1 The National Outlook
Prospects For Capital Investment
By Ralph Robey
| Two items are crucial in the|
determination of the business
[trend. These are inventories and
pusiless investment in plant and
equipment. They may move to
gether, or in opposite directions.
HhisFmeans that they may aug
ment each other, or tend to off
set each other. But that is only
one tphase of their importance.
I Op inventories the only fig
ure aji we have are historical.
Tha£ is they refer to what al
ready has happened. Os course
predictions may be made, but
they are fraught with danger.
An<% errors in such predictions
mayif be enormous, because
Changes in inventories may
amount to twenty billion dollars
a year. In the first quarter of
this?, year, for example, inven
tories were being accumulated
at Wh annual rate of over SI 1 j
billion. Since then there has
been a continuous decline, and j
no one can know how much
longer this drop will last.
Such a movement of inven--
tories has a direct affect upon
gross national product. It also
has a curtailing influence upon
production, employment, con
sumption, and almost every oth
er segment of our economic sys
tem. This has been perhaps the
most important single factor in
our business trend this year.
On business investments in
plant and equipment we have
historical figures, but we also
have predictions that have prov
ed to be amazingly accurate.
There are two sets of such fig
ures. One is official, the other
is private. The official series
is compiled by the Department
of Commerce and the Securities
and Exchange Commission ’ from
data submitted by various indi
vidual companies. The private
series is that of McGraw-Hill
and is based upon replies to a
questionnaire. The two differ
in both coverage and details, but
the totals always are relatively
The latest government survey
was based upon reports made in
late July and August. The pro
jections were carried only to the
end of this year. They show
the same total—s 36.9 billion—
for both the third and fourth
The McGraw-Hill, survey has
just been published. It covers
th<» rest of this year and also
1981. The figures are both sur
preing and encouraging. They
show an anticipated decline for
next year of only 3 per cent, to
$35 billion. This 3 per cent ap
plies both to manufacturing
alone, and' for all business to
The largest drop in proposed
manufacturing investment is tex
tiles—2l per cent. The largest
increase is electrical machinery—
* XA Iki
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10 per cent. Ir. the non-manu
facturing field railroads lead the
list in declines—24 per cent, and
electric and gas ultilities plan
the greatest increase—4 per cent.
The projection is surprising for
several reasons: the widespread
talk of a recession over most of
1961; the unused capacity at
present in all of our major in
dustries, which in some instances
amounts to between 40 and 50
per cent; the marked squeeze on
profits in almost every field;
and the difficulty, or impossi
bility, of raising prices.
All of these considerations, one
would assume, should curtail
business investment in plant and
equipment—curtail it by much
more than a mere 3 per cent.
Obviously other factors are even
more important in the minds of
business management. Among
these probably the most signifi
cant are the desire to increase
efficiency by more modern ma
chinery, the introduction of new
products, the knowledge that a
business can not simply stand
still, and a genuinely optimistic
long-term confidence in the fu
ture of our economic system.
If the McGraw-Hill projections
prove true, business investment
in plant and equipment will
at least a sustaining force
Merry Hil! News]
By LOUISE B. ADAMS
V • r 1
! Mrs. E. J. Pruden, Jr., and
children, Ellen and Edmund 111,
j and Mrs. E. J. Pruden, Sr., were
lin Willlamston Friday shopping.
1 Those who were in Edenton to
1 see the Christmas parade Thurs
da ywere Mrs. E. J. Pruden, Jr.,
I and children, Ellen, Edmund 111,
, and Ima Marie, Mrs. E. J. Pru
; den, Sr„ Mrs. Raymond Outlaw
and daughter, Brenda Sue, Di
anne Miller and children, Becky,
Bobby, Freddie and Ann, Mari
lyn Kay, Marcia and Randy Bar
field and Mrs. W. T. Davis.
Kermit Mizelle of Edenton
* r •
Wf :I S/ll'Ainkp iTijj
cfyiauj/it . J
to the gvneAt' xrCct X/va^tittMOj.
DISTILLED A 60TTLED BY ' *M
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FRANKFORT. KENTUCKY 4||
ITRAIGHT KENTUCKY BOURBON WHISKEY. 86 fttOOf
ANCIENT AGE OtSmilNG CO, FRANKFORT. KY.
THE CHOwAK HERALD. EDEKTON, NORTH CAROLINA. THURSDAY. DECEMBER «. i 960.
——— ~ '
' : If! A
• • • .J
‘NO HANDS’ FLIGHT—Two new superionic F-105 Air Force Jets, above, are shown as
they flew from Florida to California under robot control. The 1,400-mile-an-hour fighter
bombers flew each of the two 1,600-mue legs in 3V4 hours, their pilots handling the con
trols only during take-off and landings. * The nuclear bomb-carrying F-105s have been
described as “a reusable guided missile” capable of striking a target anywhere in the
world in a matter of hours.
visited his grandmother, Mrs. C.,
T. Baker and aunts, Mrs. Viola
Cowan and Mrs. Louise Adams,
Mr. and Mrs. Walter Miller
of Windsor visited Mrs. C. T.
Baker and family on Friday.
Mr. and Mrs. Lewis Britt and
family moved to Edenton Mon
day of last week to make their
Mr. and Mrs. Gilbert Williams
and daughter, Lynn of Ahoskie
spent the week-end visiting
their parents, Mrs. Lloyd Cobb
Harvey Williams of Ports
mouth, Va., spent Friday night
with his father, Butler Williams.
Mrs. Ralph Smithwick and
Mrs. Viola Cowan were in Wind
sor Saturday on business.
Mrs. Lillie Evans has return
ed to her home after spending
sometime visiting her sons, Ro
land Evans and family and Ben
Evans and family in Norfolk,
Janie Ella Altman of Ports
mouth. Va., spent the week-end
with her brother-in-law and sis
ter, Mr. and Mrs. W. T. Davis.
Mr. and Mrs. W. T. Davis
were in Hertford Thursday on
Dot Wright and Louise Gray
of Edenton spent Friday night
with Mr. and Mrs. ,W. T.
Mr. and Mrs. W. T. Davis
visited Mrs. Davis’ parents, Mr.
and Mrs. Bill Altman in Ports
mouth, Va., Sunday; also her
grandparents, Mr. and Mrs.
Frank Rogerson in Norfolk, Va.
Mr. and Mrs. Raymond Outlaw
and daughter, Brenda Sue, visit
ed relatives in Scranton' Sunday.
Mr. and Mrs. Chet White, Mr.
and Mrs. Milton Robertson of
Rosemead were in Hamilton
Tommie Cobb and son, Ken
neth, Mr. and Mrs. Glenn Pritch
ard of Elizabeth City visited
Mrs. T. E. White and Mrs. Virgie
Mr. and Mrs. Milton Robert
son of Rosemeade visited Mrs.
RobertSQn’s parents, Mr. and
Mrs. Chet White Sunday.
Janie Ella Altmant returned
to her home in Portsmouth, Va.,
Sunday after spending a few
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- ~ ■ Fnnrhifir ma am
days with Mr. and Mrs. W. T.
Mr. and Mrs. Jimmie Smith
of Norfolk, Va., spent the week
end with Mrs. Smith’s parents,
Mr. and Mrs. Bernard Williford.
Mr. and Mrs. Donnie Smith
wick of Newport News, Va.,
spent the week-end with Mrs.
I Smithwick’s parents, Mr. and
Mrs. Gilbert Layton.
Mr. and Mrs. Edmund Daven
port and son of Washington
visited Mr. Davenport’s brother
and sister-in-law, Mr. and Mrs.
C. W. Davenport Sunday.
Mr. and Mrs. C. W. Davenport
and children, Margaret and
Douglas visited Mr. and Mrs.
Roy Goodwin in Edenton Sun
Mrs. H. G. Evans, Jr., and
Mrs. Lillie Evans visited Stanley
Evans in Windsor Sunday after
Fonda Smithwick, who is a
student at East Carolina College
in Greenville, spent the week-
end at home with har parents,
Mr. and 'Mrs. J. B. Smithwick.
Mrs. Jessie Perry of William
ston visited her brother-in-law
and sister, Mr. and Mrs. E. J.
Pruden, Sr., Sunday.
There was quite a crowd that
gathered around E. J. Pruden,
Jr.’s Store on Saturday to look
in on a chain saw demonstration.
Logs were sawed and friendly
conversation was carried on by
everyone. At lunch time chick
en, barbecue, cole slaw, bread
and hot coffee was served and
enjoyed by all. It was said |
to be about the largest crowd
to attend a chain saw demon
[ Hospital Notes ]
Virtues Hoar*: A. M..
I:«4:N r. M.. S:M-8:M P. M.
Children under IS ant permitted
in Tlsit peUente.
Patients admitted to Chowan
Hospital during the week of No
vember 28-December 4 were:
Mrs. Mary C. Forehand, Miss
Phyllis Imogene Byrum, Mrs.
! Ruth Ambrose, Jeff White, Er
win Lee Hollowell, Mrs. Kather
ine Lane, Hugh Harrell, Mrs.
Lois Green, Mis. Thelma Dan
iels, Reuben Lassiter, Rufus Eas
on, Mrs. Rose Akers, Mrs. Max
ine Bunch, Mrs. Lucille Jones,;
, Mrs. Louise Mae Benton, Mrs.
; Irma Presson, John Pitt, Miss
Inez Sawyer, Mrs. Kay Smith,
Gordon Fitch and Stewart Dav
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William Runajble, Mary Rankin,
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Basnight, Lucy Sharp, Lee Free
man, Callie liiverman, Orideth
Roberts, Thurman Spruill, Jr.,
.Marie Stallings and Ester White
Discharges tluring the same
week were: j
James A. Ooodwin, Bennett
Lamb, Mrs. Evelyn Spear, Mrs.
1 Mamie Byrum.i John Hildery Jor-
I dan, Chester • Winslow, Phyllis
Imqgene Byrurh, Jeff White, Mrs.
Lois Green, J|irs. Thelma Dan
iels, Mrs. Mairtha Small, Otis
Chappell, Mrs.j Mary C. Fore
hand, Ervin Lee Hollowell, Mrs.
Katherine La'iie, Rufus Eason,
Mrs. Rose Alters, Mrs. Maxine
Bunch, Mrs. liessie Mae Benton
and Mrs. Irma; Presson.
Mary Rankin, Sarah Lassiter,
William Bank t, Isaiah Cornelius,
John Wrightoia, William Rumble,
Lucy Sharp, liee Freeman, Callie
Liverman, Orideth Roberts, Mary
Alice Valentine and Estella
Spruill. i . t .
Births at the hospital during
the same period were:
Mr. and Mrs. Raymond Cullen
Bunch, a son; Mr. and Mrs. Wen
dell Sherlock Benton, a son; Mr.
and Mrs. Jake Presson, a daugh
j ter; Mr. and Mrs. Curtis W. Rob
erts, a daughter; Mr. and Mrs.
William Sawyer, Jr., a daugh
-1 ter; Mr. and Mrs. William Ed
- ward Valentine, a daughter.
Good temper, like a sunny
day, shedSu a fay of brightness
over everything; it is the sweet
ener of toil and the soother of
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