Northwest Arkansas Times from Fayetteville, Arkansas on May 1, 1974 · Page 23
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May 1, 1974

Northwest Arkansas Times from Fayetteville, Arkansas · Page 23

Fayetteville, Arkansas
Issue Date:
Wednesday, May 1, 1974
Page 23
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Page 23 article text (OCR)

Arkoiwo. TIMES, W*d., Way 1, 1974 Inflation Brings Consumer Credit Squeeze By J O H N C U N M K F N E W ' Y O K K (AD -- As consumers f i n d themselves caught in the pincers of rising prices and shrinking b u y i n g power, credit officers are growing a bit apprehensive about the quality of their loans. Similar conditions in the past almost always have caused the number of "slow pay" accounts to riso a u t o m a t i c a l l y , and almost nobody experts this year to be an exception. Evidence of deterioration already is clear. What makes this year's situation potent tally critical is the likelihood that i n f l a t i o n continue 1 u n a b a t e d or at a high level for many m o n t h s more. possibly accompanied by a deteriorating economy. i Thc worst s i t u a t i o n seems t o i exist En mobile home loans. | where delinquencies for the J a n u a r y - F e b r u a r y p e r i o d rose sharply to '3.34 per cent, and repossessions averaged 7.2! per' 1.000 loans. . The A m e r i c a n B a n k e r s Association, which made the report. considers n loan delinquent when a p a y m e n t is more l h a n 30 d a y s overdue. However, some m e r c h a n t s and lenders also report d e t e r i o r a t i o n ot non- delinquent accounts. D K M N Q I T K N C Y R A T I O William Ford. ABA chief economist, said the delinquency ratio {or all installment loans rose lo a record high of 2.(i!l per cent, breaking the previous high of 2.53 per cent set in the f i n a l two m o n t h s of 1973. The situation in the home mortgage 1 area is less clear. While ihe Mortgage Hankers Association reported delinquencies for thc f i n a l q u a r t e r of 1973 at a 20-year h i g h , savings and loan associations found little or no increase. The mortgage bankers said 4.7 per cent of its loans were a month or more past due in the f i n a l three m o n t h s of the vear. topping the previous high of 4.6ft?) per cent in thc comparable period of 1972. The U.S. League of S a v i n g s Associations reported, however, that "The recent r u n a w a y in- ion appears to have had no a p p r e c i a b l e effect on the regu- l a r i t y with which the American f a m i l y pays its m o r t g a g e payments." It reported that loan delinquency for thc f i r s t quarter of 197-1 was only .82 per cent, or less t h a n 1 per cent of all its lonns o u t s t a n d i n g . A year ago the rate 1 was almost identical. The- savings associations use a much more liberal measure of what constitutes a d e l i n q u e n - cy, at least f r o m the borrower's point ot view. In its comp i l a t i o n s a l o a n isn't delinquent u n t i l it is CO days overdue The.-e are the delinquency ratios compiled by Hie ARA for v a r i o u s types of i n s t a l l m e n t loans, l.CC per cent, no c h a n g e , indirect auto loans ( t h r o u g h a u t o tlcnlcr), 2.55 per cent, up 3 per cent. Regional Planners Will Meet Tonight SPR1NC!DAI,K -- The N'or- \ h w o s t Afk;ms;n Hc^ifinal P l a n n i n g Commission will meet in ;] special SLSHIOII limight at 7:30 p.m. in the Sprinyclnte m u n i c i p a l court room in tlic c i t y a d m i n i s t r a t i o n building. The comrnissirjn members and representatives from each t o w n in lienlon and W a s h i n g t o n Counties lo consider adoption of t h e Northwest A r k a n s a s Regional Water Quality M a n - agement p!un. The plan was presented to thc public at a hearing last week. At that lime commission members voted to lable action on Ihc plan u n t i l f u r t h e r s t u d y i n g it and u n t i l more commission members and town representa- 'ives were present. Big Auto Makers Predict Improved Market DKTKOIT ( A P ) -- The liie] Kord II and President la- Three a u t o m a k e r s , coming n f f ] C o c c a said. "We are encour shai-p r i r s t - q i ' a r t e r profit dc- jline.^, arc forecasting an i m proved m a r k e t for Die remain tier of l'17-l. But sales appiirent- ly won't hounce hack to 1873 levels. Ford hccfiinc the industry's ltiir:l loser Tucsdas 1 when it reported J a n u a r y - M a r c h earnings fell (i6 per eent to S12S.6 m i l l i o n from a record S3fil million for the f i r s l quarter ol 1973. Worldwide sales of 55.5 billion were off U pei- cenl from the same period in 197U, Ford said. However, Ford's lop officers predicled Ihe second q u a r t e r would m a r k an improvement in thc industry's sales picture. Without citing specific sale.' figures, Ford C h a i r m a n Henry by indications thc U.S.' auto market, is beginning to t u r n u p w a r d . " Their forecast echoed pre- diclions made by General Mo- lors and Chrysler executives after those f i r m s reported steep profit drops of 85 and 98 per cent, respectively. Ford's earnings decline was less severe than its competitors' because of its penetration of the small car market, recently boosted by a sagging economy and consumer fears of gasoline shortages. The most recent auto sales figures indicate the market is leveling off at sales about 26 per cent below 19711 figures, slight improvement over the J a n u a r y - M a r c h period. Ford blamed its profit decline on soaring costs and a big-car sales slump. Ford said its U.S. small car sales led the other auto makers, and accounted for naif its domestic sales volume. While Ford made $124 million in the first quarter. GM returned just $120 million, baser on sales of $6.9 billion. GM per share earnings were its lowes since 1948, and Chrysler's prof its of $1.6 million were its wors 1 since 1970, when the firm showed a loss. Ford's U.S. car sales were of 24 per cent, but Ford's share o the domestic car market in creased from 24.8 to 25.6 pe cent. On the strength of a bullist f i r s t six months, Ford ende* _..J with record sates ot vti billion and all-time high profits of J906.5 million. American Motors, the only U.S. auto maker with 1974 sales r u n n i n g ahead of last year's pace, was to release its profit report today. POA Shows Set The Arkansas Pony ot Ameri- Club will hold two PDA shows this weekend at the indoor arena of the Benton County Fairgrounds. Frank Tarr of Rogers, POAC president, said entries from eight states will be competing in the class A open show on Saturday and a Class A show on Sunday. The shows start with halter classes at 9 a.m. with performance classes in the afternoon. Fines Levied For Illegal Contributions W A S H I N G T O N ( A P ) -- The- Northrop Corp.. a major government contractor, and two of its senior o f f i c i a l s pleaded guilty in U.S. District Court today to m a k i n g illegal contributions to President Nixon's re-election campaign. The c o r p o r a t i o n find Thomas V. Jones, its hoard c h a i r m a n and chief executive officer were fined 53,000 each. James Allen, N o r t h r o p ' s vice president, was f i n e d $1,000. The f i n e s wore assos.sccl by U.S. District Judge Gcnrgc L. Mart Jr. under rt law b a r r i n g political contributions where thc contributor is a major gov- e r n m e n t contractor. Harl said the 1!1-1(1 law has never before Ioen invoked and indicated that was .1 reason for which could have tola led as much as f i v e years for Jones and one y e a r for Allen. "If there ever comes before rne n case on or a f t e r t h i s date of this n a t u r e somebody most certainly will go to jail." Mart told t h e m . The i n d i c t m e n t charged that from between M a r c h 15. 1972 to last M a r c h -1 the California ba sed - a t ros p ;ic e H r m c on - tributed about $150.000 to HIP Finance Committee to He-Elect the President and its C a l i f o r n i a branch. The mone-y was provided by a d v a n c i n g N o r t h r o p corporate f u n d s lo a E u r o p e a n consultant associated w i t h t h e f i r m who in t n r n made t h e contributions, the i n d i c t m e n t said. McCord Hopes Panel To Study What Went Awry W A S H I N G T O N (AP) -James W. McCord Jr.. say? he i assumes t h e Senate J u d i c i a r y ; CominiiK-t 1 \\ mild conduct ;i ! post-mortem of "wlisu went i u r o n g " \viin. thc J a n u a r y 197;-!: WatETjjatc 1 b r e a k - i n iria! i n ' which h (· w t! -; con vk't ed. ; In testimony prep tired for lo- d a y - fiimmUu-j h e a r i n g . : McCord a-keel why others hijfh in ;h? a d m i n : - t r i l l i o n \vero "not · found o'.] 1 . and brought to i n s - , tice." "\V3? it a c c i d e n t a l or otherwise? Were the prosecutors and the J u = t i C T D e p a r t m e n t a c t i v e - ly or pHr-siveiy a p a n of the-' cover-up i t s e l f ? " he a ? k e d , j Sen. Sam . f . K r n n Jr.. D N T ,C.. called Tuesday for an i n : dep'-h committee investigation of haw thc- Justice Department. h a n d l e d the- inve?:i£ra:3cm and prosec-ution of the burglary a n d ' bugging of D e m o c r a t i c head- · q u a r t e r s in the- Watergate b u i l d i n g corn pies. Ervin's s t a t e m e n t w a s m a d e at the c o n t i n u a ' i o n of the committee's hearings on President N'i xon' s n o nj i n a ti on of Ear] J, Si 1 ben, the.* o r i g i n a l ^ V a t c r e a t e prosecutor, to IK- the U.S. attorney in W a s h i n g t o n . Silbert testified las: week h e , had tried to break open the whole story hut h-.-.\ been : thwa rted hy lies, h a! f t r ul hs , and withholding of i n f o r m a t i o n . . ! Pastor To Speak ! The Rev. C l a i h o r n e Bell, p a s - ; tor of First United Presbyterian Church will be b a c c a l a u r e a t e speaker at the College- of t h e i Ozarks on May ]9. j He is en the Arkansas Pros- ; bytery's planning council, the i budget and priority council and the stewardship and interpretation committee. The ceremony will take place at 10:50 a.m. g.vjBifihell- ~-*cJLewi V-9 BEAUTIFUL YOU SALE Dana Stick Cologne--Tabu and Ambush. Reg. S2.50 Sale $1.00 Houbigant Spring specials: Cologne $2.75; Cologne Spray $3.00 -- cream perfume $2.50 -cologne spray and bath oil set $3.50. Prince Matchabelli Wind Song spray cologne and perfume Reg. se.50 Sale $3.50 Cachet spray cologne and perfump set Reg. §6.75 Sa | e $3 95 Golden Autumn spray cologne Intimate spray cologne Special $2.25 Revelon 2nd Debut lotion and clean er set. Special $6.00 Intimate Spray Cologne Special §2.50 COSMETICS STREET FLOOR SAVE 20% A Spring Dress The entire slock of girls dresses are of great savings to you. Assorted styles From halter lop sundresses --tic backs, smocks and long dresses. Sizes !-GX Reg. $5.50 to $16.98 Sale 4.40 to $14.35 Sizes 7-14 Reg. $10.98 to $18.98 Sale 8.75 to 15.15 I'anfsuiis not shown Also Reduced 20% Sizes 7-14 GIRLS DEPT. nd FtOOR roA. Sale Starts Tomorrow Open 9:30-8:30 A Beautiful Dream SAVE 15% Sleepwear by "Shirey" Shortie Pajamas, Long Gowns, Casual Shorties, long peasant styled. Also fancy Baby Doll Shorties with Bikinis. Robes to match. Sizes 4-6X. Reg. $5.00 to $12.00 Sale ?4.25 to $10.20 Sizes 7-14. Reg. ?5.00 lo $17.00 Sale $4.25 to $14.45 CHILDREN'S DEFT. SECOND FLOOR MAY WEEK OF SALES! OUTSTANDING GIRL'S BUYS · Toenform--white nj'lon bikinis, sizes M ami L. Reg. 89c · TeDiiform--"FIRST P R I Z E " bras--Reg. $1.75 · SHIREY--half slips, sizes 8-14. Reg. $2.00 · SHIREY--Caftans--assorted prints--sizes M-L. Reg. $11.00 Sale 75c Sale $1.20 Sale $1.60 Sale $7.90 OUTSTANDING BUYS Infant baby carrier'w/carrying handle lerry cloth pad cover. Reg. $14.98 . . . . S a l e $11.98 Folding booster chairs, steel frames. Ren. ,(* 98 lo $8.98 Sole $5.50 fo $7.00 "GtRBER" Carry-ail bassinettes -- convert fro n diaper bag to bed. Reg. $16.98. .Sate $12 75 "PETERSON" back-pack baby carrier. Reg. $9.93 _ 5 a | e $4.98 Bassinette mattresses -- assorted paslels. Reg. $2.98 Sale $2.3IS Toddler sleepwear by "Shirley". Size 1-4. Reg. $5.00 to $10.00 . . . . S a l e $4.251 to $8.50 INFANT IlKPT. .cn""^"i "i «M! Values to $24.00 Name Brands from Regular Stock Savings $QOO 8 S1QOO 18 LADIES SHOES STREET FLOOR ''LITTLE TIKE" Left -- Toddler girls dresses in long and short styles sizes 2-4. Reg. $5.9fl to $13.25. SAVE 20% Sale $4.75 to $10.60 Infant girls and boys diaper sets, slack sets and dresses. Sizes S-M-L-Xl. SAVE 20% Other Items on sale at similar savings, BABY GOODS · "PETERSON"' baby strollers in plaid or pastel patterns -- reclining seats. Reg. $32.98 In SIM.98. Sale $26.35 to $27.98 · "PETERSON" and "PRIDE TRIMBLE// playpens and cribs--padded floors. Reg. S22.f)S io S47.M. Sale $18.35 to $38.35 · "I'ETEKSON" high chairs --steel tray, solids and asso ocl m-ints. Reg. $28.98 Sale $23.00 · " P R I D K TRIMBLE" dressing tables. 4 Ig. wick- \\ er hackcls. Reg. $39.98. Sale $31.98 M a n y other baby foods on sale at great SAVINGS. INTANT DEPT. SECOND FLOOR

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