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THE CLINTON CHRONICLE 4 < Bonds Should Finance Permanent Improvements Laurens County voters in a special elec tion on June IS turned down a proposed $150,000 bond issue, the proceeds of which were to be used to pay indebtedness of the county. Part of the indebtedness 'resulted from "authorizing.expenditure of funds for which no appropriations were made, part for pay ment of accounts which exceeded appropria tions, and part for prior years’ deficits. While we appreciate the difficult prob lems that face our legislators in seeking ways in which to set the county’s financial house in order, we feel that the county’s voters acted wisely in rejecting a bond issue as the means to achieve such a goal. We think that bonds should be issued only for permanent improvements—roads, bridg es, county’ buildings, hospitals, etc.—which are capital expenditures for the county. We do not think—and the county’# voters evidently do not think—that bonds should be issued to pay off indebtedness, or to meet current or recent deficit spending. The county’s legislative delegation this week is making arrangements for a loan from a state agency to replenish the treas- ury in order to meet obligations incurred when expenditures exceeded appropriations. The loan will be repaid with funds to be received from an increased tax levy. We think that is the proper way to finance all current operating expenditures. Hfd such a course been followed during the past two or three years, the county would not now find itself in financial straits. And the situation could have been reme died by legislation at the recent session of the General Assembly, when the county’s legislative delegation did not get together and enact a new appropriation bill for the 1961-62 fiscal year. Therefore, the current appropriation bill will apply for another year. And it is not adequate for the county’s operations for the year beginning July 1. Now, no new legislation can be enacted until the session of the General Assembly which convenes next January, which will not take effect until July L 1962. But what has gone before is water over the dam. From this time on, we hope the legislators will set themselves to the task of putting the affairs of the county in good shape and keeping our financial operations on an even keel by balancing appropriations and expenditures. This Week In 1776... First, he built a portable desk. Friends helped him move it into a rented room at Market and 7th Streets, Philadelphia. Then Virginia lawyer Thomas Jefferson,, quill in hand, wrote a 1,817-word manuscript. On June 28, 1776, the committee appoint ed to put together a declaration of indepen dence reported Jefferson’s result to the Con tinental Congress. Verbal fireworks went off. Congress — which included an ironmonger, soldiers, merchants, a midister, and printer Ben Franklin—didn’t "buy” word for word what Jefferson’s quill pen had written. Members of Congress said the sugges tions were “deplorable.” But Congress didn’t okay Jefferson’s arraignment of the British people and King George III .for encouraging slave trade, which Jefferson called “an exec rable commerce.” Some 86 changes were made, eliminating 480 words and leaving 1,337. In the final form of the Declaration, cap italization was erratic. Abo, Jefferson had written that men were endowed with “in alienable” rights; in the final copy it came out as “unalienable” and has been thus ever since. • The Declaration was adopted on July 4th —but only two men signed on that date. The President of Congress stepped up and signed his John Hancock to the document; and, as witness, secretary Charles Thomson affixed his name. At day’s end, the Declaration was turned over to printer John Dunlap to be printed on broadsides. But the original copy was lost and.one of his broadsides was attached to a page in the journal of the Congress. It was read aloud four days later in Philadelphia; in Easton, Pa., and in Trenton, N. J. Then, on the night of July 9, it was read by order of General George Washington to his troops in New York City’s City Hall Park. The Declaration—engrossed on parchment —was signed by members of Congress on and after August 2, 1776. In fact, Thomas McKean of Delaware rejoined Washingrton’s army before signing and said later he signed in 1781. v True, there were changes from the orig inal document But not one word, not one letter, was altered in this part of the Decla ration: “That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the govern ed.” “1 think the thing that disturbs us all is the fact that so many people who “cry ‘Get it from the Federal Government’ never stop to realize that they themselves are the Fed eral Government, and that the go-called Gov ernment has no money as such.” — Point Pleasant (W. Va.) Register. Babson Discusses Supreme Court Decisions Babson Park, Mass., June 22.—As I study events in Wall Street, I find that the first era of speculation was in gold. This was accompanied by some speculation in Government Bonds. Prices were based on mail reports from London. There were then no cables. (2) THE GLAMOROUS RAILROAD ERA Following the Civil War, from 1878 to 1800. most of the speculation was in railroad stocks. New mileage was constantly being built, due to the large immigration and cheap labor, accompanied by good crops., which helped railroad earnings. The Northern Pacific stock sold at $1,000 a share. There was much talk about rail road consolidations, and the stock market was especially bullish over a proposed merger of the Northern Pacific, Great North ern, and Burlington Railroads. Then, suddenly, the Supreme Court issued a decision prevent ing this consolidation. This caus ed a quick drop in all stocks In 1907. A member of the New York ■«i»r w. rnabmm Stock Exchange invited me to come on the floor of the Exchange and help him. I actually saw men’s hair turn gray within 48 hours. (3) ERA OF GREAT INDUSTRIAL TRUSTS Following the boom in railroad stocks there developed an interest in consolidations and big trusts. This began late in the 1880’s. Then were formed the Tobacco Trust, the Standard Oil Trust, and other great trusts. During these years, the New York Stock Exchange took a great interest in industrials. It was then that Moody’s Manuals and Babson’s Reports were started, and invest ment services began to be popular. Although the above-mentioned Supreme Court decision directly referred only to railroads, it in directly brought an end to this Consolidation and Trust Era. Hence, the panic following affected both railroad and industrial stocks. There were no big electric utilities in those days. (4) THE ELECTRICAL ERA The fourth era of glamour stocks centered around companies producing and distributing electricity. From 1907 to 1912 great speculation took place in these electric stocks, culminating in the 1829-1938 collapse of Electric Bond and Share. The end came for this Electrical Era with the formatian of the Securities and Exchange Com mission. Its great powers enabled it to eliminate, rearrange, or break up any company manufactur ing and distributing electricity across state lines. Although the use of electricity has continued to increase since Thomas Edison made the first dy namo, yet the utilities are no longer considered glamour stocks. (5) THE PRESENT SPACE AGE ERA 1 mention the above events thinking that the recent duPont-General Motors Supreme Court de cision may put a damper on speculation in com panies producing missiles, space capsules, and various electronic devices. The previous Court Decisions which 1 mentioned have been unexpect ed. Each has “pulled the trigger" for a change in the stock market trend. Whether this means that the present bull market is now culminating no one knows, but we should always watch for the unexpected. Gold, railroads, trusts, and elec tricity were as" glamorous in their day as space and electronics are today. <«) LABOR UNION ERA The recent duPont-General Motors decision may bring about a reverse effect. It may unex pectedly make Wall Street optimistic. The decis ion was basically against monopoly, as were the decisions of several years ago. Yet, the greatest monopoly today is that of Labor Unions. What if the Supreme Court should suddenly dissolve the Teamsters Union, as now operated by. Hoffa, whom President Kennedy’s brother, the Attorney General, knows from A to Z? Such a decision could rule that previous Con gressional legislation exempting Labor from the Anti-Trust Law is unconstitutional. Such a de cision, instead of creating a bear market, could cause the Dow-Jones Averages to go sky high. Surely this is a possibility, and a reason why read ers are justified in keeping certain of their com mon stocks and swapping certain of the present glamour stocks for the old-fashioned blue chips. I forecast that some day some such a decision will be rendered, followed by Congressional legis lation. If Democracy is to survive and dictator ship be prevented, such a Court Decision will come some day. Then, don't be short of good in dustrials. CLINTON, S. C., THURSDAY, JUNE 29, 1M1 (Tip (Ulintmi (Eljrnmrlf EstaM^el 1999 Jaty 4, MM — WILLIAM WHSON HARRIS - Jaae U. IMS PUBLISHED EVERY THURSDAY BY THE CHRONICLE PUBLISHING COMPANY Rate (Payable hi Advwce) One Year $3.49. Six Mooths $2.09 One Yoar $4-00 Class Postage Paid at CUnten, S. C. tfc. * if ——S —— Hu. pahlteW -ffl M i letters of general interest when it of s defamatory nature. Issnj cations will set be noticed. TMs paper Is far the views ar aptetens at Ms i AMERITAH WMMM kaaOCUma^T^.^^T^. *7*" Naw Ysrfc, Chicago, DsMt, Philadelphia All Patrolmen Are Given inly Fourth Assignments Every available hgihway pa trolman will be assigned to duty during the July Fourth holiday period in an effort to make the state'* roads as safe as posible. Chief Highway Commissioner S. N. Pearman has announced. All main highways, especially those leading to beaches and oth er resorts, will be patrolled in two shifts ' from Saturday, July 1, through Wednesday. July 5. All patrolmen will be on duty during this period, except in cases of emergencies. Officers have been instructed to be particularly watchful for fast, reckless and intoxicated drivers, since these hazardous law violations are usually numer ous during holiday periods. Traf fic safety literature will be dis tributed by patrolmen throughout the holidays in an effort to make drivers safety conscious. The highway department urged motorists who drive during the holidays to exercise caution while on the roads and to obey all traf fic laws. Drivers were warned against driving too fast for con ditions, especially in areas where traffic is heavy. Many persons try to go too far and return in too short a time, the department not ed. This increases their tendency toward fast and unsafe driving. Five persons were killed during the throe-day July Fourth holi days in South Carolina last year. OFFICE SUPPLIES CHRONICLE PUB. CO. PHONE 833-4541 HITS ARE A HABIT AT THE MIDWAY “ THEATRE CLINTON-JOANNA HIGHWAY SHOWPLACE OF LAURENS COUNTY FIRST RUN SHOWING—LAST TIMES TONITE 2 — BIG SHOCK SHOWS — 2 She Was Desired By All... Bat Loved By None! “SHE WALKS BY NIGHT’ . and “THE NAKED ROAD” This Program Best Understood By AdaRs FRIDAY-SATURDAY — JUNE 30-JULY 1 2 — THRILLING ACTION COLOR HITS — 2 Drawing For $100.00 Cash Today’s Most Thrilling Adventure “Dinosaurus” Cinemascope—Color See the Death Duel Of the Dinosaurs Friday—Auto Saturday OUIVISAI-Jnur'umi—JULY 2-3, Laughathon! JERRY LEWIS Aa — The BeUbop “3 Stooge Comedy” A Color Cartoon Tuesday-Wednesday - July 4-5 ALL NIGHT SHOWS 4 - Big Hits — 3 In Color - 4 Plus And ALWAYS A HPT — AND A COfAHt CARTOON Postoral Appointments For Pentecostal Church Pastoral appointments were announced for the Pentecostal Holiness Church Sunday night at the close of the 46th annual con ference and camp held at Beech Springs Camp Ground near Bel ton. Appointments for the Newberry District include: J Bonds Cross Roads, Leslie Brazell; Clinton, I. H. Webb; Jo anna, J. W. Warren; Long Branch, H. D. Taylor; Lydia Mill, Roscoe Bryan. Mrs. J. W. Warren was ordain ed an evangelist. Negro Accused In Cor Accident Is Out On Bond Laurens — George Wilson, 38- year-old Cross Hill Negro, was freed on $2,000 bond Tuesday on charges brought in connection with a highway accident in which a 14-year-old boy was injured. Laurens County Sheriff R. Eu gene Johnson said Wilson was the driver of a car that struck a bicycle ridden by Paul Cagle, Jr., inflicting, severe leg and head injuries on the boy. The sheriff said the accident ccurrod Saturday at 8:28 p. m. near Lakeside Country Club on Highway 76. He said the Cagle youth was riding his bicycle on the shoulder of the highway when the bicycle was struck by a 1983 Chevrolet driven by WUson. Wilson was charged with drun ken driving, second offense, and Dillard Boland JEWELER 103 E. Pitts St. leaving the scene of an accident in a warrant signed by State Highway Patrolman J. A. Edens. Investigating, with Patrolman Edens, were Patrol Cpl. Grady Jones and the sheriff’s depart- ment. Clinton Still Leads In Western Carolina Getting in only one game dur ing the week, the Clinton Cava liers still lead play in the Wes tern Carolina League. In a schedule that has been knocked out of kilter by rains, the Clinton team will play at Piedmont tonight (Thursday), and Piedmont will come to Clin ton Friday night. Tuesday night’s game with Piedmont at Piedmont was rain ed out. Tops Monaghan Eagles In their only game Clinton, un loading with six extra base hits, two of them home runs, toppled Monaghan’s Eagles, 12-2 at the Monaphan park. Lefty Roy Millwood stopped Monaghan on seven hits, and struck out nine. Monaghan’s Fred Nixon was the loser, being tagged for 11 runs in eight in nings. Millwood helped his own cause by driving la three Clinton runs with a double and a two-run homer In the 6th. Jimmy Bras well also belted a throe-run home Thursday, June 29, 1961 1 ’ tl "*' run for the Cavaliers in the 8th. Nixon paced Monaghan with a double and single. 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