The Clinton chronicle. (Clinton, S.C.) 1901-current, January 07, 1960, Image 4
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THE CLINTON CHRONICLE
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Thursday, January 7, 1960
The Cure Is In The Home ,
• • ■*
Not long apo a New York judpe wrote to
the New York T^imes saying that in the 17
years he had been on the bench not one
Chinese* teen-ager had been brought |>efore
him on a juvenile delinquency charge '
P. H. Chang. C hinese Cbnsiil-Geheral in
New_ York, was asked to comment. He said.
“1 have heard jhis story many times fixim
mahy judges. 1 will tell you why I think this,*,
is so. Filial piety is a cardinal virtue my peo
ple have brought over from the China that
was free. A Chinese child, no matter where
he lives, is brought up to recognize that he
cannot j^hame his parents. Before a Chinese
child makes a move, he stops to think what 1
the reaction of his parents wflf be. Will they
be proud, or will they be ashamed?" AJxn'e all [
other things, the Chinese teen-ager is an-*
,\ious to please his parents.” V
Appreciation Is
Appreciated
*Fhe followinlfweicome comment is reprint
ed from the Irish Independent, Dublin. Ire-
tland. ; ,
Crhe British gesture of repaying a loan of
thV.p{illiomt<Ounds to the United States five
years before it is due-. . . underlines the im-
.mense financial burden which the United
States has been carrying since the .war. the
assistance disbursed to friends and former
fops' alike under the Marshall Aid Plan and
the various Foreign Aid' IVogrammes was
(and still is) generosity on a scale such as
had never before been known between'peo-
ples. . . . ' 11
“With the war fourteen years .over, the
time has come for other economically^sound
industrial countries to-undertake some of the
international charity iu present dispensed by
The aipazing record of tHe Chfifese chil- j he United States .' T he British Government
dren and young people shows that it is in the
home that the cure of juvenile delinquency
will la* found—and in no other place.
Skinning The Taxpayer
They tell this one about a lady who was
visiting in our 49th State. Alaska. She was
looking over a fox farm, a^nd after admiring
a particularly beautifuf silver specimen, she
asked her guide:
_ “Just how many times can a fox be
skinned for his fur?” •• • t ■
‘Three times,^nadame,” replied the guide,
keeping a straigTtJ face. ‘‘Skinning him any
more times than jfhat would spoil his tem
per.”
There's a lesson to be learned from that
“shaggy-fox” story for many of our Wash
ington representatives and nearly all of our
Washington bureaucrats. They’re doing a
mighty good job of skinning the poor, down
trodden taxpayer and the first thing you
know, he’ll be losing his temper.
< The wonder is that the aforesaid taxpayer
hasn’t lost his temper long ere this. Until re
cently , he contented himself simply with
grumbling about governmental waste and
extravagance, confining his griping to his
family, his neighbors and fellow-workers.
But there are signs that he’s about ready
to rebel against taking so much and so often
out of his hide. More and more o’f him are let
ting their representatives and senators know
that they are “fed up” with being skinned.
They are pointing out that there is to be a
national election next November; that their
votes will go to candidates, who either have
practiced or tried to practice economy at the
nation’s capital.
Yes siree. there’s a limit to how often you
can skin a taxpayer without his getting a
“mad on.”
could take some legislative action to divert
investment from countries like Australia and
New Zealand (which are surely viable) to the
poorer parts of the Commonwealth; this need
not even involve the making of grants or
loans. Federal Germany, so proud of her re
covery, should now have plenty to spare; it
would cost her little enough to alleviate the
lot of the 13,000 refugees still in -camps in
Europe as the result, direct or indirect, of
German aggression a generation ago. Other
countries, too, where people live in ~smug
comfort could surely do more towards aiding
less fortunate nations. Too long the Amer
ican taxpayer has been the modem Atlas,
carrying the world on his shoulders.”
Babson Discusses How To
Hedge Against Inflation
Babson Park, Mass., January 7—1 don’t see how
buying Dow-Jones common stocks now can be a
hedge against inflation This is not to say that they
may not go higher; but these stocks are already too
inflated to be bought as “inflation hedges’’ by intel
ligent people
REQUIREMENTS FOR AN INFLATION HEDGE
’ Firet. good inflation hedge characteristics must be
based upon tangible and marketable assets and not
on “good will” or temporary earnings. Second, these
tangible asisets should be land or natural resource •
such as oil, gas, minerals, water power/or woodlands.
These usually go up in price as the dollar goes down
in value This assumes fair taxation and no harmful
legislation. There is no hedge against an opportunistic
Congress or a Communist gevernment that takes title
to private property without fair re<a)mpense. •
Theoretically, it would be wise for readers to go
into debt and borrow money now, provided they made
i sure they would have the cash to
pay the interest*on the loan and pay
up thb loan at maturity. Otherwise,
instead of making money, they
|eouM be wiped out completely.
If it is wise to borrow now in or-
Ider to pay up with depreciated dol
lars later, then it is unwise to loan
money now. This means: Don’t buy
new long non-convertible bonds or
I preferreds unless you plan to sell
*»FT w. B*b««a soon. They are not now a safe ‘“per
manent investment.”
You’ve heard and read the pronounce- WHAT APOUT LIFE INSURANCE?
pients of the starry-eyed among our Amer- In a general way this reasoning applies to most
life insurance policies if you buy today and then live
twenty years or more while the value of the dollar
declines. Actually, you should probably buy, say,
double what you ordinarily would, to be sure of hav
ing the money to pay the premiums over the twenty
or more years.
The insurance feature, of course, may offset the
risk of inflation—your family could get a big sum if
you should die within a year. Hence, I believe in sim
ple life insurance, with no endowments or frills.
WHAT ABOUT STOCKS?
Neither railroad nor utility common stocks should
be bought as inflation hedges because, during an in
flationary era. operating costs could go up sd that
dividends would be reduced. At best, net earnings
would lag behind any rise in rates; and most railroad
stocks should be avoided for other reasons also,
' pon't depend upon the most popular stocks of to-
<Jay. Fashions in. stocks change as quickly as fash
ions in dress. A popular stock today is usually not a
.good inflation hedge^ For reasons, write my friend
Mr. Humphrey Neill'' the great contrarian of Saxton’s
River, Vermont.
COMPANIES WITH LARGE ACREAGE
Most industrial stocks are poor inflation hedges,
a* already indicated. However, .industrials with large
land or natural reserves or other tangible holdings
should be the best of the industrials. The most sought
after by wise investors are thdse with good manage
ments—plus heavy depreciation charges and suffic
ient working rtpital.
I am not acquainted with all of Central America;
but I once owned and operated, a school in Guatemala
City. Hence, I know of the constructive work of the
United Fruit Co., which has grown to great impor-
.lance with reportedly the largest acreage in the
Americas, having sunshine, water, and a long grow
ing season It raises not only the finest bananas, but
also cocoa, palm oil, cattle, and timber! The Com
pany has a fleet of sixty steamships, oil reserves in
Colombia, and large net current assets excluding
a complete wireless system.
United Fruit stock, however, is only One such; there
are several good industrials with lajge acreage. And
land—whether the lot next to you or lands in other
parts of America—should be the best hedges, against
inflation. ■ ."7
Z i
Inflation Not
Necessary To Growth
ican economists to the effect that creeping ;
inflation is essential to rapid growth, and in
dustrial expansion. Well, these fellows had
better take a course in American history.
Here’s some of*the things they’ll learn:
One of the most rapid growth periods in
our history occurred during the thirty years
following the Civil War (beg pardon,' the W’ar
Between the States). From 1869 to 1896, pro
duction practically tripled while prices were
declining 29 per cent;
FYom 1910 to 191p, marajjacturing produc
tion increased 30 per ceht^ hile prices were
showing a mo<ierate decline;
During the 1920’s we experienqed one of
the preatest periods of economic growth in
our histon- up to that time. National output
increased 50 per cent in 8 years, while prices
remained practically stable.
Secretary- of the Treasury Robert B. An
derson points out tharmost of the price in
flation in U. S. history has been during war
time, or the periods immediately following
w^irs.
In view of the foregoing, wP’wonder just
how certain of our economisW-( ?) figure
that creeping inflation is necessary to
growt h ?
Coroner's Jury Holds.
Ernest R. Coker Ini :
Young Man's Death
Laurens—A coroner's jury Thurs
day morning recommended that Er
nest H/ Coker, 53, of the Fork sec
tion rtf Laurens County, be held for
grand jury action in connection with
the Dec. 24 shotgun killing of Bob
by Harold McCarty.
The jury ruled that McCarty
“came to his dt^th as a result of
gunshot wounds at the hands’of Er
nest R. Coker, and we recommend
grand jury action for Ernest R.
Coker." • \ •
Magistrate Troy C. Davis signed
a warrant against Coker Wednesday
charging him with murder, and he,
Coker, is being held in the Laurens
County 'jail. Solicitor William T.'
Jones said he .would not be per
mitted bond. ^
Solicitor Jones called five wit
nesses *’n the Mt. Olive school house
where the inquest was held. •
The five witnesses included Cok
er’s wife, two sons, a .daughter-in-
law, and Deputy George Blackwell.
The son^, William and Ernest
Harold Coker, told of a drunken
scene in the home, of taking a gun
from the elder Coker, and making
efforts to subdue him. _ ,
Betty Coker, 14, wife of William
Coker, testified that around 10:00
p. m. the night of the shooting, Mc
Carty came into -the room where
she and her husband were sleeping
and told them (hat he was going to
use the car to go see'Ik girl. He ask
ed William, “Do yod want me U>
go in there and hush pie old man
before I go?” She said'that William
told him he could go if he wanted
to ,and shortly afterward she heard
a shotgun blast.
. Mrs. Coker, wife of the senior
Coker, testified that McCarty was
a likeable person and when her
husband became drunk and got out
of hand, McCarty usually could rea
son with him and get him to quiet
down and put his gun away.
Laurens Deputy George Black-
well testified that when he question
ed Coker at the scene of the shpot-
ing, he said he asked Coker If he
knew what he had done and Coker
answered, “Yes, I shot the
and I would do it again. He jumped
on me a night or so ago and beat
me up and I’m not going to let him
beat me no more—not in my own
house, nohow.” ' v
Blackwell said in contrast to this
statement Coker told him in the
presence of another deputy and a
magistrate that he had taken some-,
thing that he could ..not give v When
asked what, Blackwell said Coker
answered, “McCarty’s life.’’
Blackwelf said the man seemed
to be not “over intoxicated” and
“was in good control of himself.”
Cannon Infant
Funeral services f„o r Cynthia
Louise Cannon, infant daughter of
Bobby B. and Patsy Jo Webb Can
non, who died Thursday were con
ducted Friday at 11:00 a. m. at the
graveside in Rosemont cemetery by
the Rev. B. A. Wesley.
Surviving in addition to the par
ents are one brother, Barry Lynn
Cannon; one sister, Teresa! Joy
Cannon, both of the home; her
grandparents, Mr. and Mrs. Roy
Cannon of Clinton,, and Virgil Webb
of Clinton, and Mrs. Thelma San
ders of Clinton; her great-grandpar
ents, Mr. and Mrs. John Cannon of
Clinton; Mrs. Jimmie Lawson of
Clinton; Mrs. Sarah Webb of Clin
ton ,and Robert D. Smitt^ of Clinton.
IF YOU DO NT READ
THE CHRONICLE
YOU DONT GET THE NEWS
PHONE 74
Lexington Builders
Get Contract For 16
Miles County Roads
A contract for the grading and bi
tuminous surfacing of 16.843 miles
of sec'ohdary- roads *. in Laurens
County has been awarded by the
State HgihtfhjivJlepartment to the
Lexington Cobtractinp Co. of Lex
ington.
The contract, announced by Chief
Highway Commissioner Claude R.
McMillan, was based on a low bid
of $209,667.
Included in the project are the
grading and surfacing of 1.501
miles on Road S-308 from the Green
ville County line to Road S-7C; of
3.832 miles on Ro'adc S-95, S-310 and
S-311 from Road S-67 to S. C. Route
101; of 2 512 miles on Road S-313
from S. C. Route 306 to Road S-314;
of 4.880 mile’s on Road S-314 from
U. S. Route Z21 to S. C. Route 49;
of 2.397 miles on Roads S-226, S-216,
S-244, S-248 and S-249, being streets
in *an adjacent to the-City of Lou-
refts; land of 1.721 miles of frontage
roads along U. S. Router.276 from
the Greenvjlle County line south
easterly.
".i.
John
L.
Mimnaugh
about tWis question:
“Last month I lost one
of my most expensive
earrings . . . the other is
now useless. Today I
chipped the stone of my
opal ring. Can I insure
both my jewelry and
fur against theft, loss or
accidental damage ?”
Wm. J. Bailey Ins. Agency
M. S. Bailey & Son Bankers Bldg.
PHONE 1246
STATEMENT OF CONDITION OF
. «*
Citizens Federal Savings &
Loan Association
Clinton, S. C,
AT THE CLOSE OF BUSINESS
DECEMBER 31, 1959
ASSETS
First Mortgage Loans $4,049,785.03
^ ... *
Loans on Savings
Accounts . . . . . .
Investments and
Securities ......
Cash on Hand and '
in Banks .
Office Building and
and Equipment .
12,430.60
461,559.39
239,335.37
33,078.82
$4,7%,189.21
LIABILITIES
Capita] $4,258,313.15
*. *
Borrowed Money . .
Loans in Process . . f
... ' ■$'
• / “ ;. b’ 5 *
Specific Reserves .
1 ■ > . _
General
Reserves $445,390.41
Surplus . . 60,685.27 506,075.68
$4,7%,189.21
- None
30,80038'
1,000.00
Put Your Money To Work Now
Open A New Account Or Add To~ Your Present Account By
Jan. 10 and Receive Full. Six Months Dividend On June 30
Current Rote of Dividend: 4 Per Cent Per Annum
CITIZENS
Federal Savings and Loan Association
DIVIDENDS PAID DURING 1959
Vf
$146,000.00
J
On the heels of his startling announcement
that fre would not be a candidate for the Re
publican Presidential nomination nor play
second fiddle on- the ticket, New York^ Gov- raTway^’budding,“Ind
ernor Rockefeller reveals a plan to reorganize
the state, cutting its 106 agencies to 41. If he
does it, he is a shoo-in for the Presidency in
1964.
CLINTON, S. C„ THURSDAY, JANUARY 7, 1960
1 m (ftlttttmt (Etfrimirlr
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