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*-C—THE CHRONICLE, CSatoo, S. C, Juuary 16, IMt ! News And ^BY WALLACE E. CRUMLIN Miss Jeanne Floyd, soprano, will be presented in a recital Sunday evening, January 19, 7:30 p.m. at Bell Street High School. Miss Floyd is a native otClin- ton, and resides with her mo ther, Mrs. Othelma Floyd of South Livingston Street. Views ^>he COURT OF HONOR — The above group of Boy Scouts from Troop 74 (Wattsville), Troop 196 (Gray Court and Troop 198 (Clinton) received awards ranging from Second Class to Star Rank Monday night at a Court of Honor held at St. James Methodist Church in Wattsville. Troop 198 also received many merit badges. W. C. Baldwin of Clinton and Bob Dominick of Laurens assisted in making the presentations. Buying A House BY RICHARD GANTT Attorney Presbyterian College For most of us the purchase of a house is the most import ant financial investment we will ever make. It is important to be aware of every facet of home own ership. The first thing to con sider after you have located the house you like is to determine the method of financing. Several ways will be available. The conventional mortgage avail able at your local savings and loan association or bank is pro bably the first type to consider. These people know the area and know you. They will normally fi nance up to a percentage of the appraised value of the residence. This means you have to pay the remaining balance as a down pay ment. Your loan closing costs RICHARD GANTT will vary so the better plan is to discuss this with your attorney. Everyone contemplating the purchase of a home is aware of the “tight money” situation that has been prevailing for some time in the real estate market. If you are waiting for the money to ease do not count on this for some time. One problem exists with the cost of building. Bank ing officials indicate that the REPORT OF CONDITION OF Bank of Clinton of Clinton, in the State of South Carolina at U»e dosejrf business on December 31, 1968 ASSETS Cash, balances with other banks, and cash items in process of Collection $ 567,334.97 U. S. Government obligations 786,134.06 Obligations of States and ^political subdivisions 517,906.03 Securities of Federal agencies and corporations 350,000.00 Federal funds sold and securities pur chased under agreement to resell 200,000.00 Other loans and discounts 1,656,254.29 Bank premises, furniture and fixtures, and other assets representing bank premises 53,477.86 Other assets 5,182.78 TOTAL ASSETS $4,136,289.99 cost of building is going up fast er than the cost of acquiring money. Therefore, it may be wis er to buy your house and not wait several years. When you investigate FHA and VA financing you will discover the interest rate may be lower than other possible financing. However, you must remember that you may have to pay “points” at closing with FHA and VA loans. These points are dis count percentages that must be paid to the FHA or VA company to enable it to sell the mortgage. If you are asking for a mort gage of $15,000, and the points due is based on 5% you must at closing pay $750.00 in cash. This is in addition to the down pay ment, and other costs. The best system is to fully investigate the various methods of financing a house and make sure you have a clear idea about what you mustpay when the mort gage is signed and what your monthly charges will be. All of the people involved in financing your prospective home are interested in helping you and will be glad to give you all the help they can. Short in Stature The famed Mayan Indians are a shorter race of people than what is considered av erage by American stand ards. Mayan men average about 5-1 and Mayan women seldom exceed five feet in height. is a graduate of Bell Street High School and A lien University. While a student at Allen, Miss Floyd was soloist with the Allen University Choir. Since graduat ing from Allen, she taught in the public school of Greenwood and presently is teaching at Bell Street High School. Alexander McMath, son of Dr. and Mrs. Walter McMath of Clin ton, will be Miss Floyd’s ac companist. He is a recent grad uate of Morehouse College in Atlanta, Ga., and is presently teaching at Sanders High School of Laurens. There will be no door admis sion as patrons are sponsoring Miss Floyd’s concert. The pub lic is invited and urged to at tend. Mrs. Bernice P. Crumlin is chairman of the committee on arrangements. Mrs. Bannah Adams and child ren, Barbara and Sandra, have returned after a visit with re latives in Buffalo, N.Y. They enplaned from Columbia Airport for an enjoyable flight. Mrs. Josephine D. Oliver and Mr. and Mrs. Foster White of Washington, D.C., and High Point, N.C., spent a few days recently with relatives of Clinton. Mrs. Elnora Summers, opera tor of Nora’s Beauty Shoppe, has returned after a visit with her children in Hackersack, N.J. Her return was delayed due to a bout with flu. Miss Laurethia Ann Moon ob served her second birthday on Saturday. Mrs. Viola Jones and Mrs. Maude Coloin are still on the sick list. We wish them speedy recoveries. Mrs. Helen R. Byrd and Mr. Sam Dillard have returned to their homes in New Jersey after a flight down and a visit with their parents, Mr. and Mrs. Thomas J. Rice and other re latives. Mr. Curtis Rice, a student at Boorhees College, spent a recent weekend with his parents, Mr. and Mrs. Thomas H. Rice on Horne St. MESS FLOYD I Fulmer Complete! I Cording Course i Herman C. Fulmer, a carding department employee of Joanna Plant No. 16 of Greenwood Mills, has recently completed the International Correspondence School course in Carding and Spinning. Fulmer, Rt. 1, Pomaria, is married to the former Llewella Livingston. They are parents of three children, two boys and a girl. He has been an employee of the Joanna Plants since 1960. In Vietnam Army Private First Class Jerry R. Pressley, 25, son of Mrs. Eva P. Cuzzart, 205 Fer guson St, Clinton, was assigned to the 25th Infantry Division Dec. 7 in Vietnam, as an infantryman. Questions, Answers About Income Tax (This column of questions and answers on federal tax matters is provided by the local office of the U.S. Internal Revenue Ser vice and is published as a pub lic service to taxpayers. The column answers questions most frequently asked by taxpayers.) Q. When will I be getting my income tax forms? A. The tax forms will be a- vailable at local IRS offices as well as many post offices and banks soon after the first of the year. Most taxpayers will re ceive copies of the forms and in structions in the mail. Q. How did you get involved with the administration of Fed eral gun laws? A. IRS has administered Fed eral gun laws since 1934 when the National Firearms Act was en acted. The basis of this law, which imposed taxes on the transfer and making of firearms, was the taxing authority given the Federal government by the Constitution. As IRS is responsible for col- lectiong other Federal taxes, it was given the responsibility of administering the gun law. Q. Business has been good the past few months and my income is considerably above what I de clared on my estimate. Should I make a change on my next quarterly payment? A. Yes, you can file an a- mended estimated tax return when the next quarterly payment is due January 15, 1969. Make the change right on the notice you receive. You do not have to pay the fourth installment if you file your 1968 tax return by January 31, 1969, and pay the balance due at that time. Q. I make several business trips a year for my company and get reimbursed for what I spend. How do I handle this for tax purposes? A. The general rule is that these reimbursements must be included in income. However, you do not have to report them on your tax return if you account for your expenses to your com pany. If your reimbursements exceed your expenses, then the excess must be reported as income on your return. Ifyour allowable ex penses exceed your reimburse ments, report the reimburse ments as income but also deduct the expenses. Q. Are year-end dividends on stock reported the year declared or the year received? A. Report them in the year they are constructively received. If you received a dividend or had it credited to your account in 1968 it must be reported on your 1968 return. Q. My wife worked part-time at a local department store this Christmas. If she files her own tax return will I still be able to claim her exemption on our return? A. No, you may not. When a husband or wife files a separ ate return the other must file separately too and neither is permitted to claim exemptions, expenses or deductions of the other. If your wife’s income is small it would probably be to your ad vantage to file a joint return. Compute your tax both ways to see which is best for you. LIABILITIES Demand deposits of individuals, part nerships, and corporations - $2,288,167.58 Time and savings deposits of individ uals, partnerships, and corporations 590,628.92 Deposits of U. S. Government 57,800.36 Deposits of States and political subdivisions 806,916.31 Certified and officers’ checks, etc 14,260.74 TOTAL DEPOSITS $3,707,773.91 (a) Total demand deposits ....^ .$2,967,144.99 (b) Total time and savings deposits $ 740,628.92 Other liabilities 2,341.16 TOTAL LIABILITIES $3,710,115.07 CAPITAL ACCOUNTS Common stock—total par value $ 100,000.00 No. shares authorized 10,000 No. shares outstanding 10,000 Surplus — 200,000.00 Undivided profits 26,174.92 Reserve for contingencies and other capital reserves — - 100,000.00 TOTAL CAPITAL ACCOUNTS 426,174.92 TOTAL LIABILITIES AND CAPITAL ACCOUNTS $4,136,289.99 MEMORANDA Average of total deposits for the 15 cal endar days ending with call date —$3,699,033.40 Average of total loans for the 15 cal endar days ending with call date 1,633,242.52 .* • ■/ I, Harry Y. McSween, Cashier, of the above named bank, do solemnly swear that this report of condition Is true and correct, to the best of my knowledge and belief. HARRY Y. McSWEEN Correct—-Attest: Ansel B. Godfrey, Robert P. Hamer, T. E. Addison, Directors.. State of South Carolina, County of Laurens, ss: Sworn to and subscribed before me this 10th day of January, 1969, and I hereby certify that I am not an officer or director of this bank. S. Magaret Holland, Notary Public. My commission expires January, 1970. 1969 HEAD START V Enrollment If you have or know of a child who will enter school in 1969, have him or her sign up for the 'Head Start' program at one of the following places: Laurens County Community Action, Inc. Child Development Program Laurens, S. C. Day Care Center Bethel Church Laurens, S. C. Quid Development Center Hebron Baptist Church Clinton, S. C. Miss Perfect Type Miss Connie Scott, seventeen year old New York high school student, star of Paramount Pic tures’ “The Brotherhood,” has been chosen as Miss Perfect Type for the 1969 Printing Week observance sponsored by the In ternational Association of Print ing House Craftsmen, Inc., dur ing the week of January 12-18, 1969. The announcement was made by International Printing Week Chairman, Kenneth H. Oaks of Phillipsburg, New Jersey. A senior at Lincoln Square Academy of New York City, Miss Scott portrays the daughter of Kirk Douglas and Irene Pappas in the contemporary drama, “The Brotherhood”. A total of 75 can didates were interviewed before Miss Scott was selected for the role. “The Brotherhood” also stars Alex Cord and Luther Ad ler. It was directed by Martin Ritt from an original screenplay by Lewis John Carlino. A Bryna- Martin Ritt Production, the mo tion picture is being produced by Douglas and Ritt in Technicolor. Miss Connie Scott, chosen as Miss Perfect Type, and Inter national Association of Printing House Craftsmen, Inc., President F. Richard Eichorn discuss each other’s feature roles. Mr. Ei chorn will guide theCraftsmen in their endeavors for the ensuing year. Miss Scott, who is under contract with Paramount Pic tures, will portray the daughter of Kirk Douglas and Irene Pap pas in “The Brotherhood ". Dur ing the week of January 12-18, 1969, she will also be recognized as Miss Perfect Type as we cele brate International Printing Week. PRINTING WEEK—Mayor Harry Layton signs proclamation for Printing Week while Wilbur Sans- bury (1), Sec.-Treas., Greenville Club of Printing House Craftsmen, and Benson Roth (r), Laurens County Printing Week Chairman, look on. Ward Promoted To Major Major Windsor Earl Ward was promoted to that rank Dec. 31, Maj. Ward is assistant professor of military science at Presby terian College. A native of Ionia, Mich., he is a 1962 graduate of the U.S. Military Academy. Maj. Ward has been assigned to ROTC duty at Presbyterian College since December of 1967. His previous assignment was with the 9th Infantry Division in V ietnam. His decorations include the Bronze Star Medal, .Air Medal and Vietnamese Cross of Gal lantry with plam. Maj. Ward resides with his wife, Barbara and two daughters, Lisa and Jennifer, at 107 Young Drive in Clinton. Bookkeeping, records. Inventories, long walks and long talks go into planning for the coming farm year. Questions must be answered about buying livestock, seed and fertilizer, perhaps a new tractor or truck, or an addition to the bam or house. Today's agri-businessman realizes the importance of com plete farm planning, and that incfdties planning for the wise use of farm, credit'. The men at your local PRODUCTION CREDIT ASSOCIATION are farm finance specialists with agricultural backgrounds who can provide expert assistance in. helping farmers and their families plan for the coming year. As you begin getting ready for what's ahead, call or visit your local PCA representative. His business is making your business more productive and profitable ' Palmetto Production Credit Association Jacobs Building, 103 E. Main Street Clinton, South Carolina 28325