The Columbia Record from Columbia, South Carolina • 9

I I( ny wn 1 i -i v- I- i-- i Business Mirror Your Worth What Should You Do Are Cut How Will Make Up Deficit? Anderson Joins ETV Network ANDERSON (AP) The South Carolina educational television network has signed up as an affiliate WAIM-TV in Anderson Glenn I Wsmock general manager of WA1M said Wednesday that telecasting of educational programs to schools in upper South Carolina will start Sept 5 Courses in algebra trench and South Carolina history will be televised If Facing Foreclosure? rouble is localised in areas both-be intensifying your load piling the economy moving They say I kitchen appliances or homes and NEW YORK iff) If taxes arc I that low rates encourage consum- businessmen to take risks and excut to awaken a buy on time whether it bepand or-go Into new ventures economy how will the treasury make up its deficit? By selling securities at a high enough interest rate to interest long term investors that's the apparent idea of the Federal Reserve Board chairman He prefers higher interest rates to further monetary inflation By borrowing short term at a lower rate from the nation's banks that's the way more often than not it's been date in the past This inflates the supply of money and credit even if price inflation doesn't follow immediately 'Be Those who are urging a tax cut now along with those who ad- one borrowing charge on top of another making disaster more inevitable It isn't the way it was in the 1930s when financial institutions didn't know how to or weren't willing to help a homeowner through a tough period The attitude of lenders is dramatically different now Stay out of trouble by following the fundamental rules but if irt trouble go to the top sources and ask for direct help (All Rights Reserved) Physician -BALTIMORE (AP)-Dr George Eli Bennett 76 member of the medical profession for 50 years and considered a leading influence on baseball through his services to numerous ailing players died Wednesday The fang of a poisonous snake has a special channel through which the poison ran run when the snake bites By SYLVIA rORTER Foredooms on home in the US totaled 20936 in the first quarter of this year almost 25 per cent above the total in the similar quarter of 1961 when the recession was reaching bottom In the 12 months ended March 31 there were 77100 foreclosures on non-form homes equal to the total in 1940 although only one-third the peak of 230000 in the deep depression year of 1934 While the rate of foreclosures still for below the alarming level there is no denying that the rate is rising It was 363 per 1000 mortgaged homes last year against 264 per 1000 in I960 196 per 1000 five years ago and 172 in 1950 These are official government Statistics They have spurred led- ered by lingering effects of the 1958 and 1960 But though the picture is some of the spots are big and black and experts in finance and the housing industry know it What then should you do to protect yourself? If you're a potential home buyer the obvious warning is to follow the rules and guides submitted in these columns Don't Overbuy For instance if you're an average income family don't buy a house which costs more than two and one half times your gross annual income (This guide doesn't apply of course above the middle income brackets A 325000 a year executive can't afford a 362500 home and the 3100- Advertising News By William Brittain Business Flashes (From the financial wires of Merrill Lynch rierce Fenner and Smith) Du Pont plans 850 million expansion of its nylon manufacturing units to begin Aug 1 at Virginia and Delaware units Follows expansion moves by Monsanto and American Enka Notes new technology and higher demand Martin Marietta sees second quarter net of some 60 cents share against 55 cents and looks for gains to continue for full year Says it may sell some more small non defense units Studcbaker says second quarter net erased first quarter's 826 million Ires against 823 million 1961 second quarter km Sees third quarter loss up slightly against 814 million but full year in black against 19 cents a share Eastman Kodak and Perfect Photo settle dispute over alleged! vocae pepping up the economy packaging and ad trademark in- i more and faster government fringements and say litigation trcVry been discontinued No cash 00 inance deficit by just be-involved in settlement I Jng patimt American and foreign power I Th1 ax 04 53 per cent owned by Elec Bond Brcater spending or both is counted upon to increase business activity and personal incomes enough to raise tax collections and finally balance the budget The fiscal policy that Federal Reserve Chairman William Me-Chcsney Martin Jr appeared to be advocating in his testimony before the House Ranking Committee would let interest rates do what comes naturally That is let them rise with the increased Treasury borrowing The aim: To put the new securities in the hands of long term investors rather than in the hands of the commercial banking system Denim Flan He denied that the federal reserve planned to end the easy money policy of the last 18 months But he opposed any plan to make money easier by expanding bank resources so they could buy short term treasury securities at a low interest rate The easy money advocates are sure to fight Martin's ideas Some hold that interest rates already are ton high The federal and share expects Brazilian state of Pernambuco to seize its unit there as 30 year contract expires Expects move not to upset plans to sell unit to Naiional Brazilian government Values unit at 8143 million (Ural Imports May 417000 tons up 27 per rent sgsbist April of highest since March 1SK0 Fries rats and drop in demand abroad noted Phillips Petroleum has discovery well in Lake Maracaibo Venezuela unit it holds jointly with Sunray Dx Ashland El Paso Natural Gas Kerr McGee and Pacific Pete Chain belt sees Oct 31 year net of 8275 a share against 8244 Textron unit bus IS miHkm order for helicopter and parts from Japanese Ucrasee Newberry plans 21 unit chain of frill line dept stores called in shopping centers and medium sized cities to be opened in late 1963 New York Times survey shows FREEMAN SHOES for men Entire stock of summer slioes Select group of year 'round styles DRASTICALLY REDUCED FOR CLEARANCE 9-A Thursday July 19 1962 Tha Columbia Record eral ngepdes concerned with the 000 a year man ONE GROUP ONE GROUP housing market to investigate the home mortgage situation in troubled areas tighten up on lending 1o risky sources try to determine In advance of trouble what policies might be appropriate if trouble does hit At this time the situation la not critical As Congressman Rains the Alabama Democrat who shepherded 1961's big housing act through the House declares "The picture is spotty and most of the retail chain sales first half sales i reserve and the administration were 877 million up 74 per cent has wanted short term interest cial limitations but don't delay as this offer will be 'taken off soon DUKE'S liquid Dressing make wonderful fresh garden salads 'these hot July days! Splash- your favorite on hearts of crisp lettuce red sliced tomatoes chopped fruits cottage cheese or tender stalks of celery Six popular selections: French Dressing FFV Dressing Riviera Low Calorie Dressing Italian Dressing Italian Low Calorie Dressing and Blue Cheese Dressing CLOROX It's hard on gal's patience and pride when neck-band rings in collars don't cone out in the wash! The real fact is detergents can't remove all of Die oily body dirt unless you hand scrub! Weak bleaches get it out either But Clorox bleach has the added cleaning power needed to dissolve stubborn dirt and soil right in your washing machine: Add Clorox to your washing water! It will work magic with dirt! NEW SNOW White Deodorant Soap Pro-Tex is the name! Pure mild gentle too for every member of the family! Slay shower-fresh! Costs less per bar! The Record is set to carry a continuing schedule of attractive ads on this nationally featured toilet soap! Formurly to $2195 Formerly to $1195 STOCKS OTHER FREEMANS PROPORTIONATELY REDUCED SPECIAL GROUP OF CASUALS against year ago half FORMERLY 61105 Ry WILLIAM BRITTAIN THERE'S good news ahead for South Carolina housewives! We received word Wednesday that Tcxize Chemical company's latest product "Wash'n Wear will be introduced shortly in food stores throughout the area Located in Greenville the parent Texize plant boasts a number of extremely popular household cleaning and bleach items The firm also has manufacturing interest in Texas and the far west There will be more news on this "Wash'n Wear next week in the meantime keep your eyes open for a steady and heavy newspaper advertising schedule In the Columbia papers BIRDS EYE Frozen Fpods Three new package products! Green Peas with Cream Sauce Fordhook Lima Beans with Tomatoes and Green Peas with Celery All masterfully seasoned for a perfect taste delight! Birds Eye has other new frozen packs ready that you will be hearing about Mixed Vegetables with Onion Sauce Corn and Peas with Tomatoes Green Peas with Sauteed Mushroom Forkhook Lima Beans with a Cheese Sauce and others All garnished with imagination! Savory with delicate herbs and special seasonings! Presently Birds Eye has a special offer in effect that will expire on Sept 30 You simply choose three different packages at your grocers and return the labels (using the coupon in The Record) to Birds Eye Kankakee HI and the purchase price will be refunded! A zeal deal! SHELF and Lining Paper by Pest-Guard works 24-hours a day! It's treated on both sides to kill roaches ants and silverfish Available in a selection of decorator colors Made in Dallas Pest-Guard is advertised in The Record throughout the high period of insect activity LA CHOY Chinese Foods Just 18 cents will bring you delicious Chow Mein! Takes only -minutes to heat and serve! Other recipes are Beef Chicken or Mushroom Serve with La Choy Chow Mein Noodles and Spy Sauce! The Sorrell -Gantt Brokerage firm in Columbia are La Choy representatives to the trade BAMA BRAND Jams Jellies Preserved and Peanut Butter There is presently a 10 cents off special when you use The Record ad coupon at your favorite grocery Any size jar no spe rates kept high enough to discourage further loss of investment money to European money centers where yields are higher Bui easy money advocates hold that theirs is the sure way to gel A third blue jeans and men's and boy's outdoor clothing plant is being established in Belgium Fresmsn Shoos Richland Mall Only would be more likely to apply a one-toone ratio) let yourself take on monthly housing coats totaling more than one take-home pay Put down a reasonably solid down payment but be sure you leave enough in your nestegg for a reserve and Dig initial expenses But what if already a homeowner and for any of several reasons delinquent In your mortgage payments and fear a foreclosure? The chances are that if this la your case you haven't owned your home long and you're a relatively young family It's in the early yean that the burden of homeownership is greatest the family's other expenses are likely to be heavy and the earnings level is still comparatively low What should you do? DO at once go to the financial institution which holds your mortgage tell the officer in charge of your loan the whole truth about your financial setup While your instinct may be to hide your troubles particularly from him do )ust the opposite! Your Institution may lengthen the period for your repayments to cut your monthly burden It may give you a moratorium during the period you're in temporary trouble and let you pay the charges due now st the end of your mortgage period It may recast your mortgage altogether to give you an easier time until you're over your financial hump Tell The Troth DO if you have an FHA or VA mortgage go at once to the local office also tell the whole truth You may get direct help which will rescue you from what now seems to you a hopeless mess DO go to a responsible real estate organization in your area see if the broker can help you make a sale He'll be interested because he can earn a commission and if he can find a buyer he'll also try to help with the refinancing DON'T under any circumstances go to a questionable lending agency and try to save yourself by borrowing at strep rates to pay your monthly charges You'll only RICHLAND MAIL DOWNTOWN FINAL CLEARANCE! Entire Stock Men's Summer Suits and Sport Coats 25 OFF Ono- and two-pants suits Choose from assorted styles pat tarns and colors Regulars and longs Reg 5995 now 4500 Rag 3995 now 2995 Reg 4995 now 3700 Our entire stock of man's sport coats Choose from assorted patterns and colors (Noon quotations provided by Columbia office of Merrill Lynch rierce Fenner and Smith) Allied Chemical 36 Aluminum Co of Amer 55 American Airlinca 1676 American Bakeries 24 American Can 43 American Motors 15 American Nat Gas 409s American Tel Tel 110 American Tobacco 317a Anaconda 409a Armco Steel 4576 Bethlehem Steel 329 Boeing Airplane 39 Borden Co 3876 Brog-Wamer 3974 Burlington Industries 2074 Carolina Cllnchfiekl A Ohio 99 Carolina Power Light 54 Caterpillar Tractor 31 Celancse 3476 Chesapeake A Ohio Railway 4974 Chrysler Corp 437s Cities Service 4974 Coca Cota 8074 Columbia Gas System 257 Continental Can 40 Continental Oil 49 Coming Glass 137s CUrtiss Wright 1674 Dan River Mills 13 Delta Airlines 34 Dow Chemical 44 flu Pont de Nemours 180 Eastern Airlines 1774 Eastman Kodak 94 Eire tens 32 Ford Motor Co 4176 Foremost Dairies 8 Fruehauf Trailer 21 General Dynamics 22 General Electric 6274 General Motors 48 General Public Utilities 2976 General Tire A Rubber 2174 Georgia-Pacific 3416 Gillette '36 Goodyear Tire A Rubber 31 Goodrich (B F) 46 Great A A 4174 Gulf Oil 3674 Inti Business Machines 373 International Tel A Tel 38 Jones A Laughlin Steel 45 Kendall 30 Link Belt 44 Lockheed Aircraft 44 lame Star Cement 1976 Lowenstein 9 Merck 68 Minn Mining Mfg 49 Monsanto Chemical 36 National Gypsum 40 New York Central 13 Olin Mathieaon 28 Outboard Marine 14 Pacific Gaa A Electric 287 Pan American World Air 177 Pennsylvania Railroad 12 Pepsi Cola 40 Phillips Petroleum 45 Pure Oil 20 Radio Cbrp of Amer 45 Raytheon Mfg 29 Republic Steel 31 Reynolds Metals 24 Reynolds (R J) Tobacco 41 Rexall Drag 24 Royal Dutch 36 Safeway Storea 4074 Sphering Corp 38 Schenley 19 Searboard Airline 23 Sears Roebuck 66 Sinclair Oil 32 Southern Railway 4974 Electric A Gas 48 Sperry Rand 14 Standard Oil of Calif 53 Standard Oil of Ind 46 Standard Oil of 57 Swift A Cb 35 Texas Company 51 Texas Gulf Sulphur 13 Thatcher Glass 21 Union Oil 48 Union Iforific 30 Gypsum 74 8 Rubber 42 Steel 4374 V-C Chemical 38 Walgreen 45 Western Union 267 WestinghouM 26 Winn Dixie 26 Woodward Iron 2 Wool worth 6U Zenith No Two Alike Reg 3500 now 2400 Reg 4250 now 3200 Reg 2500 now 1S75 Reg 2995 now 2195 Men's Clothing Richland Wo II Downtown Write or Phono 782-2600 Over the yean now we have probably done business with a million investors may have dealt with a million problems of investing So far never come across any two that were exactly alike and quite frankly we don ever expect to Because times change-and investment values with them Because people differ in age and temperament in occupation and resources in the risks they can afford and the rewards they seek Because it would be miraculous indeed if so many variables ever matched perfectly That's why we treat every problem as an individual whv any suggestions wc make about vour investment situation will be tailored to fit your own particular set of circumstances If like trf know what wc think of your present portfolio for example or if be interested in what kind of a program we might recommend for your funds and objectives just ask no charge for our answer You wont be obligated in any way And it wont be stereotyped You simply Cameron Todd Manager MERRILL LYNCH PIERCE FENNER SMITH INC IlltU 111 THI ITHI IIHIill HI 1111 M'ICIMl tH HI HHlUff IICIHIII MERRILL LYNCH BUILDING COLUMBIA 1 1304 Sumter Street Telephone ALpIne 27221 Office open Soturdo yt from 9 to 12:30 Clearance of Famous Brands Short-Sleeved Dress Shirts Don't miss this sensational sale of tha most famous brands In i man's short slaavo dress shirts Wash wear cottons in assorted collar styles Nack sizes 14-17 Reg 425 now 299 Reg 500 now 399 Wan's Furnishings Richland Mall Downtown Writ a or Phono 782-2600 St.