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‘ l / V. -V The Chronicle Btrives To Be A Clean News paper, Complete, Newsy - and Reliable ®hp Clinton If Y^u Don’t Read The Chronicle You Don’t Get the News V 1 *♦ A Volume Lfll Clinton, S. C. # Thursday, November 20, 1952 Number 47 A Regular Chronicle Feature BUY DOLLARS, ADVICE GIVEN BY BABSON TO U. S. PUBLIC Believes 53 Cent Value Now On It Will Increase In Future. New York City, Nov. 14.—I saw more smiles on November 5th than I have seen for several years. Know ing of my interest in Florida, my friends have been congratulating me that Florida “voted Republican.” I, however, cannot forget that the last and only other time Florida voted Re publican was in 1928. Although ev- e r ynp - n e 'likewise smiled then, yet within less than a year we had the Panic of 1929. I do not believe that history need now repeat itself; but Bofer W. B»tooa the Dow-Jones In dustrial Average could go off 100 points. I say this after allowing for both Inflation and the Vast Sums which these thirty big corporations, the stocks of which compose this Industrial Average, have plowed back into their businesses since 1929. Inflation And Book Values You will naturally ask: "What about inflation since 1932—which should prevent the next ‘lows’ from reaching the 1932 figures?” This is a fair question.. Well, in 1932 the value of our dollar, in terms of wholesale commodity prices, was $1.50. Today this value is 53 cents. This means that we would be justi fied in multiplying the 1932 "low” of 40 by 2.8. This would be equiv alent to a theoretical “low” of 112 for today. Many corporations since 1932 have •put back into their businesses large sums of money without increasing their indebtedness or the number of their outstanding shares. On the erage, this amounts to a total esti mated figure, after depreciation, of 60 percent for the twenty years. This could also be added to the 112, to make a figure of 172, which could now be compared to the 1932 “low” of 40. In other words, after consid ering both inflation and increased book value, the Industrial Average— now at 270—could easily go back to 172, or a decline of about 100 points. Possible Market Declines The above adjustments, however, are largely theoretical. Stock prices depend more upon EMOTIONS than on STATISTICS. Furthermore, a change in customs or new inventions may raise havoc with mathematics. For instance, the railroads have high book values, making their stocks, THEORETICALLY, worth very much more than they are selling for; but this does not make people ride on the railroads! It does not prevent people from using automobiles and trucks. Hence, a forecast of stock prices should not necessarily place HOME too much dependence upon politics, even when conclusions are adjusted to inflation and book values. In the long run, stock prices are determined by: (1) Earnings of corp orations; (2) the amount of funds available for investment; and (3) the confidence of people to buy stocks, which must have increased since No vember 4th. There are three other factors, however, which could de termine stock prices during the next two years. These are: (1) The ac tion of labor unions; (2) the growth of foreign imports; and {3> the recklessness of domestic competition and price-cutting. All of-these fac tors now indicate'the stock market could decline 100 points, notwith standing the recent Republican vic tory. What Is Today’s Best Buy? Every reader is justified in asking how he can capitalize on the recent great Republican victory. I have a definite answer — namely, “Buy Dollars.’’ Today Dollars can be pur chased for fifty-three cents. I believe they are the best bargains that there are today. Furthermore, whatever else the new Republican Adminis tration is able to accomplish, it should make these Dollars worth more money both at home and abroad. For the time being—as long as we avoid World War III—infla tion may be at an end. The simplest way to “Buy Dollars” is to save money or to take a profit and put the proceeds into a good hank. In other words, bank deposits may be the best investment today. Certainly, every wise person yrill build up his bank account dtiring the next few months. In the mean time, watch the present fifty-three cent Dollar and see if I am right or wrong in this advice. Sour Cream Waffles 2 cups sifted flour 2 teaspoons baking powder 1 teaspoon soda teaspoon salt 1 tablespoon sugar 3 eggs, separated 1 cup sour milk 6 tablespoons butter, melted Mix and sift dry ingredients. Com bine well-beaten egg yolkes, sour milk and cream: add to flour mix ture and beat until smooth. Stir in butter and fold in stiffly beaten egg whites. Bake in a hot waffle iron. CITATIOV FOR LETTERS OF ADMIHISTRATIOIf The State of South Carolina, County of Laurens. By J. H. Wasson, Probate Judge: WHEREAS, Jeanette Chapin and Pearl B. Cawford made suit to me to grant Pearl B. Crawford Letters of Administration of the Estate and effects of James Wister Crawford. These are, therefore, to cite and admonish all and singular the Kin dred and Creditors of the Said James Wister Crawford, deceased, that they be and appear before me, in the Court of Pobate, to be held at Laurens Court House, Laurens, S. C., on Nov. 25 next, after publi cation hereof, at 2:30 o’clock in the afternoon, to show cause, if any they have, why the said Adminis tration should not be granted. Given under my hand this 10th day of November, Anno Domini, 1952. J. HEWLETTE WASSON, 2c-21-w J. P. L. C. Mix some sharp, grated Americarf cheese with canned baked beans and pork. Heat and serve over toast and you’ll have a simply-prepared, hearty supper dish. Put hard-cookec eggs through a sieve or chop with a pastry blender. Add these to mayonnaise with' chopped chives and you’ll have an elegant dressing for a green salad. Tiny baking powder biscuits are good for a snack afternoon or eve ning if they’re spread while still warm with cream cheese mixed with deviled ham. Baked fish for dinner? Bake it on sonrnr strips of bacon over which you have placed a few crushed bay leaves. The flavorts wonderfulr—— Diced leftover ham can always be used to extend welsh rarebit. Ham and cheesS are flavor teammates, so you’ll have a good combination. Sponge cake gone a bit dry can be a most lucious dessert when topped i with pineapple, cold custard sauce' and a sprinkling of moist coconut. This is the season for both cab-1 bage and apples. Shred the cabbage' fine, dice the apples with their red! skins and mold in cherry-flavored i gelatin for a delicious salad. Dip some egg plant slices in egg, and crumbs and saute until golden. Top with a fried tomato slice and creamed mushrooms. It’s a meaty-1 tasting main dish. Try garnishing your tomato, bean or pea soups with onion rings fried until golden brown, then sprinkle with crisp, crumbled bacon. RECIPE OF THE WEEK NEW YELLOW WRAPPER ROADTEST Ikis hmwteM Beauty! ELIMINATE GUTTER CLEANING By Installing "STEELCO" Gutter Guards Protect your gutters and down spouts from falling leaves, dirt, twigs and other pipe-ciogging de bris. Low in cost. Ask about "Steel- co" Gutter Guards — the modern way to protect your home. BE SURE TO CALL AUGUSTA ROOFING for Gutters • Downspouts • Roofing • Bondstone • Weotherst ripping • Insulation • Sheet Metal Work • Expert Workmanship • Quality Materials * ' I NO DOWN PAYMENT—36 MONTHS TO PAY FOR FULL INFORMATION Write or Phone 4-5546 W-ite or Pkone 4-5546 Roofing GMetalWorks rvcorp onecteci 623 RoynoMa Street Augusta, Ge. More speed ihan you’ll ever need Most efficient engine de sign in any American car. 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