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The Chronicle Strives To Be A Clean News paper, Complete, Newsy and Reliable ®br (Elintmt (Eljmmrl? If You Don’t Read The Chronicle You Don’t Get the News Volume LIV Clinton, S. C, Thursday, January 22, 1953 Number 4 A Regular Chronicle Feature BABSON WARNS STOCK MARKET MAY NOT KEEP GOING HIGHER Does Not Expect Fall Such As Occurred In Hoover Regime. By ROGER W. BABSON Babson Park, Mass., Jan. 16.—I freely admit that a great change is taking place in the government of this country. Not only did the country give Eisenhower a “land slide’ victory last November; but Eisenhower is now giving “Big Business’’ a “landslide” stock mar ket in return. Why Stocks Have Gone Up The appointment of so many sue cessful businessmen to high offices had made them and their friends very bullish. These friends have passed along the word to other friends who have bought stocks a t a n unprecedented rate. Naturally, stock prices have been going up and will continue t o climb as long as this buying exists. Have these Re publicans bou g h t tat investment or to sell again soon at a profit? Frankly, I do not know, but my guess is the latter. If so, when these friends of the big shots begin to sell, who will be the E*r«r W. buyers? A stock market can tum ble from present prices as fast as it can climb. After Hoover’s, elec tion in 1928 the Industrial Averages went up 100 points within 10 months, but then fell back over 100 points in only 1 month! Will History Ropeal lisalf? Stocks rallied again during the first part of 1930, but in April be gan an almost steady decline until, in 1932, they had fallen a total of 300 points from the 1929 peak! This means that the Industrial Av erages, which were selling above 350 after Hoover had been in office 6 months, sold at only 50 the fourth year of his term. This does not mean mat such a decline can now happen again, primarily because very few stocks are held on margin today. Techni cally, the stock market is now in a sound position, but this is not the reason people are buying stocks to day. iW reason is that they be lieve that “Big Business” lias at last taken back the control of our country. But if this is true (which I doubt) it is no reason to buy stocks for speculaion. Hoover se lected as his Secretary of the Treasury Andrew Mellon—one of America’s richest and brainiest men. “Big Business” controlled the Hoover Administration, The sad truth is that the present period of prosperity has not been built upon honest work and sav ings. It has been built on borrow- ATTENTION, ALL FARMERS! You Are Cordially Invited To Attend the ANNUAL MEETING OF MEMBERS —of the CLINTON PRODUCTION CREDIT ASSOCIATION v : pile; SithWty, Jimuury 24m Place: Florida Street School Building, Clinton Time: 10:30 A. M. Mr. G. H. Aull, of Clemson College, will be present to give you information on the future outlook of agriculture. The meeting is open to the jjjublic at large. CLINTON PRODUCTION CREDIT ASSOCIATION CLINTON, S. C. The place where farmers may obtain all their short term credit needs from a cooperative credit institution complete ly owned and operated by farmers for its farmer members. Byrnes To Get Cooperation From Solons, Is Indicated Columbia, Jan. 19.—If the open ing week is any indication, it looks like the unprecedented legislative cooperation Gov. James F. Byrnes has received the last two years will continue in the 1953 General As sembly. Barring an unforseen nitch, the governor’s plan for permanent im provements at state colleges and other institutions, through an $11,- 681,880 allocation from the state surplus and bond issue program, is expected to be introduced in the form of a bill Tuesday. In # addition, four of Byrnes’ les ser recommendations dn his annual message to the assembly Wednes day would be carried out by bills already in the legislative hopper. Measures answering Byrnes re quest for an absentee ballot for service men, a constitutional con vention referendum, and a $2,000 servicemen’s income tax exemp tion have been introduced. The House also has passed a resolution calling for final aujourn- ment of the session at the end of 40 legislative days, another of the governor’s proposals. Such a re solution, however, almost always is introduced when the General Asembly convenes. The Hbuse Ways and Means com mittee met with Byrnef Thursday and no disagreement over his per manent improvements program w£$ voiced. Committee members decided, however, to study it over the week-end, then meet early Tuesday to draft a bill for introduction when the House convenes at noon. The bill will make direct ap propriation of dose to 12 million dollars of the state surplus, divided this way: $5,550,000 for improved state mental care facilities: $1,500,- 000 to buy school buses; $635,000 for improvements at penal insti tutions and the rest to state col leges. .-"-t In addition, it will allow each state college to issue bonds for permanent improvements, based oni their tuition fees. 'The total bonds I outstanding for all colleges at any one time could not exceed $10 mil lion and no bonds could be issued for more than a 15-year period. The bill also would lift the $80 a year limitation on tuition fees in state colleges and leave them to the discretion o findividual col lege trustees. There had been speculation as to gubernatorial relations with the legislature this year. Byrnes sup ported Republican Dwight D. Eis enhower in the November elec tion, while most legislators follow ed the regular Democratic ticket. But House Speaker Sol Blatt, who backed the unsucceusfsl candidacy of Democrat Adlai Stevenson, may have sounded the keynote of the session when he called for full cooperation with the governor. “Families were divided in the presidential election,” he said on his re-election as speaker, “but now is the time dissension among our people must cease.” SUBSCRIBE TO THE CHRONICL* “The Paper Everybody Reads’* Coach Enright To Be Banquet Speaker Coach Rex Enright of the Uni versity of South Carolina, will be the speaker at the Jacobs Blocking Trophy banquet to be given here in the college dining hall on the eve ning of January 30. Other guests will be past state trophy winners and members of the 1952 All-State football team. Dr. Felder Smith OPTOMETRIST Laurens, S. C. Phone 794 Dr. L. B. Marion has returned to the city and will resume his regular office hours from 9 to 5. Young people love it! Bug Coke bg the carton Ice Vogues At Spartanburg Jan. 28-Feb. 2 i- *• Spartanburg—The advance sale of tickets for the Ice Vogues of 1953 show coming to Spartanburg Memorial auditorium January 28 through February 2, is again run ning heavy and indications are that capacity crowds will be in attend ance for all five night shows and the Saturday matinee. Robert Randell, president of the sponsoring Civitan club, reports that more than a third of the tick ets for all 'performances have been sold and cautioned tha while good seats still remain, the earlier tick ets are secured the better selection the purchaser will have. The auditorium seating arrange ment has been changed this year to eliminate all post obstructions on the main floor. This also has. made it possible to enlarge the huge ice cake on whidh the cast performs to where it covers a larger area than a regulation basketball court. Mail orders for tickets are filled promptly at the downtown ticket office, 117 Morgan Square. Tickets may be picked up in person either at that office or at the auditorium box office on North Church street. — Coca-Cola—perfect blend of many flavors— has a flavor all its own. Refreshing as the young folks’ outlook—pure, wholesome Coca-Cola 1 belongs in your refrigerator at home. ■orriED UNrr» authority or the coca-cow company »y GREENWOOD COCA-COLA BOTTLING COMPANY o 1**2. ** COCA-COLA COMPANY ed money, much of which has been spent on useless war. In 1914, when Torld Wgr I started, our National Debt was*less than 2 billion dollars. Today it is over 250 billion dollars. If the Republicans will continue the Truman finance, they probably can keep the balloon inflated a few years more. If, however, they start to operate in an honest way-as did President Hoover . and Andrew Mellon—by reducing the debt, dis charging government employees and urging economy, stocks will surely have a bad fall. Making Monay In The Slock Market Successful brokers are, by nature bullish. They must try to get you to buy stocks. I, however, suggest you ask your broker these two sim ple questions: (1) Are stocks cheap today? (2) Will they some day sell 100 points below present quotations? Most brokers are honest, even when wearing rosy glasses. Get a “Yes” or “No” answer—then use your judgment. It is entirely possible that the stock market will . go higher; but this possibility does not interest me. Based on all previous history, I know stocks will some day sell 100, or perhaps 200, points lower. I’m putting my hard-earned sav ings in the bank awaiting such a time. What money I have made has been through Patience. Who was it said: “Patient Waiters are Never Losers.’’? TAKING BETWEEN CALLS adds up to better PARTY LINE service, too i \ When you have several calls to make on the party line, it’s a good idea to space them so your party line neighbors also can use the telephone. That’s a courtesy they’ll appreciate and return. 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