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V
THE CLINTON CHRONICLE
Clinton, S. C„ Thursday, January 31, 1963
“W«. Don’t Like It... But-” * «. "O*.
The race barrier was cracked Monday in According to an account by J. A. - Liv-
South Carolina—the last o€ the 60 states of ingaton, the well known business and finsn>
the Union in which no integration of any
sort had been instituted since the famed
Supreme Court decision of May 17, 1964.
Harvey Gantt, a Charleston Negro, was
admitted as a student at Clemson College, a
st. te tax-supported institution.
His arrival on the campus, the various'
steps of matricu alien and assignment to a
dormitory room were accomplished without
the slightest disorder.
The nearest thing to disorder occurred
in the pell-mell rush of the more than 160
reporters and photographers as they accom
panied^ Gantt on his rounds.
They had little to report and photograph
—other than the usual procedure followed
by a student when he registers at Clemson.
Not more than about two hundred of
the more than 4,000 students were at Clem
dal analyst, “The professor argues that
plant managers and directors do not have
enough freedom. They are hampered by
orders, directives, and rulings from on
high.
^He thinks the executives ought to have
discretion, be able to choose their suppliers
and select thier customers. .They ought to
be allowed to maximize their profits, and
the plant executives who make the biggest
profit ought to get the highest rewards.”
■* Mr. Livingston makes this observation:
“What a dirty capitalist idea to be bruited
about in tfte Soviet Union: Incentive pay
—based not necessarily on the quantity
of production, not on meeting of pre-de
term ined goals, but on producing the type
of goods other factory managers or con
sumers really want.”
So, the Soviets once again are taking a
son Monday. It is to be hoped tt»t zood or- leaf from the cnpiUliat book. It may be-
and here is another irony—that we will
need a leaf from theirs in its new edition.
Babson Says Congress
Supplies Mone]
To Buy Stocks
der will continue to prevail when the. full
student body arrives later this week for the
second semester.
The good sense of South Carolinians and
their law-abiding traits were demonstrated
to the world Monday—and ihake no mistake Supplies Money
abou. it. the picture went out to all corners
of the earth in word and photos from the
nev\Mnen representing papers and maga
zines f.om Maine to Florida.
In the words of Ciemson’s president. Dr.
Robert C. hawards, in answer to a question
by one < f the newsmen, “It is a historic
day. Y\ e will let the historians record
w’hether it is a great day.”
Gantt was admitted to Clemson only af
ter long legal procedure. It was as retiring
Governor Hodings stated, “We ran out of
courts.” The case was instigated and push
ed by the NAACP and other related organi
zations. The final action came from U. S.
Supreme Court Chief Justice Warren him
self, who refused to issue a stay of the or
der adm it ting Gantt to Clemson.
The order had to be carried out in one
of two ways: with violence or without vio
lence. South Carolinians, from the governor
on down, chose the latter.
“We don’t like it,” said one South Caro
lina leader. “But we are a law-abiding peo
ple.
It has been almost ten years since the
decision of the Supreme Court was issued.
South Carolina’s resistance to integration,
or desegregation, has been wholly effective
up to now. It will be just as resolute from
here on out. _ -
In the past twelve years South Carolina
has shown its good faith toward its thou-
Babson Park. Mass., January 31—First, we
must remember that the margin requirement has
been reduced from 19% to 50%. This enables
those with only a few dollars to speculate. These
office workers, ect., buy a few shares today and
sell tomorrow.
DEMAND AND SUPPLY
Holders of older dividend-paying stocks do not
want to sell. The Dow-Jones Average is largely
made up of the older dividend-paying shares
They are mostly in the safe deposit boxes at their
owners who do not want to be bothered with go
ing to get them. Hence, during 1962, the demand
for these Dow-Jones stocks exceeded the supply,
insofar as the market was concerned.
There are currently 2,500,000 civilian employ
ees on the federal payroll
whom, I estimate, received $15
billion during 1962. This is in
cluded in the total $300-billion
salary and wage portion of the
personal income figure. Also,
during the year, their savings
accounts were being Increased
and their debts were being de-
creased v
959 BILLION PAID OUT
B*c«r W. WitoM ANNUALLY
The above figures are for civilians in the gov
ernment employ. Along with these should be con
sidered the 2Vi million men in uniform through
out the world—over 1 million in the airmy, 066,000
in the navy, 884,000 in the air force, and 191,000
marines. It is estimated that the pay received by
them is spent and saved largely by nearly a
million U. S. families.
I estimate that these families receive ill bil
lion annually. All the above means that the Ken
nedy Administration pays about $40 billion per
year direct to U. S. voters. If to this amount we
add the wages paid by the contractors in defense
contracts, we reach a conservative figure of $50
TrT
THE AMERICAN WAT
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rouvou?
vouVsponcioo
MUCM ALREAbV - HOW
ABOUT UTTIN6 Ml
6»T «ACX ON MV
OWN TWO FCETT
V
Relief Needed — From Politicians!
Stories
Behind
Words
sands of Negro citizens. In attempting to t hillion in cash which is paid out in Washington
make it possible for them to get an educa- annually to U. S. people.
tion, it has spent about $100,000,000 for
nevr, modern school buildings for them.
And the 7,000 Negro school teachers (more
than ten times as many as in all the North
jind West combined! are doing a goob job.
And we believe we can rely upon the gre®*
majority of them to teach their children
that is is far better for them to get an edu
cation in association with their own people
—from elementarv and high school on
through college. And South Carolina has
some good Negro colleges.
Two Ironies
O.er a period of years the United States
has been moving closer and closer toward
a totalitarian concept—a concept that holds
that all major planning should be imposed
from the top echelon of the government. -
ironically, the Soviets, who certainly
know all there is to know concerning the
results of total government direction of the
lives and enterprises of a great nation, seem
to be moving, even though slowly, in the op
posite direction. r' , ;\ -
Chairman Khrushchev, for instance, re
cently said that certain capitalistic prin-'
ciples must be introduced into the Soviet
economy in order to spur production. ,
Now, a Professor Lieberman, who teach
es at Kharkov University, has publicly pre
sented a strong case against all-inclusive
planning from the top. The fact that his
findings and opinions have been widely pub
licized within the Soviet Union proves that
I am not saying that the stock market will not
continue to go up and down. However, Wall
Street’s stock market may today have a far bet
ter foundaton, which makes it safer than in 1929.
Then, the Federal payroll was i comparatively
small and very little was going into pension
funds, mutual and other funds, _
WHAT PEOPLE SAVE OB INVEST
We know that the American people increase
their savings about $3 billion annually. Adding
this to their earnings makes a total of over $50
billion. Much of'these savings were used to buy
stocks in New York. I, however, believe that at
least 20% was savings deposits which banks loan
ed to the public to build homes and make im
provements to homes already constructed. This
shows approximately where $10 billion went from
the U. S. Treasury.
The above figures leave about $40 billion for
merchandise, services, taxes, insurance, and
other household expenses. Now I guess that 10%
of this $40 bilion reaches Wall Street. This means
that our Federal Government is supplying an
nually $4 billion for Wall Street.
WHAT IS SENT TO WALL STREET?
During'1962 the average daily transactions on
the New York Stock Exchange was about 3,500,-
000 shares. If an average price per share is as
sumed to be $30, this means that $100,000,000 was
needed to buy said daily total; but probably only
about 10% represented new commitments, on bal
ance. That is, on an average day, only $10 million
of new money was needed to keep Wall Street
rolling. Multiply this by 250 days, and we have
$2.5 billion of new money needed each year.
From where does it come? Of. course it comes
from a great many sources, mostly from “larg
er” individual investors, pension funds, true?
funds, and investment or mutual funds. But if V'
this is added 8% of the Federal Government pay
roll, estimated above at $50 billion, this means
that a substantial amount would be coming bas
ically from Washington. Furthermore an increase
in these Government employees of only 1% would
add $50 million annually to the above. Hence, to
answer my question, the needed money to buy
'stocks comes largely from Washington.
CLINTON, 8. C., THURSDAY, JANUARY 31, 190
by
William S. Penfield
Turnpike
Toll roads were introduced into England during
the latter part of the 18th century. They were pri
vately owned, and fees were collected from users.
Poles with long spikes were put across entrances
to the roads, to bar travelers until they paid the toll.
These poles were called pikes. ".After a traveler paid
the toll, an attendant turned the pike, allowing the
traveler to pass. ^
From the turning of the pike, this kind of road was
called a “turnpike road.” The name was eventually
shortened to “turnpike” and applied to any toll road.
Psrtralt Ststf
iblOvSrffram
25%
•its
BRONj
noes m today 1 Sale encls February 28th
[cant COME InTim out mdMailToupon Today"!
I Iwot ^oad for Roadw h«hw •hAA (i
| hMri kit Writ* «r 0mm m Ham, |
1 ■. JL'\ Clty-
— J
J. C Thomas, lewder
“It’s Time That Counts”
CLINTON JOANNA
alip dim tun dbrunirlp
^ *> • .
EstaMUwd 1199
July 4. U» — WILLIAM WQBON HARRIS — Jwae IS, 1969
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feetisn? "Your doctor can recommend reliable
vitamin* stocked by your druggist, for in
creased vigor and resistance to cold.
MON DRU<
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YOUR FRKNDLY REXALL STORE
»«; .ghititgiidgill f amv iui
MountviQe News
MRS. MAUDE BRYSON
During the weekend, Mr. end
Mrs. William Jones of Summer-
viUe. Mm EHtabeth Jones,
fort, and Eddie Jones of Loris
visited their' parents, Mr. and
Mrs. Hugh Jones.
Mrs. Arthur Wood of Belton
visited her parents, Mr. and Mrs.
P. W. Finley on Saturday.
Mr. and Mrs. Paul Coleman
and family of Columbia were
weekend guests of Mrs. Cole
man’s mother, Mrs. Herbert Bur
ris. While here they visited Mr.
Coleman's parents, Mr. and Mrs.
Tom Coleman, Sr.
Hugh W. Bryson of Greenville
spent Saturday with his parents,
Mr. and Mrs. H. W. Bryson.
Miss Louise Simpson of Joanna
spent the weekend with her
grandparents, Mr. and Mrs. L.
T. Watts.
Mr. and Mrs. Frank Young
were visiting in Greenville on
Saturday.
Mrs. C. M. Fuller Sr. is visit
ing in Columbia with Mrs. Jack
Dupree and family and also Col.
and Mrs. C. M. Fuller.
Ben Crouch of Clemson College
and Miss Dollie Crouch of Green
wood sent the weekend with their
parents, Mr. and Mrs. B.-W.
Crouch.
Jimmie Wham, also of Clem
son, was at home for the week
end. He is the son of Mr. and
Mrs. Malette Wham.
During the weekend, Julia
Watts, a student at Montreat Col
lege, and her roommates, Susan
Robinson pnd Jill Buit visited
her mother, Mrs. B. P. Watts
Miss Bettie Watts spent^ the
weekend in Grover, going es
pecially for the Hughes-Young
Rem-Big-ter
bUtrilmted (rm
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lntematiAiMl New* Cevereye
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Onu Norway St., Boston 15, Man.
S*nd your n*w*pap*r for th* tbn*
chacked. Enclosed Hhd my chock *r
money order. Q 1 yeor $22.
□ 6 months $1! D 3 months $5 JO
name
Address
City
Zone
Stat*
wedding in which she
bridesmaid.
Mr..and Mrs. W. M.
and family spent the
with Mr. and Mrs. J. S. Wlne-
brenner.
Mrs. Arthur Alexander is visit-
daughter, Mrs. Floyd
Coats and family in Columbia.
Mr. and. Mrs. Tillman Hughes
of Fountain Inn visited Mr. and
Mrs. Jerome Finley on Sunday.
News From '
The County Agent
M. L. OUTZ, Ceaaty Ageat
Do you need instructions in
building a fence? We have a pub
lication available that you might
like to look over. Ifs farmers’
bulletin No. 2173, free for the
asking. Fence building is quite a
task and should be done right.
The £ost is such that most people
can’t afford to repeat the job
too often. Now te the time to do
this job. ~~
«■* - * :
Claude Cook of near Fountain
Inn made 50 bales of cotton, all
by himself last year. Of course,
he had to hire the hoeing and
r. Cook lt0
to s# h# I
picking dona.
Mr.
less
man. No'one
ed such a stogy
Mr. Cook prepared the
a Ford tractor. Mr. Cook'
the plowing, cultivating,
plied the insecticide to
acres, and came out with a bale
per acre.
The feed grain program for
1963 is out. It is a voluntary pro
gram and applies to corn, grain
sorghum, and barley. To get the
complete story, contact the ASCS S
Office in Laurens.
• • •
The corn varieties recommend
ed for 190, are Coker 911, Dixie
29, and Pfister 60, those are the
whRe^varieties. The yellow varie
ties for the Piedmont Area are
Dixie 18, and Dixie 0. The yellow
varieties should be planted for
livestock food. This information
along with all other summer crop
varieties may be found on in
formation card Number 107. You
may have a copy for the asking.
Circular 356 “Beef Cattle in ,
South Carolina is loaded with
good information on beef cattle
production. You may have a
copy by calling 01, Laurens.
Today-FrL-Sat Jan. 3i-Feb. 1-2
rmxflKB^nn^ADvSSrnnnrASS
THE GREATEST
ROMANCE IN A THOUSAND YEARSI
“Big UO
‘Ban-Hur*
...if not
biggarl"
—LA Arm
SAMUEL BMNSTON
!p«m naassraTic
Today and Friday—2 Features Daily—3:20 and 7:30
Saturday—1:00, 4:12 and 7:24
Prices This Attraction—
Adults—85c Students—75c Children—35c
Craning Monu-Tues. Feb. 4-5
“Written On The Wind”
k
Rock Hudson, Dorothy Malone and Robert Stack
f I nPOWp
V4
Woke Up Yon Lazy Dollars In ’63
re your money earns 4%
H I
Iljr]
& LOAN ASSOCIATION
ClintoB, S. C.
If,
r
K* »-