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Page Four abr (Ulintnn (t^rnnirlr THE CLINTON CHRONICLE Established 1900 WILSON W HARRIS, Editor and Publisher HARRY C. LAYTON, Assistant PUBLISHED EVERY THURSDAY BY THE CHRONICLE PUBLISHING COMPANY ^ Subscription Rate (Payable in Advance). One Year $2.50, Six Months $1.50 Entered as Second Class Mail Matter at the Post Office at Clinton, S. C., under Act of Congress March 3, 1879 The Chronicle seeks the cooperation of its -subscribers and readers—the publisher will at all times appreciate wise suggestions and kindly advice. The Chronicle will publish letters of general interest when they are not of a defamatory nature Anonymous communications will not be noticed This4>aper is not 'responsible for the views or opinions of its correspondents. • • t Member: South Carolina Press Association, National Editorial Association AMERICAN’ PRESS' 'ASSOCIATION — Now York, Chicago. Detroit. Philadelphia CLINTON, S. C.. THURSDAY. MARCH 18, 1954 Every Day Is Income Tax Day March 15 is a headache for millions of people who fnush file their returns by the deadline. It is not an exceptional day in a sense, for every day is tax day with government reaching into the pay enve lopes of millions of wage earners and tak ing therefrom a large part of their earn ings which they are never privileged to see. It is the penalty we are paying for big government, big spending and extra vagance during the past twenty years. Many call the deadline IT DAY, but truth is there are 365 IT DAYS in the year. Burdened taxpayers are clamoring for relief and properly so, for any sensible person knows that withholding and other taxes are too high, especially in the case of individuals relying solely upon their salaries. President Eisenhower knows there must come continual relief, but it cannot come overnight. His administration has made a long over-due start by slash ing almost seven billion dollars from the national tax bill which will bring us all small relief this year. The President is right when he says it will take time, wise planning and the practice of economy in government—we cannot v take one big drastic jump which if done will result in piling up additional billions in yearly de- ficts and the gigantic national debt. When the Democrats (so-called) came into power in 1933 the Federal public debt was $25,500,000,000. When Harry Truman, the spender of all time of taxpayers money left office in 1953, the debt had gone to over $267,000,000,000. This huge figure, which few if any can comprehend, with interest earning charges, is some? thing the people are going to have to be concerned with during their lifetime and perhaps that of their children and grand children. Interest charges alone today to be paid by the federal government are over $6,500,000,000 per year. This in terest alone is 50 per cent greater than the total cost of the Federal' government when Roosevelt’s socialistic New Deal regime came into pow’er. President Eihenhower inherited the greatest “mess” ever placed in the lap of a president of the United States. He is making progress and we have faith in the man and his policies as a great American that there will be gradual and sure tax reductions, with due precaution taken against upsetting the national economy. Stevenson Opens Campaign Aiflai £>teveson who w-ants to become the next president and who is critical of everything about the Eisenhow-er adminis- stration, opened his campaign with an ad dress last week in Miami, Florida. He is the gentleman who in the face of’strong opposition landed the presidential nomi nation in the last election with the politi cal blessing of Truman. For Truman and others who* are prominent in office, Stevenson is the man. Signs already indi cate that he will run into? heavy opposi tion from many of those who supported him at the Chicago convention. That is the game of politics. It means that Steven son’s entry on the political stage has stir red personal and factional rivalries among the Democrats. And a coincidence is the fact that Stevenson’s hoped for comeback was partially inspired and welcomed by the very Southern conservatives who op posed him at the Chicago convention over the fight to hog-tie the delgates by the "loyalty oath”. Former President Truman is quoted as saying in Boston a few days ago that he hopes Stevenson will be the Democratic nominee for the presidency in 1954 against President Eisenhower, and that if Stevenson wants him to he will campaign for him. a repetition of the 1952 barn storming. It would be our guess that the defeated candidate in his second attempt to "come hack'” will welcome the help of the ex-president. Viewing the past it is impossible to seperate the names of Tru man and Stevenson. ostal Bill Would Cost Residents of Clinton will pay an estimated increase of $10,000 a year for the use of the mails If the Post Office Department’s re cent move for rate increases goes through. The bill now in Congress, backed by Postmaster General Sumanerfield, has been approved m thVyrialii by—Ore HffOse Post BABSON . . . Truth About Stock Market And Employment A Bill That Should Pass Another small loan business regula tory bill appeared in the general assembly the past week. Simular bills have been offered before in recent years, but none have ever made any headway. The author of the bill states it is in tended to regulate the small loan business in the stale. The offices would be licensed by the state board of bank control and be governed by law’s and regulations ad ministered by a commission on the staff of that board. To show its need according to Dr. William Simpson of Duke univer sity who has made a thorough study of the small loan business in the southeast, South Carolina is the only state m Hits area that has no small loan law.. It is charged that many small loan businesses in the state evade state law limits on interest by adding special fees, such as brokerage charges, booking fees, investigation costs, and so on. These would be elimiated under the proposed bill with every such business licensed by the state board and required to adhere to legal interest rates. If tfyere are loan sharks, they would be -eliminated in pro tection to borrowers As a result of the present lack of regulations governing the operation of these businesses, many un scrupulous firms exploit the borrower un mercifully, it is charged. The bill would rtdt effect the honest firms but it is the loan sharks who have given a black eye to the whole business and reputable con cerns should welcome the proposal in the legislature to curb their activities. Under the bill the lending agency would be re quired to furnish the borrower with a do- tailed statement showing the amount of the loan, interest rate, schedule of pay ments, terms of the loans, and other perti nent data. They would be put under re gulations as applying to banks, and properly so. It would eliminate abuses and establish a system of regulation for the sole purpose of insuring honest and effi cient small loan service. Babson Park, Fla., March 18.—You have seen recent newspaper headlines: STOCK MARKET TOUCHES HIGHEST IN 25 YEARS. Yet, when many of you check your list of good stocks owned, you find this is not true as to your portfolio. Now let me tell you the trouble. Dow-Jodm Averages Explained There are about 1,500 stocks listed on the New York Stock Exchange. Of these 1,500, only 65 are taken to prepare the Dow-Jones Averages, so- called. Furthermore, these are divided into three groups: (1) The Industrial Group containing 30 stocks; (2) The Railroad Group containing 20 stocks; and (3) The Utilities Group containing 15 stocks. As a practical matter, most investors do not bother with the second and third Group. When the Industrial Group of 30 stocks goes up, they think the entire market of 1,500 stocks goes up. When his Industrial Group goes down, they think all the 1,500 have gone down. Hence, the news paper headlines mentioned above, reporting the market at its ‘25-year high,” really applied only to the Industrial Group of 30 stocks—not to the real average of the entire market—or probably not to'the stocks which you own. Is th« Dow-Jones Barometer Fair? I answer this wry frankly by replying that it is unfair to act on these averages The truth is: (1) that this Industrial Group is made up of the top big-company stocks; (2) that banks and trus tees—perhaps partly to protect themselves against later suits—prefer to buy, for trusts and pension funds, the stocks of these top companies; (3) that this concentrated buying, with little selling, sends these 30 stocks up above the tru^ market average; and (4) that the buying of'Muual Funds is a great factor in boosting the Dow Industrial Average. - Let me say something about these Mutual Funds. They are worthy of careful consideration for small investors. They give wide diversifica tion and honest management. These Funds are being sold today by thousands of salesmen who get a commission of about 5%. When you buy the stock of a Mutual Fund, your money is probably used to buy the stocks of top industrials. Hence, thousands of salesmen are on the road indirectly selling the stocks of these 30 Industrials, for which selling they get 5%—while the rest of the 1,500 stocks are neglected, for the selling of which they would get only H,o< 1%. But the Dow-Jones Industrial Average does not necessarily represent the opinion of leading businessmen as to employment conditions. Hence, it may be very unfair to you for any manufactur er, or his employment manager, to base his opin ions AND HENCE HIS “FIRING AND HIRING" program on the Dow-Jone Average. Manufactur ers should study the average prices of all the 1,500 stocks, properly adjusted as to volume, and not depend solely on what 30 stocks indicate. What Is The Present Outlook? The truth is that the stock market is very con fusing to any honest employment manager today. The Dow-Jones Industrial Average indicates one thing; while the entire stock indicates an opposite thing. Certain good stocks are now abnormally high; while other good stocks are abnormally low. Before you are fired by any employment man ager, he should study other factors, rather than look solely at the stock market General business fell off during January and February, 1964, compared with 1953; but the stock market did not forecast this. Some stocks went up; while others went down. Many stock prices have changed very little in the past six months or even longer. ! Office Committee and is awaiting floor action. Chiefly, it calls for an increase in first class postal rates for out-of-town mail from three to four cents and for a 30 per cent rise for magazines and newspaper handling. The Post Office Department ex pects to cut its annual deficit by $250,000,000 if the proposals be come law. It represents an increase in revenues of about 12 V4 per cent. The latest official figures for the fiscal year 1953 show postal re ceipts in Clinton of $73,203.50. The increase, therefore, which should be felt proportionately, would mean approximately $10,000 a year to local residents. The Post Office Department is faced with the huge task of hand ling 50 billion pieces of mail each year. Much of it fails to pay its way. It is slightly ahead on the handling of first class mail, de spite which an increase is being asked, and is ahead in the renting of post office boxes and on the postal savings bank. All the other services, including air mail, parcel post, registered mail, second, third and fourth class matter, are operating at a disadvantage. Considerable opposition is ex pected to the increase in rates from those who argue that the postal service is in the public in terest and is a legitimate charge to government. The proponents hold that it is a business opera tion and should, as such, pay its own way. Marine Recruiter To Be Here Every Monday Staff Sergeant Hurshell Buford Fagan of the Greenville Marine Recruiting office has announced he will visit Clinton each Monday at the post office between 10:00 a. m. and 3:00 p. m. for the pur pose of interviewing young men who might be interested in join ing the Marine Corps. Young men between the ages of 17 and 31 and are interested are invited to con tact S Sg}. Fagan any Monday. Anyone who might have any questions pertaining to the U. S. Marine Corps is invited to visit the office/. Thursday, March 18,1954 SUMMONS State of South Carolina County of Laurens COURT OF COMMON PLEAS Citizens Federal Savings and Loan Association, Plaintiff, vs. Catherine Byrd Young, Defendant. TO THE DEFENDANT ABOVE NAMED: YOU ARE HEREBY SUM MONED and required to answ’er the Complaint in this action of which a copy is herewith served upon you, and to serve a copy of your answer to the said Com plaint on the subscribers at their office, Jacobs Building, at Clin ton, South Carolina, within twenty days after the service hereof, execlusive of the day of such service; and if you fail to answer the Complaint within the time aforesaid, the plaintiff in this action will apply to the Court for relief demanded in the Complaint— OWENS & OWENS, Attorneys for the Plaintiff. February 20, 1954. TO THE DEFENDANT ABOVE NAMED, Catherine Byrd Young: Take notice that the complaint and the notice of motion for ap pointment of receiver, in this action, together with the sum mons of which the foregoing is a copy, were filed in the office of the Clerk of Court for Laurens County, South Carolina, on March 10, 1954. OWENS & OWENS, Attorneys for the Plaintiff Clinton. South Carolina, March 10, 1954. 3co-25 FINAL SETTLEMENT Take notice that on the 26th day of March, 1954, I will render a final account of my acts and doings as Administrator of the estate of Walter Alex Davis, Sr., in the office of the Judge of Pro bate of Laurens County, at 10 o’clock a. m., and on the same day will apply for a final dis charge from my trust as Admin istrator. Any person indebted to said estate is notified and required to make payment on or before that date; and all persons having claims against said estate will present them on or before said date, duly proven, or be forever barred. —WM. J. DAVIS, Administrator. Feb. 20, 1954. 4C-W-M-18 irOVStt ^ vOv usims m # 1 Murray Garber’s r \ 4.. »-■ LADIES’ SPRING TOPPERS $10.00 REGULAR $19.95 — SPECIAL LADIES’ SPRING SUITS $10.00 LINED AND UNLINED—REGULAR TO $25.09 LADIES’ BOLERO SUITS $5.00 LADIES’ COTTON DRESSES $2.00 LADIES’ FAILLE DUSTERS $5.95 BLACK—NAVY — SPECIAL! LADIES’ COTTON SUPS SANFORIZED $1.00 LADIES’ SPRING HATS $1.99 LADIES’ SPRING DRESSES $3.98 SILKS—COTTONS LADIES’ SUPPERS $2.99 SHOES IDEAL FOR EASTER LADIES’ COTTON RLOUSES $1.69 REGULAR $2.50 LADIES’ NYLON HOSE SEAMLESS $1.00 ROSE LADIES’ NYLON 87c BLACK HEEL-FIRST QUALITY LADIES’ DRESS $5.95 DRESS SHOES FOR EASTER LADIES’ BAGS $2.00 To Match Your Shoes! LADIES’ DRESSES $10.95 Cottons—Silks—Nylons—Orlons Of Bettor Dresses for Easter LADIES’ Shorts $1.99 Colors—White Sixes 10 to 44 LADIES’ Moccasins $1.00 Sizes 4 to O-^Colors: Red, Brown, Green SPECIAL! LADIES’ NYLON HOSE 58c First Quality—51 Gauge, 15 Denier New Spring Colon