The Clinton chronicle. (Clinton, S.C.) 1901-current, June 29, 1961, Image 4
THE CLINTON CHRONICLE
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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
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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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Ceramo needs no maintenance
or upkeep.
Phone or stop in for complete
details about Ceramo-the last-
word in time and money-saving
siding. Also ask about our coo*
venient budget plan of payment.
There’s no obligation.
Call: FRED ELLIS
Phone 697-6298
Or Write Box 577
Joanna, S. C.
Ramseur Insulating Co.
Greenville, S. C.
NEW SUIT CLUB
STARTS JULY 1
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TUESDAY - JULY 4
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