Newspapers / Jones County Journal (Trenton, … / Sept. 5, 1968, edition 1 / Page 5
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The latest teat findings of the National Safety Council’s Com mittee on Winter Driving Hazards diet loan that regular tires ■ 8i*re ioe may take done to nine times as far to atop as on a dry pavement; The Safe Winter Driving League points out wat regar^eas of the type of traction device employed—even with tare chains—fer dower than normal speeds are a must on Iqr pavements. Value of Tobacco Allocations Subject Of Interesting Study by NCU Economist me ui returning irom work War n would have done well U have invested his mustering ou pay in tobacco land. Those were the years — the years immediately after Worlc War n — that the value of to bacco allotments in North Caro lina soared. For example, tobacco allotments which sold for $200 or $30C per acre in 1945 were worth six times that much in 1955, Some statistics on the value of tobacco allotments and re lated topics are found in a stu dy by Dr. James- A. Seagraves, an associate professor of eco nomics at North Carolina State University. One of the “surprising” things revealed by Seagraves’ study is the fact that the “capitalized” value of tobacco allotments has risen rapidly since World War II while net profits from tobac co have remained about the same. “Production control programs took a lot of risk out of grow ing tobacco,” Dr. Seagraves ex plained. “As growers began tc view the future of tobacco with more certainty, they became willing to pay more for tobacco allotments.” Seagraves compared the nel profits from tobacco and the price of tobacco allotments foi various periods since production controls were voted in during the early ’30’s. Between 1984 and 1942, foi example, tobacco netted farmers about 19 cents a pound and allot ments sold for about $160 pex acre on the average. Between 1943 and 1952, to bacco netted about 25 cents pei pound and allotments averaged $646 per acre. Between 1953 and 1962, tobac co netted about 24'Ncents per 1 pound and allotments averaged * $2,460 per acre. To make these comparisons meaningful, Seagraves used “constant 1957-59 dollars.” That is, he adjusted the above figures for the amoupt of infla tion over time. Seagraves’ study only pertains to the years 1934 1962. By “value of allotment” Sea graves means the added price that farmers were willing to pay for land because they were al lowed to grown an extra pound of tobacco on it. He notes that the capitalized value of tobacco allotments per pound was fairly constant from 1957-1962, averaging $1.70 per pound, and he believes that it has remained fairly constant since then. In another part of his study, Seagraves figured out the rate of returns that a farmer could ex pect from his investment in to bacco land at various periods. The rate of return dropped 87 per cent in 1945 to 34 per cent in 1950 a result of rapid in creases in the capitalized values of tobacco allotments. This same trend — fairly con stant annual incomes, increased allotment costs and the decreas ed rates of return — continued until the mid 1950’s. The rate of return in the last 10 years has been about 14 to 16 per cent. i This compares with an interest rate of practically riskless bonds of 5 to 7 per cent. Seagraves believes that the trend in the value of tobacco al lotments has followed a pattern that could have been predicted for any type of industry. The allotment based r— first on acreage and now on pound age — gradually came to have a value of its own. At first, investing money in ONE HIGH STANDARD The same thoughtful consideration • and complete dignified service is accorded aH“ regardless of the cost of the funeral selected. Gamer's funeral Home Dial JA 3-2124 or JA 3-2125 Kinston, N. C. Pthf Editors WRAL-TV VltWPOINT .« i m Is Wallace Being Badty^fttferrated? A1 Capp, creator of the impres sible L’il Abner, was talking on the radio the other day about Seorge Wallace. In that, Mr. Capp is not alone. A lot of Americans, on the air and off, ire beginning to talk about Mr. Wallace, and if the trend con tinues it’s entirely possible that Hubert Humphrey may throw the Presidential election into the House of Representatives. Mr. Capp took note of the fact that Mr. Wallace is being £ven up to 20 per cent of the rote, according to latest polls. But what fascinates Mr. Capp is the possibility that the poljjflk srs' may be greaitly underrating the read strength of the former Alabama governor. Mr. Capp’s suspicion is that for every voter who is willing to admit that he plans to vote for Wallace, there may be at least one, and perhaps more than that, who intend to vote for Wallace, but don’t carfe to dis cuss it for business, social or political reasons. Mr. Capp’s point is obvious, [f for every vocal Wallace sup porter there is one or more si lent supporters, then Mr. Wal lace may have captured the imagination — ,or capitalized upon the frustration — of any where from 40 to 60 per cent of he vote. If so, that would leave jmbarrassingly slim pickings for Richard Nixon and the yet-to ue-selected Democratic Party Vominee — persumably Hubert themselves. * Meanwhile, Vkgor Riesel, the noted syridicate^colunmist who is acknowledged be the best infonakd observer of labor union activities in the country, says that labor leaders through out the country have been trans formed into What he calls “ner vous Wallace watchers”. George Wallace, he reported earlier this weekyhaS begun slicing into the labor .vote which traditionally and consistently has gone to the Democratic. Party. Surveys ihade inside — and by — numerous labor unions dis close that Wallace is drawing heavy support in New York, De troit, Gary, Milwaukee, Chicago, Charleston, West Virginia, Pon tiac, Michigan, Cleveland and Pittsburgh. And this is, as Mr. Riesel describes it, “the inner gut of the American industrial ism.” Moreover, Mr. Riesel reports, this incredible support of George Wallace is not recent de velopment. He recalls that it was ignored by the news media, but on May 9 — the day that Governor Lurleen Wallace was buried — there was heavy ab senteeism at Ford and Chrysler plants, and at some plants there were demands that the flag be lowered to half mast. One Ford plant shut down completely dur ing the funeral services be cause the workers demanded it out of respect to the late Mrs. Wallace. ^ 77 77^ > Various labor leaden, who de clined to be quoted by name, freely acknowledged to Mr. Riesel that they were in a strug gle to hold labor union support for the Democratic Party. "Our people,” one union leader was quoted as saying, “just resent federal pressure to (integrate) their unions.” In New York State, there are Wallace head quarters in seven cities, all the way from Long Island Sound to Lake Erie. It all fits. The ovations given Wallace in North Carolina last weekend confirmed the appre hensions of both Democratic and Republican leaders that this state may go overwhelmingly for Wallace come November. One leading Tar Heel Democrat commented privated this week that “Eastern North Carolina is all locked up for Wallace. The ball game is over,” he said, “un ess either Xixon or Humphrey can somehow throw it into extra innings and win back some sup port which their parties have lost.” It all serves to reemphasize the fact that the people are fed up with riots, disorder, high tax es, inflation, federal controls, and the other travails that have showered down upon them since 1960. There is a general feel ing among an increasing number of citizens that if nobody else will pledge to clean up the mess in Washington, then let George do it. The conmmentators and the liberal editors continue, of course, to mock and ridicule the man from Alabama. They in Continued on page 8 Humphrey — to divide between hese allotments was consider ed risky, like investing in a iranium mine. Since the invest ment was risky, farmers needed i high rafe of return to justify :he risk. As the tobacco program began ;o “prove itself,” farmers be came more willing to invest in :obacco land. The cost of the al otments increased, therefore,. md the annual returns to such i relatively “safe” investment legan to decrease. I FREE! with Olivetti Underwood’s Permanent Portables THIS sjgss 1872-page, Funk & WagnaHs, thumb-indexed. Encyclopedic College Dictionary HOBBY! The offer is limited. Olivetti Underwood’s Perma nent Portables always Hava been great typewriters great price—starting jOe! $69.50* for Lettere d Now you can gatiwerbW' gains for the price of one. BUT HURRY. I IMaK MM ■ , ' »I U 'H FOXMAN'S I “’Hie IMeWIer!"^;K iff DON'T SACRIFICE UVES WITH WORN-SUCK TIRES ALL SIZES! COMPLETE SELECTIONI C. A. P. O. BOX 246 — COMFORT, N. C. "A Complete Tire Recapping Center" Phone Richland* Ext. 324-4234 Kinston Swensboro 1406 Richland* Road Hwy. 24 Phone 523-5015 ^ Phono 326-8929 Frosty Morn Meats Inc. “Helping to build a better Livestock Market for Eastern North Carolina” Top prices paid for Hogs & Cattle Daily : !.'. No Commission Charge No Waiting : V. Phone JA 3-5103 Kinston,, N. C. W .1: • •. 'jSm '7 MB
Jones County Journal (Trenton, N.C.)
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Sept. 5, 1968, edition 1
5
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