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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (April 24, 1962)
10 A TUESDAY. APRIL 24. 1962 MEDFORD MAIL TRIBUNE, MEDFORD. OREGON fey. Your Money's Worth By SYLVIA PORTER Copyright, Hall Syndicate, Inc. Hew To Tell the 'Troth In Landing' vi The "Truth In Lending" bill-under which all lenders would be required by Federal law to tell you, the borrower, what you are being charged for credit in terms ol dollars and cents and a simple annual percentage rate on your un paid balance-is apparently to stay bottled up in a Senate subcommittee for the rest of this session of Congress. So, you'll have to continue to police your own credit deals and see to it that you don't pay a lot more interest than you need to or suspect on your on-the-cuff purchases. Most Americans think they know what they're paying in interest when they borrow to buy anything ranging from a toaster to a car or house; few do, and their own ignorance often costs them utterly unnecessary and startini'ly big sums. Most claim to understand that nothing-down-take-a-lifetime- to-pay transactions are expensive; few do understand just how exypensive this way of financing is. - The Truth In Lending bill isn't dead and, In fact, pub lic hearings are slated to begin on it in Washington on May 8. Originally proposed by Illinois' Democratic Sen. Paul Douglas, the bill receired a powerful push last month when President Kennedy included a plea for its passage In his catch-all "Protect the Consumer" message to Con gress. But the Douglas subcommittee is itself badly split over the bill, and opposition to it is acute among a broad cross section of businessmen and financiers. No one publicly dis agress with the principle of full disclosure of what consum ers are charged when they borrow. (Who would dare oppose truth in lending?) But opponents insist that in some types of installment loans, it's impossible to express the charge in terms of a simple annual rate and many retailers couldn't comply with the law. They forecast that instead of help ing consumers to shop more wisely for credit, it would con fuse them more, for retailers would bury the charges in the prices of goods and services. With this sort of opposi tion, the odds are against this bill now. . Since, therefore, you'll probably have to be your own sleuth, here's a short guide through the bewildering maze of loans available to you today and the rates charged. If you borrow $100 for a full year at 6 per cent and pay back $106, at the end of 12 months, your interest is what it seems to be-a simple 6 per cent. You've had the Use of the full $100 for 12 months, you pay your $6 at the end, the 8 per cent Is the true rate. " If you borrow $100 for a year at 8 per cent, pay the $6 (n advance and pay off the loan In 12 monthly instalments, your rate is roughly double the figure quoted. You pay off half your loan in six months, you have the use of an aver age of around $50, not $100, for the full year and you paid the $6 in advance. Your true rate of interest is a bit more than ll'i per cent. If in addition to the SS you pay In advance on the 'above loan you pay a $2 investigation fee, your true rate ii higher. You get $92, you pay back 12 monthly amounts of $8.33, your rale of interest over the year is IS. 7 per cent. ' If you borrow under one of the popular "l'i per cent a month" arrangements-or 2 or 2Vi or 3 per ccnt-your in terest is considerably higher. For l'4 per cent a month multiplied by 12 months, works out to 18 per cent a year, 2 per cent a month works out to 24 per cent a year, 2 per cent comes to 30 per cent and 3 per cent comes to 36 per cent over the year. And don't kid yourself on this. . Almost half of America's families use instalment credit, and this type of borrowing alone totals close to $43 billion. The invention of instalment financing has been one of the Saturday Events To Mark Council's 50th Anniversary Rogue River Council of the Knights of Columbus, Med- ford, will celebrate its 50th anniversary Saturday, April 28, with events throughout the day, climaxing with a dinner. Events are being arranged under the co-sponsorship of John L. Hochstatter and Bill Dugan. Mass will be celebrated at Sacred Heart church at 10 a.m., 'followed by a no-host breakfast at Stanley's restau rant. The early part of the after noon will be devoted to visit ing, including tours of the Rogue valley and stops at the new St. Mary's High school and the council building now under construction. At 2:30 p.m. council mem bers and visitors will view the annual pear blossom festi val parade in downtown Med ford. From 6 to 7:30 p.m. a social hour has been planned in the Starlite room of the Rogue Valley Country club. The an niversary dinner will be serv ed at 7:30. Guest speaker at the dinner will be the Rev. Howard Kenna, president of the University of Portland. Reservations for the dinner may be obtained by writing to John Mansfield, 201 Crater Lake ave., Medford. According to Dugan, only two charter members of the Rogue River council are liv ing. One of them, Jens Jen sen of Medford, will be at the anniversary celebration. The other Is Guy Conner of Portland. Corvallis Business Firm Damaged by Fire Corvallis - (UPD - A fire damaged the Star Trading Center, an electrical appliance firm, here Sunday The inside was badly black ened. The cause was under investigation. Red Cross To Host Field Director Jackson County Red Cross chapter will be host to Red Cross chapters representing 13 counties in Oregon on Thurs day, April 26, at the Red Cross building, 60 Hawthorne ave. Guest speaker will be Ed Siemons, Red Cross field di rector at the Portland Air Force base, who has recently returned from duty in Europe. During his stay in Germany, as a field director near the East German Border, he ac cumulated many color slides of service men and their fam ilies showing their living con ditions and other activities. The program starts at 10 a.m. and the public is invited to attend the morning portion of the program. Following lunch, the Red Cross representatives will be taken on a tour of the Vet erans Administration domicil iary. Guests desiring to view the slides and to hear Sei mons' program as well as re main for the luncheon, are to call the Red Cross chapter SPring 2-4405 for reserva tions. Apartment Fire Takes Two Lives Milwaukee, Wis. -0IPH- A predawn fire burned out a three-story brick apartment building today. Fire departs ment officials said two per sons perished in the blaze and six others were hurt. The county medical exam iner's office would confirm only one death, that of Mrs. Olga Gross, 66, whose body was found in a second-story flat. Authorities said the blaze, which started in a first-floor storeroom and burned upward through the walls of the struc ture, was discovered by one of the residents about 3 a.m. Firement said they didn't know the cause of the blaze, which caused an estimated $50,000 in damage to the building. greatest contributions of our century to our high living standard and economic prosperity. Its benefits far out weigh its costs to consumers. But, of course, there's no justification for your having to pay unnecessarily high rates for the privilege, no reason for you to be ignorant of what you're paying. Shop for credit with the care you shop for the car or TV set you buy with the credit. Compare costs on various types of loans before you sign a contract. You'll save plenty. The Family Council Editor's Not: The family Council comlita ol a Judsa, a psychia trist, thrca cltrgymcn, threa editors and a woman's editor. Each arUcIa is a summary of an actual case history. The Council reports on prob lems that have been deal' with by responsible agencies and counselors. (Copyrlfbt by General Features Corp.) Frances Y. She's taking a job away from a woman who may need the money. Grace G. I want to get back into the thick of im portant doings. see Frances Y. Grace has been my close friend for 20 years. We're both in our 40s and our children are grown. In our spare time we've been helping to run a thrift shop to provide funds for a mental health clinic in our neighbor hood hospital. Now Grace wants to desert me and the committee to take a job with pay. She doesn't need the money. Her husband, like mine, has a fine going business and provides well for his family. I think she's doing an unwise thing from three angles: taking a job from someone who really needs it, taking on new headaches and forsaking the important work she's been doing where she's needed urgently. Grace B. How can one person, even one who knows me as well as Frances, tell what another person really needs? True, I may not need the money of a paying job, but I do need the satisfaction of knowing my services have some value in the business world. Since I went directly from the support of my father to the support of my husband, I have never had the thrill of earning a regular salary. As a student, I held a few part-time jobs, but I want to see how I fare now as an adult worker. According to the wants ads, I won't be depriving anyone. There are plenty of calls. And while I'll still try to pitch in as a thrift shop volunteer, I'm eager to try a schedule that's strictly business. The Council: What Grace calls a "schedule that's strict ly business" is maintained V hundreds of efficient volun teer workers who, as the back bone and elbow-grease of most community improvement proj ects, crowd high-caliber serv ice into their no-cash return careers. So Grace's proposed switch from non-paying vol unteer work to time-clock punching is prompted, we gather, by curiosity about a world she has never known not by a desire to be more businesslike. Of the arguments "contra," advanced by friend Frances, we'll buy only one that is Grace's possilble illusions as to what the workaday world demands, the new headaches she may be inviting. After years of being able to lie down at home when tired, break appointments, beg off commitments, run over to a neighbor on impluse and be ing boss of most of her hours, can she learn to jump into trim costumes, bolt breakfasts and show up bright and ready each morning at 9? Also, will the sketchy (by comparsion) attention to her home make the place depress ing to her and her family, bring it an ophaned look? Even with outside help, a household doesn't have that serene purring one an on-the scene housewife can give it. France's attack on the fi nancial injustice of a woman working for money she doesn't need is not valid. As Grace says, who's to determine "need"? She may "need" to convert her contribution to the thrift shop from services to cash! While she may not need dollars for bread, she may need the lift that comes from having her own funds for extra's with which to sur prise her husband and family. In the present labor market, there are jobs for women, skilled and unskilled espe cially part-time ones in abundance. We trust that Grace will Couple to Attend San Diego Convention Mr. and Mrs. H. A. Mauck of the Medford TraveLodge will leave this week end to attend a three-day co-owners conference to be held at TraveLodge headquarters in San Diego, Calif., April 29 through May 1. Mauck is an alternate com mitteeman for the TraveLodge corporation in the Pacific Northwest area. More than 400 co-owner partners from all over the country will attend the conference. "tithe" with her time for vol unteer work, that is, give a tenth at least, if not more. But we understand her desire I energizing challenge of out. for the varied contracts, the I side employment, and we wish, on-your-toes stimulation, the; her well. TRY SUNNY BROOK YOU'LL LIKE EVERYTHING ABOUT IT! mm OLD j SUNNY ! i BROOK i l c&w ! KENTUCKY j BLENDED WHIBKEY j CWAv BROOK STRAIGHT BOURBON m A REMARKABLE PRICE HAS BEEN POSTED FOR SUNNY BROOK-ONE OF AMERICA'S FINEST WHISKIES Sunny Brook enjoys a nation-wide reputation as a mag nificent Kentucky whiskey, Try the smooth, 90 proof Straight, or the smooth and extra mild Blend. Either way you'll like the change, 095 Lm FOB THE STRAIGHT OR THE BLEND DID SUNNY SHOOK Ml. CO.. UUWLlt, Iff. KEN V SMI Mtfflffl WHISKtT 90 HOOF, KtNtUtKT BUNDED WWSKFV 86 ftOOF, Kit GBaiN NtlHMl Ml OAK GROV1 WED. Through SAT. Q URNI 2784 West Main-Medford, Ore. LasS 1 'Hi k mZi URE Phone SP 3-1564 Brings You Our First Great Clearance of Fine Furniture at Public STARTS WEDNESDAY, APRIL 25 Doors Open 8 a.m. -Be Early! TWICE: DAILY 1:30 P.M. and 7:30 P.M. thru SAT., 28th r. showing our appreciation to our customers of past buji- mmmmmmmmmmmm'mf by tolling this merchandise at Auction Prices. This is a 1 C "V k f " V""Ti (l e for new people in the area and our customers in the 1 I II W Jjl " If gr I lo buy quality furniture at auction prices. As most people V 1 III 1 I I (ilk I I area know, we do not have a sale here often, but when 1 j IV A lV I o it is a real sale. Don't miss this opportunity! I V ' KJ J 1 Sianed: Bob Rombnrh Aunr asaaassaasaaBBaaaiM -siiisaaaBBsaafl 2784 W. Main - Medford, Ore. SP 3-1564 LIKE A THUNDERBOLT OUT OF A CLEAR SKY! Come to this Auction it is a most important event for the people of Medford and vicinity. Doors Open 8 a.m. Daily For Selecting and Inspecting AUCTION STARTS AT 1:30 P.M. Com. early and select any it.m you wish. It will b. plac.d an the auction block for Immediate sale. REMEMBER - Highest bidder Buys! Don't Miss It For Anything!! Let nothing keep you from being here when the auctioneer's hammer sounds the opening of this Sensational Sale of fine quality, Name Brand furniture. It's an opportunity of a lifetime. REMEM BER the highest Bidder Buys! WE MUST LIQUIDATE $20,000 of this $40,000 STOCK. You can buy one piece or a houseful. OWNERS OF APARTMENT HOUSES, HOTELS AND MOTELS ARE CORDIALLY INVITED. $79.50 Inner Spring Mattress Given Away Last Night of Sale! BID ON THES ITEMS AND HUNDREDS OF OTHERS Carpets Odd Bed Stead Bunk Beds Davenos Dinnettes Tables Tapestry Maple Bedroom Sets Desks Headboards Chests Chairs Lamps Antique Mantle Clock Metal Dressers Stereos Sleepers Antiques China Closets Davenports Springs Ranges Pictures and Frames Refrigerators Brass Beds Trash Burners Provincial Sofas Mattresses Cook Stoves Office Chairs Odd Chairs 3 & 4 Piece Sectionals Recliners Unfinished Furniture Freezers Washers Cocktail Bar DONT FORGET - THERE'S MANY, MANY MORE NOT LISTED HEREI FREE GIFTS at Each Auction Nothing To Buy To Participate in FREE Drawing Bring Truck, Trailer, Wheelbarrow or Pickup.
