The Clinton chronicle. (Clinton, S.C.) 1901-current, June 18, 1953, Image 19
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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