University of South Carolina Libraries
Elephant Joke Babson Forecasts Good 2nd Quarter \ w r movo toward the (prirnu; ot the second quar- ei ’he economy is generally vImoil; dross National Prod- act has shown yood gains 'hinny the three months now ending, as have employment end personal income, though 'e'terment did not reach oar er mnyuine expectations. Looking ahead into the \ pr .1 unc period. we per- ei ivc signs ot additional gains or the nation's business. :'i opelled in still rising mili- • an prucurcmcnt lor \'iet- n an, n/able overall de- ■cine i cquirements. and hea- \\ tederal and other govern ment spending, economic ac- '.\it\ (iixunises to move mod- 10—THE CHRONICLE, Clinton, S. C„ March 28, 1968 - TM! t' A tmduT \'\u ;■ supporim g lac ■tors eit- i d .ibove u 111 liki'h he aug- : cd h> 'till more hullish ,ti t, \ :!> Ill the indus try and 13 u t • i maintained to possibly -• < h n r uhat iirmer i )\fr-all : *>!'}{) rm.miv m other parts of A : hr p mv V st' rtor of the t' t' ( ' IH > m\ !' ' put it another way, on ■k. L li.iru'e sicond quarter busi- 5 'hould he quite good, im- \] PI' 1 \ i ng on the performance UJ X ' ’■ u 11 k ed up m the period IH'H i Iran mg to a do so But ’ ! U' !' ate ol mei •ease seems U) MV, i to slow more into 1 ; M ■ 'P >n o midvt ■ar tip- vj p: 'Git.' he' Ah \ 11 ! IN AM The war in \ ictn .an and our milit ary and curs. A tax boost would push national security expendi- tax-exempt interest costs turcs predominating, when U 'rui.' |-./\i , i the Central European Bank 1 H E DOLLAR — 1 he na- ,, , . , . . tion’s continuing gold drain ‘' rs hk ' w ,he wh,s,kv Sl)( ' ml and unfavorable balance In ^ at a " levels ot govern- ot international payments are ment will still enter new high extremely serious and will ground, pushing the annual pose new challenges to the rate close to the $200-billion government and to the econo- mark. However, foreign my itself over coming aid funds will be further cur- months. There will, however, tailed by Congress; and new he no devaluation ot the dol- federal programs enacted m lar and no boost in the $35- to law to help cities, advance per-ounce price ol gold in the education, and promote en d second quarter. rights will not appropriate TAXES In the wake of anywhere near the amounts the gold crisis, the interna- which advocates ol these tional bakers are insisting measures arc presently pres that LB.I up taxes and cut ex sin S tor. penditures. Altho the tax sur- LABOR PROSPECTS charge was marked for Shortage of skilled help will death. >t could now he re- place labor in a still more vived. If the President should powerful bargaining position conclude that we must again vis a vis management, with escalate dramatically in Viet- the squeeze hurting hard as nam, higher taxes could come over-all economic activity by midyear, casting their gathers more momentum shadows before them However, it is well to remem FEDERAL SPENDINC. — her that wage and price con Uncle Sam was all set to trols are being held in the shell out more money, with wings and will he imposed it CAPTIVE SI GAR DADDY! the economy should become overheated a n d/or <> u r balance of payment itiui t ion i nore se\ ere),.\ t lireaten- ed S I R IK LS I .abut 1 w alk-1 outs ma\ not capture quite as 1 main headline in t ic sec ond quarter ; s the\ have in j some past periods, but they! are sure m he lair!\ numer ous and to cause some upp!\ demand did icatioiis m varinu M'etor- ol tlu- eeonomv \t tins w ritmg, the odds would seem to favor a steel strike around midyear. hut d we should move toward allot her large troop buildup in Vietnam with all that it would entail, the like lihood "I a steel stoppage would lade and anticipated he.iv v hedge - buying m the \pnl .lime period would run well below pre-amt expeetat on - 11 L I \ 11 I \( 1 It vou' re a retailer vour ea-h re.'isters -hould he ringing up a heart ening increase m dollar sales. I low ev t r. the boost in actual t urnov er ot good mav amount t > not much more than hall the gam in dollar volume, owing to price in eivasgs And unless vou can manage to exercise strict control over costs, the rise in profits versus the first quar ter may well he disappoint mg. Bl ILDIXU. AM) cm STRLCTION — Home build mg promises to show a sea sonal increase over the lir t quarter, with lower-rental apartment units predominat ing because ol high and still rising land, labor, and mate rial costs Cutbacks of spending lor new plant and euipment and ol appropria tions for public buildings will put a damper on public and commercial construct ion. though hospital building will likely show a further good upturn in the period under consideration FARM I’ROSl’ECTS Spring plant ing ol barle.v, cotton, flaxseed and rice will he importantly expand ed. hut there may he some euthatfk in soybean acreage versus a year earlier as a re Milt ot the newly announced regulations disqualifying soy bean acreage for direct teed grain payments Farmers' expenses are still pointin'. 1 , strongly upward For the three months just ahead, their gross income should show better gams than m the lirst quarter, hut the hood m net will not keep pace Write Arkansas Congressman ( hi M L ! . ( Up’,n 1' tit \ er-lt v w i! ] \V( think he sh"';! • '' (I !"f la'll"! a 1 : !1 'A ‘ Wf. ' ging a his :rrent !'. ■ 1 ’ . . a 1 '• :: "'a- i let el' ! i; i! a • i ', ” !e .1; i" e ' a . | ' ' thi- tax in. r ’ Xl St ■ a, 1 * ; ■ : , •,• • jj nati"i ['a t , "!i i | 1 > Y in ft ‘i 'era i -pending'. ( T-l 1 )i - " 11 A I ! a■ at; : "Pa 'far V ( il >('- M Ill- huts the !■"" "f L '•""I t IlH t (it'a i (let f' (' ’" ' >. R* 'in W illi ur 1). ai im / / / !' 1 l.utt- Mills "i Ar ,:L -. '. aha irman n f the led i in ■ n h.s a.»mm'’ t e( a :. !'( l.illPg' \\av> an.i M. ■ati' i "mm .’tee. just that, tr'/iipg' tn ; " -pending In annnnreitm * orarv lire ft''-, i speri 1 \ s i eiisi u Milis aw a Li. it ht-r lie is eha 1 rL!aII I d T rei ijiients of hop- .si.n .d'fieials dii‘n't - for making the : flail the fact I hat he \\ av' and Means < omnntt toy no (itht*r reason. A Salute To Young People What's wrong with LhIhv's voting cuts. It isn't t-.,- siieh a stand ag. tion 'nut Mills !' dt is in t he rig ht an in vv t le a iso eoll \ ill. is right and we fe successful. Witt administration’- do little to stahili/e tht otnv. President Johns' we cah stij)potT"hoth" o t a n e -t , a- n e it.' la'] i 1 spt I , i r * a \ l flat O 1'igf Mills - are he w il! eei m- d it t pn po nat ion 's elit f that errant 'll’ - pei m!e :::" -1 "f them, no’lung's u e ear. -Uj pert • d’.s and out- u ping. the econo! iv an ;’ ! ; be h c aif: 1 Thev re a! sv gro'.vmg u)4 a-nd 1‘eaeh- again until some ret. ; Mir :;ug na- l.eetl ing \ ari "U - it ■, - "f mat urity. The ini- i it ine. mtiture ei 'ell get iindeser\ed jiuhlieity Editorial writ t!'- ('!’« •n emoui’age for sop e o; their stunts or troubles readers to write >•' ’h* r • • mgressnien. hut tlie . it he r ' mg people fill - ox er- This time. we em n i r.. g > . - , ’o wfite shad' iv t hen ill aacomplishments and to Arkans; S C( Ml g rc.-s ’! u tn. Rep. \\ il- in getting ; sound basis for tidult- bur I). Mii; -. He's Ipg; ■. ;t Lit; t !e lor hood. the eeollotl \ v\ :. i« " lur , iuid clot ties o memie involvement in ' ^ Southeat Asia will dominate Washington trends in the i 'Coming quarter While a ces- j sa’ien of hostilities is widely | desired and eagerlv sought by a number of other govern ment-. as well as our own, the le -.pee 11 v e positions of both -ides have hardened since the : No; th Vietnamese l et offens ive which resulted in such i liravv casualties to all eom- 1 oatant' Reluctantly but res- L.ittlv. the President will I'obahly move toward some lurther buildup of military 'tnmgth. hut in the second! quarter he w ill not approve I mv where near as large an es- ealation as the generals are i rported to he urging. ( MONEY AND INTEREST! RATES — We foresee some tightening in money, hut eer-. ’amly no massive crunch.] However, the Fed has moved to tighten availability moder- j»aUly and this will put up ward pressure chiefly "on dinrt term interest rates. Long-term rates, on the other hand, will likely change little as a further slackening in business expenditures for new plant and equipment oc- Personnel Problems, World Problems T ! K Wei) ! i K e to to t he Th' d'nw i t"n 11 igh School'- 11 The Thortv ed Kt leadership "• ..duh and Peose 'ioimg, organization. It jilaee for the ' ar< vement Pep'" 1 Kte Wig elecfe governor. The Thornw* many projects contributes to our hat this week < !uh and to Ulin- hel” Meadow.-. < Tub, under the Dick Templeton ;t very active recently won first hnas in Best Achle nd the club's Pat Me- 1 m . isionid Lieutenant your tamily. and em oui'iig' lb • 'ipport Can This Nation Survive Welfare-War Onslaught? 1 Key Club sponsors during the year and numerous worthwhile causes. It is operated on the basis of a civic chd) and not as a fraternity. The Thornvell < hub's primary concern is contribution and service to the com munity and it is a fine training ground for citizenship. Clinton High School'- Meadors is to be congratulated on being named Lau rens County's STAR Student. 1 he Chamber of Commerce sponsors the STAR Student program, aimed at foc using attention on outstanding young people who are well-rounded students. Also honored in the program is the STAR teacher and Meadors selected Miss Francis Shealy for that honor. Miss Shealy is a highly competent teacher and her honor is deserved. It' must be particularly gratifying tor a teacher to be selected tor such an hon or by an outstanding student. Spring Fever If the entire United States had year-roumjl weather as beautiful as that we’ve had recently, this probab ly would be one of the most backward nations in the world. How can you get anything done in such beautiful weather? If it were like this all the time, the world-famed American drive and en thusiasm probably would be limited only to the golf course. And American ingenuity would be saved primarily for ing fish. Job Opening It ha« been n-ve.bed that M'U.r'ipoli- tan Opera star lamer Mei - n‘! t reated a near crisis when h'- vva- invited t<. entertain at a blaek-t *• dnitrr in hunur of Prime Minister Harold W il-on at the White House recgtly. Britain has her troubles, to be sure, but they aren't an O ’■ing to kid about at 160b Pennsylvania Avenuef Alter all, Mr. Johnson and Mr. Wiron have a great deal in common, thing- like an adverse balance of traoe. mounting debts, strikes, socialized medicine, growing welfare rolls, itv rea-mg faxes and a shaky currency. The crisis arose w hen a \\ hife House functionary noted that Mr. Merrill’s musical program tor the eviw.ing' was sprinkled with songs which could be interpreted as veiled letcrenees to Bri tain’s current problems of shrinking currency and territories and implica-*- tions that the former rolonial giant- is actuallv dependent upon this expand- Could any other interpretation be . put on a musical program of such ; songs as “On the Road to Mandalay,” (where Britain isn’t any more), ”1 Got Plenty o’ Nuttin’.” (which qualifi es as a Socialist theme-song), and “You’ll Never Walk Alone,” (which, Britain hasn’t been able to do since the Socialists took over). The lesson of the incident'is that the time has come for the. President to appoint some relative of some hard-working political hack to a new post of Under secretary of State in charge of Pre vention of Embarrassment of Visiting Foreign Dignitaries by singers, musi cians and dancing bears. Otherwise, who knows what head of state paying a call to pick up his aid check is going to be embarrassed enough to stalk out in a huff without it. ’ - Bv IMF. CHRONICLE’S ^ that our State will Capitol News Bureau cant relict from the textile COLUMBIA — Cost infla- import problem, tion. price inflation, the' ‘BORDER TAX’ squeeze on profit margins,] protectionist legisla- I ur massive tederal , , , , . deficit, t j on b ein g promoted bv our high interest rates and a vul- notable position for the dollar legislators in Washington :n the world briefly describe will probably not be passed, he economic condition of our' Instead, we can expect to see nation today. The question must be asked; get sigm the effect upon the State as a whole, its business communi ty and the individual citizens It looks like-belt-tightening is required, but intelligent planning could soften the blow. DR. Ill RBI RT SPAl C.H World problems are com pounded from persona! prob lems I wholeheartedly agree with tlie position taken by the evangelist. Dr. Billy (Iraham, that the wav to eonvort socie ty is to conv ert the man who makes up soeietv . There is an old proverb which reads. "If there is righteousness in the heart, there will be beauty in the character It there is beauty in the character there wall be harmony in the home. It there is harmony in the home, there wall be order in the nation. 11 there is or der in the nation, there will be peace in the world.” Most of our problems today stem back to the individual and t he home from which he came Here the problems are varied: not enough love; too -mother love; not enough dis cipline: too much discipline. To these we might add the family automobile, according to Dr Morns Fishbein. editor ol the Medical World News, , the largest circulated medi cal newspaper in the world. He had traveled more than a million mile- himsel! to at- tend medical meetings and to make speeches, but he consi der'' the "mobility and speed ' of our civilization to be a "highly contributing factor'’ to the breakdown of the American familv When I was a boy.” he said. "Wu read and talked and -at around home after we finished supper. Nowadays what happens'.’ After supper it's away we go to Hat in , dancing and destruction ■ There is no question about it but that many American homes become little more than cafeterias by day and dormitories by night Police say that many of our large apartments in cities are meccas for thieves dur ing the daytime and often late into the night, beeaus ■ the occupants are never there. Is there any wonder that the moral and- spirtual char acter of our nation is de clining'.’ When we remember that character is caught, not taught, and the place where it is supposed to tie develop ed, the home, is disintegrat ing, we can discover the basic cause for many of the world's problems today. It has been said that the family which prays together stays togeth er. works together, is the family which holds together. When I read news reports of teenage rampages of des truction. I can't help but wonder about what kind of homes they came from. A Charlotte TV station in cludes in its 11 p. m. station break the question "Do you know where your children are’'' I might add. "Do you CARE where your children are 0 ” You may write to the Everyday Counselor in care of this newspaper enclosing a long, sell addressed. stamped envelope and twenty cents for a copy ol my Home Series. (Reprint articles No 33. \o. 54. No. 125. No. 149 No 180 Can our nation's values and perhaps even its liberties sur- a nominal “border tax’’ of a few percent on imports gen erally across the board that will have minimal effect. \ive intact under the twin! Various percentages have onslaught ol welfare and been mentioned that range uar " from 3 percent to 15 percent. Defense is costing the tax- Normally a compromise in payer the staggering sum of this range would be about (j nearly $80 billion a year. Ev- to 7 percent, cn this appears to be low) as The “border tax” approach an additional supplemental seC m S to be favored by Con- budget request is being pre- gressman Mills, Chairman of dieted for fiscal year 1968 of the House Ways and Means at least $5 billion. The fiscal Committee. It is also Mills, year 1969 budget also appears Chairman of the House Ways inadequate and it hasn’t even an( ] Means Committee. It is passed the Congress. a i so f av ored by the State De- Vietnam alone will have partment since it will have cost more than $75 billion in the least impact on our for- the fiscal years 1966-1969. Ev- eign relations with other na- c n more important,, these fig- tions. Although it would bene- ares do not reflect the cost in i fit President Johnson to have dives. various forms of protectionist Should the war end tomor- legislation passed during an ■ row, defense costs will contin-j election year our fiscal crisis ue to be high to replace the * s serious enough that he .extreme draw down in sup- must compromise the politi- plies which has taken place. It is also too apparent that an incident could blow up in to a major conflict through an incident could blow up in to a major conflict through an act such as the “Pueblo” incident. There is also in creasing concern over the .increase in the Soviet con trol of the Mideast. Our nation is becoming in creasingly burdened with largely ineffective welfare schemes. The fiscal year 1969 budget has enlarged this area of spending even while the war costs have increiried. cal for the practical. Recognizing that the textile industry accounts for over 70 percent of the income in South Carolina, any act that would cause a decline in the textile business will naturally effect the States’ overall economic well-being. The impact, therefore, would be across the State as a whole, not just the textile firms. Although Governor McNair has submitted an austere budget, he did not anticipate a reduction in receipts which b4 brought about by a •ecUne Kn textiles. There is South Carolina is and wilj al*o insufficient information continue to feel the effects of 1° h ow h® handled the in- this fiscal irresponsibility ob- nation problem if it was con- viously the citizens of our sidered at all. State will be pinched in their Th* business and govern- pocketbooks by inflation, meit^ ’sectors in our State Mom Ih* /ow-cost bills to or s< or s**d BUY MONEY ORDERS AT M. S. Bailey & Son, Bankers Established 1886 Member FDIC Clinton, S. C.