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.