Newspapers / The Perquimans Weekly (Hertford, … / Aug. 7, 1953, edition 1 / Page 3
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TBZ EEBQUIMANS WEEKLY. HERTFORD, N. C, FRJPAY, AUGUST 7, 1953. PAGE THREE Of Living l!;!ped By Use of Credit 77 COUNTIES IN "RURAL PROGRESS CAMPAIGN" History . North Carolina's 1,025,100 families with an average annual income of . $4,200 own 920,200 automobiles and - trucks, more than 678,400 refrigera , tors, all own radios, 479,900 television sets and over 820,200 vacuum clean- i'-i. ers, according to a special study jure completed. ..' v. .. : r':.-,;, ' 'North Carolina's high standard of living, like that of every other state, has been made possible to a large ex tent by the sound use of consumer in stalment credit, the study indicated. Taking automobiles as an example,! .' the study- shows that 98 out of 100 Tar Heels are excellent credit risks. making their payments on time and completing obligations on their con tracts promptly. , , , ' j The study was conducted by C.I.T Financial Corporation, the nation's largest independent financing institU' tion. CLT.'s principal subsidiaries in the fields of automotive and industrial . financing have several offices and rep resentatives serving North Carolina. "This study showing the mass own- rnership of expensive durable goods," said Arthur O. Dietz, president of : C.I.T. Financial Corporation, "empha sises the fact that mass financing is the fundamental support of the Ameri- can system of mass production and mass distribution." . "If markets were restricted only to , customers who could pay cash for goods, the economies of mass pro duction would largely disappear. Prices for automobiles, refrigerators, ranges and the like, would be out of reach for most American families." Dietz also pointed out thatthous ands of North Carolina men and wo men are employed in industries de pendent upon instalment buying, in cluding the manufacturing, distribu tion and selling fields. The study pointed out that in 1952, American families used about $50,000, ( 009,000 of consumer credit in buying the $216,000,000,000 worth of. goods and services used. , Thus, consumer credit represented nearly 25 per cent of estimated consumer expenditures of all types, the financial institution said, and provided a vital underpinning to the economy. ;;:,:.;.('; ?' Prospects For Feeder , t : CalveStSood lit East With prospects for a big corn cron in Eastern North Carolina, the time is ripe for farmers in that area to con sider marketing some of their grain through beef cattle. 4 .Guy Cassell, State College exten. sion livestock marketing specialist points out that Eastern Carolina has many advantages that can make it a ; leading feeder cattle area. With the shortage Of storage facili ties, some farmers may not be able to take advantage of the support price on corn. In that case, they may find . it more profitable, to market thejr corn in the form of beef cattle on the hoof. With the large amount of land that lies open in Eastern Carolina during the winter, farmers could seed it pro . f itably to small grain for winter pas ture for beef cattle. The ever-grow-w kig supply of feeder cattle in North I Carolina isan excellent source for ... Eastern Carolina feeders. This year, more than 5,000 feeder calves will, be marketed in 14 sales over the state. Most of these calves are ideal for feeding. : The best weight for Eastern feeders is 400 pounds and J up with the heavier calves feeding t out a little better than the lighter . ones. .L -i-i-i-ririnnnnnnrxiinruinrinnrui.iLnaru ltuu This year 77-North Carolina counties (all those shown by slanting lines on the above map) are en gaged in an unprecedented "Rural Progress Campaign." This campaign is sponsored by the North Carolina Board of Farm Organizations and Agencies, including farm and nome agents, vo-ag and home ec teachers, Farm Bureau, Grange, SCS, PMA, FHA, REA State Department of Agriculture, C & D, etc ; J1 county making the greatest record of progress in 1953 will be acclaimed "County of the Year in Rural Progress" and receive a $1000 cash prize while a$500 prize will be given to the winning coun- 'IS11 0'thette 'ive other "tension districts. The $3500 for these prizes has been given by the North Carolina Press Association, FCX, The Progressive Farmer, News and Observer, and Gordon Gray. A special prize of $500 goes to the County whose Negro farmers make the finest record of progress. It will be noted that Perquimans is among the counties enrolled in this campaign. U. S. Debt Ceiling. Its rtance Impo Whether .or not Congress has lost its traditional grip on the nation's purse strings in day-to-day affairs, as has frequently been said, it still re tains an "ace in the hole" as far as prolonged Federal deficit spending is concerned. That is in its power to set a statu tory ceiling on the public debt. Since the Federal Government must borrow if it is to spend more than it takes in, as has been the case over so much of recent history, it must eventually come to Congress for permission to continue when its legal borrowing au thority is exhausted. This situation has happened num erous times since the public debt be gan its skyrocketing course in World War I. U. S. Treasury Department records show that the limitation on the public debt has been the subject of legislation 18 times in a generation, starting with what now appears to be the modest sum of $7 billions and going as high as $300 billions at one time. Spending Key to Debt Another comparable situation has been developing as the Government oontinues to run behind due to a com bination of big expenditures for nat-1 ional defense and lowSr-than-antici pated revenues. The present public debt limit is $275 billions, a level which has been in effect for the last seven years. The actual debt itself is beginning to crowd this ceiling, what with the 'latest $6 billion bor rowing and the prospect of more la ter. That is why the question of rais ing the debt ceiling has come up. However, the Administration has been attacking the spending and de ficit problems with determination. It has already effected substantial econ omies, working to bring the budget within sight of .a balance before the current fiscal year is over. Thus it is tackling the debt problem at its source, which is spending. ' Throughout the : nation's history prior to World War I, there was no debt limitation as such. When the Government had to borrow, Congress voted specific authority setting amounts and terms of issues. But the public debt wasn't the problem then that it has become since. The Government owed only about $1 bit lions just before we entered World War II, and the highest total prior then was $2 billions in 1866 as the result of the War Between the States. First Limitation $7 Billions The initial debt limitation, totaling $7 billions, was set in the First Liber ty Bond Act of April 24, 1917, less than three weeks after war was de clared. This sum was divided between the bonds and certificates, with limi tations on each and this practice was continued for some two decades. The first over-all debt limitation as we have it today, without a specific ceil- ing on the amount of any type of is sue, dates from 1939. As the result of the deficit spend ing of the Thirties, combined with the outbreak of war in 1939, the public debt ceiling was at $65 billions when the. United States entered World War II in 1941. Four years later, in April of 1945, the ceiling had been raised to $300 billions. This limitation pre vailed until June, 1946, when it was cut $25 billions to the present level. Familiar Foot Work Brown What made you start clap ping your hands when that woman stepped on your foot in the crowded car Barlow I was dozing and I thought my wife was giving a musicale and was signaling that it was time" to ap plaud. Safe Passing Urged To Curb Accidents Truck driver passing techniques have been issued by the North Caro lina Motor Carriers Association in an effort to halt the rise in fatalities caused by motorists driving 6n the wrong side of the road. .'.- ' Using "Speed and Safe Passing" as the July theme, NCMCA Executive Vice President J. T. Outlaw announced this phase of the current trucking in dustry Safety Campaign. "Sixty per cent of traffic fatalities last year were caused either by ex ceeding the speed limit or driving on the wrong side of the road," Mr. Out law reminded. "We in professional driving feel that many of these acci ' dents could have been avoided had the drivers known the fundamentals of safe passing." There are four general requirements for a safe pass. They are: 1. Adequate sight distance. The faster you drive, the farther ahead you must see to pass safely. 2. Distance judgment. Over five average city blocks are needed in passing a vehicle moving at 40 miles per hour when vou are doing 50. 3. Knowledge of what's behind you. Check the mirrors carefully to be sure no one is about to pass you. 4. A running start.. Be sure you are proceeding at a much fast rate than the vehicle being overtaken and passed.' "Courtesy comes into passing," the trucking official concluded, "when someone wants to pass you, why not slow down and pull to the right? The other fellow has a right to pass." SMOKE CAMELS See for yourself why CAMELS lead all other brands! ....a rir.MtETTES .Sill M bj2s4-43JW ruct ..DLMBraii BranA4AA0fn' if U.U I U1 i A Come see how this beautiful car gives you driving benefits you simply can't buy elsewhere ... at any price! Exclusive Chrysler-built Features Hemispherical Combustion Power Full-time Power Steering Oriflow Shock Absorbers Independent Parking Brake Cyclebond Brake Linings e Original "Safety-fiim" Wheels e Safe-Guard Hydraulic Brakes Chair-high Seats WE SUPPLY YOUR BIIIDIKG KB t Bricks , Cinder Blocks . ' , 4 ( Cement Blocks Cement Pipe ; Mortar , Cement -Sand ' ' N Rock Asbestos Siding ; , . t , Asphalt JRoofjng -5-V Galvanized Roofing; Galvanized Roll Roofing Nails-. : Building Paper ; r '" Sheetrock 6, 7, 8 & 9-f t. " r Shower Stalls ; Disappearing Stairways Glidden Paints Marsh Kitchen Cabinets . ; Plywood (all sizes) . ' Armstrong Ceiling Tile . . : Armstrong Monowall American Standard & Elgtr Plumbing JFixtures - Supplies ' Windows ' " , Doors .. . -Screen Doors , - 3 , Electric Water Pumps Galvanized Cutters 1 d6:& Round Roll (" Tar P'aper'' ' ; ' Bathroom 'Fixtures PLU11SING. nm LUILDING SUKIV CCHTAIJY ; 1 ! Drive a Chrysler and learn the difference . . . the tremendous difference . . . that exists k between it and every other car on the road! Differences that mean greater safety for you . .. more real drive-power ... far easier han dling . . . far sounder quality without having to pay extra! All this extra Chrysler quality and superb per formance can be yours right now in America's most beautiful car to drive. See your Chrysler Plymouth Dealer for a wonderful Chrysler ' "Power Ride"! Standard Chrysler Equipment That Costs Extra on Most Other Cars Power Brakes (Standard on most Chrysler models) Electric "Constant-speed" ' Windshield Wipers Fluid-Matic Transmission Back-up Lights Directional Turn Signals Foam Rubber Seat Cushions Factory Protective Underrating Stainless Steel Wheel Covers Steering Wheel with Horn Ring Oil Bath Air Cleaner Oil Filter . FirePo wer '"nt i- , ikm Ava0ab)Th Nw Chrytiw Alrtamp Air-Condltlonlng System for Chrysler Can V '.I I I TOWE - WEBB MOTOR CO,, INC.. ri"8 5401 rrJ,N .C. r 1
The Perquimans Weekly (Hertford, N.C.)
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Aug. 7, 1953, edition 1
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