at their homes for the holidays. Miss Lila Mae Edwards, student at Brevard college, Brevard, N. C.. is spending the holidays with her parents, Mr. and Mrs. J. V. Edwards. Mr. and (Mrs. James Tinkler of Cliffside, N. C., are guests of her parents, Mr and Mrs. E. R. Knox, for the holidays. Mr. and Mrs. B. L. King and Miss Emma Adams are spending Christ mas in Spartanburg with Mr and Mrs. Harry Phillips. Mr. and Mrs. W C. Baldwin and family are spending Christmas with, relatives in Due West. Miss Louise Bhford who teaohes in Centenary, is with her parents. Mr. and Mrs. G. F. Buford for the holi days. Miss Louise Davft of High Point. N. C. t and Miss Grace Davis of Aik en, are spending the holidays witri their parents . „ Misses Martha and Mildred Whit ten, students at Anderson college, are spending the holidays with their parents, Dr. and Mrs. B. O. Whitten. Miss Margaret Moorhead, student at Coker college, is spending the hol idays with her parents, Mr. and Mrs. W. A. Moorhead in Goldville. Miss Vivian Parks Adair, student at Brenau college, is with her par ents, Mr. and Mrs. V. P. Adair for the holidays. Misses Rosa Bailey Little, Caroline Martin and Copie McCrary, student* at Winthrop college, are at home for the holidays. The following CZemson students are at home for the holidays: Clyde Rampey, Bill Dobbins, James Hia, Ryan McCrary, Hayne Workman, Hugh Buford, John W. Finney, Rob ert Campbell, Forrest Adair and Ar chie Adair. An announcement of interest here is that of the approaching marriage of Miss Louise Davis and E, C. Glas gow of High Point, N C. Masses Margaret and Catherine Blakely entertained with a lovely dinner party Thursday evening in honor of Dr. ajid Mrs. Robert P. Jeanes of Easley, who were recently married, and Miss Rutih Todd and Frank Martin of Laurens, who were married on Christmas day. Miss Virginia Dukes and. William Grady Adair were united in marriage Sunday afternoon at the home of She bride s parents in Secfaha.