SECTION
THREE
The National Outlook
What Is Happening In Production
By Ralph Robev
r.
! Much ado has been made of (
the fact that industrial produc-j
.tion, as measured by the Fed-j
eral Reserve Board index, pre-j
sumably dropped one point in
August. We say “presumably
dropud” because what actually
happened was that the July fig
ure was revised upward one
point and August merely came
down to the original July calcu
lation. Os course when the fi
nal data are in for August the
present figure may be revised
either up or down a little, but,
that is for the future. If there 1
is such a revision it will be!
honest, because the Federal Re-]
serve division which compiles
this index does not engage in
OCTOBER 11
A WONDERFUL EVENING
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THE CHOWAN HERALD
statistical monkey shines or sub
terfuge.
This index of production, it
should be recalled, is based upon
actual physical units, not prices
or monetary values. A change
in prices, thus, does not affect
the index. It is weighted by
the relative importance of all
the items included, and it uses
the averape of 1957 as equal to
100. The all-time high of the
index was last January at 111.
The revised July figure was 110,
and the August figure is 109.
It is quite impossible to make
this stability into a recession,]
and it is equally impossible to
make it into an upswing. What,
then, is really happening in pro
j duction?
;} The answer is that all kinds
of things are happening—some
] that are encouraging, some that
, are discouraging.
On the favorable side is the (
continued high output of con
sumer goods and business equip-]
ment, although production of
furniture, television, and some
t other home goods is slightly re
duced.
On the unfavorable side is
the. slowness with which the]
production of iron and steel is
advancing, and a mild curtail
ment of textiles, paper, and
chemicals. |
Dozens of other examples of
such cross currents could be cit-j
ed from the details published
by the Federal Reserve. This
is what is to be expected when 1
the economic trend fundamental
ly is moving sideways, as it has
been since the first of the year,
in production. I
The major issue is whether we
shall break out of this stability
on the upside or the downside.
A reasonably good argument can
be built for either, but my
judgment is that it will be on
the upside. Among my reasons
for taking this position are: |
Steel production is on the
way up. The increase will not,
Ibe spectacular, but at least it j
will add strength to the busi
ness trend.
Housing starts are showing an
increase. Again it is not start
ling, but after the disappointing|
and unexpected bad figures in’
July, the upturn is most wel-‘
come, and experts believe it will'
continue.
Inventories as a whole are not|
high in relation to the current'
volume of business, and should
show a slight increase in com
ing months. 1
There are substantial free re
serves in our banking system
and it is the purpose of the>
Federal Reserve to maintain this
situation. Interest rates have
declined, and while the banks
are not out hunting borrowers,
it is easier to get a loan than
it was a short time ago.
Personal income is edging up
ward, and the public has not
yet shown a tendency to stop
buying. ,
Government spending is in
creasing at both the federal and
the state and local levels.
On the other side, business
profits are being squeezed, com
petition is severe —both domestic
and foreign, and in most in
. stances it no longer is possible
to raise prices to offset increas
ed costs of production. Also the
international problem is not get
ting better, and we still have
the worry of what the election
will mean. 1
With such pros and cons it
obviously is no time to be dog
matic. None the less, as stated |
above, it is my belief that for
the remainder of this year we
1 shall have a slow uptrend in the'
| business curve.
| County News 1
By MRS, ROLAND EVANB ‘
! V
I The Chowan Home Demonstra-
tion Club will meet tonight
(Thursday) at 7:30 o’clock at the
I Chowan Community Building.
Mr. and Mrs. G. B. McMath of
Portsmouth, Va., visited Mr. and
Mrs. Lynn Perry oyer the week
end.
Mr. and Mrs. Vandy Byrum,
Jr., and family of Suffolk visitpd
their parents over the week-end.
Miss Kathryn Tynch and Faye
Ober, students at East Carolina
College, Greenville, spent the
week-end at their homes.
The Rocky Hock community
held a chicken supper Tuesday
night for the benefit of the Com
munity Center.
Family night will be observed
tonight (Thursday) at 7:30
o’clock at the Rocky Hock
Church.
A school of missions mass
meeting was held at the Edentqn
Baptist Church Tuesday night at
7:30 o’clock.
The State Baptist Brotherhood
convention was held Monday at 1
the First Baptist Church in
Greensboro, N. C.
Mrs. Lillie Saunders spent
Sunday with her mother, Mrs.
Z. T. Evans.
Chowan High School PTA met
Monday night.
The Chowan County Fair is in
progress this week.
Annual Region I WMU meet
ing was held at Murfreesboro
Baptist Church Wednesday from
10:30 A. M. to 2:30 P. M.
The annual Chowan Associa
tional meeting will be held Oc
tober 18-19 at Ballard’s Bridge
and Berea Churches.
Mrs. Roland Evans will be
hostess to the Audrey Gordon
Circle of the Rocky Hock Bap
tist Church on Monday night,
.October 10.
1 A/3c Fletcher Perry of Cho
wan County, now stationed at
Malmstron Air Force Base in
Montana, has had a promotion.
He received his second stripe
and is now A/2c.
Mr. and Mrs. Less Layton at
tended the triple Layton wed
ding held in Norfolk on Sunday.
Other Layton relatives from
Chowan County also attended.
Three daughters of Mr. and Mrs.
Jep Layton were united in mar-
1 riage.
Mrs. Sara Harrell has return
ed home from the hospital.
SDIATOR
SAM ERVIN
•SAYS *
Washington The other day
I had a challenging opportunity
to speak to 3,000 farmers at a
joint meeting of the Farmers'
Cooperative Exchange and the
North Carolina Cotton Growers 1
Association in Raleigh.
Solemn Obligation—l remind
ed the farmers that they have [
a solemn obligation to future 1
generations to preserve the na
tion’s top soil. Moreover, I
pointed out that it is manifestly
unfair for those engaged in non
farming pursuits to expect the
farmer to discharge without as
assistance his trust in this re
spect. This is so because all of
us in equity and good conscience!
share his responsibility to the]
future. I am impressed with the I
progress that has been made tof
lend this assistance through
agencies of the federal, the state, (
and the local governments. How
ever impressive the record of
cooperation with the farmer to
preserve and protect our basic
heritage of the soil, there still
has not been enough done in i
this respect.
Another Need There is an
other need yet unrealized with]
respect to the farmer. Farmers:
are not getting a fair share of \
the national income. This is a
detriment to the progress of
North Carolina whose farm pop
ulation is so large with its
IN MEMORIAM
In loving memory of my son, 1
Ferma Ward, who passed away t
October 2, 1950:
’Twas the 2nd day of October
One year ago today
That the Savior called you—
Called you from this world away. I
Within our hearts you live today
You walk beside us all the way:
We hear you, we feel your touch
And yet me miss you, oh so
much.
His loving Mother.
Mrs. Victoria Ward,
Brothers and Sisters. '
- V< /
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Kenneth Worrell is on the
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small average-size farm. We
need more support for live-at
home programs in areas devoted
primarily to money crops, coop- ]
NOTICE!
TOWN Os EDENTON
TAXPAYERS
The Tax Books for the year 1960 are
now in my hands for the collection of
taxes. We urge yon to pay your taxes
now and avoid the pen alty whieh will
begin on February 1.
C 1 J
A PENALTY OF 1% WILL BE ADDED ON 1960
TAXES NOT PAID BEFORE FEBRUARY 2. AN
OTHER 1% WILL BE ADDED MARC H 2 AND AN
ADDITIONAL y 2 OF K/ c WILL BE ADDED FOR
EACH ADDITIONAL MONTH TAXES ARE UNPAID.
TOWN Os EDENTON
ERNEST J. W ARD, JR.. CLERK
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Thursday, October 6, 1960.
Edenton, North Carolina
erative storing capacities for
perishable products in seasons
of abundance, along with in
creased industrial employment
for the small farmer. I hope
that legislation can be achieved
in the next Congress that will
advance the farmer in the di
rection of a fairer share of the
national income.
Great Record—The great rec
ord in soil conservation by the
late Dr. Hugh H. Bennett, an
Anson County native, should be
a challenge to all of us to keep
his memory green by renewed
effort to preserve the top soil,
to protect and build upon the
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