The Clinton chronicle. (Clinton, S.C.) 1901-current, January 29, 1959, Image 4
rilfc ILINTU.N CHROMO
Would Restrict
Local Employment
Acconlinir to an AFL-CIO announcement,
the laat election* amounted to a "mandate”
to overhaul existing management-employe
legislation. Certain specific targets are in
volved. One is to increase the federal mini-
< muni wage. Another is to extend the cover
age of the federal wage-hour law to certain
service enterprises which have been exempt
1 ev^r since the law’s conception back in de
pression days—notably, retail trade.
The big union has a right to seek these
changes in law. But there is certainly grave
doubt that the long-run benefit of working
people will be served if the union is success
ful.
Take for instance the retail exemption:
This is based, primarily, on the fact that re
tailing is a purely-local enterprise. The'big-
'' gest national chain must compete on the lo
cal level. Local needs, desires, living costs
and other such factors vary widely from one
• section of the country to another. Standards,
for example, which might be proper in New
York or another great metropolis obviously
would be out of place in a small southern
town. An arbitrary federal law, applying in
discriminately to every size, kind and loca
tion of community, would be unworkable and
destructive.
This is ndt all. Retailing provides oppor
tunity for employment to inexperienced, un
skilled people. The value of these people to
the store is very limited. If the law imposed
a wage which outweighed the value, retail
ers would have no choice but to pare this
kind of employment to the limit. Then the
inexperienced would lose both por-
tunity to get jobs—and to learn skil^-that
would prepare them for more responsible,
higher-paying employment.
Such considerations have impelled a long
list of Congresses to retain the retail exemp
tion. The next Congress, if it wise, will folknv
the precedent.
An Experiment Abroad
We in this country take advanced agri-
cultural equipment and farming techniques
pretty much for granted. Aboard, however,
dramatic results can follow in a very short
period of time when modem tools are applied
to primitive farming methods.
One of the international oil companies
helped do this in a low-income farming area
in Italy. An agronomist was appointed to
study the farmers’ problems and to seek
workable solutions. The cost of improvement
was borne by the farmers themselves.
First of all, a system of roads was built
linking mountain hamlets. The cost was com
paratively small, as the farmers voluntarily
contributed 5,000 man-days of free labor.
Then mechanized units were established to
replace the ancient system of transport by
man and mule. This reduced transport costs
amazingly—from some 130 lire per mile t
10 (the lire is valued at about 1.6c).
Then tractors and other mechanized farm
equipment were introduced, after careful
study to determine the types best adapted
to local conditions. These machines have pro-
duced something of an economic miracle.
They have been largely responsible for re
ducing costs by as much as 85 per cent, and
have speeded up operations and made possi
ble a more rational working of the land. In
crease in total income attributable to mechan
ization amounted to 4.225,000 lire.
Modern farm equipment, and the other and
related aids to good farming, are vital to suc
cessful agriculture the world around.
Wallace Boyd Named
CHS King Teen For 'SS'
Bo>xl, Clinton High
Sc hoot Mrhior, recently voted
King Te* ii for 1958 He w»s selecifd
jointly by Topular vote of the senior
cl.u> and by the faculty.
This annual j contest is sponsored
by the Wofford College campus
newspaper in conjunction with the
college administration Wallace will
be eligible to aUcnd the King Teen
week-end at Wofford in March.
The state winner for South Caro,
lina will receive a four-year schol
arship valued at $2,00. Other schol
arships are .also available for the
runners-up.
Candidates for this award art*
named on the basis of scholarship,
high school achievements, depend
ability, leadership ability, and char
acter*
,^5
^Mothers March
(Continued from page one)
Wysor III, Mrs. LawTence Warren,
Mrs. George Bagwell and Mrs. Wil
liam Patte.
District Chairman L. V. Powell
stated, ‘If any volunteer needs
transportation or help in any way,
please call headquarters at the
American Legion Home, Phone No.
9266. A stand-by group will be there
for this purpose.
Mrs. Holcombe said, “Totals win
be compiled at headquarters and
the total for the entire area will be
available some time shortly after
the completion of the March.”
PC Cagers To Meet
Furman Tonight In
Local Gymnasium
Proshvterian College cagers will
launch the second half of their cur
rent basketball season when they
entertain the colorful Furman team
here tonight (Thursday). •
It’s a key game for the Blue
Hose, returning to court after a 12-
day examination “break", and ac
tion is slated to start af 8.00 p.. m.
in LeRoy Springs gymnasium.
The imoding Furman crew, pick
ing up steam as the season pro
gresses, has been knocking off fel
low South Carolina squads right
and left. And one of these triumps
came over the Hosemen in Decem
ber.
B I
Starting with this game, Pflesby-
terian facc^ a predominantly home
schedule the rest of the way. Coach
Courts Bedford hopes this factor
will prove the impetus for snapping
his squad into a pattern of consist,
ently winning play, but he feels
much depends upon how the boys
perform against Furman. Despite
the record of four wins and five
losses, the Hosemen have proved
themselves capable of outstanding
play. And at this crucial stage in
the wird^ss column, Bedford feels
a victory over the Paladins would
provide just the psychological “lift”
needed for the remainder of the
season.
Junior Achievement
A manufaefurinp company showing a net
annual profit of $105.09 certainly doesn’t
amount to much in the economic scheme of
things. Yet. in mid-October, a company with
that profit experience was honored by the
New York Stock Exchange.
It is a Junior Achievement company, and it
received the Exchange’s annual award for
the most outstanding report to stockholders
among 3,400 entries. These companies are or
ganized by high school students who sell
shares of stock, make the market products,
and actually operate small-scale businesses
as a practical program of economic educa
tion. Eac h company is counselled by an adult
business enterprise.
J'his year’s winning company was I>8-1*0
(raft Company, of Dayton, Ohio. The name
was derived from that of its sponsor, the
--bayton Power & Light Co. Da-Po produced
transistor radios and had gross sales of $2.-
908.17. It paid a dividend of five cents a
share, which worked out to a 10 per cent re
turn on the investment.
In presenting the award to Da-Po’s 17-
y ear-old sales manager. Exchange president
Keith Funaton praised the Junior Achieve
ment program as “a highly significant edu
cational force” which enables youngsters to
learn "first hand the satisfaction and re
sponsibilities of running a business enter
prise." To paraphrase the old adage, the best
way for anyone to learn is to do. The tens of
thousands of young people participating in 1
the programs are gaining an experience that 1
will prove invaluable in later life.
Babson Discusses:
Are Stocks Too High?
Babson Park. Mass . January 29—The readers of
this column really want to know wliether stocks will
'go up further and, if so, how much further. The fact j
is that nobody knows and any answer is a mere guess. |
I however, am absolutely unbiased in my answer
1 have never accepted a commissaon for tin* sale of
a share of stock or a bond, nor have I ever borrow
ed a penny!
MY PERSONAL INVESTMENTS
My personal holdings are now about one third in
ca>h. one-third in short-term bonds, aqj/one-third in
a well diversified list of common stocks Therefore,
what ever the market does is okay with me For
give the above personal reference: but I want to
guarantee readers that this week s release is abso
lutely unbiased
Moreover, I am not blaming brokers for usually
being bulksh They have wages, rents, and private.
wire costs to pay; and they find that
80^ of their customers will trade:
jonly on the "top side” Therefore, I
they must be bulluh or get out flfl
the buMnes* Magazine writers and
radio news commentators know i
they can get their material accept .
ed most readily by being bullish i
1 Surely the bureaucrats in Washing j
'ton know they can keep thetr jobs
I only by holding their tongues or by
being optimists I do not blame any >
of these; they must eat* 1 merely'
want my readers to take “with several grains of salt '.
what they hear and read today about the stock mar
ket outlook
■t*r
IUKm.
THE LAW OF CHANCE
According to an AP report, John XXUl is
the first cigarette-smoking Pope. The Pontiff
smokes two each day.
There are 35,868,977 Catholics and 59,823,-
777 Protestant!* in this country, according to
Newsweek. Of the Protestants, the Baptists
are much the most numerous with 19,766,121
communicants.
David I^awrence writes in the U. S. News
& World Report: "Our Constitution should
be amended so that when the people vote a
party into power, the President of the United
States shall be chosen along with the elected
majority in Congress. Whether the election
should be held every two years or every four
years may be debated, but some formula must
be established whereby a single party will be
responsible for the leadership of both the
executive and legislative branches of the
Government. ...” \ '
Now, what do 1 know’—Many yearn ago I took a
course at the Masftachusctts Institute of Technology
which dwuttwd 'chance “ Thu was later followed by
studies in “Relativity” by Dr Emstem Briefly this
law of chance means that nothing is fixed, or sure,
or certain. Everything we do must be baaed upon
guesses The secret of health, hapfanes*. and pros
perity u to make the right guesses and then have the
self-control and persistence to follow through on these
guesses
Now let us apply this law of chance to the stock |
market There is no baas for any banker, broker, or
financial writer to tell you that the stock market is
definitely going up or going down Honest, inteikgent
and experu-nced investment advisors will tell you that
the chances are SO-50. or 50-60. or 40-60. or 3070 that
the market is going up They will not hedge or strad
die: they cun honestly be bullish or bearish. But they
will talk in terms of chance and not be imperial
WHAT ABOIT SPECIAL STOCKS?
I recently asked the president of one of America's
ten largest companies why it is so difficult to get him
to give an opinion on his own stock He replied: “Be.
cause I know that for every buyer of my stock, there
ihust be a seller. These buyers and sellers know tittle
about my company, yet they determine the price of
its stock. But this is not all The stock goes up when
the buyers are more anxious to buy than the sellers
are to sell, and vice versa.”
The above means that the price of an individual
stock depends upon the impatience of the public to
buy or sell it. Impatience truly controls the price of
every stock. The total average of this impatience de
termines the Dow-Jones Averages and all the other
stock indexes. That is why no IBM or other machine
can make a true forecast. Even accountants and stat
isticians are only morticians, exhuming and dissect
ing the past. The can only guess as to the moods of
the people, which determine whether stocks are going
up or down.
In order that readers may not think I am dodging
or evading the main question, I will say that the
chances are 60-40 that stocks will go down consider
ably in 1959. Hence, the chances are in favor of those
with the patience to wait longer before buying stocks
for profit.
CLINTON, S. C., THURSDAY, JANUARY 29. 1959
ulljp (E Union (Etfronirlp
EstaJUtahed IfM
inly 4, IMS — WILLIAM WILSON HARRIS - Jane 13. 1955
PUBLISHED EVERY THURSDAY BY THE CHRONICLE PUBLISHING COMPANY
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March 3,1379
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appreciate wise suggestions and kindly advice The Chronicle will publish letters of general interest when
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Coming To Clinton February 4
Thursday, January 29. ^959
Commitment Services
For Infant Daughter
Commitment services for Deborah
Kay! Fuller, infant daughter of Mr
febd Mis. Floyd Fuller, were held
m WindMir. N. C-. where the child
was born on January 19.
OFFICE SI I*I*LIES , ’
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105 SOUTH BROAD ST. CLINTON, S. C.
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