SECTION ONE—!
People Pass New Thrift Milestone,
Hest Egg’ In Long Term Savings
Reaches Two Hundred Billion Mark
The American people have passed a
new milestone in thrift, their “nest
egg” in life insurance and other long*
tern) savings reaching the S2OO bil
lion mark this year for the first time.
The trend of personal savings and
tS»e financial position of the average
consumer are of more than ordinary
interest at this time in view of the
levelling-off of the boom and the ques
tion of whether an economic readjust
ment may be in the making.
Record of Growth
Totai accumulated long-term. sav
ings of individuals came to an estimat
ed $200.4 billions on June 30, accord
ing to figures compiled by the Home
Loan Bank Board, a rise of some $6
billions since the end of 1952. These
savings consist of funds accumulated
behind life insurance policies, thrift
accounts in commercial banks, depos
its in mutual savings banks and in
Postal Savings, savings capital in sav
ings and loan associations, and cur
rent redemption value of U. S. Sav
ings Bonds owned by individuals.
While available in an emergency,
long-term savings represent the bed
rock of individual and family security
and protection programs, and are dis
tinct from other items that are fre
quently labelled as savings such as
currency or demand deposits.
Growth of accumulated savings in
recent years has been persistent, and
at times spectacular. Back in 1940,
less than a decade and a half ago, the
total of these savings added up to just
over $59 billions, or less than a third
of today’s aggregate. The SIOO bil
lion mark was crossed in 1944. Right
now, these savings figure out to near
ly $4,300 fom every American house
hold as compared with $3,600 per
household in 1945, approximately sl,-
700 in 1940, and less than SI,OOO in
1920. The life insurance portion of
these long-term savings includes only
the savings accumulated behind the
policies and not the face amount of
protection, which now amounts to
around $6,200 per household.
Consumer Spending At Peak
Os course, population and living
costs have also risen greatly in recent
years, but the figures show that ac
cumulated personal savings in the ag
gregate have more than kept pace
with these changes in rate of growth.
Impressive as the savings figures
are in themselves, two facts make the
people’s thrift achievement all the
more significant.
The first is that people by and large
have not stinted themselves in their
spending. Consumer spending for
goods and services reached a new
high this year, running at an annual
rate of more than $230 billions in the
second quarter as compared with $2lB
billions for all of 1952. Since the end
of World War II personal spending,
buttressed by record borrowing, has
shown a rate of growth half again as
great as that of accumulated long
term savings.
The second factor is the size of the
V The Brilliance and Beauty of a I]
1 $ 250 BRIDAL SlT^g|_ 1
111 DIAMONDS JgPg
Modern design and radiant beauty are perfectly
blended to form this bridal set of unusual brilliance A** V&TOg|
...and yet the price is amazingly low. The engage- Im'yH
ment ring is enriched with 5 fiery diamonds... the 1K
matching wedding band spaddes with six fine \\iV vl j
diamonds. Truly a set to delight any bride.
' WATCHES and WAMONDS •
A Small Deposit Will Hold Any Article Until Christmas 4
i FOREHAND JEWELERS }
“THE DIAMOND STORE OP BDENTON" 1
Page Four
WHERE THE MONEY GOES
The following table gives a
breakdown of the personal income
dollar, showing the changing pro
portions going to consumer spend
ing, individual saving, and direct
personal taxes to Federal, State
&nd local governments, for select
ed years from 1929 to the pres
ent:
Year Spending Saving Taxes
1929 92.5 c 4.4 c 3.1 c
1935 93.9 2.9 3.2
1940 92.0 4.7 3.3
1945 71.6 16.3 12.1
1947 86.7 2.1 11.2
1949 87.7 3.2 9.1
1951 81.8 6,6 11.6
1953 (6-30) 81.1 6.0 12.9
Source: U. S. Dept, of Commerce.
personal tax bite, which is now bigger
than ever before. So far this year, ac
cording to the U. S. Department of
Commerce, just under 13 cents of the
individual income dollar went to Fed
eral, State and local government in
, direct personal taxes, primarily in
comes taxes. This is a higher propor
■ tion than even the World War II
peak. Before 1942, direct personal
■ taxes took only three to four cents
i of the personal income dollar every
year.
i The Factor of Taxes
I The indirect tax burden borne by
, the people is at record levels besides.
> All in all, well over a quarter of the
; entire national income now goes to
I pay Federal, State and local taxes.
Funds accumulated behind life in
: surance policies represent the biggest
• single element in accumulated long
■ term savings of individuals, a posi
■ tion life insurance has occupied since
■ 1949. This total on June 30 this year
came to $63 billions, or nearly one
' third of all accumulated personal long
■ term savings. It is interesting to
i note that life insurance is the only
1 long-term thrift medium in the Home
i Loan Bank Board series that has
shown an increase every year as far
back as records are available. This
■ was true even in the depression of the
; Thirties, when other savings mediums
suffered a setback.
The funds the people had accumu
! lated in other form of long-term sav
, ings on June 30, and their proportions
;of the total, were: U. S. Savings
' Bonds, $49.3 billions and 24.6 per cent;
: thrift accounts in commercial banks,
$40.8 billions and 20.4 per cent; mu
i tual savings banks, $23.6 billions and
■ 11.8 per cent; savings and loan asso
■ ciations, $21.2 billions and 10.5 per
■ cent; and Postal Savings, $2.6 billions
and 1.3 per cent.
She Has All The Fun
“Grandma!” .
“Yes, dear.”
“Please get down on all fours. I’m
making a picture of a sleigh ride.
When you’re tired you can sit up and
i be the sleigh, too.”
THE CHOWAN HERALD, EDENTON, N. C., THURSDAY, DECEMBER 10„1953.
■a®
... is the first of ths seven ■
commonest danger signals
that may mew' cancer...but
should always mean a visit to,
your doctor:*
'ifc£o*erjiix dwmer signals' 1
•re-D (shown Pi A lump i
or thickening, in the breads
elsewhere B Unusual bleed
ing or discharge Q Any
change in a wart or mole H
Persistent indigestioiHg
culty in swallowing Q Per-,
patent hoarseness or cough
H Any change in normal
bowel habits?
For other facts about cancer
that may some day save your I
life, phone the American Can- I
cer Society office nearest
or write to “Cancer”-in care
of your local Post Office.
American Cancer Society J*
: HEALTH FOR All |
Birthday Party
December birthdays often get less
- attention than they deserve because
. of the pressure of Christmas celebra
! tions. But the birthday of the Christ
) mas Seal is celebrated by people from’
Maine to California in the most ap
propriate possible way—by buying
t and using Christmas Seals to fight,
- tuberculosis.
The American Christmas Seal was
1 born 46 years ago on December 7,
r 1907, when Miss Emily Bissell, a wel
• fare worker in Wilminton, Del., of
fered for sale the first Christmas
i Seals to raise money to help fight
< tuberculosis. Since that day the sale
s of Christmas Seals to raise funds for
s the tuberculosis control activities of
’ the 3,000 voluntary tuberculosis asso
-5 ciations has become an annual even'
sj When Miss Bissell sold her first
> Christmas Seal, tuberculosis was in
first place as a cause of death in this
• country. Now, on the 46th birthday
• of the Christmas Seal, TB stands
s sixth. With bed rest, modem drugs,
!; and surgery, cases are being cured
;! every day that once would have been
, | thought hopeless. Thousands who once
■! would have had to spend their lives
I, as dependent invalids are now being
■ restored to full usefulness.
■i There has been great progress, but
i' even greater progress in TB control
must still be made. TB today kills
j more people than all other infectious
diseases combined, one every 17 mir.
: utes. An estimated 400,000 Ameri
cans have active TB. Within the year,
! approximately 115,000 persons will be
t attacked by the disease. TB costs
. us more than $350,000,000 a year.
I The Christmas Seal finances the ac
tivities of the tuberculosis associations
in the all-out fight of official and vol- „ ' r " J '
untary agencies to wipe out TB
through education, case finding, rc- I \ \
hahilßation of patients, and medical UP
research. Right now, thousands of jJPt • J ' *“ ’ ' n-*
volunteers in communltdcs-throughout .1
the United States are working to '-*■ • '*«’ -
make the 1953 Christmas Seal Sale a
success. Millions of people are join- -
ing in the traditional holiday custom CARE OF POTS AND PANS toes or appl® B - .T? n ?*? r , ? ~ ®
of sticking Christmas Seals on their Nevel J leave m an alumfnum pan.tartar. Th* will brighten the pan
greeting cards and gift packages. . lon * er t necessary. Wash|antlnot hurt the food at aU. H alum-
I Tf>« „ urfu.. ° aluminum utensils as soon as you can inum pan is pretty badly discolored,
l«f i InSSffi after you have used them. Food left scour it with a very fine scouring
a ? aluminum causes the formation of powder or extra fine steel wool.
. . * . t S, a bealfbkr Amen- pitg or j, o ] es an< | pitted aluminum not Enameled ware and granite ware
ca today and in the future. only looka £ t hanler to usually can be cleaned simply by
wash and keep clean. If aluminum washing with soap and water. How-
TRY A HERALD CLASSIFIED AD PfP 8 do become discolored, boil them ever, if food is burned on or stuck to
in something slightly add like toma- (Continued on Page Nine) “
I NOTICE! I
To Chowan County
TAXPAYERS
The Tax Books for the year 1953 are now in my
hands for the collection of taxes. We urge you
to pay your taxes now and thus avoid the penaity
which will begin on February 1.
; A PENALTY OF 1% WILL BE ADDED ON 1953
TAXES NOT PAID BEFORE FEBRUARY 2. AN
i OTHER 1% WILL BE ADDED MARCH 2 AND AN
; ADDITIONAL y 2 OF 1% WILL BE ADDED FOR
EACH ADDITIONAL MONTH TAXES ARE UNPAID.
J. A. BUNCH
; SHERIFF OF CHOWAN COUNTY
l " ‘
• a—^
j
( CnmnrCuiß )'
i i
( STUICIT BQURBOB WHISKEY
1 THIS WHISKY IS 4 YEAH* OLD I'
\ •*«(••«! •lIftUIII HMICII /
’ ; \ CMMMflli. 11. . U MMf / ;
SP ** MSI l /JM
Hr p
'
I CARE OF POTS AND PANS—
. Never leave food in an aluminum panj
any longer than necessary. Wash]
aluminum utensils as soon as you can 1
’ after you have used them. Food left
‘ in aluminum causes the formation of
pits or holes, and pitted aluminum not
only looks bad but it is harder to
wash and keep clean. If aluminum
i paps do become discolored, boil them
'in something slightly add like toma-