lICTIOM TWO
PAGE SIX
p Three P’s
B PERSONAL AND
Brivate PROBLEMS
|p muu win niwpt tw mm
jlwul wad private problem• at ia
■fmaala who vwlxnlt their eaeetinn
■Killla ralama. Three laqalrle* to la-
MH family and eorial prebleme and
«■ cave* qaeation* that come ap la I
MBaatlag oaeaell to vorlety; economic,
pppattwaa te include adjavtmral to baai-!
iflla life and career*. All Inaairlea:
mmnnTi ana aameo will he held
hTthe^vlrlctevt coafidenre. All Inqalr-
It* nod qaentlon* ahoelri he »d<<rrmf
If "Three PV. care of The fhowaa
Itecald. Kdentoa. N. *3.
—Vladimir T» Koilov. tloaaaelor
Dear Three P’s:
Several articles have appeared
in my local paper indicating that
there has been an increase in
business bankruptcies as well
as in personal bankruptcies. l
While the articles did not say,
outright that these failures 1
might be a forerunner of more
than a business adjustment, it
was stressed that the increase
in the individual, personal bank
ruptcies was a new factor in the
economic picture. Could these
so-called business adjustments in
dicate that, there might be- a
recession similar to the 1929 de
pression?
—Daniel.
Dear Daniel:
It would be unwise for any'
commentator, because of one!
sign of weakness in our eco
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DULilv a 1 I LE/K u
jnomic picture, to yell fire and
create an atmosphere of minor
panic. It is true that there has
been an increase in business
bankruptcies as well as individ-!
' ual bankruptcies, which is nor
| mal on an expanding economy.
| However, the increase in individ
ual, personal bankruptcies is a
! new factor in the economic pn>
| ture. Individual bankruptcies
I used to lie a rarity, and indi-i
viduals seldom followed this!
procedure to be rid of their per-l
sonal debts, feeling that this was
dishonorable.
One of the tragic anomalies of
the 1929 depression was not a
failure of the industrial capacity'
of the country to produce, for!
there was an excess of products j
on the market in the way of,
'food, clothing and other neces-'
sarv items. The failure was in j
! the inability of the consumer to,
: purchase. This was duo to over,
production, over speculation in!
the stock market to take ad
vantage of the presumed future
profits of industry, sending stocks i
up beyond any reasonable re
turn on the investment. This
brought about the crash in thCj
stock market and the forced li
quidation of debt and many
failures. At that time there was
not available the personal credit
which is now available in the
amount of millions.
The situation is similar in one
11 respect. Since the end of the
r| recent war, the productive ca-j
! pacitv of industry has increased
> | tremendously, and the inventive
-1 genius of industry has produced
• .many new and improved pro
. ducts, outmoding all of the pre-j
. vices standard products on the
i market. There developed great
' advertising campaigns to entice 1
i the consumer to buy the many,
I new and improved products on j
! the market. There developed’
I greater production than the con
sumer could absorb in the ner-|
mal way. There developed new
means of credit with small or no
cash down payments, and the
1 monthly installment payments
! was well on its way to move
i the great production into the
j hands of the consumer. 1
1 The government helped in the
| easier financing of home pur-
I chases through the FHA and
, the many veteran plans of easy
\ credit. This stimulated the con->
struction of homes which was
badly needed after the termina
tion of the war. The FHA is
still continuing and with the
aid of the many Federally char
tered savings and loans assoeia
| tions it is not too difficult to
finance the purchase of homes, <
In other times it was normal ,
for an individual to tinance the ■
purchase of a home; however, *
the individual did not furnish :
h:s home on a financed basis. ■
Tt« CHOWAH MMUOP..«PEWTWr. CAHOtIWA, TfflmtPAT, JUNE j. IHO.
■ He bought What he could with
j cash and did without until the
cash was available to buy what
was needed. This is not true to
day. As soon as one purchases j
a home he then makes ar-1
’ rangements to furnish the new
home on a credit basis, so that
he owes for everything that
1 went into the hofcse as well as
\ the purchase of an automobile
! This has led to an enormous in
dividual debt amounting to bil
lions of dollars. In addition to
| this type of credit, there de
veloped the small loan indus
try which makes small loans to
people already in difficulty at
very high rates. These finance
companies have grown up like
mushrooms and their annua]
profits are tremendous. Some of
these finance companies have,
their stock listed on several of!
the stock exchanges. It is this
tremendous debt that is becom
ing burdensome to the average
person and in many eases is be
yond his ability to pay. A loss
cf income or a loss of a job may
mean the collapse of the house
that credit has built. This ac
counts for the increase in indi
vidual bankruptcies, so much so
that credit managers are lcoking
at the situation with a juandiced
eye.
In a sense the situation in the
stock market is the same. Forji
a number of years now, econo- i
mists and those who claim to
know have been advising the
purchase of anything and every
thing on the theory that this
I* country with its rapidly increas
ing population and new com
modities is facing a tremendous
boon which will reach its peak
sometime in the next few years.
Stock market investment is not
based on the return of the in
vestment but on the speculation
that profits will increase, that
there will be an increase in
capital worth and numerous
stock dividends. To a certain
extent this has happened, but
■there is a question if the pace
has not been too fast and that
the fall in prices on the various
exchanges is not discounting the
situation. The stock market
certainly has been uncertain
{since the first of the year, and
there appears to be a limit to;,
the increase of profits and stock
dividends. Anyone who is at
all conservative should watch
the credit structure. Banks have
entered into the picture to com
pete With the small finance com
panies, by making available a
revolving credit based on a
man’s salary. He can draw a
check against this credit when
even he needs the money and j
pay it back on a monthly basis. j
There is developing a great deal j
of 'criticism of banks making this' ' I
ca4y credit available when a I
great many people are heavy in
debt. So the increase to busi
ness bankruptcies is due <to the
expanding economy, and the in
crease in individual bankruptcies
is due to the over extension of
easy credit which is now begin
ning to pinch the consumer who
bought anything and everything
on credit.
Dear Three P’s:
While I never have been sus
picious of toy husband he is
now giving mfe some concern. I
have been reading about these
men who have 'had two wives in
separate towns and the school
teacher who had two wives. My
husband travels and very fre
quently he is away for long
week-ends and he says he is
never in a position to let me
know where I can get in ‘touch
With him. I do not want these
suspicions to grow and I wonder
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... M Tyf J
I .jv.v , J Jr
Li I l I
\ I • i\ v
what I should do.
—Too Trusting.
Dear Too Tnisting:
"With 'the ease of travel today
what you complain of is becom
ing rather common. In fact two
plays ‘have been written On toe
subject and have had successful
runs. You might actually face
him with your suspicions and
bring it out to toe open .which
is the best way; you could also
suggest that you go with him oh
some of his long extended trips
and see what results.
Kept His Promise
Bride Men are brutes. Myj
husband promised me a surprise
if I learned to cook, so I toqk
lessons.
Friend—You did! And what
was the surprise?
Bride—He dismissed our cook.
The only thing we have to
fear is fear itself.
—Franklin D. Roosevelt j
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