The Clinton chronicle. (Clinton, S.C.) 1901-current, July 16, 1953, Image 9
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The Chronicle
Strives To Be A Clean News
paper, Complete, Newsy
, and Reliable
(Elinlnn Chronirlf
If You Don’t Read ’
The Chronicle
Volume LIV
Clinton, S. C, Thursday, Jjily 16, 1953
Y T ou Don’t Get the News
Number 29
BANKS SHOULD BE ABLE TO
LEND MORE MONEY-BABSON
NEW LIONS HEAD
Sabson Park, Mass., July 15. —i
Readers have already seen in the
newspapers that the Federal Reserve
Board has reduced the reserve re
quirements which banks must carry.
This, directly or indierctly, should
help every reader of this column. I
wish to explain what it means.
New Federal Reserve Ruling
-—For the past few years every mem
ber bank has been required to keep
on hand a reserve
of various percent
ages, up to 24 per
cent. In other
words, when you
deposited $100 the
bank heretofore has
been able to loan
only about $80 of
this money. This
amount varies with
vB*ger.W.iBdbMa different banks and
I merely use this
figure as a variable illustration. The
large city banks have one percentage
for reserves; those of the smaller
cities have another percentage; but
every member of the Fedral Reserve
System has a required percentage.
During the Eisenhower Adminis
tration, when so much less govern
ment money has been freely passed
out by Government Bureaucrats,
there has been a tightening up all
along the line. Farmers have found
it more difficult to borrow on crops;
builders have found it harder to get
mortgages; and every loan by local
banks has been scrutinized more
carefully.' This is all a part of arf
honest attempt by the new admin
istration to prevent inflation. In
most cases, it has not been due to
any change of laws, but to a more
careful- handling of the government
funds.
Ike Does Not Want A Depression
The above more businesslike pro
gram has caused Congressmen % to
get thousands of letters from read
ers complaining that applications for
loans were being turned down. For
fear that this, combined with the
droughts from which some sections
are suffering and the unsettled for
eign situation, might bring about
a depression, these Congressmen
have been pestering the White
House. Probably your Congressman
was one of these. Ike in effect re
plies to them that he will not resort
to former carelessness and will con
tinue to handle’ the government^
money as if it were his own; l^qt .i^f
they want to change t)ae rules in a
fair and honest manner he will abide
by them.
As a result, the Federal Reserve
Board, by changing the Reserve re
quirements, has made it possible for
banks to loan more money. Congress
has also changed the law enabling
veterans to buy more expensive
homes with a down payment which
could be as low as five percent.
Congress is in the process of also
loosening up restrictions along other
lines. As a result, any farmer, build
er or businessman who now has an
honest need for funds can—with 1
reasonable security—get a loan.
TherO'ij.owever, must be no politics
connected with the loan.
What About Money Rates?
Some months ago, H forecast in
this column that interest rates would
be higher. All the large city banks
have since then raised their rate
of interest. So have banks of many
smaller cities. Whether your own lo
cal bank has raised its interest rate
since President Eisenhower was in
augurated, I do not know. If, how
ever, it has not already done so, it
should “count ten” before it does so
now. One thing is certain, when you
now attempt to borrow money from
your local bank and are refused,
the bank ,^n no longer blame it onto
the. new administration. I hear this
is a popular excuse for turning down
yH I
« X
i f
One of the best scientific equipped Chiropractic clinics in the
Sooth, the Hart Clinic offers its facilities and years of experience
to the sick and suffering of this area. If your health is not what
it should be, call for an appointment with—
The C. J. Hart Chiropractic Clinic
Year-Round Air-Conditioned
205 Church St. LAURENS, S. C. Telephone 22501
Your friends prefer
Coke with food
And why not? Coke haa been the
favorite of four generations
of Americans. Its
•OTTIED UNDER AUTHORITY Of THE COCA-COLA COMPANY RY
GREENWOOD COCA-COLA BOTTLING COMPANY
S. A. DODGE
At the 36th annual convention
held last week in Chicago, S. A.
Dodge, of Detroit, .Mich., was elect
ed by a unanimous vote as the new
president of the International As
sociation of Lions clubs.
Dodge, a graduate of the Uni
versity of Michigan School of Busi
ness Administration, is vice-presi
dent and treasurer of • Solventol
Chemical Products, Inc., Detroit,
and has other business interests
also. He is a past president of his
club, and past district governor of
the clubs of District 11, state of
Michigan.
Paper Company
To Supply Seedings
Free To Farmers
The largest free seedling distri
bution program ever undertaken
by a pulp and paper company in
this state is being launched by the
West Virginia Pulp and Paper
Cofhpahy'lbrrCKarrestb'h, S. C.,“as a
part of its forest conservation ac
tivities to benefit the private wood
land owners.
Under this program one million
pine seedlings are to be distributed
free of charge to individual land
owners in this state, with the soil
conservation districts of South
Carolina assisting in the selection
of proper planting sites and the em-
loans or raising interest rates by
banks in Democratic communities!
When the new administration
came into power you were obliged
to put up a margin of 75 percent
when you bought listed stocks, in
case you did not pay in full. Soon
Ibis percentage was reduced to 50
.percent, which should have made
stocks go up in price, but they did
not rise. This is a good illustration
of how prices are really controlled
by fundamental conditions and not
by legislation. The old Law of Action
and Reaction still continues. “You
can lead the horse to water, but you
can’t make him drink.” As to the
general business outlook, I am still
cautious; but if your local bank
doesn’t now loan money more free
ly to good citizens it-cannot blame
the Federal Reserve or Bureaucrats.
The reason will be that businessmen
have decided to depend more on
honest work, intensive selling and
more advertising rather than on bor
rowing 'money.
Laurens Drive-In
Theatre
ONE WEEK
Starting
July 13-18 '
8:45 Each Night
“Cok*" b • ragtstertd trade-mark.
© 1953. THE COCA-COLA COMPANY
• ••-
; c.'<.
No Advance In Admission
ployment of approved planting
practices.
The seedlings are being pur
chased by the company from the
state forestry commission’s nursery
at Wedgefield. They are to be dis
tributed in quantities up to 5,000 at
the company’s nine South Carolina
wood yards, to each landowner
who has obtained prior approval
from his local soil conservationist
for planting that particular area in!
pine seedlings. Actual distribution
of the seedlings will take place
during the plantinug season of
1953-54.
J. B. O’Dell, Work Unit Con
servationist of the Laurens County
Soil Conservation District, said
yesterday that the local SCS office
will assist Laurens county farmers
in getting the 5,000 seedlings the
pulp company plans to distribute;
to each eligible land owner.
In the previous planting seasons,
the state forestry commission has
distributed upv^to 3,000 pine seed
lings to each farmer free of charge;
however, according to recent an
nouncements by the state agency,
there will be no free seedlings
available from the forestry commis
sion for Individuals, this coming
season. The company’s seedling
distribution program, therefore, is
expected to make it posible for
many land owners to continue to
obtain free trees for idle lands not
now growing pines.
IF YOU DONT READ
THE CHRONICLE
YOU DONT’ GET THE NEWS
The pulp company program in no
way intereres with regular sales
of seedlings from the state forestry
commission, Mr. O’Dell pointed out
♦♦♦♦♦♦♦♦♦♦
HOT WEATHER SPECIAL I
Friday & Saturday, July 17 & 18 Only
I 1 /? lb. Fairplay Tea
AND AN
IKED TEA GLASS
❖
it
POTH
FOR
T Special Sale, two days only! Beautiful rain-
bow-colored iced tea glass given with each
purchase of %-lb. package Fairplay Tea.
J No quantity limit: buy several packages—
V get a set of boautiful glassware.
?
♦Te
★
at Your
X BIRDSEY FLOUR & FEED STORE
130 MLSGROVE STREET
V. P v ADAIR, Manager
BIRDSEY’S
BEST
FLOUR
25 lb. bag
2.19
BIRDSEY’S
LAYING
MASH
100 lb. sack
YOUR BOLLAR BUYS MORE AT YOUR BIRDSEY STORE £
You can own the
SOUTHERN CROSS SUPREME
with the sensational new
As
Advertised
THE SECRET
OF SPRINGWALL
Twelve carbon steel Rhomboid
springe absorb the shocks that
make an ordinary mattress sag
at the edges. This amazing re
inforcement adds years of com
fort and wear!
• • • ft will not sag!
It will never sink!
It will remain forever smooth!
CONVENIENT
TERMS
'just ask us
FOR OUR EASY
ftUDOET PLAN
Take a good look at the newest development in
sleeping comfort! Not just one outstanding improvement, but
dozens awaiting sound sleep. Independent laboratories rate
Southern Cross SPRINGWALL first for firmness. It supports the
body at four vital pressure points specified by orthopedists.
' - s > neck, trunk, pelvis and limbs get the proper support when
you sleep on a Supreme.
T. E. Jones & Sons
FURNITURE