The Clinton chronicle. (Clinton, S.C.) 1901-current, January 22, 1953, Image 9
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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.”
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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.
SOUTNIRN Sill TELEPHONE
AND TELEGRAPH COMPANY
You Can Afford Quality
At TE. JONES & SONS
TRADITIONAL
SUITES
AT BIG SAVINGS
French Provincial, and
beautifully styled suites to \
use with your traditional
accessories. Many styles
and colors.
I^arge Assortment
Occasional
Chairs - Tables
BEAUTIFULLY CHOSEN PIECES, IN TIMELESS GOOD TASTE . . .
PERFtfeT FOR HOMES OF YESTERDAY, TODAY
AND TOMORROW.
WE STILL HAVE A FEW CABINETS AT SPECIAL
> FACTORY PRICES
WALL
CABINETS, 16-18-24 in
Ideal Storage Space
$14 to $19
$16 to $24
SEE US FOR HOTPOINT, PH1LCO OR BENDIX APPLIANCES
T. E JONES & SONS
‘ • I
Furniture