15 Aug 1955
Page 1
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This newspaper page contains 4 articles. Subscribers can read the full text of each article.
Newspaper
Indiana Evening Gazette
Location
Indiana, Pennsylvania, United States of America
Date
Aug 15, 1955
Page
1
The piece reviews rising consumer credit and installment debt, its rapid growth from 4% billion in 1938 to 26 billion by this summer, and how disposable income grew from 70 to about 269 billion. It notes concerns about debt size, debt quality, and a shifting attitude toward borrowing, with potential for tighter rules ahead.
Detroit Governor of Pennsylvania denounces professional boxing as controlled by a sinister hierarchy and urges a nationwide uniform athletic code. He cites a Pennsylvania Athletic Commission probe into the Harold Johnson Julio Mederos fight, supports a new state boxing code, and links television and advertisers to centralized power in boxing. He says he will lift the state boxing suspension once the code takes effect.
The piece notes Americans owe far more in consumer and mortgage debt than prewar, though incomes rose. It cites 112 billion dollars in total debt against post tax income 212 times larger, while 45 million hold jobs. Officials fear a dangerous boom if the rise continues. tomorrow asks about debt quality and family trouble.
United States proposes India assist in repatriating Chinese in America who wish to return to the mainland Shanghai talks between Johnson and Wang proceed in recess with no clear progress. The plan would have affected travel arranged by Red Cross via nearest Indian consul, with India declining comment on role. Authorities warn Formosa deadline for registrations and punishments for noncompliance.
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