HALF-YEAR
REVIEW AND
FORECAST
Babson Says War Boom
Is Over
By Roger W. Baboon
Babson Park, Mass., Jul? 14,
1944. ? Business volume has been!
maintained a i
Buch a high level
since Pearl Har
bor that it is
hard tor gome to
realize that there
can be any glow
ing ub. However
the past s i x
months witness
ed the beginning
of the end of
onr current war
boom. As we en
ter the third
qnarter the trend
BABSON
will continue downward. From
this point on business will have
'to adjust itself to quite different
conditions; ? with a gradual re
sumption of more normal activi
ties.
THE STOCK MARKET
During the past six months
stock market averages of 30 in
dustrials and 20 rails have risen
from 86.04 in January to 92.69
In June. This is a rise of 7.7%.
All things considered, the mar
ket has acted well during the
first half of the year. Our taxes
on capital gains and the double
taxation on corporate dividends
continue to be distinct drawbacks.
London investors have no capital
gains tax to contend with. Hence,
the prices of English stocks are
outpacing U. S. securities.
I have been bullish on ^stocks
during the past six months and I
now continue so. The coming
third quarter is especially apt to
show a rise in view of the Presi
dential Campaign. It may seem
odd for me to forecast a decline
in the volume of business and at
the same time to expect a rise
in security prices; but the relief
which investors are experiencing
over the War's progress together
with the constructive oratory of
Dewey, Bricker and other Re
publicans is being reflected in the
stock market.
WAGES
In spite of controls, wages
have risen a little more during
the past six months. Union lead
ers have worked hard for pay in
creases and will continue to do
so in order to hold their own
jobs. However, the heyday of the
industrial worker i3 rapidly pass
ing. Production cut-backs are re
eulting in the laying off of
thousands of workers. This has
gone relatively unnoticed as such
layoffs have occurred in widely
separated geographical areas.
Too many wage workers havej
cot saved a fair proportion of]
their wartime earnings. They are
bound later to feel the economic
effects thereof. Many of the latter
will lose their Jobs between now
and the end of the War. They
will find it hard to get new o^es.
I anticipate that the average de-i
mobilized service man will noti
only find his old job waiting but'
if he wishes he will be financial-1
ly able to enter business on his
own account. When demobiliza
tion comes, soldiers and sailors
may be in better financial shape
than are the wage workers who
Temained home.
RETAIL TRADE
Retail trade has steadily gone
ahead during the first six months I
of the year. Wartime wages have
been the deciding factor in spite
of the scarcity of goods, price con
trols and luxury taxes. Merchants l
have done a wonderful job in |
keeping their shelves stocked to i
the extent that they have. More <
goods will become available as we (
enter the third quarter, but both i
the volume of retail business and '
the value of goods sold may de- i
cliue to somewhat lower levels. J
I am not sure about this. ]
With retail trade at an all- '
time peak, but with a general '
drop expected in employment;
with higher costs and lower pro- ]
fit margins and with a generally
more cautious spending tendency, .
a reaction in the retail field is .
possible. Despite this, I continue {
bullish on well-selected merchan
dizing stocks. I particularly like
the chain stores which can easily
adapt themselves to almost all
changes.
COMMODITY PRICKS
During the first six months of
the year commodity prices held
up. I expect them to hold at
around current levels for the
time being. Buyers should con
tinue to keep moderately protect
ed. Price controls' have helped all.
Food requirements will continue
heavy, but we shall have the larg
est crops in our history. Hence,
food supplies will remain ample;
but will not be excessive.
Both hard and soft goods wi}l
continue scarce until we can rev
ert to production for civilian re
quirements. Retail prices after
the War may average 15% or!
more above prewar prices. Cer
tainly, when new automobiles are
available, they will be priced
higher than prewar levels. Build
ing costs will also be up sharply.
CONCLUSION
We are now definitely in the
transition period from war to
peace. Hitler will probably col
lapse sometime between Novem
ber 7, 1944 and March 7, 1945.
The coming six months will bring
more adjustments in business and!
in living than we have witnessed'
for sometime. Yet these head-|
aches are the necessary prelude1
to peacetime activities. Despite
them. I am sure we shall-' allj
breath more easily in the near
term future than we have in the!
recent past. |
SM ITH-CHA PPELL
Franklinton. ? Miss Louise
Chappell. daughter of Mrs. E. B. j
Chappell and the late Mr. Chap-I
pell, became the bride of Forrest'
Smith, son of Mr. and Mrs. W. N.
Smith of Kittrell, on June 18 at
the home of the bride. The Rev. i
S. E. Mercer officiated.
The bride wore a wedding)
gown of white marquisette over ?
taffeta. The long fitted bodice]
was fashioned with a sweetheart
neckline and short sleeves. Em-,
broidered medallions outlined the
neck and waist lines and extend
ed down the front to the skirt, j
The bride carried a bouquet oi
white carnations and stephanotb ;
tied with satin ribbon and wort !
a headdress matching her bou-]
quet. Her only ornament was a j
necklace, a gift sent by her bro- j
ther, who is serving with the
armed forces in India.
Miss Patty Lou Chappell, cou
sin of the bride, was matron of I
honor. She wore a powder bluej
dress with white accessories and
a corsage of talisman roses.
Immediately after the ceremony
the couple left for a wedding trip
to unannounced points.
For traveling, the bride wore a
dress of sky blue chiffon with
matching accessories and a cor
sage taken from her bridal bou
quet.
| ? On Pay Day, Buy War Bonds?
1. OM COAT COVBSaMMl
Imninuw
3.1
4. ami win watm
5. no "rumr- omm
6. mum iamt
7.unumctuit
*Q98
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aim
-To no
?OUEUOAHI
Kmn-Tonm TIURS
As law at inl
PUSTIC PATCH
HOME FURNITURE COMPANY
LOUISBURG, N. 0.
YOUP DEALER
I
xjl isbura hostess honors '
MRS. PERSON I
Mrs. James A. Person, of Bun
tie, La., was complimented at a
iridge party given by Mrs. Arthur
N. Person and Mrs. Julian Heron,
>f Washington, D. C., on Thurs
lay evening of last week at the
Home of Mrs. Howard Massey.
rhe honoree received a gift from
the hostesses. Top scorers were
Mrs. Charles Lea, Sr., high, and
Mrs. C. A. Ragland, Jr., second
llgh. Miss Mamie Davis Beam
ivon the bingo prize.
Monday afternoon Mrs. Person,
Mrq. Heron and Mrs. Randolph
Trowe, of New York City, were !
co-hostesses in honor of Mrs.
James M. Person. Mrs. W. F. i
Shelton and Mrs. O. W. Cobb
made top score honors. The
traveling prize was won by Mrs.
P. S. Allen. Mrs. Person was re
cipient of a gift from the hostess
es. Mrs. Massey was assisted iu
serving by Mrs. Trowe, Mrs. He
ron, Miss Dorothy Massey, Miss
Rose Malone, and Mrs. H. J.
Lewis.
PEARCE-SPRAGUE
Miss Alda H. Sprague, daugh
ter of Mr. and Mrs. Leonard
Sprague, of Machias, Maine, and
Alpheus William Pearce, USCG.
son of Mr. and Mrs. John O.
Pearce, of Louiaburg, were mar
ried on June 7 at the Congrega
tional parsonage In Machias. The
Rev. William R. Retfdiough per
formed the ceremony.
The bride was graduated from
the Machias high school and for
two years has been employed in
the office of the Eastern Tele
phone Company in Machias.
The bridegroom is stationed
with the U. S. Coast Guard on
Cross Island.
? On Pay Day, Buy War Bonds ?
OPA Odd Lot Release
WOMEN'S ? MEN'S ? BOYS'
RATION FREE SHOES
(NO RATION COUPON NEEDED)
JULY 10th THROUGH JULY 29th
Special Lots of Shoes Formerly Rationed
Broken Sizes, Odd Lots
PUMPS ? OXFORDS ? SANDALS
Whites - Blacks - Browns - Two Tones
%
PER CENT
O OR MORE OFF
This is your opportunity to buy good All-Leather Shoes
At Tremendous Savings !
FOXS
L0U1SBURG S BEST DEPT. STORE
DEPOSITS IN THIS BANK ARE INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION UP TO $5,000 FOR EACH DEPOSITOR
Condensed Financial Statement
CITIZENS BANK &
TRUST CO.
Henderson, North Carolina
9 ?
JUNE 30, 1944
RESOURCES
Loans and Discounts $1,537,618.78
U. S. Government Bonds . . 3,067,400.00
State, County and Municipal
Bonds 192,276.29
Other Bonds 82,695.33
Corporate Stocks 4,505.00
Banking Premises
Owned 68,000.00
Less Reserve lor I
Depreciation... 6,180.00 61,820.00
Furniture and
Fixtures 13,872,92
Less Reserve for
Depreciation.. 5,849.75 8,023.17
Other Real Estate 2.00 ,
Cash on Hand and due from
Banks 1,487,429.92
Other Assets 50,422.42
Total
*6,482,192.91
LIABILITIES
Capital Stock, Preferred...! 50,000.00
Capital Stock, Common... 125,000.00
Surplus 175,000.00
Undivided Profits 142,134.25
Reserve for Preferred Stock
Retirement 50,000.00
Reserve for Preferred Stock
Dividend 750.00
Reserve for Taxes, Federal
Deposit Insurance & Oth
er Expenses 22,601.63
Other Liabilities 31,541.53
DEPOSITS 5,885,165.50
Total $6,482,192.91
THE ABOVE STATEMENT DOES NOT INCLUDE ASSETS OF OUR TRUST DEPART
MENT.
These Experienced Business Men Direct The Affairs of This WanW
OFFICERS
W. A. Hunt, Chairman of the Board
J. B. Owen, President
K. L. Barton, Vice-President and Trust Officer
J. C. GARDNER, Vice-President and Cashier
Jno. L. Wester, Asst. Cashier * Asst. Secretary
Perry and Klttrell, General Counsel
/ !_
B. C. WELLS, Mgr. Insurance Dept.
DIRECTORS
W. A. Hunt, Chairman of the Board
K. L. Burton
M. T. Cooper
J. C. Cooper
J. W. Cooper
D. T. Dickie
I. C. Gardner
L. H. Harvln, Jr.
(
Thos. G. Horner
J. W. Jenkins
J. B. Owen
B. F. Parbam
B. H. Perry
Before buying a farm, It will
be good to remember w"hat hap
pened to many growers when
their mortgages were foreclosed
after the last war, say the farm
economists.
We'd rather take our chance
as a Middle-Western business man
than spend our summers in Wash
ington, D. C.
Patronize TIMES Advertisers
When EXHAUSTION leads
to Headache-^
Don't let headache double the mis
ery of exhaustion. At the first sign
of pain take Cspudme. It -
quickly brings relief, ?o?theii
nerves upiet by the pain. It to ,
liquid ? already dissolved? all J
ready to act? all ready U>\
< bring comfort. U?e only as di
rected. 10c, 80c, 60c.
CAPUDINE
VI 7 !
Don't Gamble With Your Car
In Times Like This !
_ T
BRING IT IN, AND WE WILL TELL YOU
WHAT IT NEEDS.
. "Care Saves Wear"
BRING US YOUR TIRE CERTIFICATES.
If we don't have the tire you want we'll get
it promptly. We carry a nice selection of tires. '
ATTENTION!
We are now BUYING and
SELLING Used Cars.
WE GUARANTEE TO SATISFY IN EITHER
CASE. SEE US FIRST.
REMEMBER
WE'RE SMALL ENOUGH TO NEED YOU
AND LARGE ENOUGH TO SERVE YOU.
"Come If You Can, Call If You Can't"
Fuller's ESSO Service
O. P. A. Inspection Station No. 1
Opposite Post Office Tel. 857-1 Louisburg, N. C.
60 PLACES
IN PRINT!
Beruffled
Casuals!
Perfect for your busy
Spring days! Beruffled
print casuals >;ou'll wear
'round the clock ? prize
for their young, fresh
look. See the entire col
lection.
Print and
Plain News !
Marvclously flattering?
the print 'n' plain dress)
Suavely draped print
bodice ? slim skirt ?
smart through Spring !
. STERLING STORE CO.
"Franklinton's Shopping Center" '
Franklinton, N. C.