Historical Newspapers of South Carolina

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THE CLINTON CHRONICLE 2 The Steel Issue Use President’s handling of the rteel price increase was an example of merciless Executive efficiency and purpose. The full authority of his office was brought instant- ly to bear. There was no specific law mak ing it possible for him to force a price roll back. But. nowadays, the Presidential pow ers are so vast and subtle that they may have a greater effectiveness than law. So steel, faced also with dissension within the industry, buckled. As many writers are now pointing out, the President’s action has raised an issue of the most far-reaching significance. It goes far beyond the controversial question of whether steel prices should stay where they are, or should be raised, or should be lowered. The issue is, who or what will decide what a price for anything should be —the forces of the market place, or a man or a small group of men in high positions within the government? H has been said that the attempted in crease was ill-timed, for a variety of rea sons. Perhaps it was. If so, the buyers of steel would have given the industry its come uppance, by buying more of the metal from foreign sources, or by turning more and more to substitutes. That is the way the free market works. But this was not allowed. So we have, in effect, price-fixing—price fixing by iron- handed Executive decision. If that can be done with steel, why can’t it be done with everything and anything—from the price of a head of lettuce to the wages of labor? Don’t Say We Didn’t Warn You The warning word from Washington is that the Administration-backed bill for medical care under Social Security now “has a good chance of passage” this session. This is a bad dose of medicine for all of you men and women now at work—for your tax increase would be up to 126.26 each year. Your money would be used to take care of those unable to pay their own bills—as well as those who are able to pay their obli gations. What the government do-gooders fail to point up is that more than half of those over 65 are already covered by their own health insurance policies—and this number is growing rapidly! Further, this bill comes up before the full effect of the Kerr-Mills Act has been felt. This is the legislation which takes care of a greater share of medical expenses, but only for those unable to pay. President Kennedy’s own figures fore cast that this new bill would cost about |6 billion a year—all of which means further tax increases. Why? At one time a bill introduced in Con gress proposed that the Tennessee Valley Authority pay taxes equal to those of com parable investor-owned electric utilities. During the debate, this remark was made: “If we go to that extreme, Senators can see that the TV A would be out of business in three months.” That astute observation did not come from an opponent of public power. Quite the opposite—it was said by the late Sena tor George Norris, who has been described, and accurately, as the “father of TV A.” And you don’t have to look to the oppon ents of public power to learn that, by any reasonable standard of business practice, the TV A is a pampered stepchild of all the nation’s taxpayers. For instance, in 1956, Chacnnan Berber D. Vogel of the Tennessee ‘Valley Athority said: “I cannot ignore the very real advantage accruing to any sys tem which operates for minimum earning rather than a normal profit and which is not required by law to pay interest on its obli gations or income taxes to the Federal gov ernment. In all fairness, it must be admit ted that these result in consumer advantag es not enjoyed by customers of private pow er companies. Any talk about establishing a measure for the cost of power without ref erence to these factors is, of course, absurd.” This very frank statement demonstrates that the claim that the TV A establishes a “yardstick” by which the propriety of power rates in general can be accurately measur ed is as phony as a three-doll&r bill. Chicken Feed Did you ever see a million dollars? You will, if you go to this year’s Seattle World’s Fair. A million silver dollars— weighing 30 tons—will be on display. Its a sure bet that most viewers anil be thinking, “Boy, if 1 only had that pile of dough!” Who wouldn’t? But the sad truth is that if you earned a million in the course of a year, and if you head the average American family of four people, you’d have to pay out 1856,910 in federal income taxes —phij whatever state and local taxes you are liable for. Moreover, that million dollars, big ss it looks to the vast majority of us, is a tiny drop in a huge bucket when it comes to government spending. It would, for in stance, meet the interest costs on the na tional debt for just one hour and three min utes—or pay the salaries of federal civilian employees for a mere hour and 27 minutes. So, the question becomes: “Where is a million dollars chicken feed?” Answer: “In Washington, D. C.” Babson Discusses Investing vs Gambling Babson Park, Mass., May 10—I have spent the day reading a remarkable book—“THE PIC TORIAL HISTORY OF WALL STREET.”*—388 pages size 12”x9.” This history shows clearly that the fundamental facts underlying investing during the past decades apply equally today. (This is an anniversary of the New York Stock Exchange founded just 170 years ago.) Let me describe ten facts. (1) Safety and income come from careful se lection and supervision of your investments. Profits come usually from “gambling”; although your total investment will rise and decline in “value” along with the Dow- Jones Averages. But big profits come from buying into new ideas, new discoveries, and scientific developments. To make big money, read scientflc journals** rather than ordinary financial news. (2) Newton’s Law of Equal and Opposite Reaction can be de pended upon when the AREAS involved are property consid- ed. This was first noticeable when African slaves and gold were the only “commodities” traded on Wall Street 200 years ago. I believe that we will continue to have periods of Decline and Depres sion during the next few years. Congress can legislate only to temporarily postpone declines; but cannot change the AREAS involved. (3) A study of Wall Street history during the past 170 years shows that dips in the stock market have always come unexpectedly, without warn ing. This was true when slaves, gold, or stocks were selling abnormally high—as at present. Such bear markets have always followed great wars, from Napoleonic Days through World War I. No such bear market has yet occurred following World War H. The Industrial Average was around 100 in 1942 and ■in*** climbed fairly steadily upward, standing around 870 today. (4) Special groups of stocks have acted dif ferently during the past 190 years. The demand for slaves and land declined from 1880-85 while the demand for gold and railroad stocks was very active. Then, being over-popularized—as the electronics and space stocks are today—they had a terrible stump with most of the companies going into receivership. Most of the stocks in the same group suffer more or less together; but different groups can act very differently. (5) Bonds—other than governments—were al most non-existent until 75 years ago when cor poration bonds began to bgtjMMPd- A study of quotations shows that the hood market is usually going down when the stock market is going up. Careful investors will hold both stocks and bonds in a proportion varying according to conditions. For instance, good corporation bonds can be bought to yield 4%% while the stocks of the same corporations will yield today 3% or less. Hence, the switching of stocks into bonds has now begun on Wall Street and it will continue until the stock yield equals the bond yield. (6) Naturally, everyone knows Wall Street wil advise diversification of all kinds. Don’t put all your money in stocks or bonds. Real estate can be bought in the Central West and Southwest at $75 per acre. One must pay more to get land in an oil or mineral “terrain.”. There never will be any more land. If you can get enough rent for pasture rights to pay taxes, buy such land. When buying land, be willing to pay for adjoining fresh water. Some day fresh water in quantity will almost be “liquid gold!” I believe in African gold stocks—also good Mutual Funds and especially insured savings to pay 4%%. I once asked Thomas A. Edison who was the greatest inventor. He replied, “The man who invented compound interest.” The lower Manhattan Island—with Wall Street later its cen ter—was bought from the Indians for a few trink ets valued at $24.00. If the Indians had taken the cash and invested it at 6% interest, compounded quarterly, this $24.00 would today amount to around sixteen billion dollars. So, don’t forget the great power of compound interest if the bonds yield you only 4%%. CLINTON, S. C., THURSDAY, MAY 1$, 1982 atyp Clinton ChronirU Established 1988 ' July 4, 1889 - WILLIAM WILSON HARRIS - June 13, 1955 PUBLISHED EVERY THURSDAY BY THE CHRONICLE PtJBLISHING COMPANY Subscription Rate (Payable in Advance) „ One Year $3.00, Six Months $2.00 Out-of-County One Yaw $4.00 Second Class Postage Paid at Clinton, S. C. t Tbs Chronicle seeks the cooperation of its subscribers and readers — the publisher will at all times appreciate wiae suggestions and kindly advice. The Chronicle will publish letters of general 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 correspondents. Member: South Carolina Press Association, National Editorial Aaaodation National Advertising Representative AMERICAN PRESS ASSOCIATION New Yorit, Chicago, Detroit, Philadelphia Around Clinkm High By JEAN ARNOLD Nichols, Elaine Boyce, and Billy Neiaon. Amelia, who has shown outstanding ability through high school, has won a Founder’s Annuals have captured the spotlight at CHS. The annual staff distributed the CRntonian to a number of guests and the sen ior class at their arinual yearbook party Monday night in the high school cafeteria. The publication, which is red with a modernistic white and Mack design, was is sued to underclassmen on Tues day. The staffs for next year’s Sen tinel and Clintonian have been named. Ame Black will serve as editor of the Sentinel, and Jane Milam will be assistant editor. Patsy Henderson will serve as feature editor, while Dishie De- lany will hold the position of junior co-editor. Heading the business staff will be Hayne Workman, assisted by Sallie Pitts. Shhiey Ann Timmons and Mar jorie Arnold will be co-editors of the Clintonian. Junior co-editors will be Janet Hamer and Mena Blalock. Janet Johnson and Mar tha Todd will act as classes edi tors, while Mary Harvey e"d Lynn Thomason will be literary editors. Jennie Rae Surratt will be typist and activities editor for the annual. Billy Glenn, sports editor, will be assisted by Bruce Mills. Serving on the business staff of the Clintonian will be Joe Gettys, and Jackie Robbins as business manager and assistant business manager, respectively. Pete Cooper will serve as adver tising manager, and Jean Crouch will be circulation manager. • • • Scholarships awarded by va rious colleges will go to Amelia Scholarship from Presbyterian College. She is valedictorian and co-editor of the Clintonian, presi dent of the Beta Club and Na tional Honor Society. Elaine has received an alumnae scholarship from Winthrop College. She is a member of the National Honor Society and the Beta Club. Billy Nelson is the recipient of a foot ball scholarship from the Uni versity of South Carolina He has lettered three years in football and also has run track and play ed baseball. ' • • • Alice Cunningham was elected April student of the monte by faculty members and class presi dents. Alice is classes editor for the Clintonian and Senior Class Treasurer. For her work on the Clintonian she is eligible for an Old English “C.” • • • For the seniors Friday will be the last day of regular school. Exams are given to the seniors a week early in order that they might practice for class day and commencement exrecises. Registration Board In Session Doily The Laurens County Registra tion Board will be in session each day through Saturday, May 12, from 9-12 a.m. to 1-5 p.m. Any registration tickets on yel low paper issued since 1987 art good, according to board mem bers. The registration board, located upstairs in the Laurens County courthouse, is composed of T. F. Smith, A. L. Mahaffey and Mrs. Gladys Cook. Your PmiADV.K'iJ Program We Specialise in Family Entertainment .1 I ■ III. -II .1 ..ll» Today, Fri. & Sat May 10-11-12 Great Family Entertainment i Monday-Tuesday iac/ UKk May 14-15 Take our word it’s a Laugh Riot. A spoof on U. S.-West German-Russian reiathms. Starts: 8:10and 7:65 COMPLETE PROGRAMS START AT S ft 7 P M. Wednesday-Thursday May 16-17 Go For Broke means ‘Shoot the Works,” which is what we’re doing in giving y&h these two big pictures on one program. Hickory street. The next meeting is May 14. At previous meeting, work shops have been held and log planters and flowers were made. The group also plans to make pic ture frames. Mrs. W. R. Snelgrove and Mrs. C. H. Hoy are Instructors. Of ficers of the club include: Mrs. Horace Smith, president; Mrs. Arthur Lawson, secretary; and Mrs. Jack Cunninghanf treasur- 9 mouse or MAY SAVE REPRESENTATIVES i nertoy announce myieii a candidate for redaction to the House of Representatives from Laurens County and pledge to abide by the rules and regula tions of the Democratic primary. MARSHALL W. ABERCROMBIE I hereby announce myedf a candidate for reelection to the House of Rpretentatives from Laurens Couatf and pledge to abide by the rules and regulations of the Democratic primary. WILLIAM C. DOBBINS, JR. I hereby announce myself a candidate for the House of Repre sentatives from Laprsns County and pledge to abide by the rules and regulations of the Demo cratic primary. DAVID S. TAYLOR. SUPERVISOR I hereby announce myself a candidate for Supervisor of Lau rens County and pledge to abide by the rules and regulations of the Democratic primary. BENNIE B. BLAKELY. I hereby announce myedf a candidate for redaction as Super visor of Laurens County and pledge to abide by the rules and regulations of the Democratic primary. FURMAN E. THOMASON. COUNTY COMMISSIONER I hereby announce myedf a candidate for reelection as Coun ty Commissioner of Laurens County and pfodge to abtee by the rules and regulations of the Democratic primary. PAUL S. O’DELL. I hereby announce myself a candidate for reelection as Coun ty Commissioner of Laurent I AS MUCH AS WHEN YOU FINANCE YOUR NEW CAR AT M. S. Bailey and Sen, Danner* Member F. D. L C. FOR CORRECT TIME DAY OR NIGHT DIAL 833-1700 joRjnv Now...beauti/ul buying days during Chevy* GOLDEN SALES JUBILEE! NEW CORVAOt MONZA CLUB COM The trim sporteter that started the bodak mtX brigade. Here’s rear engine scamp* wedded to the road with tenadoai ttaetfeR and quiekaOver reflexes. And thie one’i as may to own aa it k to drive. NEW CHEVY H NOVA STATION WAGON Apace and spice in a new kind of saver. And If a jmt one of three new Chevy H wagone. Very parkable. Very peckabU, too. Baa a load floor that’s over 9 ft. long with second seat and taSgate down. 366 West Mate Stmt # !■$ Ujin#