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I'ajfe Four ■/ THE CLINTON CHRONIC! " Thurxlav. September 4, 1958 SIjf Clinton Cljrnnirlp EiiUhltebed 19M July 4. 1M» — WTLLIAM WII^SON HARRIS — Jane IS. 1S.%5 PUBLISHED E\’ERY THURSDAY BY THE CHRONICLE PUBLISHING COMPANY Subscription Rate (Payable in Advance) .... One Year $3 00, Six Months $2 00 Entered as Second Class Mail Matter at the Poet Office at Clinton, S C.. under Act of Congnm March 3, 1879 The Chronicle seeks the cooperation of its aubsenbers 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 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, SEPTEMBER 4. 195X Community Chest Drive Coming Up Residents of the Clinton area would do well to bepin to think about the forthcoming Com munity Chest campaign. It is only about a month away. The genera! drive will take place on Octo ber 2. with the special gifts solicitation to come several days earlier. Leaders in the movement have been at work for several weeks, holding meetings, and making plans for the campaign. Now that these plans are taking shape and definite announcements are being made, Clinton people, we are sure, will alert them- selves and join with these dedicated men and women in seeing to it that the neces sary funds are made available for carrying forward the work of the several participating agencies. The Community Chest is working for YOU and it merits YOUR support. A Golden Opportunity For Our Textile People News that came from Clinton and Lydia Cotton Mills yesterday was good news. And we know it will be received with pleasure by the community in general as well as by the I>eople it concerns most. The management of the two corporations announced Wednesday tfiat employees who are occupying homes in their two villages will be given an opportunity at an early date to purchase these homes. For numerous reasons that we could cite, the chance to buy homes conveniently locat ed near their places of work should be w-el- i-omed by these citizens and neighbors of <iinton. In addition to eventually living in a debt- frt*e home, which is ardently desired by everyone of us, there is the more present and just as desirable pride of ownership. It is an elemental emotion that brings a sparkle even to the eyes of a child when he hugs a prized possession Hghtly and exclaims "This is mine!” We never get over it—and who would want to. We are all kings in our own houses. Roots of people sink deeper into a com munity when they become home owners. It strengthens the community’s claim on them. And conversely, it strengthens their claim on the rommunity. Which brings us to our third point (all of whit h are tersely put) — home ownership serves to make people better citizens. And whoever heard of a community that had enough "better citizens.” The Clinton and Lydia Mills also will be beneciaries of the move from several view- points. But to those of us who know the man agement of these mills, the welfare of their employees was uppermost in their minds when they, made the decision to sell these houses. Unique In History How many people own shares of stock in American corporations? No one now knows the answer for sure. But this deficiency will be remedied late next spring. At that time, the results of a com prehensive census of shareowners will be available. , It is being conducted by the New York Stock Exc hange, and is described as the most extensive research project ever undertaken by that long-established institution. Thous ands of man and electronic machine hours will be devoted to gathering and analyzing facts. The composition and geographic spread of the stockholding will be made known. So will such facts as the age, occupation, income level and education of the people who own American business. A stockholder census was first made in 1952, and at that time slightly less than 6,- 500,000 people owned shares. A second sur vey w’as made in 1956, and showed a 33 per cent jump to 8,600,000. The current survey is using highly defined research techniques that provide far greater accuracy than is pos sible through more conventional methods. One thing is sure—the stockholder popu lation amounts to a very substantial and growing proportion of the total population. As Keith Funston, president of the Exchange has said: ‘This development of a People’s Capitalism is unique in history. Never before has a major economic power extended the concept of ownership—so voluntarily—is so broad a Who Is The Winner? If Elfrida Yon Nardoff, record quiz show “winner” of $220,500. thought she was going to have a big bank account from her once- in-a-lifetime accomplishment, she had a sad awakening. After the tax collectors skimmed the cream from her earnings she had left about 50,000 forty-eight cent dollars. That’s the price of big wars, big centralized government and piecemeal acceptance of the socialistic philos ophy which saddles us with the “welfare state.” Alaska, the 49th state, probably wdll form ally enter the Union before this year ends. Ami she’ll lie the biggest state by far—more than twice the size of Texas. By way of con trast, the entire population is only that of a middle-sized city—about 210,000. Bedford, Indiana, Daily Times-Mail: “No .person, .ever got very far in the world with out helping himself.... That is just as true of nations. What Latin-America needs is some hard-headed talk about living within its in come—the same kind of stuff you get from your banker when you have overdrawn your account for the third time.” 70 PC Footballers Begin Pre-Season Practice On Monday Pre-season football practice open ed at Presbyterian College Monday morning with 70 candidates of va rying degrees of experience in the Blue Hose training camp. They began two-a-day drills which will continue until classes begin next week. And even as they hustled, time drew shorter for the I season opener at East Carolina on September 20. Most of the players answered the initial whistle Monday, but some 20 were sidelined by a sudden swoop of virus. A number of these recovered sufficiently to make practice Tuesday and Wednesday, and all others are expected to be ready for aetjon within a few days Approximately one-half of the PC candidates are players returned from last year’s squad. They are part'd by 18 lettermen, headed by two rugged co-captains in halfback Tony Benson of Chester, and tackle Richard Shrigley of Clinton. The remainder are an eager group of new boys striving to make varsity impressions in the wide-open bat tles for every posiiton. Several bright stars of prep ranks are in cluded The best of these will re- i main as part of the varsity squad, while the others will form a junior- varsity team to play a schedule of their own. Clinton is well represented among the Hose men. In addition to Shrig ley. fullback Billy Sease returns for his sophomore campaign and these freshmen are present—Cen ter Charles Marler, halfback Billy Horne, and guards Alvin Hueble and James Chaney. Services Here Todoy For Miss Soro Thomos Miss Sara Frances Thomas. 74. died early yesterday morning at a Columbia hospital after an extend ed illness Miss Thomas was born in Union County, a daughter of the late Wil liam Kelly and Margaret Hill Thom as. For a number of years shi made her home in Clinton with her sister, Mrs. D. C. Heustess, who survives her. She was a member of the Meth odist church. Graveside services will be coo dueled this afternoon (JTmrsday) at 4:30 at Rosemont Cemetery by the Rev. Joel E. Cannon. The body will remain at Gray Funeral Home un til the hour of services. Pallbearers will be Gus Jeter. Gordon May, Mr. Christopher. Dil lard Boland, C W. Cooper, William Brooks Owens, G. A. Burton and Ray Pitts. OFFICE SUPPUES At CHRONICLE PUB. CO. Babson Discusses Bonds Class Takes Train Trip Babson Park. Mass . Sept 4—While stocks have been firming moderately in recent months, the trend in bond prices has been weaker. It must be remem bered. however, that in bonds, the matunay—as well as price—must be given due consideration in deter mining yield. GOVERNMENT BONDS Government bonds are bought mostly by banks and insurance companies. Because the yield is so small and they are subject to taxation without ben efit of any dividend credit, private investors as a rule do not make very heavy commitments in these is sues When they do buy governments, they usually look for very short maturities selling around par However. eWerly people often buy certain maturities of government bonds which are selling at a dis count and which the (federal) gov ernment. will accept at par upon death for estate taxes Your broker can give you a list of the special issues which have this privilege Many investors buy government bonds only in time of war or other national eraeri^ency as a patriotic duty. But the large numbers who do wish governments primarily for safety, or for li quidity. usually buy the Savings Bonds (Series E and G) Most municipal and revenue bonds should be attractive for investors in high income brackets CORPORATE BONDS Ordinarily, business firms isvuing corporate bonds look to the life insurance companies for support The life companies periodically figure w hen (and in what amounts) they will need cash at a given future date to fulfill their underwriting obligations as indicated by actuarial tables Their bond buying is pegged to these requirements Life insurance companies are also heavy bond purchasers because the kind and number of stocks they can buy are restricted by law Fire underwriters, however, are free to buy com mon stocks without restriction: but in practice they usually bold sizable quantities of high-grade corpo rate bonds 9 As a rule, corporate bonds should be avoided by the ordinary investor when inflation is on the uptrend because the money thus invested will buy less when the bonds come due. The only corporate bonds I rec ommend at the moment for private investors are “convertibles.’’ With these you can “have your cake and eat it, too.” If deflation should come and stocks go down, you can forget the convertible feature and insist on payment in cash If inflation comes and stocks go up, you can turn these bonds into stocks. Unfortunately, however, there are not many good con vertible bond issues available. Most of these self at quite a premium. PRICES AND OUTLOOK • During the past year,- the Dow-Jones corporate bond average fluctuated from a low of 84 in Novem ber, 1957, to a high of 91 in June. 1958; at the pres ent time this index is 88. As to future price; This de pends almost wholly on the price of money and the trend of general business. It is certainly not wise to buy bonds—even the highest grkle—when your bank er feels sure rates will go higher. However, it is a mistake to think that money rates alone will determine the trend of bond prices It is true that bond prices are not usually so quick ly responsive to general business trends as are stocks But it is foolhardy to believe that bond prices will not or cannot be affected by sharp changes in the over all business picture, no matter what the prevailing interest rate. A FINAL WORD OF ADVICE However attractive bonds may seem to you, don’t build an investment reserve of long-term maturity bonds. Long-terms, even those of the very highest qdhlity, are poor risks at aay time. A 1% rise in in terest can wipe out a number of years’ income on long-term bonds. Try to stick to short-term govern ments, good convertibles, and tax-exempts that you expect to hold to maturity. Before you invest your corporitjon’s money in bonds, be sure you realize your Corporation must pay 32% of any profit to the federal government There is no tax relief or “credit” as is the ease with drindsafe yoa receive on stocks Before buying any bonds, consult your who wffi ghm yru Ms freak appraisal of On Sunday afternoon, August 31. Cub Scouts from Pack 174, Dens 1 and II and their families went on a train ride to Whitmire. All of the Cubs had the experience of buying their tickets for the trip and for most of them it was their first train ride. Some of the parents met the train in Whitmire and brought the group back to Clinton. The following Cubs and their fam dies made the trip: Eddie Taylor, Jeff Taylor. Mr and Mrs. E. C. Taylor, Konnie Simmons. Bill Simp son, Jan Simpson, Mrs. William Simpson Bill Weir, Janice Weir, Mrs. William Weir, Mitchel Scogin. !Cecil Scogin, Mrs. Wm. T. Scogin. Frank McGee. Lucian McGee, Rudy Webb, Tinky Young, Bobby Bostic, Gene Bostic, Eddie Bostic, James Bostic. Wayne Copeland. Terry Copeland, Jimmy Copeland, Mrs. Harold Copeland, Frank Spoon. Phil Spoon. Stanly Power. Timmy Pow er. Linda Hauphear. Roy Hauphear. Laura Hauphear. Charles Campbell. Terry Campbell Henry Simmons. Gene Simmons, Mrs. Allen Sim mons. Forrest Adair, Henry Adair. Mrs. Forrest Adair. Wayne Pear son. Larry Reddick, Mike Reddick. The following met the train in Whitmire: Mrs. L. S. Reddick. Mrs. Gene Bostic, Mr and Mrs. Harold Power. William Spoon. William Wafer W i x-ogm D illard BolanVI w 103 E. 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With equal confidence they count on Dad (with an able assist from Mom) to see to it that they get the college education that will give them a good start on the road to success. Dad has the answer to this problem too: His own systematic savings here plus our generous rate of return will add up to “what it takes!” Bank of Clinton Member Federal Deposit Insurance Corporation 3% Interest Paid Ob Savings' Accounts Semi-Annually What fad -i ■; -. Buy Now Pay Later REGULAR S59.50 Mattress Made For T. L JONES & SONS By Orders. Mattress Co. Greenville, S. C. "Our Pride" We are now offering this mattress as a special through month of September at 39“ This Is a 330 Coil Mattress — Complete Unit — Box Springs and Mattress 79.9° Thsi type mattress is the perfect choice for those who want cool comfort at a price. The utmost in year in and year out comfort in a shape retaining mattress that guarantees the maximum in comfort.. Maide by a special process that uses the best of material and workmanship. Covered in good looking fab rics. All sizes. T.E. Jones & Sons tm W. Maia IS1 CMrIar, 8. C. FURNITURE