Newspapers / The Chowan herald. / July 15, 1954, edition 1 / Page 9
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Half Os Federal Debt Reported As Owned By Nonbank Public 'owing concern over the steady] , in the public debt, which is now crowding the legal limit of $275 hil-1 lions, has focused increasing attention on its distribution and on the extent that it is heing financed out of the savings of individuals and other inves tors to help offset the inflationary ef fects of deficit financing. Here is how the ownership of the Federal debt broke down at the end of 1053: Individuals, institutions and other nonhank investors- —$137.4 billions or 49.9 per cent of the total. The banking system (commercial and Federal Reserve banks) — $89.5 billions or 32.5 per cent of the total. U. S. Government investment ac counts —$48.3 billions or 17.6 per cent of the total. Cornerstone of Debt Policy These proportions have shown a high degree of stability for several years. The widest possible ownership of Federal securities by individuals and the nonbank public in general out side the commercial banking system • has been a cornerstone of Federal debt management policies ever since the debt began to skyrocket during World War 11. The figures show that the public debt at the end of last December add ed up to just oyer $275 billions, the present legal top, but some SSOO mil lions of the total were not subject to limitation. The current public debt is some $275 billions. The post-World War II low point was approximately $252 billions in 1948. Thus the public debt has increased some S2O billions in the last five years, indicating the extent the Federal establishment lived beyond its income in the period. The nonbank public has owned about half the public debt for a number of years. Close to half the nonbank ag gregate is owned by individuals, and ! U. S. Savings Bonds represent the 1 dominant part of these holdings. 1 Trend of Rank Holdings Ownership of Federal securities by the banking system also has been quite stable during the period since the end of World War 11. The pro > has run around a third of the al during these years. This ratio considerably lower than it was dur ing the war itself when commercial banks owned more than two-fifths of the public debt, thus contributing to the growth of inflationary pressures. With Government trust accounts in the Social Security System consistent ly taking in more in taxes from the public than they have been paying out, their ownership of the public debt has been growing steadily and is now at a new high. Government trust accounts y own more Federal securities New, bigger load space! New, lower loading height! New Chevrolet Trucks... do more work per day .. . more work per dollar! Now’s the time to buy! Get our BIG DEAL! Save with a New Chevrolet! B. B. H. MOTOR COMPANY “YOUR FRIENDLY CHEVROLET DEALER ” N. Broad and Oakum Streets Edenton, N. C. I OUR DEMOCRACY- I 3Hie sober second fckouglrt oj the communitu istkeyirm base ori Luhick all lau; must ultimately rest. -HARLAN F. STONE- CHIEF JUSTICE. OF THE UNITED STATES, /9V/-/?V6 ■ Wot only jurists and statesmen, out people in all walks \ OF LIFE REALIZE THAT OUR DEMOCRACY'S STRENGTH COMES FROM THE VARIETY OF VIEWS, IDEAS , AND \ BACKGROUNDS THEY REPRESENT— WITH FINAL DECISIONS HAMMERED OUT ON THE AtML OF PUBLIC OPINION L - '' - - A , —in than the total public debt outstand- 1 ing before World War 11. The big gest single holder in this group is the Old Age and Survivors’ fund. FIST CONTROL race inspection <HfgteM w WORLD'S LARGEST PEST CONTROL €9. [ CeM EHzabeth City 6783 Coll. | You save on operating costs. The “Thriftmaster 235” engine, the “Loadmaster 235,” and the “Jobmaster 261” (optional on 2-ton models at extra cost), deliver greater horsepower plus increased operating economy. You save extra trips. That’s because of extra load space. New pickup bodies are deeper ... new stake and platform bodies are wider and longer. You save time oh deliveries. New truck Hydra-Matic transmission saves time and effort at every stop. Op tional at extra cost on Vi-, 3 A- and 1-ton models. You save with lower upkeep, too. There are heavier THE CHOWAN HERALD, EDKNTON, N. C., THURSDAY, JULY 15, 1954. Genius, that power which dazzles mortal eyes, Is oft but perseverance in disguise. —Henry Willard Austin. axle shafts in two-ton models, bigger clutches in light and heavy-duty models, stronger frames in all models. You save hours on the road. Thanks to new high compression engine power, you can maintain faster schedules without driving at higher maximum road speeds. ‘ And your savings start the day you buy. Chevrolet, you know, is America’s lowest- \ \ priced line of trucks. \ ' ' S) Come in and see all the wonderful new j J things you get in America’s number one truck. L \ Woman In Lineup For Sluggers’ Games Edenton Sluggers, local colored baseball team, will play games Satur day night at 8:30 o’clock and Sunday afternoon at 2:45 o’clock on Hicks Field. Grossing hats with the Slug-1 gers in both games will he the Dur- I ham Rams, who will feature Minnie Ruth as star second baseman for the visitors. Miss Ruth formerly played with the Indianapolis Clowns and is North Carolina’s first woman player. The Rams are considered one of East ern North Carolina’s best baseball clubs and with the added feature of having a woman in the lineup will no doubt attract a large crowd of fans. Tho Sluggers easily defeated the Claremont Circle Socks of Claremont. Va., on Hicks Field Sunday afternoon by a score of 18-3. Lawrence Collins went the route on the mound for the Sluggers, allowing only three scatter ed hits. James Holley led the Slug gers with five hits out of five times at hat. Drought Is Hurting Tobacco Production Rased upon July 1 yield and condi tion reports from farmers, the North Carolina Crop Reporting Service has forecast 1954 flue-cured tobacco pro duction in the Tar Heel State at 843,- 300,000 pounds. Such a crop would be about 11 million pounds heavier than last year’s crop, when total pro duction was 832 million pounds. Acre age increases over last year, coupled with a potentially better crop in Type 11 areas, account for the slight in crease in prospective production. The Service further pointed out that moderate to severe drought conditions, particularly in many localities of the Eastern and Border Belts, have cut potential yields sharply. Dry weather has hurt the crop to some extent in the Old and Middle Belts but com- i paratively less severely than in the other areas. Expert Watch and Jewelry Repairing We Are In Position To Give 3 to 4 Day Delivery All Work Guaranteed! 1 CAMPEN’S - COMFORT AT WORK ~1 T Comfortable clothes make all the difference when there’s work to be done. A case in point are these cotton herringbone twill pants and lightweight matching shirt. They will never shrink out of their easy, comfortable fit, even after count* less washings because they are Sanforized. Reverse pleets on the trousers five extra wearing sons* fort* A Sour Note “Why did you stop singing in the choir, Thomas?” “Well, one Sunday I was sick and didn’t sing, and a lot of people in the congregation asked if the organ had been fixed.” / Kentucky^ / Straight \ \ Bourbon , \Whiskey/ e Si \ . I j 16 PROOF. THE STAGG OIST. CO., FRANKFORT, Itt, SECTION TWO- Ground Breaking Service At Ballard’s Bridge Next Sunday On Sunday, July 18, special ground breaking services for the new parson age will be held at Ballard’s Bridge ! Baptist Church. 1 Regular morning services will be held with dinner on the grounds and an afternoon singing service. The public is invited to attend. LOW CORN CROP On the basis of condition reports from growers, as of July 1, production from the current Tar Heel corn crop is forecast at 55,562,000 bushels. This is the lowest production of corn in the j-St:tt<* since 1945 when 55,100,000 bush els were produced. A 1954 corn crop of 55,502,000 bushels would be 2,137.- 000 bushels or 3.7 per cent less than the drought-stricken crop of 57,699,000 bushels last year. Who gives to friends so much from Fate secures, , That is the only wealth forever yours. -—Martial. CLr) IATHW 'Q P & Q I SUPER MARKET Page One
July 15, 1954, edition 1
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