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I •4' 2 THE CLINTON CHRONICLE * Mar *> IMS More Training •- Centers Approved Four more schools designed to provide South Carolina workers with the skills re quired for employment in new industrial plants being built all over the state were approved last week by the State Committee for Technical Education. This action brings to eight the number of technical education centers approved for the state. New schools have been approved for Richland County, Sumter County, Ander- son-Oconee-Pickens Counties, and Charles- ton-Berkeley-Dorchester Counties. Previous approval for centers has been received by Spartanburg, Lancaster, Flor- ence-Darlington, and Greenville Counties. The building for the Greenville center is now under construction and the long-range train ing program is expected to begin there Sep tember 1, which will be the first in the state. The Clinton area will be served by a school expected to be built in Greenwood for the Laurens-Greenwood-Abbeville area (probably including two or three other coun ties), for which approval has not yet been given because of lack of action on the part of legislative delegations in the various counties. about to pass a law which says that when a taxpayer’s interests are directly involved he can make his views known to legislators but not to the public. In other words, he can talk to the former without penalty, but not the latter. This is nothing less than censor ship by taxation. This is an issue that strikes at the right of a citizen to petition his government. It restricts freedom of speech and a free press. According to the Chamber of Commerce of the United States, our government spend ing has grown so vast that in a 15-month period it would be sufficient to buy up ev erything that Soviet Russia produced in one year, including financing the Russian armed forces and all their missile work. Babson Says One Half Of Buyers of Stocks Make Mistakes I .■ II I i...I——I- .. ..I.! Babson Park., Fla., May One-half of the buyers of the stocks on the New York Stock Ex change buy when they should sell; and sell when they should buy. This is because there cannot be a seller without a buyer; or there cannot be a buyer without a seller. The building for each of the centers will cost approximately a half million dollars, which will be constructed by the local areas, and the state will supply equipment and in structors. Each center will be fully equipped to re ceive instruction over the state’s education television system during evening hours. Training courses will vary in length up to four years, and it is anticipated some 22,000 student workers will eventually be improv ing their skills in perhaps a dozen such cen ters. The committee also has 19 special schools underway in 16 communities. These were set up on a temporary basis to provide spe cific skills required by incoming industries. South Carolina is enjoying a boom in construction of industrial plants and the new schools are being established to furnish a reservoir of trained workers to man these plants. Since this state was not an industrial- minded area until recent years, newly-estab lished industries were faced with a lack of skilled workers and practically all of them have had to institute their own training pro grams in order to get work forces. These schools will be a boon to the many young people in the state who do not go to college after graduating from high school or who drop out before graduating. They need training in the many skills now being required by the growing number of industries in the state. Several other states, especially North Carolina, already have such training centers in operation. South Carolina, if it is to continue to attract industries, must see to it that a reservoir of trained workers is available. EVEN BANKERS ARE SOMETIME DUPED I once knew a Massachusetts bank director who founded a successful machinery company which is now listed on the New York Stock Ex change. He was a very generous man and pro vided a four-acre golf club in New Hampshire for his friends and summer resi dents. Many fine homes were built there and are now occu pied in the summer by very prominent people. In Boston fi nancial circles this man’s opin ion on investments was given serious consideration. When this well-known man died, he left two sealed trunks in his attic. One contained Rus sian rubles and the other Ger man marks. He left a note stating that he had paid nearly $2,000,000 for this foreign money. As he had always been very kind to his neghbors they took up a collection to pay his debts; his young wife (a second wife) went to work. HOW TO LOSE |45,IM,Mi A man known world wide in utility circles had a winter home at Mountain Lake. Florida, near where I am writing my column this week. He had a chair and desk which the present generous owners of his late home gave to Webber College. This famous man was written up in the maga zines during the 1920’s as ‘’America’s Richest Man.” Well, he told me shortly before he died: ”1 made $50,000,000 sitting in that chair in 1926- 28; then I lost $45,000,000 in 1929-30, sitting in the same chair.” He did his business by telephone; never wrote a letter. 1 give the above illustrations not to criticize anyone/ During my fifty years of active life I have never met any man (or woman, except Het ty Green) who would claim never to have lost money speculating. The lesson, however, which I want to drive home to readers is the importance of knowing when to stop. The time to retire from the stock market is when things look good and your friends are all bullish, and you are “walk ing on air.” That is the time to stop. What this stock market will do before 1962 is over no one knows; but I do earnestly advise that you sell enough and take profits enough to pay up all you owe. Censorship By Taxation The 1962 tax bill, now before the Sen ate, would authorize deduction from income tax of ordinary expenses incurred in bring ing to legislators information of direct in terest to the taxpayer. This is a needed clarific&iton of the law. It would, for example, allow a businessman tax deductions for expenses involved in op posing legislation that would damage or de stroy his business. However, it limits his appeal and advice to telling his story to legislative committees or legislators. It shuts him off from telling his story to the public—or if he does, he will be taxed on the cost of doing so. Why the public should be shut off from information that can be freely made to leg islators is hard to fathom. Various groups of editors and publishers, including the American Newspaper Publish ers Association, have urged the Senate Fi nance Committee to broaden this provision of the tax bill allowing such tax deductions for appeals made directly to the public by affected taxpayers on legislative matters either before legislative bodies or; before the voting public which acts as a legislature of its own in referendums. It is hard to believe that Congress is CORPORATION OFFICIALS TAKE NOTICE This is an era when corporations are making foolish “splits.” After you receive a stock divi dend you original stock, plus the new stock, is worth no more than before. Yet the price goes up even on the rumor that such a stock dividend will be paid. Since the Securities and Exchange Commission has been organized, many men with money have refused to be directors of corpora tions. The officers are given “options” and other incentives to compensate for the risks they are taking. Surely nothing could have prevented the two men described above from losing their money. Furthermore, I could give many other similar il lustrations. These men had economic education, robust health, honest intentions, and were as good men as any reader of this column. SECURITIES AND EXCHANGE REGULATIONS I fully approve all the steps being taken to make stocks and bonds safer for investors to buy. I advise my clients to co-operate with the SEC. But no laws can eliminate speculation. It is an instinct which seems inherent from birth, and endures through education, marriage, and to death. People will bet on horse races if they can not bet on Wall Street. Furthermore, if it had not been for this instinct, Columbus would not have discovered America; yes, and the Pilgrims would never have landed at Plymouth Rock. I believe in the Regulation Statements which the SEC requires to be prepared, printed, and distributed to prospective stock buyers; but there is no way of compelling these prospects to read them. Moreover, they are quite a burden to young and growing companies, as the cost of law yers and accountants fees, plus printing, amounts to from $25,000 to $50,000. It is even more im portant that small investors read the annual re ports and proxy statements which every stock holder receives free—once a year. CLINTON, S. C., THURSDAY, MAY », 1962 01l]p (Elinlmt GUprottirlr Established 19M 'July 4, 1889 — WILLIAM WILSON HARRIS — June 12, 1955 PUBLISHED EVERY THURSDAY BY THE CHRONICLE PUBLISHING COMPANY Subscription Rate (Payable in Advance) One Year $3.00, Six Months $2.00 Out-of-County One Year $4.00 Second Class Postage Paid at Clinton, S. C. The Chronicle seeks the cooperation of its subscribers and readers — the publisher wfll at aBttaes appreciate wise suggestions and kindly advice. The Chronicle will pubUsh letters of •Mitral Interest when they are not of a defamatory nature. Anonymous communications will not be noticed. This paper is not responsible for the views or opinions of its carrsspondents. Member: South Carolina Press Association, National Editorial Association National Advertising Representative AMERICAN PRESS ASSOCIATION New York, Chicago, Detroit, Philadelphia Around Clinton High By JEAN ARNOLD Things hidden and things to come are dominating the minds of the Juniors and Seniors. The Juniors have been viewed dash ing around the school with odd shaped boxes and bags as they continue to decorate for the Junior-Senior Banquet The theme, which usually remains secret until the dance, is car ried out in decorations, menu, and entertainment. As advisor to the Class officers and Juniors, Mrs. Harry Bouknight directs plans for the Junior-Senior Ban quet. • * • Senior barefoot day has been scheduled for Monday, May 7. This is a day of fun and frolic for the Seniors when they are not so dignified. Various and sun dry outfits are worn for this oc casion. • * * * The Transportation Club held its regular monthly meeting at the high school on Monday night. The club members named Patri cia Duncan as Transportation Club Sweetheart. Jimmie Furr was runner-up. The members al so voted on the bus-driver awards, which will be announced at the Transportation Club Ban quet on May 29. Winners in the dub rodeo held last week in the school parking lot were Kenneth Johnson, first; Bruce Morgan, second; and Julia Watts, third place. • • * Prior to previews from the Senior play in chapel, last Fri day morning, Mrs. R. P. Wilder and Miss June Adair were awarded gifts from the play cast for their assistance in the pro duction. From all indications the play was a big success. • » • Mr. Ralph Tedards was guest speaker at the Future Business Leaders of America Club meet ing on Monday night. He present ed an interesting talk on require ments for office girls. This prov ed to be of particular interest to the shorthand and typing stu dents. • * • Mr. Robert M. Vance presented the Mercer Silas Bailey Founda tion Scholarships to this year’s winners in chapel on Tuesday mroning. Misses Sandra Duna way and Alice Cunningham were the recipients of the awards. Con gratulations • Alice and Sandra. IF YOU DON’T MW-An THE CHRONICLE YOU DON’T GET THE NEWS PHONE 832-9641 Kptobfrry, Ryj* Carpets cleaned in your own home tbs “flower fresh" w*y k* do mcMy soaking. • ao harsh scrubbing far free estimate call ilttalei W. J. DUNLAP, Jr. Phone OR-91586 Greenwood, S. C. 'MOAWRi PriT’’. MON.-TUES. MAY 7-8 STARTS WEDNESDAY MAY 9 TROOP 90’S CABIN-CABOOSE Lydia Scout Cabin-Caboose 'Open House' The Lydia Boy Scout Troop Cabin-Caboose will be officially dedicated at special ceremonies on the site Tuesday, May 8, at 10:90 a. m. The Providence School student body and local kindergarten students will be special guests for the dedication and open house to lolfow. Rev. Roscoe Bryan, of the Bartee To Head Kappa Alpha Order Bill Bartee of Atlanta, has been elected to lead the Presby terian College chapter of Kappa Alpha Order for the coming year. Two other rising seniors who will assist him as top officers are: Joe Harvard of Columbia, Number Two; and Bill Bryan of Bainbridge, Ga., Number Three. Other new Kappa Alpha offi cers include: Harold Hope of Un ion, Number Four; P. W. Good- wyn of Petersburg, Va., Number Five; Henry Gordon of Danville, Va., Number Six; Bill Neely of Midland, Texas, Number Seven; Bill Shearer of Macon, Ga., Num ber Eight and Inter-Fraternity Council representative; and Tom my Williams of Pensacola, Fla., Number Nine. Lydia Pentecostal Holiness Church, will offer the dedica tory prayer. J. B. Templeton, vice-presi dent of the mills and member of the Blue Ridge Council of Boy Scouts, will clip the ribbons to officially open the new recre ational facility for the youth of the community. The retired caboose of the now non-existent Tallulah Falls Rail road was recently reconditioned and located on the Poplar Street site for the Boy Scouts and Cub Scouts of the community. Jimmie Braswell, atheltic di rector, ia scoutmaster of the 19-member troop. DAVENPORT PROMOTED Thomas E. Davenport, son of Mr. and Mrs. T. J. Davenport of Kinards has been promoted to the rank of First Lieutenant with the U. S. Army at Fort Bliss, Texas. A 1960 graduate of Clemson with a BS in mechanical engine ering Lt. Davenport was with General Electrict of Charlotte be fore entering service. His wife, the former Miss Frances Cun ningham, and young son, Tom my, are with him in Texas. YARBOROUGH STUDIO and CAMERA SHOP Corner Musgrove and Pitta St. Cameras — Film* — Photo Finishing Underwood-Ofivetti Calculators and Adding Machines Underwood Standard and Electric Typewriters EXPERT SERVICE ON ALL MAKES OF BUSINESS MACHINES L & L OFFICE SUPPLY CO. 128 E. Laurens Street Phone 92781 Laurens, S. C. Mister PART-icular says... LOTS OF "CAsvE-KOW” IN YOUR FORD DEALER’S SERVICE FORMULA! ■ I'*—- ■ » You expect specialized Ford service ’’know-how” when you bring your car to a Ford Dealer. That’s our stock in trade! But ne* service cus tomers quickly discover their work is done with "care-how” too. Ttiat’s why they keep coming back. Our service experts am proud of their skill. They care how your work is done. They care about quality, and use only Genuine Ford Parts. They keep your Ford otf Ford. Come in t the next time you need service. See for yourself. *•»*•*• QUALITY CARE FOR QUALITY CARS! BALDWIN N.BmdSL TOR CO„ Inc. Cttatea, S. C. - Pearson Serving At Base in Spain Charles A. Pearson, commis sary man first class, USN, son of Mr. and Mrs. L. H. Pearson of 143 Bluford St., Clinton, is serving at the joint Spanish- American Naval Base at Rota, Spain. The base at^Rota, locate^ os the Bay of Cadiz, is 129 mdse from Hie British fortress at Gi braltar and is a principal supply point for ships and aircraft of the Sixth Fleet. liluv Nile Diamonds HIDerent TVr»trh*?» Billions of dollars annually in financing are providsd by Insured Savings and Loss Associations to build new homes. This money pays all kinds of construction work ers ... makes business for the builders, the buflding materials dealers, the hardware dealers. It creates jobs In hundreds of factories which manufacture materials such as glass, hardware, appliances... and for those who supply the raw mate rials. Dollars put into your savings ac counts at our Association benefit the satire community. Citizens Federal Saviags & Loan Association 220 W. Main St Clinton, S. C. Your mOAMRi Program We Specialize in Family Entertainment Today-Frklay-Saturday May 3-4-5 It’s a Laugh Riot and Great Entertainment For The Whole Family! — : t ft 3-5-7-9 p. m. Start 1HM * IHSME/