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/ - u ■HHHMIiatfl la i Clinton, S. C., October 13, 1966 THE CLINTON CHRONICLE To Football Fans Every year at this time many of us have a series of gala football week, ends. We look forward to Saturdays like children look forward to getting out of school, and we drjve hundreds of miles, often, to see this or that football team. The color of fall weather, the excite ment of the game, the new clothes which have been bought for the cooler days, the crisp and energetic air, the crowd, the enthusiasm of youth, and other things add up to the best time of year. But also, with this holiday atmos phere often comes tragedy. The roads are often crowded on the day of a ma jor college football game and, unfor tunately some alumni start late for the game. Some celebrate too much and drive very late into the night. Start early, avoid haste on the road and spend the night, if possible. In that way, you’ll probably live to see next Saturday’s game too. Individuals who set out to reform the human race will be pretty tired before the job is done. 1 * * * * Church-goers do not necessarily lead model lives, but, on the average, they are our best citizens. THE AMERICAN WAY Youth Wants to Know By RANDY GRIFFITH hot biscut, butter, and chill ed peaches. THE GOVERNMENT 6IVETH— Babson’s Point of View On The Bond Market By ROGER W. BABSON The New Cars Americans are now enjoying the an nual parade of new cars — 1967 — as they are introduced to the public in newspapers, magazine advertisements, on television, etc. Only in the United States do manu facturers change styling e^ch year and attempt to persuade the public new cars have “umpteen” improvements and new features. To citizens of some other countries, where models change only every so often and where primary stress is plac ed on quality and long life, new-car ad vertisements in the United States some times seem comical. A new grill de sign, for example, is of little importance to them. What matters is what is be hind the grill. Nevertheless, tbf U. S. way is fun, if a bit weird. It’s like a giant fashion show each f^Jl. And manufacturers have conditioned John Doe to try to keep up with Mr. Jones and buy a new car every year, or every two or three years. And John Doe does just that. And despite the high cost of chang ing models every year, U. S. cars are still the best buys in the world of motor transport. Do You Worry? • It is surprising how time seems to take care of most of life’s problems, even though some of them seem in soluble at the moment. Time is the greatest healer of all, and even the most melancholy turn of events can be softened, and even erased, by the passage of time. We mentiomthis because life today is a great strain which has created tre mendous mental and psychological problems, as well as nervous disorders, frustrations and disillusionment, in many instances. It is a great consolation to realizd that time will solve about ninety per cent of your worries and, if you can keep this in mind, it will calm your emotions and improve your philosophy of life and your day-to-day perform ance. The psychiatrists say that the mind is a wonderful instrument, which grad ually blocks out unpleasant memories and experiences and heals over wounds, in a beautiful fashion, given adequate time. A serene philosophy, based on knowl. edge, faith and other encouraging thoughts, will do wonders for you, your ipersonality and your health. If everyone worked as hard as he described it, there would be no undone work. Babson Park, Mass., October 3—The oth er day we were talking with the partner of a large financial house. He said they had been looking for an experienced trader of bonds for better than a couple of months. A number of prospects were interviewed; but, long on ambition, they were very short on the chief qualification: experience. BACK IN FASHION AGAIN Actually, it is no wonder that experienced bond men are scarcer than hen’s teeth. Common stocks have been all the rage with the average individual investor ever since the end of World War II . . . and for a spell even before that. Banks, insurance com panies, and some trustees were the only ones who had much interest in bonds. As a mat ter of fact, even they bought more from ne cessity than from their love of bonds. During the last big war, the Government and the Treasury, on the one side, and the Federal Reserve Board, on the other side, co-operated to keep interest rates low to hold down the huge expense of a soaring federal debt burden. This “accord” was highly in flationary . . . because every time the Fed bought bonds to support the bond market, it filled the banks fuller and fuller of loanable funds. At the end of the fifth decade, this accord was scrapped; interest,, rates started a long climb, and bonds went into a secular slump from which they have not yet emerg ed. Today, yields of 6 per cent on bonds are not hard to find, and these handsome returns have attracted buyers who never before bought bonds. In a word, bonds are back in fashion again! BUT WHAT ABOUT INFLATION? With the exception of a short period to ward the end of the 1950’s, those who bought bonds during and after World War II have had a very bitter experience. First, most of the bonds purchased had low coupon rates . . . ranging around 2% per cent to something over 4 per cent. Naturally, as interest rates moved higher, the older, lower coupon rate issues fell in price. Second, during most of this period, stock prices rose handsomely . . .making bonds look like a very poor sec ond choice indeed. Third—and most damag ing to the bond owner—prices for consumer goods climbed ever higher, so that the year ly interest received bought less and less and less and the purchasing power of the bond when paid off at maturity was far below the purchasing power of the original investment. The recent swift rise in the coupon rates on best-quality bonds—to 6 per cent and even higher—is giving the buyer a good current income and lessens the danger of any future fall in the prices of such issues. Many will tell you that the threat of inflation, of fur ther advances in the cost of living, makes bonds still unattractive; but this fear may be unwarranted today. At present low quo tations for many sound bonds, all their own er has to do is purchase them at a discount and hold them to maturity, thereby increas ing his capital. This method of protecting against inflation was not available when 3 per cent bonds were selling close to 100. Arid the competition from stocks — even after their slump—is not very great, since many of the popular issues now yield only 3 to . fj^CjceuL .•>••• TAX EXEMPTION, TOO There seems little doubt that Congress will raise all income taxes for 1967. Such action will make tax-exempt bonds more ap pealing than they are now. Once it was thought that only the very wealthy should be interested in tax-exempt securities. How ever, those who pay only 20 per cent to 30 percent of their taxable income to Uncle Sam can make really worthwhile savings in present depressed tax-exempt bond markets. Many of the tax-exertipt obligations issued ten and fifteen years ago, with maturities in the next five years, can be had today at deep discounts. You pay no federal taxes on the yearly interest while you hold them, and you enjoy the favorable long-term capital gains tax on the increase at maturity. THE LONG VIEW A review of the price movements of stocks and bonds over a long sweep of his tory indicates that popularity may ride with stocks for many years and then swing to bonds. Since 1949, bonds have been in the discard and stocks in the ascendency. It is just possible that recent inter-action between stocks and bonds may be making the founda tion for the building of a new cyclical climp in bond prices. Since vacation time has come and gone, perhaps you to Europe or some other ex citing place over the summer holidays. Sometimes these travelers get too carried away with their adventures. It is a sad state of affairs when we meet the person who thinks that only in Eu rope can we find scenic beau ty and good times. Chances are that he has never been farther west than his own state line. • Our nation is very young and has done much to alter the map of 'history. True, we do not have the culture of Europe, but then, Europe had a bit of a head start on us. America is a young nation. It has and will have a great history. The American system of education is set up in such a way as to glorify and idealize the foreign. But we have a great nation. We should never underrate its potential. The in favor of Europe or some mantic ^symmer adventure person who rejects America other place because of a ro- there is not only impatient but also uneducated. WEDNESDAY Milk, meat loaf, strawber* ries in jello, creamed pota toes, carrot sticks, hot rolls, and butter. THURSDAY Milk, ravioli with cheese, tossed salad, green beans, hot biscuit, buter, and apri cot spice cake with glace. FRIDAY Milk, fish sticks with tartar sauce, field peas with snaps; buttered cabbage, corn bread squares, butter, and glaced doughnuts. School Disarict 56 School Lunch Menu Week of October 17-21 Births x/ -ir ^ And the Taxpayer Payeth! Stories ( Behind Words By William S. Penfield Conclave articles in on time, isn’t it people? The Sentinel staff have not been the only ones busy at CHS. The Student Council is counting votes again! The freshman have just finished picking their leaders as they voted for the Freshman Class Officers. These new officers are as follows: President — George Cope land. Vice-President — Bob Kel ler. Secretary — Almeda Rog ers. Treasurer — Elaine Ste wart. Congratulations! You have a good job lined up for you. As most of you know the Red Devils downed Ware Shoals last Friday night 25- 13. We’re all quite proud of them. Keep it up, Mighty Red! MONDAY Milk, chiliburger with cheese, cole slaw with car rots, whole kernel corn, hamburger buns, butter, and chilled pineapple. TUESDAY Milk, roast beef with gra vy, Brussells sprouts, rice, COX Mr. and Mrs. Joel R. Cox, Jr. announce the birth of a son, Robert McDaniel, on October 3 at Roper Hospital, Charleston; Mrs. Cox is the former Lena Copeland, daughter of Mrs. James Copeland and the late Mr. Copeland at Renno. NOTICE! As of November 1 the minimum charge for all service calls made by Clinton - Newberry Natural Gas Authority will be increased from $3.00 to $5.00 per call. Conclave—a private or secret meeting—lit erally means a room that can be locked. The word is derived from Latin “con”—with—and “clavis”—kev. Conclave got its present meaning from the procedure used in choosing Roman Catholic Popes. After a Pope dies, the members of the Col lege of Cardinals are locked up in a set of rooms, and the door is not unlocked until a new Pope is chosen. Votes are taken twice daily until can didate receives a two-thirds majority. He is the new Pope. Conclave, the name of the set of rooms where the cardinals met, was applied to the meeting itself. The word was later used for any private or secret meeting. Highlights From Clinton High By KAYRAN COX This - week the Sentinel staff has been quite busy picking its new team of re porters. All those wishing to be reporters turned an arti cle in of their choice — either news, sports, editorial, or features. The Sentinel then reads the articles and selects its reporters on the basis of originality, prompness, and expression. Hard to get those CLINTON, S. C., THURSDAY, OCTOBER 13, 1966 Oty* QUintmt Established 1900 July 4, 1889 — WILLIAM WILSON HARRIS — Jane 13, 1955 PUBLISHED EVERY THURSDAY BY THE CHRONICLE PUBLISHING COMPANY Subscription Rate (Payable in Advance) Out-of-County One Year, $4.00; Six Months, $2.50 One Year, $5.00 Second Class Postage Paid at Clinton, S. C. POSTMASTER: Send Form 3579 to Clinton Chronicle, Clinton, S. C. 29325 The Chronicle seeks the cooperation of its subscribers and readers—the publisher will at all timeg appreciate ‘ wise suggestions and kindly advice. The Chronicle will publish letters of’general interest when they are not of a defamatory nature. Anony-, mous communicaions will not be noticed. This paper is not responsible for the views or opinions of its correspondents. No responsibility is assumed by the publisher for omission or error occurring in advertisements or news matter, but correction will be made in the next issue when attention is directed to it. In no event will liability be assumed when merchandise is sold at ineuttectly advertised price. Member: South Carolina Press Association, National Editorial Association National Advertising Representative: AMERICAN PRESS ASSOCIATION New York, Chicago, Detroit, Philadelphia SPECIAL WEEKEND VALUES! In Saluting The JOANNA - KIN ARDS AREA LADIES VINYL PLASTIC CAR COATS This Sale Only $4.27 10(1% COTTON PILLOW CASES (embroidered & prints) Special Value! 99c set LADIES LADIES CROWN TUFF CHENILLE PAJAMA HOUSE SF.TS COATS AND Reg. $4.99— SHIFT now $3.99 GOWNS Save $1.00 80% Acetate 20% Nylon Reg. $2.79 — sale, SL71 SPECIAL CLOSEOUT HAIR CURLERS AND ROLLERS Reg. 29c and 39c each. 10c a card SPECIAL Floral Arrangements only 87c ea. WAFFLE-WEARE . DISH CLOTHS Reg. 19c — 2 for 27c Weekend Value ^OSES Clinton, S. C. 833-1595 Torn* CUFCKINC, ACCOLM (5 SAFEGUARDS YOUR CASH SAVES TIME AND TROUBLE SPEEDS PAYMENTS GIVES YOU VALID RECEIPTS Open your Checking Account at M. S. Bailey & Son, Bankers Established 188^* i Member FDIC Clinton, S. C / 4Vi% Interest Paid On One Year Savings Certificates' Consolidated Upholstering Co. Clinton, S. C. 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