The Clinton chronicle. (Clinton, S.C.) 1901-current, October 15, 1953, Image 7
Thursday, October 15,1953
THE CLINTON CHRONICLE
Page Seven
Social Security May
Meed Higher Tax Rate
Washington, Oct. 4. — Significant
changes—including much higher
costs—are mirrored in the long-
.range picture of the federal security
program in new government statis
tics which became available today.
The new figures indicate that
higher tax rates than now scheduled
might have to be adopted eventually j
to pay the death and retirement'
benefits promised to millions of j
workers.
Crop Sale Aid
Proposed In
New Farm Plans
Smathers Sees
Prosperity In
Kiwanis Talk
Hampshires; also fat barrows. In
the agricultural department an ar
ray of premiums is offered for
prize-winning corn, cotton, small
nuts, plus a separate ham and ba-
j grains, legume seeds, hay and pea-
; con show. Even the bees have
been remembered with a separate
department
Report of Condition of
Bank of Clinton
s Of Clinton, in the State of South Carolina
At the Close of Business on September 30, 1953
ASSETS
Cash, balances with other banks, including reserve balances,
Washington, Oct. 13—Secretary
of Agriculture Benson anounced to
Columbia, Oct. 14—The year 1954 The horticultural department' is
will be a-year of progress and pros- divided into three groups—fruits,
j . . — vTJperity United States Senator Geo. vegetables and flowers with a long
dav his plans for reorganizing his Srnat h ers o{ Florida forecast be- 3i st of premiums offered for prize-
department, with emphasis on help-1 closing session of the 33rd winning products. The fair also
ing farmers sell their crops. annual convention of the Carolinas offers premiums for prize-winning
The plan would reshuffle the de-! District Kiwanis International. Un- bread, cakes, cookies, pies, candies,
partment’s various services and loss the Upited States becomes in- canied vegetables, pcikles, sauces,
i / in WnrlH War TTT nr • Amnri. iellies. nreserves. lam's and marma-
and cash items in process of collection $ 465,566.80 pi ace them under four main group-j volved in World War III or “Ameri- jellies, preserves, jams and marma
United States Government obligations, direct and guaranteed... 614,723.00 i n g s: Marketing, stabilization, cred- cans become over-frightened by lades; rugs and quilts: knitting,
Obligations of States and political subdivisions 102,872.71; i t , and federal-state relations. talk of the inevitability of a do- crocheting and a whole line of per-
Loans and discounts 542,954.99 With broad strokes, Benson out- presion” there is no reason why the sonal and household goods; an-
lined his plan at a news confer- high standard of living should not t.ques, paintings, photos, etc.
Furniture and Fixtures
Real estate owned other than bank premises
8,708.28
9,500.00
TOTAL ASSETS ?. $1,744,325.78
LIABILITIES
Demand deposits of individuals, partnerships and corpor
ations i $1,218,308.44
Time deposits of individuals, partnerships, and corporations 61,155.86
Deposits of United States Government (including postal sav
ings) ..!.... : 18,412.97
Deposits of States and political subdivisions 269,415.51
Other deposits (certified and officers’ checks, etc.) 4,076.32
TOTAL DEPOSITS $1,571,869.10
Other liabilities 75.65
On the lighter side the fair has
booked George Hamid’s outstand
ing revue for the 1953 grandstand
show with top-light acts and actors.
The largest carnival on earth, the
World of Mirth Shows, will be on
the fair midway. Jack Kochman’s
Hell Drivers will perform at the
grandstand on Saturday only..
Tuesday, October 20, will be Fu
ture Farmers Day, when all mem
bers of the organization will be ad
mitted free; Wednesday will be
4-H club day, when all members
will be admitted free; Thursday wifi
be college and football day; Friday
will be school day, with every
school child in South Carolina ad
mitted free as guests t of the fair,
and Saturday will W' thrill day
when daredevil automobile drivers
will perform.
ence and then invited the public j be maintained, he said,
to offer suggestions and complaints, Senator Smathers speaking short-
until Nov. 1. He will wait at least- ly before the convention adjourned
until then to make any of the, at the Hotel Wade Hampton, said
changes he plans, he said. that Americans will not be worry-
Benson gave no estimate of the ing about “business as usual’’ or
amount of spending and personnel leading a normal lift* if World War
cuts w-hich can be made under the; HI develops, but rather will be
new plan, but emphasized that no j seeking “to live another day or
major services wul be droped. week,’’ as he termed any
TOWN OF CLINTON
CLINTON. SOI TH CAROLINA
Audit Made by E. L. McGowan. Certified Public Accountant,
Columbia. S. C.
Comparative Balance Sheet as of August 31 # 1953
ASSETS
He said the plan “is designed atomic war a “war of survival,
to meet present day conditions, par- Thd record of the first se3lon
j t-cularly m its emphasis on market-1 of the 83rd Congre3s was said bv
TOTAL LIABILITIES (not including subordinated obligations I in f; . . Senator Smathers to be a session
shown below $1,571,944.75! Various marketing, research and during which very little was ac _
service functions now handled by complished, but he pointed out that
various units are to be consolidated j it was the first time in 2 o
CAPITAL ACCOUNTS
Capital* - $ 100,000.00
Surplus 40,000.00
Undivided profits 27,381.03
Reserves - 5,000.00
TOTAL CAPITAL ACCOUNTS -.$ 172,381.03
TOTAL LIABILITIES AND-CAPITAL ACCOUNTS $1,744,325.78
•This bank’s capital consists of common stock with total par value
$100,000.00. #
MEMORANDA
Assets pledged or assigned to secure liabilities and for other
purposes - $ 465,000.00
I, Harry Y. MoSween, Cashier of the above-named bank, do solemnly
swear that the above statement is true, and that it fully and correctly rep
resents the true state of the several matters herein contained and set forth,
to the best of my knowledge and belief.
HARRY Y. McSWEEN.
Correct—Attest: R. P. Hamer, T. E. Addison, H. D. Henry, Directors.
State of South Carolina, County of Laurens, ss: .
Sworn to and subscribed before me this 8th day of October, 1953, and I
hereby certify that I am not an officer or director of this bank.
S. MARGARET HOLLAND, Notary PubUc.
My commission expires at will of the Governor.
Report of Condition of
M. S. Bailey & Son, Bankers
Of Clinton, in the State of South Carolina
At the Close of Business on September 30, 1953
ASSETS
Cash, balances with other banks, including reserve balances,
and cash items inprocess of collection $1,318,271.41
United States Government obligations, direct and guaranteed ... 2,227,312.51
Obligations of States and political subdivisions 1,265,365.86
Other bonds, notes and debentures 232,000.00
Loans and discounts (including $8,565.18 overdrafts) 2,297,183.60
Real estate owned other than bank premises 1.00
TOTAL ASSETS - - $7,340,134.38
LIABILITIEES
Demand deposits of individuals, partnerships, and corpor
ations $5,695,706.02
Time deposits of individuals, partnerships, and corporations 102,944.57
Deposits of United States Government (including postal
savings) - - 208,241.72
Deposits of States and political subdivisions 502,536.65
Other deposits (certified and officers’ checks, etc.) 2,517.66
TOTAL DEPOSITS $6,511,946.62
Other liabilities - 6,807.67
TOTAL LIABILITIES (not including subordinated obligations
shown below) - - $6,518,754.29
CAPITAL ACCOUNTS
♦Capital - 500,000.00
Surplus 100,000.00
Undivided profits 221,380.09
into a new marketing and foreign ihat ”the‘Republicans ‘have ''been
agriculture branch under Asistant c h ar g ed the leadership of this
Secretary John H. Davis. country. He added that he felt sure
Its job will be to hold down ciop ?hat--tti5"7egis!ators would not con-
surplujes by increasing sales both inue tQ cut Air Force a p r0 p r ; a tions
at home and abroad and, through at nex ^ session as “it would be
lesearch, by finding new uses for tbe height of folly to lower our
farm pioducts. defenses now . . . since Malenkov
Price suport operations and has not vet given one bit of con-
crop controls, through both acre-, crete evidence that he wants
age allotments and marketing quo-; pe^e ”
tas, are to be combined under an j we ’ re no t going to hit
agricultural stabilization branch them tixStT He said, ‘so it would
Crop contro s have been handled be^tcr Wr advantage to enter into a
by the sprawling Production and pact with them
global CURRENT ASSETS
Petty Cash
Bank of Clinton—Gen. Fund (Per Sch. A-l
Bank of Clinton—'Street Improvements ...
M. S. Bailey A Sons, General Fund
(Per Schedule A-2)
M. S. bailey St Sons, Street Improvements .
2L.S. Bailey & Sons, Assessment Trust Func
ACCOUNTS RECEIVABLE
Street Assessments—1949
Cemetery Lots (Per Schedule A-3)
Paving Assesvsments—1951
Light and Water Accounts
Taxes (Per Schedule A-4) ...
Bad Checks i...
Marketing Administration (PMA), -j-h e foolishness of talk about an
while price supports have been un- inevitable depression for America CAPITAL ASSETS
der the Comodity Credit Corpora- ^. as ^ored b y the senator as he I Caoital Assets (F
* iC iP .,9, ..... , ,, „ pointed out that last August over
Both the PMA and the Bureau , g 3 and a h a if million persons were
°*. Agricultural Economics <BAE),. j n t hi s country, the larg-
primarily a research and statistical est n um ber ever employed in tlje
Inventory of Plant Meters, Lines, etc;
Total Current Assets
Capital Assets (Per Schedule A-5)
organization, will be abolished as
their functions are transferred in
the reorganization.
The plan includes also elimina
tion of seven regional soil conser
vation service offices now at Up
per Darby, Pa., Spartanburg, S. C.,
United States’ history. He com
pared the stock market of today
with that of 129, poining out that
margin requirements are different
today and offices have been set up
to prevent the sale of worthless
stocks. "There has not been a ma-l
SINKING FUND
M. S. Bailey 6c Sons, Bankers
Citizens Federal Saving Sc Loan ...
Accrued Bond Interest #
Bonds Owned (Per Schedule A-6)
Land
FIREMEN’S FUND
U. S. Gov. Bonds (Per Schedule A-7)
Due from Town of Clinton
Milwaukee, Wis., Fort Worth, Tex., j or hank failure in this country in
Lincoln, Neb., Alberquerque, N. M.,| t h ree and a half years,” he said,
and Portland, Ore., with more au-coming io per cent income tax re-
thonty given to the 48 state soil Senator Smathers termed the
conservation service offices, - ^ rduction and the death of th'e 'ex-
J. Earl Coke, assistant secretary, cess p ro fit s t ax as a “good thing
who heard complaints yesterday by i f or ^is country providing business-
officials oPthe National Association men use prudence and don’t raise CLRRENT LIABILITIES
Total Assets
LIABILITIES Sc Sl RPLt’S
of Soil Conservation Districts, sai d pn ces to nullify the tax reduc-
the plan to drop the regional of-1 tions.”
fices “in no respect will change the -j>he senator was scheduled to
relationship with soil conservation base his whole talk around the sub-
districts. They are doing excellent taxes but shortly before en-
wor k-’ 1 tering the Wade Hampton ballroom
Benson said there had been a lot he told reporters he would deviate
of rumors "that we are going to f rom the prepared speech that had
emasculate a lot of agencies and been furnished.
that some would be dissolved. But, Senator Smathers was introduced rryft) tIiarVt.rrr
he said, that is not so. , by Dr. Orin Crow, a past trustee of Ronds Payable (See Schedule A-9)
The secretary said he had re- j£ iwan j s International and dean of firemens TRUST FUND
ceived an excellent reaction from faculty, University of South
members of the Senate and House Carolina.
Agriculture Committees recently I ^
when he gave them a closed door;
preview of his plan. |5 Millionth Cat
Chairman Aiken (R-VU of ComCS Off U. S.
Acconts Payable
Escrow Moneys for Gas Authority
Accrued Withholding Taxes .....
Notes Payable (Per Schedule A-8)
Gas Deposits
Fire Cail Deposit
Water and Light Deposits
Due to Firemen’s Fund (See Contra)
Total Current Liabilities
Firemen’s Trust Fund (Per Schedule A-10)
SURPLUS
Balance August 31 (Per Exhibit B)
1953
1952
$ 85.00
) 9,403.53
124.79
$ 85.00
4,831.86
124.79
9,984.29
334.64
l
2,561.36
334 64
4,594.39
19,932.25
r 432 54
10.43
290.00
28,630.37
20,448.21
10,79050
10.43
530.00
35,858.91
> 19,379.33
7,776 69
17.00
60,169 51
63,572.41
19424 48
19,624.48
S 99,726 24
$ 96,729.43
. 2,114,345.29
2,086,625.87
10,755.91
11,755.12
320.00
68,640 00
12,500.00
3,145 9f
11,410.25
360.00
69,235.00
12,500.00
403,971.03
96,651 16
900.00
3,403.37
900.00
3,331 44
4,303 37
4,231 44
$ 273^2,345 93 '
$ 2,284,237.90“
$ 13,250.39
• 118.29
1,415.68
37,400 00
2,924.00
50.00
4,108.00
3,403.37
$ 11,315.62
2,953.07
■*3,725.09
50.00
3,771.00
3,331.44
.$ 62,669.73
$ 65,146.13
755,000 00
785,500.00
4,303.37
4,231.44
1,500,372.83
1,429,360.33
Total Liabilities and Surplus
$ 2,322,345.93 $ 2,284,237 90
Senate Agriculture Commitee in a
statement following the secretary’s Assembly Line
r*r\r\ f nr-ems**! TAlSIl "
TOTAL CAPITAL ACCOUNTS
$ 821,380.09
TOTAL LIABILITIES AND CAPITAL ACCOUNTS $7,340,134.38
♦This bank’s capital consists of:
Common stock with total par value of $500,000.00.
- MEMORANDA
Assets pledged or assigned to secure liabilities and for other
purposes $ 982,500.00
I, G. L. SIMPSON, Cashier of the above-named bank, do solemnly swear
that the above statement is true, and that it fully and correctly represents
the true state ol the several matters herein contained and set forth, to the
best of my knowledge and belief. G. L. SIMPSON.
Correct—Attest: W. C. Neely, R. C. Adair, P. S. Bailey, Directors.
State of South Carolina, County of Laurens, ss:
Sworn to and subscribed before me this 6th day of October, 1953, and I
hereby certify that I am not an officer or director of this bank.
CHRISTINA S. DuBOIS, Notary Public.
My commission expires at the pleasure of the Governor.
REPORT OF CONDITION OF
Newberry County Bank, Goldville Branch
OF JOANNA, LAURENS COUNTY, IN THE STATE OF
SOUTH CAROLINA
At the Close of Business on September 30, 1953
ASSETS:
Cash, balances with other banks, including reserve balances, and
and cash items in process of collection 4 84,177.01
Loans and discounts (including $140.3*1 overdrafts) 142,818.88
Furniture and fixtures - - 5,226.80
Other assets - - - 265,812.95
news conference backed the plan
mum of service with a minimum of Detroit, Oct. 9—The 5 milionth INCOME
and stated it should give a maxi- car 0 j year came off some U. Uight Revene
S. asembly line today, Ward’s Re- Tax Revenue
Water Revenue
Comparative Statement of Income and Expenses
FOR PERIOD ENDING AUGUST 31, 1953
1953
195'2
adminitrative costs.”
On the other hand, Senator Olm ts announced
D. Johnston (D-SC), a member of : T , ,v, Q
It said the industry was operat- j Licenses and Penalties
the committee, told a reporter that|j ^ cent a h e ad of last year Refund on Sta te Collected Taxes 15,697.13
Benson's plan was “mouthwash,
and he saw no dood in any of it.
Officials of the American Farm
Bureau Federation and of the
Farmers Union said they would
have no immediate comment Chrysler corporation
the plan. However, the National
TOTAL ASSETS - - $4»8,037.84
LIABILITIES
Demand deposits of individuals, partnerships, and corporations .. $269,533.35
Time deposits of individuals, partnerships, and corporations .™ 201,767.44
Deposits of United States Government (including postal sav
ings - — - 3,609.98
Deposits of banks ...................................................................................... 7,5^10.00
Other deposits (certified and officers’ checks, etc.) *416 *19
TOTAL DEPOSITS $467,228.96
TOTAL LIABILITIES
$487,226.96
CAPITAL ACCOUNTS
Capital
Surplus
Undivided profits - - $ 10,810.68
None
None
TOTAL CAPITAL ACCOUNTS - .4 10,610.68
TOTAL LilABELITIES AND CAPITAL ACCOUNTS ...l $498,037.64
State of South Carolina, County of Laurens, ss:
I, T. C. Tindall, Manager of the above-named bank, do solemnly affirm
that the above statement is true, and that it fully and correctly represents
the true state of the several matters herein contained and set forth, to the
best of my knowledge and belief. T. C. TINDALL.
Correct—Attest: Joe M. Roberts, J. N. Beard, J. T. McCrackin, A. J.
Bowers, Directors.
State of South Carolina, County of Laurens, ss:
Sworn to and subscribed before me this 12th day of October, 1953, and I
hereby certify that I am not an officer or director of this bank.
J. H. HUNTER, Notary Public.
My commission expires at the pleasure of the Governor.
Grange and the National Council
of Farmers Cooperatives
it.
The new set up would put all the
service agencies under four main
groups:
1. Federal-State relations under
Assistant Secretary Coke.
2. Marketing and foreign agri
culture under Assistant Secretary
Davis.
3. Agricultural stabilization, un
der Howard . H.. Gordon, present
head of the MA and recently made
president of the CCC.
4. Agricultural credit, to be head
ed by R. L. Farrington ,now acting
director of the Credit
Services
, on automobile and 48 per cent f T ol | ce ™ ines ,
ahead on both cars and trucks. * Pa *£[
Production this week increased 6 Q inU . iri f p. ir , . .
(per cent over last week with chief! J. r i C °. t
credit for the gain going to the
General
Motors continued operating at 80
| per cen t 0 f normal while Ford
favored —
Licenses
Cemetery Lot Sales
Interest and Penalties—Street Assessments
Penalties—Light and Water
Gas Department Income
^ ^ * Driver Permits .
maintained its record pace. Penalties Taxes
F^ckard was shut down this Gas Permits and Inspection Fees
week. Limited production on 1954 Gain on Reclaimed Deposits
l , models is expected to begin Mon-1 Telephone Calls Collected
day. Kaiser, idle since early this
summer, may resume by the end
of this month, Ward’s said.
X
SCEA District
Teachers Meeting
The South Carolina Educational
Associational Fourth Congressional
District Teachers meeting will be
held at die Greenville senior high
school auditorium on Tuesday, Oc
tober 30.
Miss Julia Bridges of Woodruff
high school, and J. Paul Beam, Un
ion county school director, will pre
side.
The following program will begin
at 2:30:
Organ Prelude—Charles Ellis.
Invocation—S. C..Brissie.
Music — Grenville senior high
schol.
Dr. W. F.
Big State Fair
October 19-24
To Draw Big Crowd
Total Income
EXPENSES
Power Purchases
Street Maintenance (Per Schedule C-l)
Police Expenses (Per Schedule C-2)
Light Plant Maintenance (Per Schedule C-4)
_ , .. _ JP „ Plant Salaries
Columbia—The 84th annual state Administrative Salaries (Per Schedule C-5)
Fire Department Salaries
fair will open next week in Colum
bia for a week long run which will
mirror the agricultural and indus
trial life of South Carolina before
the gates close at midnight, Satur
day, October 24.
Fairgoers will be treated this
year with a brand new $30,000 cat
tle barn, said to be the last word in
bovine accommodations; a new $6,-
000 lighting system in the'steel
building which more than doubles
the illumniation in that gargantuan
structure; a mammoth flower show
and a host of exhibits ranging from
apples to stocks and bonds plus
most everything in between includ
ing a driving skill testing machine
Street Lighting (Per Schedule C-9)
Parks and Playgrounds
Police Insurance and Annuity Fund
.T*.'
X
The magnitude of the 1953 state> rr: al l
u™.* is I U.. .J-egai expense
Rent
Library Expense
Street Signs and Markings (Per Schedule C-13)
Advertising, Fainting and Stationery
JI Group Insurance
Legislative Report
Loggins.
NEA Report—S. David Sfoney
Address, “Education For An Air! Poland Chinas,
Age” — Victor Moore, manager,
School Services, Air World Educa
tion, New York.
Report—J. P. Coates.
Interest groups.
the 80-page catalogue. Among pacing Meter Maintenance
these are: the state fair marching Dues and Subscriptions ....
j band festival on Friday, Oct. 23;! charity and Donations
cattle shows for Guernseys, Here- Commissions on Bonds and Interest
fords, Jerseys, and Angus breeds: Fuel
swiri^ sftbwS for Duroc Jerseys,! Election Expenses
Berkshires and Miscellaneous Expenses
IF YOU DON’T READ
THE CHRONICLE
YOU DON’T GET THE NEWS
Total Expenses
Total Net Income and Expenses
$188,652.04
$172,307 38
... 100,497.12
104,843.58
40,802.93
37,614.42
16,174.20
12,35196
... 15,697.13
18,561.14
... 14,572.91
16,317.02
... 8,201.78
7,874.17
4,175.61
6,915 42
2,319.87
1,944.75
2,070.00
3,250.00
1,189.50
822.67
797.26
538.38
150.00
137.50
120.32
109 27
86.50
39.60
27.45
16.56
$3*96,138.01
$383,040 43
$ 77,495.52
$ 70,674.43
48,406.67
60,325.35
... 43,971.63
42,190.90
26,270.34
16,837.53
15,600.58
11,856.65
9,684.64
11,479.56
11,119.56
10,958.80
10,195.81
... 9,750.20
9,506.55
9,093.63
10,123.01
7,660.99
944.19
7,209.36
4,131.43
5,526.52
4,868.27
5,078.74
4,942.26
5,009.66
2,893 83
4,703 89
3,702.05
3/771.34
1- 3,743 84
3,273.38
^ 3,288.65
- 2AW-76
T/760.80
3,254.34
* 1,781.90
1,507.98
2,766 62
1,481.88
2,197.38
1.29L53
1,638.17
1,200.00
1.17M6
1,073 89
96&.$l
70485
70* AO
955.02
470.00
517.82
39l'3te
525.97
369.57
783 28
125.00
32425
• 1,229.89
96.71
67.86
341.60
228.00
.2,200.18
$324,654.46
$315,512.7?
71,483.55
67,547.66
$396,138.01
$383,040.43