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
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