PACE FOUKTHE DAILY REFLECTOR. GREENVILLE. N. C.

Monday. May 9, 1960

Monday. May 9, 1960

Disappointing. But We Can Wait

East Carolina College will have to wait another it continues its efforts to get into the Southern Con-. year, at least, before it can realize its goal of moving ference, it can. at the same time, seek to overcome the up from the North State to the Southern Conference weaknesses it has found in its athletic program. More with its athletic program. financial support of its athletic program is needed both

Action of the Conference Friday, which in effect in the way of echolarahips and defray operatmg ex-turned down applications from both ECC and Missis- Penscs. Greater attendance at athletic evente w^^^^ sippi Southern, was not in itself a direct rejection of needed to meet higher guarantees of larger the two schools. Rather the conference decided against 'vhich come here to play games, expansion this year and added it would set up certain The progress East Carolina makes during the com-machinery for determining whether the conference ing year in meeting these problems may well determine would expand and how It might consider applications, whether it will be able to move into the Southern Con-Failure to be admitted to the Southern Conference fererce a year from now. If the college is to continue comes as a dissappointment to East Carolina and many its effort to gain admission into the conference, it must of its supporters. It should not, however, mean an end also continue its effort to build an athletic program to ECCs quest for admission into the conference. that can stand the heavier burdens which will be im-

The athletic program at East Carolina ha* Im- POid it i admitted into the higher conference, proved appreciably in recent years. The schoors stu- ^ , dent body has grown to the point it is considerably larger than many of the other institutions which are *#AAi*OA* members of the conference. Further, there is every ^

reason to believe the institution will continue to grow 1U|QlrA in size, and its athletic program will continue to show * greater quality as it is supported by a larger student perhaps it is a sign of changed times that Marga-body and a growing number of alumm and other fans. became the first British princess in more than four During its current e^ort to gain admi^ision into centuries to wed a plain mister, the Southern Conference, East Carolina has been made

As A Start Toward Disarmament-

Royalty Help Traditions Fall

aware of the weaknesses in its athletic program. As

Voting Time Is Moving Ud Fast

By LYNN NISBET THREE-MINUS Less than

cedent. Clyde Hoey and Ralph McDonald were In t second pri-

In the past when a royal lady chose her mate from among the commoners, a title was provided for her husband-to-be just prior to the wedding. There was widespread speculation on the eve of Princess Margarets wedding to Anthony Armstrong-Jones that Queen Elizabeth II would elevate her new. brother-in-law to the peerage.

But the wedding came and went and Princess Margaret's wedding to Antony Armstrong-Jones that Antony Armstrong-Jones.

--------------- _ ^ , Frankly, we expected Queen Elizabeth II to fol-

SS* W 5 low tradition and provide a title for Jones It is re-

until the voting starts at 6:30 W.P. Horton were in a run*off freshing to see that the young queen did not leel a.m. on May 28 to nominate for Lieutenant Governor, with bound by tradition; that she did not feel compelled to

sS;; w.d Bv* a title to the >;oung man United States Senator and and Thad Eure for Secretary of princess. The fact that Princess Margaret 8 husband Commissioner of Insurance. State, with Wade weU out in title will provide closer ties between the royal

These are the only positions to front. familv and the people of Great Britain. If Princess

HO?;, s; .rSUr? C^. Mwret-s husba^nd is given a title later_a. he almost fices are unopposed and their moniy accepted as one ticket, certainly willthe closer ties between royalty and

names will not appear on pri- with McDoMld, Grady and commoner in Britain will already have been firmly " ' Wade as another. Result of the

second voting was that Hoey established.

thM MM tfmoiruiM 550,0^ The Queens actionwhile it may be criticised by

rJiMcKauflit Sjrndicate. !>>e.

Res-f/WiMiH

By GEORGE E. SOKOLSKY

Tich Men And Their $$$

mary ballots.

Incumbent Charles F. Gold is assured victory over John Frederick for Commissioner of Insurance. There has been almost no interest in that race, the outcome having been practically certain all along.

Incumbent Everett Jordan Is given long odds to win over

Sa?to TZi. Wccts she rules, whether they have titles or not.

Senate. Information gathered ^940 Speaking of precedent

from over the state indicates fiome observers would not be

Horton converted a 34.000 def- someappears to us a compliment to the young couple

icit into a 9.000 majority, and rather than a mild rebuff. It indicates the willingness

f*40M0*niaJ^ortWof the Queen for her sister to marry the man of her The 1936 episode is basis for own choosing, whether he be royalty or commoner,

current strategy which is to get And it also indicates that the queen feels close to the

that Hewlett wUl lead In some areas, especially in the east, but that Jordan will run well ahead In the middle and western counties.

In that connection someone recalled a quip by the late Governor Broughton, when he was asked what he thought about the Wendell Willkie vote. WiUkie was the Republican candidate for President the same year Broughton was elected Governor. Many people thought he would win, especially because of the Roosevelt third-term han4i-cap. Governor Broughton reared back and with all the pomposity he ccHild command he said: Mr. WUdes vote was highly complimentary, but utterly inadequate.

Senator Jordan, however, is not taking victory for granted. He is running sacred and will claim only that he hopes to win.

No. 2 A second primary appears certain in the contest for Lieutenant Governor, but there Is no certainty about which two of the three candidates will be in it. Opinion prevails that C. V. Henkel, David McConnell and Cloyd Philpott will be bunched fairly close together. There is no evidence of line-up or slate or ticket involving any candidate for Governor with one of the No. 2 place aspirants.

Because Henkel has been cast In the role, against his/Will, of being anti-Hodges; and/Thilpott, also against his will, W ^en heralded as an outright administration man, there has been early predictions of open alignments among so-called pro and anti administration candidates for Governor. No such general alignment has developed, and Is not likely to until the seccHid primaryif then. Since a runoff is also practically certain in the Governors race, it will be strange indeed if more or less open pairs are not formed.

The 1936 campaign afford pre

surprised to set 1940 history largely repeated in 1960. Although seven candidates were on the primary ballot the race was conceded among four^.M. Broughton. Lee Gravely, W.O. Horton and Allen J. Maxwell. There were shades of difference in their political phUosophy, but nothing like the marked contract apparent la races before and since. Perhaps not quite as much difference as appears among the current crop of four candidates. Nobody at all familiar with conditions expected a nomination the first time. Then as now the strategy was to get in the seeond primary.

Despite well equipped organizations for all four of the leaders and diligent effcn^ to stir interest, the total primary vote was only 4(9,390 more than 37,000 less thin had been cast in 1936.

Broughton had been running for years, as Sanfin-d now has been, and throughout the campaign he was regarded as the man to beat. He led with a vote of 147,386, followed by Horton with 10S.906 and Maxwell with 102,095. The others trailed far behind. During the final

Not Aware O:: Interest Rates

By R.\LPH ROBEY

No one likes to pay an exorbitant rate of interest on a loan or borrowed money, nor to see any one else forced to do so. Yet tens of thousands of persons are paying such rates constantly w'ithout even being aware of It. It is to eliminate this lack of knowledge that Senator Paul Douglas (D-Ill.) has introduced a bill requiring that all charges on Installment credit and personal loans be stated as a simple interest item6 or 8 or 10 percent, or whatever it may be.

The lack of awareness by borrowers of what they actually are paying arises in many instances from the failure of the lender to indicate the difference between a cash and a time purchase price (generally, this probably is because the purchaser

..... ______ ^0* Inquire), and In

week Maxwell suffered a stroke, many instances bwause of the

From his bedroom he issued a statement urging Horton not to call for a second primary. In fact of that Horton ceded the nomination to Broughton, who had received Just a little more than 81 percent of the primary vote.

Incidents during the final days of that campaign and the conference at Maxwells home Sunday night following the prims ry constitute one of the most interesting chapters in modern state political history.

Apathy which has prevailed since the present campaign got under way suggests a light vote this year with no candidate getting more than 40 percent of the total.

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manner in which the charge is stated.

For example, if one borrows $1200 for one year at 6 percent and has to pay back $100 a month, his real interest charge is not 6 per cent but about twice that. This is because under these circumstances the borrow'er does not have the use of $1200 except for one month the first month and each month thereafter the amount he has left of the loan declines $100. Yet when he has only $100 of the loan remaining his dollar interest charge is the same as when he had $1200.

That is the simplest example of interest rate distortion, but even it would not be especially easy to correct, and its correction would not accomplish the objective of the Douglas bill. The Senator is after the complicated cases and believes if the real charge was known by the borrower we would have less use of such credit.

Now Installment credit Is expensive. and even under the best of circumstances has to cost substantially more than other fornvs of credit. In the case of a single payment loan, for example, the borrower may drop by the office of the lender or mail him a check in pay

ment of the loan. If the lender is a commercial bank, the loan ordinarily is paid by the borrower having his account debited by the amount of the loan at its maturity.

In the case of installment creditwhether it is on an automobile, a home appliance, furniture, or anything else the problem of collection is vastly different. The borrower here too may drop by or mail the installment, or it may be the practice of the lender to send a collector to pick up the payment, Regardless of the method followed, both record keeping and collection is more expensive than in the case of a one payment loan.

Almost all consumer credit involves some investigation of the borrower, and all of it should be based upon such an exam-iation. Since consumer loans normally are for relatively small amounts, the cost of such a search is proportionately much higher than it is for business loans.

The percentage of loss on consumer credit is amazingly low, but there are losses, and if it is necessary^ to repossess the article financed, or to use legal mdans for the collection the balance, expenses become high.

Because of these and other items there is no possibility of bringing the cost of consumer credit down to the level of normal business loans. At the same time there is no question that It would be highly desirable for the total cost of buying on time to be known by the borrower. That is the primary reason for the Douglas proposal getting such widespread support as an objeotlve.

The difficulty arises when one tries to determine who should enforce such a statute, and how. Most of our states already have laws on the rate of interest which may be charged. These obviously are not all that they should be, but the public would be better served If these state laws were corrected, and enforced, that it would be by the creation of another large bureaucracy in Washington.

COPYRIGHT. 1960, KING FEATURES SYNDICATE. INC.

Rich men do not always know what to do wtih their money, particularly after they die. They work hard accumulating a fortune and then it often goes to encourage profligacy, waste, and appalling dissipation. The value of the Foundation is that it makes it possible for a rich person to put his money to use for some purpose other than for himself or his family.

Albert Lasker was an advertising man and industrialist who served his country ably in World War I. He amassed a fortune and desired to leave it for useful purposes. Mary Lasker, his widow, is a person of unusual perspicacity and social consciousness who devotes herself to good works in a very sensible manner.

Of particular value, I think, are the annual awards to medical journalists. This is a new and increasingly popular field

of bringing news to the public. More and more medical copy is being published and.the public is beginning to really what is being done for It in this regard.

The two big killers are heart ailments and various cancer* and with regard to both nothing can be more damaging than ignorance. Physicians and surgeons do what they can, but too often they are reslated by frightened patients, by those who 0 fear death that they stand in the way of continuing life. The advantage of knowledge is that it can, under favorable circumstances, eliminate this element of fear. There are some who must die In our present state of knowledge but there axe surprisingly large number* who can be helped and who can help themaelves. The cured cancer numbers, for instance, are on the constant rise.

I have had a very thorough experience with both these kill-

Other Editors Saying... Lstimates Are Very Good.

(Kinsion Free Press)

Gov. Luther Hodges told a press conference in Raleigh Thursday that he thought the State would have a about $30 million a.s surplus and credit balance at the end of the biennium June 30. 1961. This, according to the Governor and Revenue Commissioner James Currie, would be about 2I2 million more than the windfall occasioned by the withholding state income tax which amounted to double taxation in the first three months of 1960.

This estimate is gratifying. It is to be hoped that the Governors optimism in reference to the balance for the period between now and the end of the fiscal year. June 30, 1961, will prove to be accurate.

The Free Press has not, as its readers know, endorsed the withholding tax plan. This paper thinks tht it is high time for both Federal and State governments to require those on their respective payrolls charged with the duties of collecting income taxes to perform these duties themselves. This paper has never been able to endorse the requirement by either Federal or State governments making employers tax collectors. Gov. Hodges and others with any business experience know that the withholding tax plans impose a burden upon

employersa burden which we believe in the average case will represent more than 50 per cent of the bookkeeping and accounting costs of the concern.

We wouldnt be surprised if it isnt about time for both Federal and State governments as long as they impose this burden upon employers of collecting taxes to make some allowance for the accounting necessary in such an operation.

The Free Press doesnt doubt or question for a minute that both Federal and State governments will get some taxes from the withholding plan that they probably wouldnt get otherwise. There are those who have no scruples about dodging taxes.

Its difficult for a wage earner to escape paying taxes when they are taken out of his or her pay.

In its final analysis we do not like the withholding plan. It is a nuisance to employers and we wonder if at the end of the calendar year when the taxpayer makes up l[is returns and finds that he has overpaid the State is going to allow him 6 per cent Interest on his overpayment.

Certainly he is entitled to Interest. Both State and Federal regulations impose penalties for delay.

ers and I must say that somehow I was never terrified by them. The word, cancer neither frightened nor distressed me and when I was permitted to return home, I knew that I should be examined twice a year for about five years. These examinations are now as routine as going to a dentist for a cleaning. I have to see my heart man. Dr. 0. Alan Rose, on stated occasions, and a delightful technician shows up every other Tuesday morning to stick a needle Into my left arm to discover by blood chemistry whether I am sinning. (I use doctors names purposely to break down a stupid tradition of anonymity.)

Perhaps this will go on for the rest of my life. It is a routine that interferes with nothing, that is gentle and at times even jolly, and here it is.

The value of the Albert and Mary Lasker Foimdatlon awards to medical Journalism is that It stimulates bringing everything out in the open. Alcoholics Anonymous discovered that talking about our illnesses and weaknesses is a form of therapy. And presumably that is, to a degree, true about so many of our illnesses. Perhaps that is why elderly ladies enjoy sitting on hotel verandahs talking about their operations. It helps them get over their troubles.

I find when I use the word, cancer, a look comes into the 'listeners eye. It is as though I were a disembodied spirit, some ghostly creature returned from Sheol. But when I say that the best way to get over ones aches and pains is to have a cancer clipped out, the listener regards my levity as unseemly. The other day, I heard Arthur Godfrey talk about his cancer and I thought that he took it altogether too seriously. One need only thank God and the doctors and the needle-stickers that one is still alive and kicking and to leave it at that.

The Albert and Mary Lasker Foundation is to be congratulated for promoting medical journalism. Ignorance is not bliss; it can be a frightful pain in all the wrong places. The more we . know, the less we fearunless we enjoy fear, which some do. Who shall deprive such a one of his pleasures? Mary Lasker looks like a fearless person who has discovered all the Joys of giving and who gives not only generously but with unusual wisdom. Inherited accumulations of wealth, hoarded or wasted, seem out of place in our kind of a world. The distribu-(Ccntlnued on page five)

iniG

Island State '

By ROGER BABSON

BABSON PARK. Mass.,After a long wait of about sixty years, the Hawaiian Islands finally won Statehood in 1999. I have had more than a passing interest in this event for several reasons. First, missionar- 1 ies from New England and tbelr descendants were leaders in the development of the islands. Second, my seafaring ancestors stopped tt Hawaii on their trips to Asia. Finally on these transpacific runs my great uncles gained an early Insight into the enterprising characteristics of these Orientals and told me bedtime stories about them. LESSONS FOR DEMOCRACY On my own visits to the Orient, I have stopped in Hawaii.

One thing which impressed me 'was the pescefuJ Integration of the many different race*. Political leaders throughout the world would do well to study the orderly manner In which Hawaii has absorbed its varying racial groups without legislation or violence.

In view of the decline in American prestige throughout the world, it might be wise to study Hawaiis marvelous social. economic, and political progress. This demonstrate* what can be accomplished under a democratic form of government. if patience Is utilized. THE HAWAIIAN ECONOMY Hawaii has a per-caplta income rate which is about equal to the U.S. average. However, since Hawaii imports s considerable proportion of its consumption requirement*, an Inflow of outside funds is vital to the survival and growth of its businaes. The primary sources of funds are federal government spending, exports of sugar and pineapple, and tourist trade. The mushrooming tourist business now directly accounts for $100 million a year, and In addition attracts millions of dollars from mainland interests for hotels, apartments, and other developments.

Because of Hawaiis strategic military position, federal government payrolls contribute 27 per cent to personal incomes. Employment In wholesale and retail lines adds another 11 per cent. Incomes from rentals account for about 10 per cent of total earnings. Manufacturtng and state government payrolls each contribute 7 per cent. HAWAIIAN -INVESTMENTS Investment opportunities are rather linted. However, the Big Five blue-chip companies Alexander ii Baldwin, American Fkbtdik! C, Brewer A Company. Castle A Cooke, and Theo. H, Dav^s A Company participate in virtually all pluis-es of the Hawaiian economy.

Utility sUMJks, such as Hawaiian Electric. Hawaiian Telephone, and Honolulu Gas, have done well. The two leading banks Bishop National and Bank of Hawaiialso have had substantial growth.

HAWAIIAN REAL ESTATE For many years the Island of Oahu has been enjoying a building and real estate boom. Property values have been steadily , bid up by the Influx of population from the outside Islands, by the increase In mainland settlers^, and even by some of the servicemen stationed In Hawaii. Superimposed upon this is the upsurge in tourist trade.

On the outside islands, where the population ia spane, there 111 plenty of land available. Hence, with Oahu allegedly becoming too commercialized, it may be that the maximum stimulus to realty values wUl 8c-ic crue to the bcuiefit .of the Is-jJ* lands of Hawaii. Maui. and. Kauai. There the placid atmosphere and natural beauties remain virtually untouched, while' parts of Honolulu are becoming a "Coney Island.

OTHER PARTICIPANTS IN HAWAIIAN GROWTH I am not now in favor of direct investments in our Fiftieth State, but the poMlbillty of certain indirect investments might be coiasiderad.., Airlines such as Unltetf. Pan American/ and Northwest serve the Islands. The Sheraton and Kaiser interests own ahotcls there, and Hilton may soon enter the race. Certain merchandising companies. such as Sears Roebuck, maintain profttable outlets in Hawaii. Stocks of the sugar and iContinued on page five)

More Lookaheads For Business

Strength For Today

T

By EARL L. DOUGLASS WIND AND TIDE

Can you sail faster with the wind or against it?

Well, that depends, of course, on the run of the tide- If one has the tide with him, he can sail straight into the tttth of the wind by tackini back and forth and make exhilarating process. But if the tide is running against him, even though his sails are filled with the wind, he seems only to move at a snails pace.

We are usually held back in the most important uf all voyages by the tides which ran through our lives. The tide of melancholy can make the voyage dismal, even though the sails are bellied wiUi a vigorous

breeze. Resentment, self-pity, and jealousywhat tides these arehold lives back, no matter how privileged the conditions amid which they exist.

The sturdy souls are the ones who learn to sail against the wind. It can be done, but It takes skill and patience. The sails have to be set in such a way tba^ a wind blowing stalght against the boat will carry it not backwards but forward. And a good sailor always acquaints himself with the state of the tides when he plans fur a sail. He knows what the current can do to him.

So let lus watch the tides and let vw never forget that God In his mercy makes them run to our advantage, and ws, often to our undomg.

By ELMER ROESSNER

Here are more look-aheads in business, based on analyses of current trends and advance information:

New truck: In the w'orks is a new small truck, with a 104-inch wheel base, said to provide economical delivery. Capacity: 213 cubic feet, 4,250 pounds.

Less steel: 'Therell be a slight pick-up and then a drop In steel production. Orders are slow and there are some painful shutdowns now; more expected later.

Closer buying: While top

executives are confident of continued prosperity, some purchasing agents are cautlouis. Consequently. there Is less forward buying. Compaftics that have been buying for 60 days ahead are now placing orders for only the next 45 days.

CHEAPEIi F(M>1>

More meal: Both cattle and hog number.s are higher than a year ago and. despite some recent rises, the year-long outlook l.s for ^oniewhut lower meat pric-e.s. Recup'ing broiler surpluses will keep chickea price*

dntt.

tea push will be stronger this . year: the lemon growers are adding their money for a cool tea and lemon ad campaign.

Sugar squabble: Cubas cutback on American Imports are beginning to hurt American farm and factory producers. The pinch Is being felt In 48 of the 50 states aqd local businesses will step up demands that the U.S. cut the sugar quota in retaliation.

New boat: An 18-foot fiber glass boat with jet propulsion is to be Introduced in the boating for pleasure field, but probably not until next year because of design complications.

MORE IMPORTS

More European steel: Current

steel wages seem to put a floor under U.S. steel prices and, knowing this, foreign exporters know exactly how much they ^ must shave* prices to undersell American mlUs, There Ls no res'* son why they cannot take as much of the American market this year as they can handle, and take as much or more next year when the built-in pay rise W'lll push U S prices up.

discoveries have opened wide ranges of pi'oducts for the rubber Industry; it will soon be able to produce almast any stated qualities In synthetic rubber to fit almost any Industrial need.

New temperature controls: A new semiconductor material which will provide new uses for electricity In heating and cooling is 'Hbout to be introduced. No moving parts are Involved.

Airline mergers: Several more discussions about domestic airline mergers are quietly under way. Many think there are just too many domestic airlines now to assure all reasonable profit. Most attractive are mergers of smaller companies which would put them In position to compete with the giants.

Higher gasoline: While gas

prices usually rise In summer becaiusp of new tourists hitting the road, increases this year may be proportionately high. Great increase in the number of autos on the road is one factor; ilemand for higher octane gas (which costs more to produce) is noticr.

Take tea: The annual summer

TWO ACCOUNTANTS FOR ONE SALES REP?

"Organized business is far behind organized baseball. the Old Promoter said as he settled down In the visitors chair for a time-kllllng visit today. We dutifully arched eyebrows in surprise.

In baseball, a tegm can trade a catcher for two hitting outfielders, be explained. A good shortstop may be a fair .swap for a 300-hltttng second baseniaa and $10,000.

But theres nothing like that in business, WhMre can a bank exchange two tellers for on chief clerk? Or where can a corporation swap a director and a vice president for a general manager who knows which way is north? Im going to set up an organization to negotiate jiust such exclianges. Anyljody di.s-satlsfled with his sales manager can trade him in for an a.sslstant purchasing agent, two comely secretaries and a boy to run coffee for a small fee, of course.

The old one may ypt make fortune.

\