f f Np Comment
'JAMES W. DOUTHAT
Anulaot Vice President, Government
tßelntien* Division of the National
»fj Association of Manufacturers
COMMENT is a report oi
Incident* on the national scale,
«nd does not necessarily renecl
NAM policy or position.
Washington—The titanic strug
gles going on now on Capitol
Hill over the Administration’s
legislative program should dis
pel any impression that Con- j
gress is bowing meekly to 1
president Kennedy’s will and is
speeding his program to enact
ment- just as he wants it.
' , This impression has been
widely publicized as a result of
some Administration victories,
including the packing of the
House Rules Committee and en- j
actment of legislation to subsi-,
dize depressed areas and hous
ing construction.
But this image overlooks the
fact that in order to obtain en
•tfment of other proposals on
ms program he was forced to
accept modifications which made
them less palatable to the “lib
erals”.
i It also overlooks the current
situation with the Kennedy
forces in Congress having to
batte every inch of the way in
their effort to obtain approval
of a number of major Admini
stration proposals.
As a result of the determined
campaign by Conservatives
against legislation they regard as
unwise, it now is certain that
most—if not all—of these major
Kennedy programs which are
approved will first be sub
stantially modified.
It also is certain that some of
his legislative recommendations
will be postponed until the 1962
session of Congress—for the
reason that Mr. Kennedy does
not have the votes for enactment;
at this time.
Mr. Kennedy has taken per
sonal charge of the Administra
tion’s effort to persuade Con
gress to approve as much as
possible of his legislative pro
gram. The President has pow
erful arguments at his disposal
in the way of government
spending, appointments to pub
lic office, and other favors.
Here is the situation with re
ject to some of the major con
troversies:
Tax**—The House Ways and
Means Committee has rejected
part of Mr. Kennedy’s $1,700,-
(JbO.OOO tax program and has re
vised other portions. Whether
there will be final action this
session is still indefinite.
Education —The Kennedy pro
posal to provide $2,550,000,000 of
fipderal subsidies over a three
year period for public school
construction and teachers sal
aries is so engulfed in contro
versy that its future is uncer
tain.
The controversy involves re
ligion', segregation, congression
al *V procedure, Administration
strategy, states rights, and
Whether federal subsidies are ne
cessary or desirable.
Foreign Aid—Some kind of a
bill is certain to be passed, but
Mr. Kennedy is meeting power
ful resistance to his five-year,
$8,800,000,000 program for de
velopment loans to economical
ly retarded nations —to be fi
nanced by the “backdoor” meth
od.
This means getting the money
directly from the Treasury and
fly-passing the congressional ap
propriation committees. There
strong opposition to congress
ional abdication of this function
t of passing on federal spending
plans.
Rep. Passman (D-La., chair
man of the House Foreign Aid
Appropriations sub - committee,
told the House that it is “not
long-range planning which the
Administration wants—it is less
annual scrutiny by Congress.
i pvvMHHHnRVfI
\ft 1 |AH fl a ■ *1
SUBJECT TO PRIOR SALE AND PRICE CHANGE J
2M shares Bunk of Greensboro—Capital stock I @ :11(MI
1M • lures Federal Jiat’l. Mortgage Assn.—Common stoek 0 «*•*•
500 shares Georgia International l.ife Ins. Co.—Common stoek—@ 6.fi3
uo (hares Lucky Stores, Inc. —Common stock @ 22.75
JIM shares New Britain Machine Company—Common stoek @ 21.0#
I,MO shares Piedmont Aviation, Inc.—Common stoek @ 4.25
178 shares Sonoeo Products Company—Common stck @ 51.25
(For Confirmation Call Local Reprusenlalive)
CAROLINA SECURITIES
I CORPORATION
I , INSURANCE BLDG. - RALEIGH, N. C. - PHONE TE 2-3711
I : Charlotte, N. Ci ...... New York, N. Y.
Members Midwest Stock Exchange
Represented in this area by: v
Peggie Elliott Weds Ramon Harmon
l '
ft -f 1 fir'-4 itr > \ u
■
ir
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In a candlelight, double-ring
ceremony, Miss Peggie Joyce
Elliott • became the bride of Ra
mon Alphonso Harmon on Sat
urday afternoon, July 22, at 5
o’clock in the Edenton Baptist
Church. The Rev. R. N. Carroll,
pastor of the bride, officiated.
The bride is the daughter of
Mr. and Mrs. W. A. Elliott of
Edenton. The bridegroom is the
son of Mr. and Mrs. W. R. Har
; monos Ahoskie.
The church was decorated
with white wedding flowers and
seven-branch and spiral cande
labra.
Preceding the ceremony a pro
gram of nuptial music, includ
ing “Ave Maria,’.’ “Evening
Star,” “Traumerei,” “By the Ca
thedral,” and the “Wedding
March” was presented by Roger
Lamb, organist. On the hour of
the ceremony, Miss Jane Du-
Laney sang “The Song of Ruth”
and “I Love Thee”.
Given in marriage by her un
cle, J. D. Elliott, the bride wore
,3. formal gown of chantilly lace
over white satin, fashioned with
a fitted bodice with round neck-!
ine and long sleeves. The full
skirt ended in a chapel train.
Her fingertip veil of illusion was
held in place by a matching
crown of pearls. She carried a
white Bible cascaded with a
bouquet of two Royal Bouquet
orchids, stephanotis and white
roses.
Mrs. Judy Lane, sister of the
bride, was matron of honor.
Bridesmaids were Mrs. Judy
Norman of Kinston, Miss Bren
da Mooney of Raleigh, Miss Min
ta Hobbs of Edenton and Miss
Judy Harrison of Plymouth.
The matron of honor and
bridesmaids wore dresses of
powder blue chiffon over taffeta,
fashioned with blue nylon lace
boleros and full skirts. They
Agriculture The House and
Senate Agriculture committees
have flatly rejected the Kennedy
proposal under which Congress
would abdicate its function of
drafting farm legislation.
Mr. Kennedy recommended
that the drafting be done by the
Secretary of Agriculture and
farm advisory committees —with
Congress having only a veto
power.
Medical Care —Final action on
the Kennedy proposal to provide
; medical care for the elderly un
. der Social Security appears to
! be definitely postponed until
next year.
THE CHOWAN HERALD, EDENTON, NORTH CAROLINA, THDRSDAT, JULY 27. INI.
wore matching crowns and car
ried bouquets of yellow fuji
mums and pompoms.
Honorary bridesmaids were
Miss Ginny Jones, Miss Janet
Bunch. Miss Millie Willis, Miss
Carolyn Perkins, Miss Marie
Small and Miss Beth Tolley, all
of Edenton.
The bridegroom’s brother, Sid
ney Harmon, of Silver Springs,
Md., was best man. Groomsmen
were Mac Harmon, brother of
the bridegroom, Tommy Belch
and Jackie Brinkley of Ahoskie
and Larry Wynn of New Bern.
The mother of the bride wore
a dress of pink lace over taffeta
with matching hat. The mother
of the bridegroom wore a dress
of mauve lace over taffeta with
matching hat. Both of the
mothers wore corsages of white
cimbidium orchids.
After the ceremony guests
were received in the vestibule
of the church.
For traveling the bride wore
a suit of cotton print with
matching accessories to which
she added the orchids lifted from
her bridal bouquet. After the
wedding trip the couple will be
at home in Powellsville.
Mrs. J. F. Phillips directed the
wedding.
Mrs. Harmon plans to com
plete her studies at East Caro
lina College this year. Mr. Har
mon graduated from East Caro
lina College last February with
an AB degree in business ad
ministration.
<4
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The National Outlook
“Billionaire’s Club”
By Ralph Kobev
For many years the New York
Stock Exchange has published a
ouiietin designed for the use of
its members. It gives various
data about the work of the Ex
change, new companies listed for
trading, long-time dividend pay
ing concerns, and so forth. It
never gives advice on what to
buy or sell, nor in any way in
dicates an opinion on an indi
vidual security.
One of the annual features in
this bulletin is a list of the
members of the “billionaire’s
club.” Those are companies
whose shares are listed on the
Exchange which, in the preced
ing year, had sales or revenues
of at least one billion dollars.
The 1960 membership of this
group has just been published,
and since almost all of our lar
gest publicly owned corpora
tions in the field of production
are listed on the New York
Stock Exchange, changes among
those which rate this honor are
of more than special interest.
In 1960 there were only 52
of these companies, an increase
of one over 1959. But there
were four new members—Amer
ican Motors Corporation, Doug
las Aircraft Co., Inc., Sperry
Rand Corporation, and F. W.
Woolworth Company. The three
who fell below the billion dollar
mark in 1960 were Armco Steel
Corporation, North American
Aviation, Inc., and United Air
craft Corporation. The exchange
also noted that the “billionaires”
as a group showed an increase
in sales from 1959 to 1960 of
4 percent and a rise of 2.3 per
cent in profits. This is appre
ciably better than corporations
as a whole were able to show.
Another compilation of corpor
ations of more than passing in
terest is that of the 100 largest.
This is published each year by
the First National City Bank of
New York in its monthly letter.
Only nonfinancial corporations
are included and the selection is
based upon total assets. This
list, therefore, is quite different
from that of the Stock Ex
change, although there are in
numerable duplications.
In terms of total assets the
largest non-financial corporation
we have in the United States is
a public utility—the American
Telephone and Telegraph Com
pany ($22,558 million). Next in
size is the Standard Oil Com
pany (New Jersey, $10,090 mil
lion). Then comes General Mo
tors Corporation ($8,553 million).
The smallest member of the
100 largest is the Erie-Lacka
wanna Railroad with $698 mil
lion, and next is the Great At
lantic and Pacific Tea Company
with s7ll million.
The bank gives many further
significant facts about these 100
corporations. For example, the
average capital investment foi
each worker was $30,300. Among
the public utilities the average
was $58,100 for each worker; in
transportation, it was $41,000; in
manufacturing $24,700; and m
retail trade, $8,700.
Total taxes paid were more
than sls billion. This was equa.
to $5.29 per share of common
stock, as contrasted to an aver
age dividend of $2.00 per share.
Such are same of the facets
of “big business” in this na
tion. Not all the companies
which are subject to political
attack are included in these lists
but by far the majority of them
are. Included in the 100 largest
are 16 railroads, most of which
are having pretty hard times,
and all of which are subject to
the most detailed government
regulation. Also included are
26 public utilities, and all ot
these are likewise regulated by
government.
Neither as a nation, nor as in
dividuals, would be better off
if any of the 100 were broken
up. We have the laws to keep
the manufacturing companies
competitive, and these laws must
be enforced. But there is no
point in using these laws tc
punish the innocent.
20 YEARS A<R>
Continued from Page 1, Section 1
effect that Edenton would oc
sperate in observing daylight
saving time.
A large group of Edenton peo
ple gathered at the bus station
to see 12 Chowan County white
men leave for Fort Bragg to be
inducted into the military ser
vice. It was the largest group
to leave Since compulsory mili- j
tary service was inaugurated.
Mrs. H. T. Newland. sister of
R. F. Tuttle, who lived in Cali
fornia. was visiting Mr. and Mrs.
Tuttle. It was the first visit
Mrs. Newland made to Edenton
in 40 years.
Mrs. Laura Harrell left for
New York to purchase fall mer
chandise for Badham Bros, store.
Congressman Herbert Bonner
introduced a bill in Congress to
amend the Agricultural Adjust
ment Act for the purpose of
regulating the marketing of Irish
potatoes.
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f Hobbs Implement Co., Inc.
GUY C. HOBBS, Mgr. “Your John Deere Dcale\“ EDENTON, N. C 1 !
Vivian Burgess Weds Ralph Hawkins j
(if '
11 ii
'
■ ■
■
;•' ; -
t : ..... —, . . . .Mi. .’ .. . .XA
MRS. RALPH WINSTON HAWKINS
Mr. and Mrs. Floyd Thomas Burgess of Conway, N. C., announce
i the marriage of their daughter. Miss Vivian Marie Burgess, to
Ralph Winston Hawkins on June 30 at 1 o'clock in Greenville, IN. C.
The bride is a graduate of Chowan College. The bridegroom is the
son of Mrs. Molly Hawkins of Edenton. He is a student at East
Carolina College. The couple will make their home in Greenville,
where the bridegroom will continue his education at East Carolina
College.
| Predicts Successful Farmers
Will Apply Business Methods
1 The decade of the 1950's saw 1
| changes in North Carolina agri
j culture take place faster than
most people ha-d expected.
Dr. S. H. Hobbs, Jr., a rural
•[social economist at the Univer
i sity of North Carolina, believes
■; six basic trends stood out above
! ■ all others.
i They were (1) a rapid decline
in the number of farms; (2) a ,
] large gain in the size of farms;
\ (3) tremendous gains in mechan
ization and push button farm
ing; (4) rapid trends towards
; large scale agriculture with
•fewer farmers marketing larger
percents of farm products; (5)
rapid decline in farm tenancy:
and (6) large increases in the
value of farms.
j While the rapidity and magni
I—SECTION ON*
PAGE THREE
tude of agricultural change* in
| recent years may have startled
many people, Dr. Hobbs believes
these changes will be even more
“substantial” in the immediate
future.
“We are going to experience
substantial gains in mechaniza
tion,” he predicted. “There will
to further consolidation of farms
and there will be more special
zation ot fainr production.
“There will be considerable
'ains in integrated farming,
;uch as has been developing in
he Middle West in recent
years.”
Dr. Hobbs also predicted that
aimers who stay in business
will be nice highly trained and
■will have more initiative and
.magination. Farmers will con
vert more of their edible crops
! into livestock and poultry pro
j ducts. And fewer and larger
i farm operations will be found
|in livestock, poultry and vege
| table production.
“Probably the best word to
j express successful farming in
; the future is agribusiness, which
j simply means applying business
methods to the business of ag
riculture." he said,
Dr. Hobbs also believes. “We
wili always have family farm
i ers and even a large number of
I subsistence and nondescript
farmers, but the market place is
being and will be taken over by
a small per cent of farmers who
are business men as well as
| agriculturalists.”
“This may not be what many
people would like to see take
’place,” he concluded, “but the
trends of recent years definitely
point in this direction.”
Attend Funeral
A dumber of relatives attend
ed the funeral of J. Haywood
Saunders, a former resident of
Chowan County. which was
held in Norfolk Wednesday af
ternoon of last week.
—s —^ —
A puce Jhlflks.
XnsEL power \