Newspapers / The Chowan Herald (Edenton, … / Feb. 26, 1959, edition 1 / Page 3
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» ******* •**•"*+ »»■— f *'*M fyyy^yyv- The National Outlook The Cause Os The Recession By Ralph Robey In recent weeks the charge has , baen made with increased fre- j quency that one of the major ) causes of the recession Was a re-1 duction of government spending} in 1957. | For example, the Washington Post said in a recent editorial that “retrenchment in the fall of 1957 contributed materially to the 1958 slump.” Since the Wash ington Post is “liberal” and fa vors ever larger federal outlays, such a point of view by it is not surprising. . But when the National Indus trial Conference Board takes the same approach. it is surprising. In the January 1959 issue of the-j Conference Board Business Rec- j ord there is an article by Robert | 11. Persons on the “Pattern and i Scope of Recovery” in which it is | said: “During 1957, both defense ; and nondefense outlays of the! Federal Government had- been curtailed, acting as one gs the initiating factors in the reces sion.” This is a little startling because- the Conference Board has never indicated support for larger and larger Federal spend ing. j What are the facts? In answering- this question it | first must be noted that it is es sential to use the cash budget fig ures, rather than the administra tive or regular budget. The dif ference between the two is that the cash budget includes every thing in the administrative bud get and also the trust funds. Only the cash budget, therefore, shows total outlays. On a calendar year basis the Federal Government’s cash pay ments to the public were as fol lows: 1954 $69.7 billion - 1955 72.2 billion 1956 74.8 billion 1957 83.3 billion On a quarterly basis, but not adjusted for seasonal variation, the following is the recoin: 1957 '. Ist quarter $19.8 billion 2nd quarter 21.8 billion 3rd quarter 21. t billion 4th quarter 20.8 billion 1958 Ist quarter 19j6 billion 2nd quarter 21J billion 3rd quarter 23.8 ijillioit On an annual basis there ob viously is no justification for say ing that a reduction of govern ment expenditures caused the re cession. When one looks at the quarter ly totals.a case can be ; made, al-1 though it is extremely weak. i There was a reduction of $590 1 million in outlays between the | second and third quarters of 1957, but there had been an Increase of $l.B, billion between the first and second quarters. Thus the, third 'quarter was still $1.3 billion above the first quarter. . v It really is stretching facts to say that the half-billion dollar decline between the second and third quarters caused, or even; materially contributed to, the re cession. .And bear irir mind that the total value of goods and ser vices being produced—gross na tional product—was about $440 billion during the period in question. Another factor to bear fit mind it that state and local, spending was constantly going up during this period. Specifically, such state and local spending yincreas ed $2.5 billion between 1956 and 1957. ' On the basis of official facts, therefore, the contention that it was a decline in government * /Bk . j .AA « spending in 1957 which caused the 1958 business downturn must! be regarded as nothing more nor i less than a political charge. This j does not mean that individual companies which had their gov ernment contracts eliminated, or stretched out, were not hurt, at least temporarily, but there was not enough of that to swing the whole economy. What djd cause the recession? There was no single factor. It was the result of a combination of developments, as almost all* recessions are, and probably no twq.business analysts would even; make identical lists. •■■■ Fat Stock Show; And Sale April Ist . Continued from Page I—Section 1 George Lewis and Wesley'Ches son, Jr., co-chairmen. “Four-H and FFA Club mem;,- bers may enter hogs in two classes this, year,” says Marsh. Class 1 includes hogs from 160- 210 pounds. Each club member may enter an additional and a pen of three in Class 1. Class 2 , includes hogs which weigh from 211-240 pounds. Club members may enter a total of 4 hogs in this class; one individual .and a pen of three. Adult farmers from Chowan County may also participate in, the hog show and sale this year. However, they will not compete for prizes against club members except for the grand champion individual hog. Since the grand champion individual must be the best hog in the entire show, the champion individual of the adult class will compete against the champion of the youth class for grand champion of the entire show. Hogs should be weighed, and taken to the American Legiqn Fair Grounds on Tuesday, March 31. All hogs for the shotv and sale can be weighed D. Baker’s, Tyner,, or at Sart-Har rell’s, near Edentort. r; ‘ Hogs will be sold according to the following order: 1. Grand Champion Individual (best hog in the show, adult and youth classes). 2. Reserve Champioh Individ ual (second best hog in the show, adult and youth classes). 3. Second Place Youth Individ ual. 4. Third Place Youth Individ ual. 5. Second Place Adult Individ ual. 6. Champion (youth) Pen of 3. 7. Reserve Champion (adult) I Pen of 3. • 8. Reserve Champion (youth) 1 Pen of 3. | 9. Third Place (youth) Pen of 3. ; 10. Reserve Champion (adult) i Pen of 3. | “All 4-H and FFA Club mem i bers as well as adult farmers are j urged to enter as many hogs to the show and sale as possible," ' says Marsh. | Any Chowan farmer who is 1 interested in entering hogs at the , show and sale should contact the ! County Agent’s office, the Voca ’ tional Agriculture Teacher, or a I member of the Edenton Jaycees. i . i «... . ■ - Fine Distinction Mrs. A.—“ Was your husband ' pickled when he came home last j night?” I Mrs. B. “No, just plain stewed.” | TRY A HERALD CLASSIFIED THE CHOWAN HERALD, EDEHYOW. NORTH CAROLINA, THURSDAY. FEBRUARY 28. 1959. /jVAN DEHB V\ 1 1 " '\7‘ / \ CAPE CANAV /* AI ~ ft”* ■■ " ■■■■■" ' ■" UNCLE SAM ROCKETS AHEAD IN SPACE AGE Coming up: from Cape Canaveral, Übck S»m’s pioneer racket and missile base, another attempt to orbit the moon, and continued Sts Os ffitercontinental-type ballistic missiles on the long, overwater range. From Vanden "if'-Air Force Base, new, West Coast missile-space facility: launchings of test vehicles for “Project iDiatoverer.” It will pave the way for recently announced "Project Mercury,” the Iftjggratn to put a man-carrying satellite in orbit around the earth. Target date is two or ifibre years away. Newsmap, above, shows general directions toward which satellite launch ings take place from both bases. Vandenberg launchings of satellite vehicles would be over polar regions.. Satellites would pass over portions of the earth not covered by Cape Ca which encompass a broad baud north and south of the earth’s equator. I KNOW YOUR SOCIAL SECURITY { P. tp Bettendorf, representative of the Social Security Ad j ministration, is in Edenton every Thursday at the North Caro. ( line Security Commission in Citizens Bank { Building. -— - - . ■ , At this titfjiS'jt seems fitting to review iprtte-of the highlights of the social security law, so you can btttpf 'updqrstand the bene fits whidh.mgy ;'qe due.you. Social;'" security was designed primarily to afford some protec tion against the loss of income by retirement, depth, or disability. In every egse, before benefits can be paid, she person must have to his credit 'a certain amount of employment covered by social security. The amount he neeeds depends.upon when .thy worker reaches retirement age, dies, or becomes disabled? So you see, this coverage requirement will vary. If a retired worker has suffi cient vyork to. his credit he may be eligible for old-age insurance benefits. And his wife, age 62 l or over, may be eligible for pay ments on his record; his children under age 18, or disabled children over agi 18 (if they were dis abled before reaching age 18). If his wife is under 62 she may re ceive benefits anyway, if she has in her care minor children eligi ble, for payments. If an’insured worker dies, the following survivors may be eligi PURE gasolines“hold more records* for performance than any other” Get PURE-PREMIUM JKT ...If s super premium now krjr if Nr* Winslow o*l Company Phone 3386 Hertford VgW' ble for monthly payments; his widow, 62 years of age or older; children under age 18; disabled children 18 or over (if they were disabled before reaching age 18); aged dependent parents. For a Announcing! OPENING OF Margaret White’s Beauty Shop Mon., March 2nd 907 JOHNSTON' ST. NORTH EDENTON Mrs. White has been associated with Mae Jackson’s Beauty Shop since 1943 CALL OR SEE ME FOR YOUR BEAUTY NEEDS ... YOUR PATRONAGE WILL BE APPRECIATED! PHONE 4111 EDENTON ! parent to be considered, he or she must have oeen receiving at least one-half his or her support from the wage earner at the time of death. The dependent father must be at least age 65, and the dependent mother must be at least age 62. Also, if an insured worker dies, a lump-sum death payment may be paid. This pay ment goes to the widow or wid ower, if living with the'. wage earner when he or she died. If there is no widow or widower, the lump-sum' may be paid to the person or persons paying the burial expenses. If a worker, age 50 of over, qualifies for disability insurance benefits, his dependents may now be eligible for payments. These dependents include his wife, 62 or over; or a wife any age, if she has in her care minor chil dren eligible for payments; chil dren under 18, or disabled chil dren over age 18 if the disability occurred before the child became age 18. Pfeasfe remember that no social security payment is made auto matically, and a formal appli cation must be filed with the So cial Security Administration in every case for any type of bene fit. If these provisions apply to any of you, please be sure to con tact your Social Security Repre sentative. ;■ 20 YEARS AGO Continued trom Page I—Section 1 anniversary at the home of Mr. and Mrs. W. D. Holmes. C. L. McCullers, director of the Edenton High School Band, re ceived an invitation for ihe band to participate in the tulip festi val at Washington, N. C. It was reported that 40 free lunches were being served at the school lunch room recently open ed at the school. John Dobson, a teller at the Bank of Edenton, was found dead BEEFEATER ... .* btSTILLEDLONIK Jiii,. ■■■ - Burroughs BEEFEATER GIU IMPORTED from ENGLAND By KOBRAND CORPORATION, NEW YORK 1, N. Y. *4 PROOF « OiSIIUED frtm GRAIN . ® H 44 Ww '. | > ■ Squeezing out a few extra dollars profit o' I A \ ( 1 from your farming operation doesn't come ' \\ 'VU * ’( \\ \ easy these days. And when a lazy tractor \ |\M/) \ / ’ loafs on the job, it's even tougher. £ Z Z n? rh S \ That's right .. . loafs on the job. It's " f / -fa //. been proved by the University of Ne- /Tt j V] braska that many tractors, after a season's use, deliver only 80 per cent of their —' 7K \(\ power. Think what this means in terms of extra work . . . extra fuel . . . and profit / // \ x. |m /// I dollars going down the drain. / / j LA yJBQy \ ,/ I Right now .. . before the next season / fQ-\\ j begins, is a good time for our skilled | jy' / //( ill mechanics to renew tractor performance I[l J'/ j 1 1 . with a tune-up or reconditioning. We'll ill /. j Rov/ 11/ / IF/ do only the work required ... do it at the VSS \ / " / <f/J/l//ll lill U f low.s» p»*ble cos, How about it? Shall we plan on your tractor for a check-over ... this week? Hobbs Implement Co., Inc. GUY C. HOBBS, Mgr. “Your John Deere Dealer” EDENTON, N. C. B y '"*£>± r ’• TO/pHanßyoWwrtf ' seated in a chair in a garage at his home. He took his own life by firing a .22 calibre bullet into his temple. The Edenton taurvdry installed new equipment for the purpose of cleaning rugs. Miss Mildred Stephenson re signed as society editor for The Herald to accept a position to teach in the Grifton Public Schools. Miss Orplica Cocart succeeds Miss Stephenson as so ciety editor. William Martin Elliott died at his home near Cross Roads. William W. Altman and Jack Barnes were charged with biga my. Bill Sharpe cf ihe Advertising Division of the Department of Conservation and Development, reported that pictures of Edenton Is^uskj, Straight a 25 • BOURBON s PIMT TtTL* 3*3.50 4 / 5 QUART V 1 niSKGy TYRONE DISTIUINO COMPANY LAWRENCiftURO, KENTUCKY Mr. FARMER! do you know that additional telephones can save you money? To a farmer time is money. And there’s no better way to save time than with additional telephones. In the barn, in an “out shed”, telephones are a real step saving convenience. They add time / to your working day by ending the chase back j and forth to make or receive calls. \sis7 \ The Norfolk & Carolina Telephone & Telegraph Co. I—SECTION OKS PAGE THREE Peanut FetHval had appeared tr over 110 newspapers outside fht state of North Carolina. • —.—"lZwp. :• _ j Generosity, wrong placed, be cometh a vice; a princely mind, will undo a private family. —Thomas Fuller. • f notice; To my Friends and Custom ers; I am set up to do watch repairing at my home, 300 West Church Street, until Campen’s Jewelers re opens. JOHN J. ROSS
The Chowan Herald (Edenton, N.C.)
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Feb. 26, 1959, edition 1
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