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.1 ^MMMnwn^******^^ / Thursday, June 18, 1953 THE CLINTON CHRONICLE Tage Three FINANCIAL VIEW IS ALTERED BY PROSPECT OF ARMISTICE (By J. A. LIVINGSTON) Philadelphia.—The prospect of a Korean armistice changes the out- look-don’t let anyone kid you on that. Agreed", the Pentagon says that the defense program won’t change; that the destruction- of tanks, am munition, planes, and other muni tions items is not great in a small war such as Korea, and that ship ments which formerly went to goslavs and others. Now the most urgent theater of demand is due to go “out of operation.” Wall Street's Point of View The economic significance of a truce is this: The. odds now favor a declining defense program. (A war’s not going on—with the al- ways-present possibility of eruption into a wider sphere) Thus, de fense, once the chief inflationary influence in the economy, is likely fighting troops will now go to NA- —in time—to become a disinfla- TO forces in Europe, to the army of the Republic of Korea, to the French in Indo-China and else where. Still you can’t get away from have an agreement wrapped up, the fact that casualties will be few er, monthly draft quotas will be lower and boys and girls of high school and college age can make plans with somewhat less uncer tainty for education, marriage and jobs. Nor can you avoid the con clusion that demands on the Pen tagon wil be less. The Korean war was the Number One must for Secretary of Defense Charles E. Wilson and his aids. Troops and equipment went there first At the same time the Pen tagon had to meet requests of the French, of NATO and of the Yu- tionary influence. That helps explain the stock mar ket. On Tuesday, when the nego tiators at Panmunjom seemed to railroad shares tumbled below their lows in April. That confirmed the"" previous drop of industrial shares to new lows. To stock market tech nicians—^particularly to Dow 'the orists—that was a further signal that the bear market was on. Obviously Wall Street—a large mas of investors—was not sud denly moved to sell stocks. The sell ing wave was the culmination of a train of thought. The war was sub siding. It’s. subsidence coincided with a positive policy o^ disinfla tion in Washington. The Federal Reserve •Board’s policy, adopted Congratulations — to Giles Chevrolet Company — on their — TWENTY-FIFTH BIRTHDAY —p-Our-business relations with you have been pleasant and satisfac tory. We extend our best wishes and wish you continued success through the years. Carolina Tool Co. Auto Replacement Parts and Tools Greenwood, S. C. _jr with the active consent of the Treasury, is to provide credit to industry and business but not to feed inflation. Result: Interest rates are up, the new Treasury bonds are selling below par, banks are in debt to the Federal Reserve System and mon ey is‘ tight. Some business enter prise are even putting off expan sion projects. But these are tfie minority. Textiles, Autos. Layoffs The government’s war against inflation is quite proper, even though disinflation could be around the corner. The latest figures show that business is now planning to boost plant and equipment expen ditures in the third quarter to a new high. Last winter it was ex pected that capital expansion would be tapering off by now. At the same time, a wave of op- New York’s cotton center, as tex- timism is sweeping Worth Street, tile manufactuerers place orders for print cloth 9 months ahead. This is the first time since 1951 that the textile industry has shown such confidence. Automobile production is rising once again, following a series of strikes in plants of parts suppliers.! And the employment situation is as tight as ever. The rate of lay offs this spring hit a post-war low of 9 per thousand, of a third from a year ago. Obviously employers are holding on to all hands. The Turn At Janmunjom The Federal Reserve and the Treasury are responding to things as they are, not to things as they might be. They’re not anticipating a change. They’re not forecasting They’re confronted, as Grover Cleveland would say, with a condi tion, not a theory. And that condition is inflation. It’s best indicated by department store sales which have been zig-, zaging upward since ^arly 1952. And so have department store in- j ventories. At the moment, stocks on hand seem w'ell adjusted to sales. But should sales drop . . .!; Standard and Poor’s Corp. makes a significant back-handed comment about business: “Several months will lapse before statistics dem onstrate that the peak has been reached as it probably has. Mean while year-to-year comparisons will be very favorable because of the impact of the steel strike in 1952.’’ The inference is that businessmen^ and business are running on mo- i mentum, that a turn is in the mak- ) mg. That' turn could be truce at Panmunjom. § | :: FOR THAT HOLIDAY WEEK-END GET PLENTY OF PEPSI NOW ADD SPARKLE TO YOUR PARTY . . . SERVE More Bounce To the Ounce i No Finer at Any Price! In Big 12-ounce Bottle KEEP A SUPPLY IN YOUR HOME REFRIGERATOR PEPSI-COLA BOTTLING CO. GREENVILLE, S. C. I Cotton Carryover August 1 to Top 5 Million Bales ♦— Washington.—The cotton carry over August 1 will be a little more than five million bales, or 2.4 mii-| lion more than a year ago, the Ag- j riculture Department says. One major reason for the increase is a drop in exports, from 4.6 mil- 1 lion bales last year to only 2.2 mil lion bales in the same period this year—August 1 to March 31. The average price of middling 15-16 inch cotton increased froim mid-January tAmid-May largely because of hea^ mill buying and large stocks under government loan. But the average price re-! ceived by farmers was about 5.35 cents a pound lower than a year earlier, the department said. The report show’s how’ cotton growing is moving westward from such states as South Carolina to California. The western states now grow twenty-one per cent of the total crop, compared with two per cent in 1932. The percentage in the Carolinas, Georgia, Florida and Alabama has dropped from 25 per cent in 1932 to nineteen per cent today. Eighteen per cent of the crop was mechanically harvested in 1952, the machine pickers being especiallj' popular in California. But in South Carolina 99 per cent of the cotton i was still picked by hand. WE DO ALL KINDS OF PRINTING —EXCEPT BAD CHRONICLE PUBLISHING CO. • Thrift is a fine virtue. But sometimes we "save” pennies—and lose dollars. In guard ing health, for exam ple, a timCjly call on your Doctor mav fore stall a costly illness. And—brinjj your Doc tor’s prescriptions here. You will find it costs no more for the best! Howard's Pharmacy Phone 101 Quarter Century Anniversary THIS WEEK ONLY , DOWN GO THE PRICES! COME JUDGE FOR YOURSELF MORE CAR—LESS MONEY 1950 CHEVROLET 2-DOOR SEDA^—Deluxe. Fully equipped, white sidewall tires. Clean. 1950 CHEVROLET 5-PASSENGER COUPE — Radio, heater, and bumper tips. A bargain. 1950 CHEVROLET 2-DOOR SEDAN — Special. Low mileage and one owner. 1949 FORD 5-PASSENGER COUPE — New paint, radio and heater. 1948 CHEVROLET 4-DOOR SEDAN — Radio and heater. A nice clean car. 1947 CHEVROLET 4-DOOR SEDAN—Motor completely over hauled. 1946 CHEVROLET 4-DOOR FLEETLINE SEDAN — Clean, radio heater, and complete overhaul on motor. 1947 MERCURY 5-PASSENGER COUPE — Radio, heater, and new seat covers. 1946 FORD PICKUP—Price and condition cannot be beat. 1946 CHEVROLET 2-TON TfcuCK —2-speed rear axle and flat bed body. A bargain. Also Many More Real Bargains Giles Chevrolet Company Phone 26 Clinton, S. C. Congratulations to Giles Chevrolet Company ' i ’ _ •; * ON THEIR TWENTY-FIFTH ANNIVERSARY We wish you continued and increasing success in the automotive field. D. E.Tribble Co. Builders Supplies Clinton, S.C. Phone 94