Newspapers / The Chowan Herald (Edenton, … / Nov. 26, 1953, edition 1 / Page 10
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SECTION ONE—I MA AV*I%T ee#eaAo TMUr AH EWSfTH OF W1 SPENDABLE INCOME '. ■ _ rr-J.s,-. . -li Record borrowing by the people to. buy homes, care and other durable goods since the end of World War II has brought steadily increasing de mands on the consumer’s pocketbook. It now-takes about one dollar out of every eight of total personal spend able income after taxes to take care of interest and amortisation payments on home mortgage and installment debt, according to estimates based on data from various Government agen cies. This ratio is about 15 per cent greater than the proportion of person al interest and amortization payments to aggregate individual spendable in come in 1939. It is more than double the proportion in 1946, but personal debt then was at an unusually low level. Extent of Fixed Charges Despite this draft on income, the evidence shows that consumers by and large have been meeting their ob ligations in an exemplary manner. It is natural, of course, to expect this in a period when incomes in general have been at record levels and jobs more plentiful than ever. Further more, personal savings in life insur ance and other mediums of thrift have been unusually high as well. In actual fact, the portion of income committed in advance is considerably greater for a large number of in dividuals than the above figures in dicate. Information obtained by the Fedral Reserve Board shows that less than half of all consumer units are free of debt and, furthermore, that debt tends to be concentrated in cer-j tain income and age groups. Con sumers also have other fixed obliga-| tions in the form of rents, fire insur ance and State and local taxes. In liwillicim I Penn ■ s',> Blended t*2.10 *3*35 86 Proof WE STRAIGHT WHISKEYS IN THIS PRODUCT ARE 4 YEARS OR MORE OID. 35® STRAIGHT ■IZSKEY, 65® NEUTRAL SPIRITS, MSmUED jrom grain. CMKRUI t mn UMITET, POM. HUM Smooth, sturdy walls are easy «with v I [ROCK wiHtM -Tape* Perf-A-Tape Joint System J : ' Joint System Thank* to SHEETROCK thou* 1 -~v sand* of American families are weeks mnd months ahead of schedule ... for fireproof _ . Sheetrock not only goes up fast, but save* decorating time, toot Come in TODAY, see how Shbetrock and , Perf-A-Tape* reinforcement rlaces can you build NOW I _____ We Carry a Complete Line of Lumber, Mill Work and Quality Building Materials M. G. Brown Co., Inc. “Reputation Built on Satisfied Customers” Page Ten i •> i addition, some personal saving like life insurance is on a contractual ba sis. As a result, personal fixed charg es were estimated to represent just under a quarter* of spendable income ip 1952. , What the Figures Show Total interest and amortization pay ments on loans on homes and durable goods came to an estimated S3O bil lions in 1952, the equivalent of 12.8 per cent of aggregate personal spend able income for the year. These fig ures compare with combined interest and amortization payments of $9.7 billions in 1946, or 6.1 per cent of to tal personal spendable income in that year, and with $7.8 billions and 11.1 per cent, respectively, in 1939. It is significant to note that by far the greater part of debt service con sists of repayment through amortiza tion, which means that ownership or equities, as the case may be, are be ing steadily increased. Interest pay ments represent only a minor propor tion of personal debt service, and last year came to about $414 billions or less than 15 per cent of the total. The bulk of amortization is found in the installment debt field, reflecting the fact that this type of borrowing is on a short-term basis. Amortiza tion of installment loans was placed at $2214 billions in 1952, or three quarters of all personal debt service. The estimated amortization figure on home mortgages in 1952 was about $314 billions. In both cases, repay ments have been lower than new loans, land the outstanding totals have there fore been rising. The rate of increase, however, has been slowing down. Family Needs and Debt An interesting picture of a typical borrower is provided by the Federal Reserve Board in its Survey of Con sumer Finances. More often than not he is young—under 45. He is mar ried and has a family. He is in the middle and higher income brackets from $3,000 a year and up; and be cause of comparative youth, he has relatively small reserves of liquid as sets. The pressure of family needs com bined with youthful optimism and the natural desire for a higher standard of living are thus found to be the big motivating influences for going into dbt. The survey finds that around three-quarters of the married couples with children are in debt as contrasted with less than half the married couples without children. As to the age factor, the figures show that spending units in which the fami ly head is under 45, though represent ing only about half the population, have been buying around 70 per cent of the homes and about 60 per cent of the new automobiles, furniture and major household appliances as well as nearly 75 per cent of the used cars. Personnel Omitted In Badham Bros. Story In listing former and present em ployees of Badham Bros, in last week’s Herald, some names were inadvertent ly omitted, for which error The Her ' * ■Hi. am ' I. ; ■ __ awawim ____ i f o■ TJOVTTTifItPTt At#* THE CHOWAN HERALD* ItUKfllvWi N« t -. .. .. - the business 42 years ago and Jack I Badham, son of the lata John Bad (ham, one of the original partners and , •formerly a clerk in the store, became j ! a partner after his father’s death five years ago. { Also left out of the list of sales- , people were Miss Pennie Bland, now | of Asheville, who was a clerk for a j number of years, as well as Julien ' Wood, Mrs. Erie Haste and Mrs. J. , L. Chestnutt. Another omission was , Shadrick Elliott, who has served as a dependable and trustworthy janitor for 20 years. Badham Bros, are now in the pro cess of going out of business and the concern expresses its appreciation to its capable and loyal group of em ployees as well as its customers who patronized the store during the years in business. It is interesting, sometimes, to hear a man speak frankly about his own excellence. L ga! Notices North Carolina In The 1 Chowan County Superior Court Harriet R. Riddick, Plaintiff, vs. Charlie Riddick, Defendant, NOTICE SERVING SUMMONS BY PUBLICATION The defendant above named will hereby take notice that an action en titled as above has been coVnmenced in the Superior Court of Chowan County, North Carolina, for the pur pose of obtaining an absolute divorce from the said defendant upon the grounds of abandonment and separa tion for the statutory period of two years; and that said defendant will further take notice that he is requir ed to appear at the office of the Clerk of the Superior Court of said County, in the Court House in Edenton, N. C., within twenty days after Decem ber 18, 1953, and file a written an swer or demur to the relief demanded in the complaint of said action or the plaintiff will apply to the Court for the relief demanded in said Com plaint. This 14th day of November, 1953. E. W. SPIRES, Clerk Superior Court, ' Chowan County, N. C. HERBERT LEARY, Attorney Novl9,26,D°c3,loHLc North Carolina, Chowan County. NOTICE OP ADMINISTRATRIX The undersigned, having qualified as Administratrix of the estate of Elizabeth Hurdle, deceased, late of Chowan County, N. C„ this is to noti fy all persons having claims against said estate to present them to the un dersigned on or before the 12th day of November, 1954, or this notice will be pleaded in bar of their recovery. All persons indebted to said estate will please make immediate payment to the undersigned. This 12th day of November, 1953 SARA H. EVERETT, Administratrix of i Elizabeth Hurdle, Deceased iV0v19,26,Dec3, 10, 17.24 c mmsst e Everything gets clean in a Maytag. Fa mous Gyrafoam washing action gets out all the dirt . . . yet ia gentle with the daintiest fabrics. Liberal trade-in. Low monthly pay ments. Come in today for a demonstration. i Maytag Matter— test Maytag ever It. Large, square, frulnminiim ra capacity. ■, $199.95 ■ ”Vy f mSm ■prj *■ | « ». . •T WMif I “Your Frigidalre Dealer” S. BROAD ST. EDENTON PHONE 178 NOTICE OF, AD MINISTRATION j m | „|,< niia< l kfiviiwr rniAlifinH t as Administrator of the eatate of Geo. I County, N. C., this 1* to notify da signed on or before the 22nd day of October, 1954, or this notice will be pleaded in bar of their recovery. All persons indebted to said estate will please make immediate payment to the undersigned. This 19th day of October, 1958. LEON W. BYRUM, Administrator of George Byrum, Deceased. 0ct.22,29,N0v5,12,19,26pd 'forth Carolina, Chowan County. executrix NOOTCF The undersigned, having qualified as Executrix of the estate of E. N. Elliott, deceased, late of Chowan County, N. C., this is to notify all persons having claims against said estate to present them to the under signed on or before the 22nd day of October, 1954, or this notice will be pleaded in bar of their recovery. All persons indebted to said estate will please make immediate payment to the undersigned. This 22nd day of October, 1953. ELIZA KNIGHT ELLIOTT, Executrix of E. N. Elliott Estate, i John W. Grahau. Attorney for Estate. Oct 22,29,N0v6,12,19,26cjwg North Carolina, Chowan County. EXECUTRIX NOTICE The undersigned, having qualified as executrix of the estate of Sarah F. deceased, late of Cho wan County, N. C., this is to notify all persons having claims against said estate to present them to the under signed on or before the 22nd day of October, 1954, or this notice will be pleaded in bar of their recovery. All persons indebted to Su'd estate will please make immediate payment to the undersigned. This 15th day of October, 1959. ETHEL H. BOYCE, Executrix of Sarah F. Boyce, Deceased. 0ct29N0v5,12,19,26Dec8f North Carolina In The jhowan County Superior Court Rosa Lee Payton, Plaintiff vs. Joseph Payton, Defendant NOTICE SERVING SUMMONS BY PUBLICATION The defendant above named will hereby take notice that an action en titled as above has been commenced in the Superior Court of Chowan County, North Carolina, for the pur pose of obtaining an absolute divorce from the said defendant upon the grounds of abandonment and separa tion for the statutory period of two years; and the said defendant will fur ther take notice that he is required to appear at the office of the Clerk of the Superior Court of said Coun ty, in the Court House in Edenton, N. C., within twenty days after De cember 12, 1953, and file a written answer or demur to the relief de manded in the complaint in said ac- s£i!?yU ? !sEd wmUTSU 'SET described real estate, to-wit: 1, The lot on the West side of Court Street, in Edentapi, N. C., beginning at a point on said street, 451 feet from the S. E, comer of the County Court House; thence' Westwardly parallel with King Street, 180 feet; thence ' Northwardly parallel with Court Street 40 feet 6 inches; thenee East- parallel with King Street 130 feet to Court Street; thence South wardly along Court Street 46 feet 6 tmr -<l||| ■■■ | "mountain" I • - w e? I a 111 1 RIDGE JL ! I STRAIGHT BOURBON WHISKEY || V $335 Iso JO Jgfc n 0000EMMM a worn ITS. jA IkAfl UHmJM I Jr Case* styled in the W modem manner... by the trim •*-1- - —fi case*OThoeced by Sweep second. == W W or sa epm : ii-tinfr IW eatwaroiy para i lynui amg street I l6Ct tO tDG AralUCP’vMlWuC-ivOgßiSOn I Kin v flfnwit a] oner Hie Kiimer-Chpa- ItoT 24 tobttZ Northwardly parallel With Court te “” 111,040 Trustee’. > N0v12,19,26J>ec3c ■ t^ - Bub on highly medicated, ooncen- I trated Musterole. It instantly start* to relieve coughs, sore throat and helps break up local congestion. Uusterole creates a wonderful prateo tive warmth on chest, throat and back 1
The Chowan Herald (Edenton, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Nov. 26, 1953, edition 1
10
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