Historical Newspapers of South Carolina

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/ T * V. The Chronicle Strives To Be A Clean News paper, Complete, Newsy and Reliable If You Don’t Read The Chronicle You Don’t Get the News Volume LIV Clinton, S. C, Thursday, June 4, 1953 Number 23 Babson Discusses " ' Insurance, Says It's Becoming A Fast-Growing Racket By ROGER W. BABSON New York City, June 4.—During the past winter, while in the South, I received many interesting letters which I saved. Most of these let ters can be classified under four headings: (1) Unemployment In surance, (2) Excess Inventories, (3) Personal Debts, and (4) Labor Un ions. As these letters come from over thirty different states, they give a cross section of what the av erage business man is thinking about Unemployment Insurance i For a very subtle reason most businessmen, especially retailers, are not opposed t o unemployment insurance. They feel that if a de- p r e s s i o n comes these unemploy ment checks — as well as pensions, old- age assistance and other sources o f Government, State and Munici pal aid—will be of jgP'' • WShI Bocer W. Babs«a Savings Accounts 3%—DIVIDEND—3% We invite savings accounts from the people of Clinton and vicinity. You will like our friendly and efficient ser vice, and you will receive your dividend promptly each January 1st and July 1st. Any amount — from $1 up — opens an account. Each account is insured up to $10,000 by the Federal Savings and Loan Insurance Corporation. Two people may have up to $30,000 fully insured. Accounts by mail promptly acknowledged. —i Chartered and Supervised by Hie United States Government t#' JjWfc v > * Laurens Federal Savings & Loan Association Telephone 22271 LAURENS’ LARGEST SAVINGS INSTITUTION 104 West Main Street Laurens, S. C. help in preventing a business col lapse. 1 Doubtless these checks from the public treasury will cushion a decline in their business when un employment comes. But why have the unemployment? These letters almost unanimously, however, complain about the present abuse of this unemployment insur ance. For instance, in Massachus etts a person who earns approxi mately $500 in each quarter of a year, or approximately $2,000 a year, is entitled to collect $25 from twen ty three weeks of unemployment or $575. But the laws of the various states vary somewhat as to the amount paid and the duration of payment. If these were bona-fide cases, it would not be so bad; but my correspondents claim that a large proportion of thtse “unemployed” have purposely arranged to get “fired” in order to get this insur ance. In other words it is becom ing A fast-growing racket which is upsetting the employment situation, undermining the charcter of em ployees and causing an unnecessary drain on public funds. If unem ployment offices are not operated by politicians and their friends, of ficials do seem to be shutting their eyes to this abuse. It should be stopped. Danger of Excess Inventories John C. Lang of Baltimore writes a letter which is typical of many similar letters. He calls attention to the excess inventories which businessmen for various reasons feel obliged to carry. Of course, the future of your community de pends, in the long run, on keeping purchasing power and inventories on a reasonable balance. Such a balanced condition would help to give your community a steady but gradually increasing prosperity. Various suggestions have been made for preventing ex cessive inventories. One is that the Excess Profits Tax be switched to an Excess Inventories Tax. Surely, some check ort excess inventories is needed to avoid a business de pression. I hope each merchant will be careful. Installment Debts The American people are today indebted for $19.3 billions due on installment purchases. Savings are larger than ever and these should, to a certain extent, serve as an set. Unfortunately, however. Con gress has not given the Federal Re serve System the power to curb consumer credit, and this unneces sarily permits further credit expan sion. A dangerous feature of the situa tion is that local banks, which refused to loan customers when they were out of employment and needed the money, are now, with higher prices being paid for auto mobiles, refrigerators, fur coats, etc., encouraging unnecessary bor rowing. l ixope they, will be oace-. ful and avoid a policy which would not be good for their community. Labor Loaders From almost every state I re ceive complaints about the arbitra ry actions of union labor. My cor respondents do not object to the carpenter, painter, plumber, brick layer, etc., getting more pay. They, however, complain desperately that these workers are not producing what they should and are loafing on the job. The workmen in turn blame the problem on the labor leaders. AH of this sets up a vic ious circle which sometime must collapse. I am a great believer in every family having a home, and hence have always encouraged the build ing and buying of homes. I fear, however, that the present attitude of labor leaders may cause the building boom to collapse. Con sidering that the building of a small house aids twenty-seven dif ferent industries, such a collapse should k^jivoided. In the western states; the federal government owns tracts ranging from 35 per cent of the total area in Washington to nearly 85 per cent in Nevada. These lands have re turned the federal government large amounts of money and, at the-same time, the government ha* practiced a policy of conservation. SUBSCRIBE TO THE CHRONICLE “The Paper Everybody Reads” -CHRONICLE PUBLISHING CO. WE DO ALL KINDS OP PRINTING —EXCEPT BAD Special To The Chronicle. Washington, May 26. — There is still hope for peace in Korea, many observers believe, although the Al lies have not at the moment ac cepted the Communist eight point compromise proposal on exchang ing prisoners of war. The Allies didnt accept it, but neither did they reject IT ^ •'I ‘ • The Red proposal suggests a five- nation neutral repatriation commis sion to handle the 48,500 Reds held by the Allies, who do not vtent to go home. Why, the United Nations wants to know, should the question of the prisoners of war be referred to a political conference for solution cnce it has presumably been re solved by these delegations on the basis of the principle of turning the prisoners of war over to a neu tral state for disposition? This and a number of other ques tions have been hurled at the Reds by the UN delegate in Korea. A number of authorities who seem to know the way the Chinese mind works, believe that the five- nation commission plan is as far as China will go. If, these authori ties suggest, the UN turns down this plan then the entire Far East ern situation » Hkely to rwnatnr stalemated indefenitely. * * « What is to become of federal lands in the west? This question has been raised by critics of the Eisenhower admin istration, They ask it because of the administration’s efforts to turn over to the states the rich off shore oil reserves. They suggest that this action is the first step in a “give-away” of the country’s pub lic-land wealth. These critics point out that once the states gain control of the sea ward reserves they will immedi ately turn their attention to the mountains and the forests that be long to the federal government. Many industrial interests have long eyed the tremendous reserves of timber, minerals, water and other resources of these federal lands. .1 FOR THAT HOLIDAY WEEK-END GET PLENTY OF PEPSI NOW ADD SPARKLE TO YOUR PARTY SERVE More Bounce To the Ounce I :: ♦ ♦ • • ♦ ♦ ♦ ♦ I! :: w « 0 ♦ ♦ ♦> No Finer at Any Price! In Big 12-ounte Bottle KEEP A SUPPLY IN' YOUR HOME REFRIGERATOR PEPSI-COLA BOTTLING CO. GREENVILLE, S. C. MetrtMrirtriHAriri ttri taatf irttifif'ittfttf 77 1 |^a\ ITOA fAL SETTLEMENT Take notice that on the 26th day of June, 1953, I will render a final account of my acts and doings as Administrator of the estate of N. A. Shouse, Jr., in the office of the Judge of Probate of Laurens County, at 10 o’clock asn., and on the same day will apply for a final discharge from my trust as Administrator. Any person indebted to said estate is notified and required to make pay ment on or before that date, and all persons having claims against said estate will present them on or be fore said date, duly proven, or oe forever barred. N. A. SHOUSE. SR., Adm., R-l, Whitmire, S. C May 26, 1953. 18-4p OFFICE SUPPLIES Complete line, all the little items needed for the office CHRONICLE PUBLISHING CO. 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