Newspapers / The Chowan Herald (Edenton, … / Aug. 12, 1954, edition 1 / Page 13
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INSTAUMENTCDEDIT TREND«SYMBOL OF CHANGING L!VIN6 HABITS IN NATION The American people in their record spending since the end of World War II brought S2OO billions worth of au-[ tomobiles and other durable goods inj ■ the eight-year period from 1946 through 1953 and borrowed sllO bil lions on the installment plan to fi nance those purchases. By the end of last year, $94 billions of these consumer goods loans, which made up about half of all consumer credit outstanding, had been repaid, leaving a net balance of sl6 billions. There has since been a further reduc tion as repayments have exceeded new borrowings. These figures provide a significant commentary on some of the big chang es in the American scene since the Thirties. Picture of Typical American They show, for one, the magnitude that buying on time and consumer cre dit in general have attained and their importance to the marketplaces and to economic expansion. They likewise give an insight into how the average individual handles his financial affairs these days, and howl his mode of living has been affected by industrialization, suburbanization, mass production and consumption, the growing importance of big ticket dur able items in our everyday standard of living, and the other developments that are so characteristic of the times. The record shows that the typical An-'Wcan today will borrow freely to stretch his income, but in the main is pretty sensible about how deeply into debt he goes and has done an excel lent job to date in meeting his obliga tions. He is the greatest shopper and spender the world has over seen, and at the same time the greatest saver, too. Growth of Savings ] Because of this innate thrift, the : people as a whole now have more pro-i tection for that “rainy day” and their retirement years in life insurance and , other savings than at any time in the past. The face amount of life insur ance in force alone has increased by - billions since 1946; and annual ; personal savings in the aggregate in ; the last few years have been the high est on record except for some of the World War II years. The average American today has more of his income budgeted for him than ever before. Through both choice and necessity, much of his pay check is committed in advance. Some of this is beyond his control, as in the case of income tax withhold ing and payroll deductions for Social Security. A good deal also has been the result of voluntary decision, such as installment and other wmimw | debt payments or the fixed obligations assumed in buying a home. A very large part of individual sav ings and other protection against the economic effects 6T deaths disability and old age are on a contractual basis, as in the case of life ipsurance, acci dent and health protection, or contri butions to pension and retirement funds. Regular deductions from pay roll are used for these purposes to a very large degree. Trend of Borrowing Largely because of the boom in in • stallment buying, and also because of the rise in prices, the total amount of consumer credit outstanding at the end of last year had grown to four times the comparable figure just be fore World War ll.* The 1953 figure, which includes charge accounts and service credit as well as installment loans, added up to just under s29'bil lions. This was the equivalent of nearly one-eighth of all the people’s spendable income combined after tax es last year, the highest such propor tion on record. A review of the consumer credit records since the Twenties reveals how installment debt has grown to dominate the personal borrowing field. At the end of the first quarter of this year, the net amount of installment credit outstanding represented 77 per cent of all consumer loans. This was the highest such proportion on rec i: NEWTON || |; “Life’s darkest shadow is ! I ;; that of Ignorance; Under- \ \ \ \ standing is light and Ufa,” 11 i > . * i > j; WE bring to you a service !! ;; of professional ability and a j | || personal soli cit tide that <» ;; makes for propriety gnd se- < j ;; renity. Mf|; Mt. :: IiWILLIFORDIi imwvonnK: '' - ; Jtmtxt IL ord. The equivalent ratio at the end of 1963 was 76 per cent, while the [comparable one in 1939 was 63 per [cent. In 1929, installment debt repre sented only 50 per cent of all consum er credit outstanding in that year. Right now total installment debt outstanding figures out to some $450 per household. This is about three tims the comparable figure at the be ginning of World War 11, and it has shown a greater rate of growth than has average household income. Fed eral Reserve figures show that about 40 per cent spending units are debt free, indicating that installment debt is more concentrated and may be more burdensome than the overall statistics imply. Bag Worms Attack Plants In Chowan County Agent C. W. Overman re ports a number of calls regarding bag worms eating cedar trees and Arbor vitas and killing some plants. Mr. • Overman says, “Dusting or spraying the plants with a stomach poison such as arsenate of lead, DDT, cryolite, etc., will kill them. Use one ounce of the wettable powder to 1% gallons of water. Spray the plants thorough ly. A good dusting with 10 per cent DDT will kill them. The worms come out of the bags and feed at night so treating in the late afternoon might be more effective.” Mrs. Pattie S. Asbell Dies At Niece’s Home Mrd. Pattie S. Asbell, 75, died Wed nesday morning at 8 o’clock at the home of a niece, Mrs. James Byrum. i after an illness of seven weeks. Ana • jtive of Chowan County, she was the widow of the late Jacob Asbell. Sev eral nephews and nieces survive. She was a member of the Macedonia Baptist Church, where funeral ser vices were held Thursday afternoon at 3 o’clock. The pastor, the Rev. Ben nie Crawford, officiated and burial was in the family cemetery. TAYLOR THFATRf ’ EDENTON. N. f. Week Day Shows Continuous From 3:30 Saturday Continuous From 1:30 Sunday 2:13, 4:15 and 8:45 | Thursday and Friday, August 12-13 Victor Mature and Piper Laurie in “DANGEROUS MISSION” FRANK HUGHES Saturday, August 14— Jeff Hunter in “THREE YOUNG TEXANS” o Sunday and Monday, August 15-16 Ann Blyth and Edmond Purdom in “STUDENT PRINCE” TROY TUPPIN O , Tuesday and Wednesday, August 17-18 Double Feature Glenn Ford In “APPOINTMENT IN HONDURAS” —also— Red Skelton in “THE GREAT DIAMOND ROBBERY” EDITH BYRUM Td^WtrF EDENTON. N. C. Friday and Saturday, August 13-14 Randolph Scott in “CANADIAN PACIFIC” IwfivE-I THEATRE EDENTON, N. C. Admission 40c Per Person Children Under 12 Free o- — Friday and Saturday, August 13-14 Robert Stack in “BWANA DEVIL” MRS. C. J. BAIL Sunday, August 15— Abbott & Costello in “AFRICA SCREAMS” MRS. H. T. HOLLnWEU- o Monday and Tuesday, August 18-17 {: John Wayne in “WITHOUT RESERVATIONS” J. J. OLIVER Wednesday and Thursday, August 18-19 Robert Mitehum in “THE LUSTY MEN" Note: li your name appears in this ad, bring it to Hie Taylor Theatre box office and receive a free pads to see one of the pictures . I. .i - y THE CHOWAN HERALD. EDENTON, N. C„ THURSDAY, AUGUST 12, 1954. I-——. gMI H t i ] ] ( '■ ■ EXPLOSIVE BEAUTY—Hermes guided missile—named after the wing-footed messenger of the god in Greek mythology—4s readied for test firing at the Army’s White Sands Proving Ground, NJH. Project Hermes Is a Joint venture by the Army Ordnance Corps and General Electric Company. It was initiated to produce missiles both as weapons and for research in the upper atmosphere. ; If It’s Down Hill All The Way It’s A Tough Hike 1 Washington—More energy is need • ed to walk down hill in sand than to ' walk over a level hard surface. : So reports the Army Quartermas ter Corps as a result of tests at the ( Luma (Ariz.) desert. Walking in sand, the researchers note, makes t footing more difficult, even on the downgrade. The result is extra ef [ fort. Another factor which requires added energy expenditure, under desert con ditions, is an increase in the pack load from 30 to 40 pounds. The latter, tests showed, approaches the extreme' load that can be carried in a hot sandy area over any extended period of time with presently available equipment. Learning without thought is labor lost; thought without learning is peril ous. —Confucius. CZ 4 Tvaso^iuhy^^) FordTeads 'em all in station wagons Mainline Ranch Wagon { * \"" ' * your best buy! \ I Custoniline Ranch Wagon No other car offers you so wide a choice of i .moothpst rill in g.twkist handling |\ * “carrier car” on the road! \\ Customline Country Sedan A™ l there’s room aplenty. Both Ranch » \ Wagons seat six, and with “stowaway” seat 1 \ and tail-gate down, they give you cargo space \ \ U 1 almost eight feet long. The Country Squire and 1 \\ ■RHii s§-' JU .4 If * - Country Sedan seat eight, or convert easily 1 to give you cargo space over 8 feet long. * Crudine Country Squire We cordially invite you to Test Drive the ’64 Ford g/ , ' ’ \ f. . j&jl Worth more when you buy it... Worth more when you sell it! ‘ljd CIRCUIT ASSEMBLY Seven Edenton members of Jehov ah’s Witnesses will attend a three-day circcuit assembly in Greensboro this week-end. Sessions will begin Friday I I tuinrirrm ~ ■ *^** fc^a^** I IF YOU SMOKE you need I OLAG Jr TOOTHPASTE I Exclusive formula : contains soothing, sani ! \\ * / tizing oils : eases throat : mouth feels so ' clean : teeth look cleaner : dentists say “ter rific, wonderful, best I’ve ever used, you can’t beat it.” AT DRUG STORES EVERYWHERE OLAG JSSTS evening at 7 o’clock and continue through Sunday until 6:30 P. M. The discussions will include prob lems and progress intermingled with skits and demonstrations. . SECTION TWO- ENGAGEMENT ANNOUNCED Mr. and Mrs. Preston Parks of Ty ner announce the engagement of their daughter, Shirley Faye Parks, to Thomas R. Hollowell, Jr., son of Mr. and Mrs. Thomas R. Hollowell, Sr., also of Tyner. The marriage will take place in the near future. IN^MEMORLAM In loving memory of our precious Mother, Arelia Byrum Dail, whom God called to rest August 16, 1953: She has gone to a Home That is bright and fair No Pain or Death can enter there. There we’ll never say goodbye, When we meet you again Mom, In that Home on High. HER CHILDREN. pd The great thinker is never a disput ant. He answers other men’s argu ments by stating the truth as he sees it. —Daniel March. ARTHRITIS? t have been wonderfully blessed in being restored to active life after being crippled in nearly every joint in my body and with muscular soreness from heod to foot. I hod Rheumatoid Arthritis and other forms of Rheumatism, hands de formed and my ankles were set. limited space prohibits telling you more here but if you will write me I will reply at once and tell you how I received this wonderful relief. Mrs. Lela S. Wier *"■' 3805 Arbor Hills Drive P. O. Box 269 S Jackson 1. Mississippi For Sale 1949 FORD Pick-up Truck GOOD MOTOR - GOOD TIRES VERY GOOD CONDITION Priced for Quick Sale $550.00 SEE OR PHONE RALPH R. HALL 29 Westover Heights PHONE 576-J Page Five
The Chowan Herald (Edenton, N.C.)
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Aug. 12, 1954, edition 1
13
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