The Clinton chronicle. (Clinton, S.C.) 1901-current, December 29, 1960, Image 10
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THE CLINTON CHRONICLE
Thursday, December 29, I960
3ARSON’S FORECAST FOR 1961
(Continued from page 1) interior of the country; in fact
in England. France. Switzerland, any growing interior city should
Germany, anil other important be a high-grade investrrj,ent.
countries I advise investors now These bonds must pay their in-
(to forget this question of gold de terest irrespective of business
'valuation and not speculate in conditions The capital cities are
gold stocks at this time Leading especially helped by having the
gold stocks are now selling 25% payroll of the state governments.
sonal optimistic factors., The
prices which farmers will receive
in 1961 for crops will, of course,
depend upon weather; but, each
year, agricultural science is help-
Bullding and Real Estale
Looking back over the years
that 1 have been making these
Annual Forecasts, it seems that
building and real estate have
or more above their price of a
year ago Another thing that in
vestors should remember when
buying Canadian gold stocks is
that a number of Canadian gold
ruining companies are now re
ceiving a subsidy from the Ca
nadian government to keep them
from being shut down by high
labor cost' This subsidy would-vys
come off as the price of gold ris
es
Stocks and Bonds
It is unpopular for me to take
a bearish position in my Annual
Forecast. Most of the newspn-
(H-rs and my readers like opti
mistic forecast- In all the ye.ar.-
I hav e been making these fore-
a-ts. la.-t December was the
i hrst time that I relused to take
. a definite iHisition At that time
the Dow-.lone- Industrial Aver
age Was 670 and today it is tluc-
tuating around 600 .
Corporation earnings reports
now coming out are not good In
many cases the gross is kept up
or perhaps increased, but the net
off Many companies will show
a dec line lor 1960 compared with
1959 Prosperity has continued so
long that most manufacturers,
retailers, and oan-wners are as-
-uming it will last at least an
other year 1 cannot honestly
agree with tin- Therefore. I feel
that 1961 will -ee lower prices for
tfie Dow-Jones Industrial Aver
ages 1 hope that many readers
with csmali businesses are show
ing a protit Those who are not
should begin t > reduce their loan-
and trim their sail-
In many cases good bomls now-
yield more than good stocks
This is unfavorable to the stock
market and favorable to the bond
market Therefore I believe that
bonds will continue around ’their
present levels in 1961 Many read
ers will be wise in shifting now
from certain stocks to bonds
There will be reduction.- in stock
dividends; .hence it .would ' h-
much better to hold bonds with
fixed interest payments rather
than risk a reduction in the divi
dend payments of stocks I es
pecially call readers' attention
to “tax-exempt general obliga
tion municipal bonds “ These are
the fixed-interest municipals of
cities with a direct lien on all the
taxable property in the city. I
4 would advise against holding
i bonds of such large cities as
Living; Costs and Inflation
Living costs may rise some
what during 1961 due to the in
crease in population and the
desire for more comforts and
convenience A person like my
self. who has had children atid
grandchildren, knows how each
succeeding generation considers
necessities what the parents
considered luxuries This, togeth
er, w ith the higher cost ot labor,
s the primary - reason for to
day.s record-high (127 3) cost of
In ing
As there i- only so much land
availah^. rents will incr^dse
ing the farmers to avoid early been the last to profit from a
frost losses and to secure needed boom, and the last to suffer from
moisturer— t - the following reaction. Readers
Employment. Wages,'and Taxes all know that from its World War
Strike activity may well be at H h ,w point new building, espec-
a post-war minimum during inH>' of homes, gradually rose to
1961, with any dislocation limit
ed to independent separate com
panies. First important indus
try-wide negotiations will come
in the auto industry, but not
until September. 1961 Railroad
workers cannot strike until No
vember 1. 1961. at the earliest.
Most st-eel contracts hold until
.lune 30. 1962 »
The average employment m
likjfl w as about 67.000,000, work
ers 1 forecast that 1961 will
average a million (ewer wage-
workers Country-wide, unem-
plov ment reached as high as
four and one tiu'f million in 1960.
and for 1961 may hit five nftd
the way the Communists are
working into Central and South
America. I know South America
very well. It has virtually no
“middle class.” There are a few
rich, but millions of very poor.
The Communists are organizing
great strikes in Latin America.
As these strikes accomplish
something fqr the wage-workers,
they give the Communists good
an all-time high in 1959 Part of ammunition for further progress,
this growth has been due to in-1 This situation has beien intensi-
creased population and higher in- fied by the agents of Castro,
comes Another very sore spot is Af-
In addition to the natural I'ica. which I visited two years, ..
growth to which new building a k’o. South Africa will blow-upg ni
was entitled, it was greatjy en- of itself, without any help or hin-j
couraged by loans to veterans drance from Russia The Congo,
without any down payment, the however, which the United Na-
acceptance of twenty-year mort- tions is now trying to straighten j
gages by banks in place of a ollt - is a serious problem; and
maximum mortgage of five the Congolese feel that their con-
suddenly drop dead, chaos might
reign. I dislike to end this fore
cast with these^pessimistic com
ments; but even if our country
is going along on an even keel,
some other part of the world
could upset all our plans.
HENCE. BE SURE YOU HAVE
MADE A WILL!
Lesfer E. Madden a—*-
Y ’•
Waterloo—Lester Eugene Mad
den-, 52, was killed in an antomo-
bile accident in Greenwood Tues
day afternoon
r. Madden was a native of
Laurens County, a son of/NJrs.
Lyda Madden of,Ware Shoals and
the late Jim Madden. He was
a farrfter *
Surviving are a daughter, Mrs.
Jerry Brown of Greenville; four
sons, Bobby Eugen^^Madden and
Billy Madden of Jacksonville,
Fla.; Terryi,Madden of Ocala,
Tla.; and Jimmy Madden of
Fayetteville, Ark.; three sisters,
Mrs. Jessie Mae Sims and Mrs.
Gertrude Weathers of Ware
Shoals; and Mrs. Marie Ezell
of Waterloo; five brothers, Kelly
Madden of Waterloo; J. T. Mad
den, Roy Madden, W. C. Mad
den, and Elvin Madden of Ware
Shoals. ,
Funeral services were conduct
ed Thursday at 4:00 p. mr at
Reedy Groge Pentecostal Holi
ness Church by Rev. George Da
venport, Rev. A. W. Dennis and
ReV. Frank Jones Burial
in the church cemetery.
was
OFFICE SUPPLIES
CHRONICLE PUB. CO.
years, and by subsidies of va-
riou- kinds. Like all stimulants,
however, these have gradually
become less effective. Hence, a
decline in new building and new
home construction is only nat-
one-hali million. The basic diffi- ura l to expect in 1961
culty is that while industry is 1 do. however, forecast that a
< utting hack, the labor force is move for urban renewal w ill be
becoming larger. This means urged and secured by the new
that it will be mpre difficult President This means pulling
mi' those getimy through schools down the slums of large cities
slowly There, however need, not
he a higher cost for foodVThe
tarm «• .v, con-tar" l\ raising
greater crops which are being
processed in more economical
wav- The only reason for the
cost ol food to increase is the
dependence ol so many house-
v.iw - on package mixes '' 11- and colleges to get positions in and substituting brick apartment
timate.v all vegetables will he 1961 unless they are well trained houses with playgroun'ds. When
'.'•!ioll\ oi partly cooked and pur- in business mechanics, or elec- any new building is built, it in-
liasable m containers. ironies Certainly, the demand creases the value of the adjoin-
" age- will hold up although lor executives will he less in 1961 ing land and increases real es-
theie will he more unemploy- than it has been for some years late taxes . —. -
“•er.i m 1961 Ibis means that 1 hose executiw- who tow have Therefore 1961 may see real es-
■ i.-ie ’.i>ilit n on, will he le-s for po-:tions shoim^ strive to do bet- tale prices hold theiV own and
:o>: lamiiit - ter work, not nslT’for - increases.«teven rise in certain sections
ration is not to he feared and do everything possible to LSmall farms near cities will con-
n- 1 'A itii his small popu- hold onto their jobs tinue to increase in price, and
c \ot, pkira'ity. Mr Kennedy Labor leaders hope to have a this will be true of most well-
\er> slow to do am thing key to the White House with Mr. drained suburban property. Ev-
puivha-ing power ot Kennedy as President. This may ery family is justified in mort-
W'orld War apply to the settling of strikes gaging to buy a home in 1961, but
do.iar will and contract disputes. The AFL- 1 doubt if 1961 will be a good year
year from UlO will influence more votes in to speculate in real estate The
Our LSI ongres.- during 1961-62 than in bloom is surely off in Florida.
b\ the 1959-60 ,J he conservative South- where the supply of new houses
ern Democrats, however, will temporarily exceeds the demand
unite with Republicans to block World Outlook
will he
to hurt the
the dollar Barrinj
III 1 believe that the
l e uist' as sound a
v—^ - it i- toda\
‘ollar i- looked upon
world a- a standard
" Farni Inc ome and Prices
Good crops and moderate prre- radical
e- indicate a fair year in 1961
tor farmer- I. therefore, look for
a reasonable heavy volume of
the thing- farmers buy during
1961. including equipment for get
ting on w ith le-s help The farm-
c annot expect any b .om. but
. t-. on average, should lx* at from un,on members, hut may
-atisfactory levels M\ forecast temper the recent Court decisions
m detail, is ruling against excess union
Larger volume of marketings spending,
should more than offset any re- All the qbove means that labor
duction in farm prices There- will he able to hold its own dur-
fore. 1961 cash receipts for farm- ing 1961 and secure some small
ers should be slightly higher than increases in wages, pensions, and
1960's $11,300,000,000 net I fur- improved working conditions;
thermore learn that the intelli- hut this may not be what labor
gent farmer is reducing his in- exacted to get from the election
dehtedness. which is always an of President Kennedy
optimistic sign As I dictate this The Federal Government will
dition would be improved by
Russia's help. The *great African
question, however; will he con
cerned w ith the new countries i
which have been given their in- 1
dependence* from the colonial sys
tem they have been under for 150
years Here, Russia. Belgium,
and France are playing a waiting
game to see it the new* nations
can make good by themselves.
I cannot imagine the Russians
now going to war over Berlin. I
am more disturbed about the
gains in the Communist vote in
European countries For in
stance. the Communists in Italy
received only 19 per. cent of the
vote in 1946. hut 2f> per cent in
1960 Even in France, the Com
munist vote is again increasing.
The money interests of France
want the Algerian rebels stamp
ed out for good, while the farmers
and small businessmen want
DeGaulle to give Algeria its free
dom. When I was in France ai
few weeks ago. it was generally-
conceded that if DeGaulle should
HIM
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Dillard Boland
JEWELER
103 E. Pitts St.
After Christmas
j
Clearance
8
Adair's Men's
100 Ml SGHOVE ST.
PHONE 1102
labor legislation Con- I cannot conscientiously close
gress certainly will not outlaw this -forecast .for 1961 without
the right-to-work ' legislation calling readers' attention to the
which has been passed in certain unsatisfactory situation that we
conservative states, nor will la- find the world in today. I do not
bor get a revision of the Taft- need to comment on Russia or
Hartley Act Congress will not China: as readers are well ac-
. ; industry to collect dues (piainted with conditions there I.
however, must add that Mr. Ken
nedy is agreeable to a Summit
Conference as he is itching for a
talk with Mr Khruschev; Ken
nedy has already stated that he
is willing to put Formosa under
Vhe United Nations.
Readers should note the head
way which the Communists are
making in other parts of the
world. Southeast Asia, for in
stance. is a very rich area It is
envied by both China and Russia.
f f might be vulnerable to bombing .forecast. I am told that growing not increase income taxes dur- 1 We may expect continued revolts
in case of World War III conditions are favorable in most | ing 1961; but may close some in South Vietnam, Cambodia.
My favorite municipals are sections, with sufficient moist-1 loopholes and increase certain and Laos
i I am especially troubled about
those of the capital cities in the ure in the ground and other sea-1 excise taxes.
INVENTORY
SALE
EVERYTHING
REDUCED
Thomas, Jeweler
- /
it’s l ime Thai Counts’
(LINTON
JOANNA
YEAR-END
CLEARANCE
Bargains Galore - - All Three Big Floors
MEN’S WEAR
NOW
Long Sleeve Sport Shirts . . S 2.22
Men’s Dress Shirts ...... S 2.00
Men’s Sport Coats SI5.00
Bulky Knit Sweaters . $ 4.88
Men’s Sport Shirts S 2.88
FABRICS REDUCED
Fall Woolens
Fall Velveteen
Shag Bark
Quilted Fabric
Asstd. Woolens
Asstd. Print Fabric . . . .
NOW
$3.00 yd.
$1.50 yd.
.77 yd.
S1.29 yd.
82.00 yd.
.66 yd.
DOMESTICS
NOW
Bedspreads
. . $ 3.00
Better Bedspreads . . / .
.• $12.00
Electric Blankets
. . $12.88
Assorted Linens
. . $ 1.00
Tablecloths
$ 1.50
Towel Sets
$ 2.00
PUlow Sets
. . $ 2.00
ACCESSORIES
i! .
. NOW
Ladies’ Dress Gloves $1.00
Ladies’ Handbags S2.97
Costume Jewelry .... S1.00-S1.50
Ladies’ Handbags SI.00
Ladies’ Fall Belts 50
SPORTSWEAR
* NOW
Ladies’ Sweaters . . S2.97-S3.97
Ladies’ Skirts S4.97-S7.97
Ladies’ Sweaters $7.97
Ladies’ Slim Jims $7.97
Ladies’ Blouses S2.97-S3.97
Ladies’Tee Shirts ....... $1.00
Ladies’ Blouses $1.97
Ladies’
SUITS ’N’ COATS
Now S24.97 - $38.97 ' v
Values to $50.00 \
SHOE CLEARANCE
NOW
Ladies’ Flatties S3-S4-S5
House Slippers $1.00 to $4.00
Ladies’ Dress Shoes . $5.00 to $9.00
Men’s Dress Shoes .... S8-S10-S11
Children’s Shoes S4-S5
Cowboy Boots S4-S6
BOYS’ WEAR
■. « ;
NOW
Boys’ Dress Pants
$ 6.00
Boys’ Dress Pants
. $ 3.97
Boys’ Robes
$2.00
Boys’Jackets
$ 3.44
Boys’ Knit Shirts
. . -$ 1.33
Boys’ Sport Shirts ....
. $ 1.33
Cowboy Suits
. $ 3.00
Boys’ Suits
. . $12.88
Boys’ Jackets
. . $ 8.88
Boys’ Sport Coats
. . $12.88
GIRLS’ WEAR
t
NOW
Girls’ Coats
$10.88
Girls’ Calr Coats
. . $ 3.88
Girls’ Dresses
. $ 5.88
Girls’ Raincoats
. . $ 3.88
Girls’ Dresses .......
. V2 Price
Child’s Snow Suits ....
.. $ 3.88
Child’s O’Coats
.. $ 5.88
BASEMENT
NOW
Ladies’ Car Coats
S 7.00
Ladies’ Dresses
$4.00
Ladies’ Coats .......
. $17.00
Girls’ Coats
. . $ 8.00
Cotton Print Fabrics . . .
. 33c yd.
Men’s Suede Jackets . . .
.. $10.00
Men’s Sport Coats
.. $ 8.97
Men’s Sport Shirts . . . .*
. . $ 1.50
Cut Pile Rugs ..... X
. . $15.00
Chenille Spreads ....'.
. . $ 3.60
ALL TOYS REDUCED!
150 LADIES’
DRESSES REDUCED
Now V2 Price
Were $24.99—$18.99—$14.99—$12.99—$8.99