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r t* -t Pace Poor THE CLINTON CHRONICLE Ull?r (SUtttntt (EUnrontrlr WILSON W. HARRIS, Editor and Publisher HARRY C. LAYTON, AMtetant 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 ot Congress March 3, 1879 The Chronicle seeks the cooperation of its subscribers and readers—the publisher will ft all times appreciate wise suggestions and kindly advice. The Chronicle will publiah letters of general interest when they are not of a defamatory nature. Anonymous communications will not be noticed. This paper is not responsible for the views or opinions of its correspondents. Member: South Carolina Press Association, National Editorial Association National Advertising Representative: AMERICAN PRESS ASSOCIATION —— - New York, Chicago, Detroit Philadelphia CLINTON, S. C„ THURSDAY, APRIL 7, 1955 Easter Sunrise Service A community-wide Easter Sunrise service wil Ibe held Easter morning at 5:45 in the Presbyterian college stadium to which the people of this entire community of all de nominations are invited. Weather permit ting, it is expected that a large crowd will be present with the program for the exercises announced in today’s paper. In the events of Holy Week are found sin and holiness, defeat and victory, pain and joy. Pilate’s weakness, Peter’s renunciation, the cry of the mobs, the conflict between church and state—all point up the relevancy of that week to this one. Here was this Car penter of Nazareth, teaching his revolution ary doctrine. He was swept out of the way. But he returned, His followers multiplied and His teachings became the greatest force in the world. Easter lifts our sights beyond and above the transitory and the immediate—and to ward those values which are everlasting. It is a time to renew one’s faith in the goal of a world reborg, where the spirit of peace and the brotherhood of man, under the Father hood of God, will rule. The celebration means the resurrection of the body. We should all understand this sec ret of what we call the message of Easter. It is no time for prideful display, but fojr thoughtful resolution and joy at so eventful a season. “He is risen from the dead.” What a piece of news that was for all mankind. The Easter Story It is the custom of THE CHRONICLE at Christmas and Easter to print passages from the Bible. Today for the pre-Easter season, we print the marvelous story of the resurrection of our Lord, as recorded in the New Testament. John 20:1-8 (According to King James Version) The first day of the week cometh Mary Magdelene early when it was yet dark, unto the sepulchre, and seeth the stone taken away from the sepulchre. Then she runneth, and cometh to Simon Peter, and to the other disciples, whom Jesus loved, and saith unto them. They have taken away the Lord out of the sepulchre, and we know not where they have laid Him. Peter therefore went forth, and that other disciple and came to the sepulchre. So they ran both together: and the other disciple did outrun Peter, and came first to the sepulchre. And he stooping down, and looking in, saw the linen clothes lying; yet went he not in. Then cometh Simon Peter following him, and went into the sepulchre, and seeth the linen clothes lie. And the napkin that was about his head, and lying with the linen clothes, but wrapped together in a place by itself. Then went in also the other disciple, which came first to the sepulchre, and he saw, and believed. • For as yet they knew not the scripture that he must rise again from the dead. Then the disciples went away again unto their own homes. But Mary stood without at the sepulchre weeping: and as she wept, she stooped down, and looked into the sepulchre. An seeth two angels in white sitting, the one at the head, and the other at the feet, where the body of Jesus had lain. And they say unto her, woman, why weep- est thou? She saith unto them, Because they have taken away my Lord, and I know not where they have laid Him. And when she had thus said, she turned herself back, and saw Jesus standing, and knew not that it was Jesus. Jesus saith unto her, Woman why weepest thou? She, supposing Him to be the garden er, saith unto Him, Sif, if you have born him hence, tell me where thou hast laid Him, and 1 will take Him away. Jesus saith unto her, Mary. She turned herself, and saith unto Him, Rabboni; which is to say, Master. Jesus saith unto her, Touch me not; for I am not yet ascended to my Father; but go to my brethren, and say unto them, I ascend unto my Father, and your Father ; and to my God and your God. Mary Magdalene came and told the dis ciples that she had seen the Lord, and that he had spoken these things unto her. Kill The Punitive Tax The House on Tuesday expressed* em phatically disapproval, and properly so, of the highly controversial tax on advertis ing proposed by the Senate and advocated by Chairman Edgar Brown of its Finance committee. Refusal to concur on this and other amendments on the well out-of-bal ance money bill now sends it to a free con ference committee if the. Senate insists on its amendments. As we have said before ihe free conference committee of six mem bers writes the final appropriation bill each year. W'hy all the work, argument and expense to taxpayers by the ways and means and finance committees. The Chronicle is glad the controversial tax on advertising has come out in the open for an intelligent study and that a non concurrence mesage will go back to the Senate. The proposal has met with wide opposition from merchants, Chambers of Commerce and all who offer advertising lor sale, newspapers, radio, TV, bill boards, et cetera. The tax looks to us and to many others, as a grudge against news papers and imposes on them a nuisance tax that is unfair, also, to merchants and the ultimate consumer who is more and more called upon to carry another tax. The proposed advertising tax was a high-handed piece of legislation which was railroaded through the Senate and is just another hidden tax merchants will have to absorb. The small merchants will be taxed out of business ultimately. They promised that if they passed the sales tax they would do something about the floor tax, but so far they haven’t done that and now want to impose another tax which would certainly hurt business. It w'ould be a double tax on the customer if he pays a sales tax and then an added tax on ad vertising. Advertising is a means of pro motion to increase sales. Increased sales mean increased sales taxes for the state. From Washington on down to the local units it is tax, tax, tax. This proposed tax is on advertising, the life blood of trade It is a new’ tax on service, and would prob ably reach almost everybody. Why not a tax on veterinarians, doctors, dentists, law yers, mechanics, et cetera, if we are to have a punitive tax. Furthermore the pro posal would be impossible to enforce on out of state business, radio and TV sta tions. We hope the House will stand its ground uncompromisingly. The bill comes back to the House $1,131,000 out of bal ance. With it there is the proposal for more added revenue to balance the bill. The way to balance the bill is to stop ex travagant spending which is now the order of the day, not only in Washington, but al so in Columbia. The sound answer is to make income balance outgo. T God Is lor»; sad ho that dwolloth In low dwolloth la God. sad God in him. (I John 4:1$.) Hood I John 4:15-21 “Is she Jesus?” my three-year-old son asked, as a Bible teacher walked out after a short visit in our home one day. This is how a child thought of a devoted woman who always closed her visits with a prayer—prayed w’hile on her knees. Everyone who is ruled by God’s love expresses that love in one way or another. Among a crowd, one can usually point out those who possess the light of God’s love, often expressing itself in a win some smile, in gentle word or look. Those who dwell in God’s love reveal peace in their minds, self-confidence, trustworthiness. They find happiness when God’s love rules in their lives.' In these days of Lent we need to be numbered among those men, women, and young people in whom dwells the love of God. We need to humble ourselves in prayer in our homes, asking for God’s love to rule supremely in hearts, minds, and lives. PRAYER Almighty, haavenly Father, w* praise Thy name, for Thou art of infinite mercy and Thy great love is forever and ever. Grant us to dwell in accord with Thy holy will by accepting Thy redeeming love, for wo would bo counted as children in Thy kingdom. In the Lord's name we ask it. Amen. THOUGHT FOR THE DAY To be ruled by Christ’s love creates in us the desire to be obed ient to His will. Elvira F. Olivases (Texas) BABSON . . . Discusses Stock Market Reports By ROGER W. BABSON Babson Park, Mass., April 7 — Although the Fulbright investigation of the stock market is over—probably to the benefit of all concerned— I continue to have questions from readers. Most of these are in regard to the Dow-Jones Industrial Average. Do Figures Lie? This is what seems to trouble readers most. First, they note that the Dow-Jones Industrial Average has “gone up” or “gone down” four points—for instance—and yet not one of the 30 stocks included in this “Average” has varied this amount. They say: “Wall Street accounting is worse than Tru man accounting!” Another thing bothering stock-minded readers is that from one day to the next this so-called “Average” will move faster and further than what they claim to be the “honest Average.” They write me: “No wonder Bernard N.. Baruch is reported to have indicated that readers had better forget fol lowing newspaper accounts of Wall Street, be cause by the time the market makes the front page all the wise guys have left the premises with the money.” Reasons For Wall Street Arithmetic The day-to-day changes in the Dow Averages are magnified. In the case of the Industrials, if — on a straight mathematical average—the market prices of the stocks were UP 1 point, the net change shown by the Dow Average release would be UP by more than 5 points! TT^e reason for the magnification of changes is that the Dow Aver ages are no longer arithmetic averages. That is, instead of taking the aggregate value of the 30 stocks in the series and then dividing the sum by 30, they now take the aggregate value and use an adjusted divisor which et the present time is 5.76. THUS, THE DAILY CHANGE Ilf THE AVER AGE IS ACTUALLY MAGNIFIED IN A RATIO OF 30 TO 5.76, OR ABOUT 5.3 TO 1. This method Of computing the daily Average is to save time, yet preserve the historeal con tinuity of the Average. Under the old method they adjusted each stock in the series for stock splits before computing the daily avenge. Under the present method, no such adjustments an made for the individual stocks—the adjustments are made in the divisor. In this way then is no need to make a greet hoeny computations to ad just for the various splits that have taken place over the years. Construction Boom Sets Record For First Quarter Washington, April 3 — The roaring construction boom put more new buildings in place dur ing the first three months of this year than in any previous Janu- ery-March period, the Commerce and Labor departments reported today. Stepped-up building activity in March, soaring to $2,900,000,- 000, set a new high for that The present method is satis factory and simple—the divisor itself is changed from time to time as splits and stock divi dends occur. In fact, when this “divisor" idea was first used, the figure was 12.7, whreeas the fig ure now used is 5.76. They first computed the sum of the mar ket prices of the 30 stocks in the series adjusted for splits. TTie next step was to compute the Average by dividing this adjust ed sum of the prices by the num ber of stocks in the series (i.e, 30.) Then the next step was to add together the market prices of the 30 stocks (with no adjust, ments), and divide this figure by the adjusted Average. The net result was the divisor. The di visor now used to determine the Average at the various times of the day has been computed in this fashion. Margin Raquiramanta Letters have also come to me asking how and when margin requirements have been changed during the past 20 years. Here are the facts regarding these: April 1, 1936, through Oct. 31, 1937, General Rule—55 per cent; Nov. 1, 1937, through Feb. 4, 1945, General Rule—40 per cent; Feb. 5, 1945, through July 4, 1945, General Rule—50 per cent; July 5, through Jan. 20, 1946, General Rule—75 per cent; Jan. 21, 1946, through Jan. 31, 1947— General Rule—100 per cent; Feb. 1, 1947, through March 20, 1949, General Rule—75 per cent; Mar. 30, 1949, through Jan. 16, 1951, General Rule—50 per cent; Jan. 17, 1951, through Feb. 20, 1953, General Rule—75 per cent; Feb. 20, 1953, to Jan. 4, 1955, General Rule—50 per eent; Jan. 4, 1955, to date, General Rule—60 per cent Margin requirements are set by the Federal Reserve Board, and are therefore an instrument of over-all control. Changes are made as part of a broad Federal Reserve policy. month and pushed construction during the first quarter to an unprecedented annual rate of 41 billion dollars, the report said. If maintained throughout the rest of the year, this pace would result in a new banner construc tion year, about 10 per cent big ger than the 37 1-4 billion-dollar rate set last year. • During the first three months of 1955, the joint report said, pri vate expenditures accounted for three quarters of all new con struction activity. Total con struction during the 3 months came o a record $8,400,000,000, 13 per cent higher than in the first quarter of last year. Public outlays in the first three months of this year, about 2 1-4 billion dollars, were 4 per cent under expenditures during the first quarter of last year. The report attributed this to declines in public housing activity anu •most types of direct federal con- 1 struction expenditures more than offset continued expansion of state and local public works. Private residential building during March, the report said, increased “slightly less than seasonally” from die exception ally high February level. Nevertheless, outlays for new private residential building dur ing March set a record for the month, and filled out a record 'first quarter of $3,300,000,000. LEAVING THE FARM It took six people on farms to support one person in a city 100 year's ago in the United States, while today there are about six city people for every person on the farm. W,, |H|||y|nuujy| A JNMftMf fctvi MM# Penodk bivistiMiil Plons To Aafrira ACCUMULATIVE Food Shores WADDELL & REED, INC James E. Wolfe 1$3 N. Broad 8t CLINTON, 8. C. $1$ NUNNALLY’S "The Candy Qf the South” AKIMMKHOUMY TREAT EASTER GREETING CARDS EASTER EGG DY|e Young’s Pharmacy “The Old Reliable*' WE GIVE 8 A H GREEN STAMPS • • • Pretty Dresses » I Easter Juat one look... and you'll want to scoop up a wardrobe-full of these Spring delights. Hurry in and see this terrific group of dresses including gay-as- spring cottons—linens—silks—and all the sudsable miracle fsif^TT 1