Newspapers / The Chowan Herald (Edenton, … / Aug. 23, 1962, edition 1 / Page 6
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PAGE SIX SECTION ONE People’s Werest-faming Assets Crass SSOO ftUiw-Btggest Source Os Capital | The interest-earning personal I assets of Mr. and Mrs. America crossed the' SSOO billion mark for the first time in 1901 to strength-; en their collective and undisput- i ed iposition as by far the na tion’s biggest lender and source j of capital funds. The exact figure came to $5lO billions for the year, according, to tiata , compiled by the Federal Reserve System in its study of the flow of funds throughout the economy. This sum represents the total of the people's assets in their thrift and savings in stitutions—life insurance, vari ous types of savings accounts, and private and public pension funds excluding the trust funds of the Social Security System combined with direct ownership of Government and corporate | bonds and other fixed-dollar id vestments. Growth of Thrift Institutions What stands out particularly from the longer-term trend is the of the people’s thrift institutions; but these, of course, are no more than custodians and intermediaries through which the public’s savings and other accu mulated funds are invested in the country’s economic life. Lust year, for example, the institu tional group represented close to $3 out of every $3 of all the public’s interest-earning assets, j as against a proportion of $3 o it I of every $5 in 1950 and $2 out of every $3 in 1955. The 1901 total represented a gain of S3O billions over the year before as compared with a rise of S2O billions in 1960 and an annual average increase of just over $22 billions for the 1950-60 period as a whole. As a result, the total of the pun lie’s interest-earning personal as sets was practically double that of the aggregate of nearly $257 billions at the beginning of the decade of the Fifties. The figures and their growth over the years confirm the ex tent that the American peon’' are continuing to rely on fixe'l dollar types of savings and in vestments as the foundation of individual and family financial planning for the future. More Lender Than Borrower Os course, people are borrow ers as well as lenders, often at the same time, and in genera l tend to be more conscious of their debts and carrying charg es than their interest-earning ro L -- —~V-Ti Model IJW-61 with acceptable trada Costs so little, but you get Oig washing features! Kas six vane, satin-smooth agitator that gently rids even deep-down dirt from clothes. Easy-to-use wringer that locks in 8 convenient positions. Dura ble porcelain-enameled tub. Glides easily on casters. Western Gas Service, Inc. 204 S. Broad St. PHONE 3122 Edenton, N. C. jßjpr We'D design forms to streamline and I ■. speed-up the routine of your office or shop. H W Get our suggestions, without obligation, S| . on anything from a shipping tag to a coot* S dinated system of forms. H sources in the course of their everyday affairs. And many a person is more of a debtor than a creditor at certain periods of the life cycle, particularly so in the case of the average younger individual in the early stages of establishing a career and found ing a home and'a family. Nonetheless, the public at large is far more a lender than a borrower when aggregates are concerned. Federal Reserve fig ures show that the total of per sonal debt, over two-thirds of which consists of mortgage loans, | added up to $220 billions last, year and was exceeded by the people’s interest-earning assets by a margin of $2.32 in such assets for every $1 of debt. Thus interest is a two-sided coin as far as the public is con cerned, and the benefits on the receipts side are widely distribu ted throughout the population. Os particular importance in this connection is the fact that in- j vestment earnings contribute j nearly a fifth of the income of U. S- life insurance companies annually, thus holding down the cost of life insurance, and are likewise an important factor in the operation of the nation’s far flung pension and retirement system, public and private com bined. Preponderance of Savers The figures likewise show a preponderance of numbers in the ownership of interest-earning as sets as compared with the debt side of the ledger. Today, for example, there are 120 million policyholders in legal reserve life insurance companies, repre senting two out of every three persons in the entire population. There is also an approximately equivalent number of savings ac counts of all kinds including those in savings and loan asso ciations. Along with this, the greater part of the working pop ulation is covered by private and public retirement plans of ill tvpes. As for debt, the Uni versity of Michigan Survey of Consumer Finances indicates that about two out of every ‘Vce of the nation’s spending ; units have some personal debt, ■ mmost half the cases involv ing a nonfarm home mortgage. The Federal Reserve lists the mi.'conation of time deposits as biggest single component in the people’s interest-earnin'* as -1 sots with a total of $lB6 billions THE CnQ.Yt.hR Ht-nAUD. feuticroH, KGRTH CAROLINA, TnoHSOAT. AUGUST 2a. taßk. REVOLUTIONARY—AngeIise, Odile and Nadege, from left to right, wear three .novel hair styles—and made of their own hair, too —on the Champs Elysees, Paris Prance, last year. Savings in life insur ance, excluding insured pension funds, came next with more than $94 billions, followed by S9O bil-. lions accumulated behind insur ed and noninsured pension funds, private and public combined but excluding OASDI. The balance j of the $l4O billions of fixed-dol lar personal assets last yea r con sisted primarily of U. S- Savings Bonds, Government marketable bonds (Federal, State and local combined), and mortgage loans made by individuals. Annual ASCD Fish Fry August 25 Continued from Page 1. Section 1 who have, tickets available. Soil Conservation Service personnel also have tickets. The proceeds'will be Used to help run the district program in Chowan County as well as the other four counties in the Albe marle District. It will be used l sos district expenses such as pa per, stationery, postage and dis trict sponsored contests, such n the conservation poster contest, land judging contest and wood land clinic. “Let's plan to attend and en ijoy a good meal out and at the l same time support your district I program,” says Mr. Cox. i 1 f*-' . — 1 —j—..i Wtielfier you'va additional ' ■ >............ j \ J M. G. Brown Go-t Lumber Millwork Building Supplies Paint and Hardwire v “Home Improvement Headquarter*” W. Queen St, Extd. PHONE 2185 Architect Employed j For New Building Continued from Pare *, Section I j Department. During the meeting bids weie; opened for the town’s‘insurance, j Twiddy Insurance & Real Estate Company , was low bidder and j was awarded the comprehensive general liability and comprehen-! sive automobile insurance. Na tionwide Insurance Company was awarded the workmen’s compensation insurance. Jack Thomas, manager of Pur line Packing Company, appear ed at the meeting relative to leasing from, the town a strip of . ground along the runways at the former Marine 'Corps Air Station. The Councilmen were not opposed to the lease, but desired to investigate further be fore taking action. Contributions of SIOO each was ! requested by the Edenton-Cho -1 wan Planning Board and by Tom I Shepard in connection with a ! Demi ratio district rally to be I bel l in Edenton October 9. Bodi requests-were granted, although the rally contribution was on | nosed by three of the Council -1 men, Luther parks, C. A. Phil lips and R. E. Forehand. , The Councilmen approved a request by the Edenton Chamber of Commerce to lease the form er public works building at the base for uge as an industrial training school. : .i After correspondence by Town j Cierk W. B- Gardner with the I League of Municipalities, it was learned that the Town of Eden ton has no jurisdiction over boat ing regulations in adjoining wa ters. Elton Forehand was in structed to contact the Wildlife riesources Commission to see if some rules could not be enforced in the interest of greater safety for boaters and skiiers. It was also decided to re move the two parking meters jn West King Street due to con gested traffic caused when cars are parked there. It was also decided to place caution signs at he corner of Queen and Mosely Streets, the scene of several re cent accidents. Cancer Directors Will Meet Tuesday * a The board of directors of the Chowan County unit of the Am erican Cancer Society will meet Tuesday night, August 28 at 8 /clock in the Municipal Build -ng. The executive board will meet 13Q minutes earlier, at 7:30. ®NOW OPEN® And Ready To Serve Yea • WITH A COMPLETE LINE <3*7 ' ; 1 ESSO PRODUCTS i Atlas Tires, Batteries And Accessories Complete New Lube Equipment We Win Strive To Give You ‘The Very Best 1 Service Possible. Your Continued Patronage Will Be Greatly Appreciated, And We Wish To Take This Means To Solicit New Customers. ■i Bridge-Turn Esso Servicenter Edward W. Taylor Paul L Partin PHONE 2710 (EsscT) Headquarters For I Edenton, N. C. V pt *«»Happy Motoring y - s ■■■■■ =* J.WDANT 100 PROOF BOTTUMBO® It Wsi .-■ v. «■ If 'JUS! i jnSm KENTUCKY jyW STRAIGHT MmM bourbon jfjjjt WHISKEY V ••• v ••••I** v/b^ l@llM-35 $7-75 JrV”-o. II 4/5 QT. ifcPINT WF.- ' I m &im ■ , < __ -y- ; ■ -1 . M The dant distillery company, dant*, Kentucky ■ L A: '** ' v -JU-J-IJ-II -|J~II ■ . , J—,-LP T, • xpy a nncinn v miMHißan in , IKI A TVLLIVLI ULifirMWIlW «V. * , ' | ■ ' *-
The Chowan Herald (Edenton, N.C.)
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Aug. 23, 1962, edition 1
6
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