The Birmingham age-herald., 1924-12-18

are buying too many automobiles, too many radios, too many phonographs hnd reords; that we are spending too much money on gasoline and tires and oil for automobile travel, that we are hndulging in too many and too expen- bive vacations; that we go too often to the movies and the theater. that the cabaret gets too much and the church plate too little of our money, etc.
 Here are extracts from a business edi- korial in Sundays New York Times: "Extravagance in certain directions IS lending to reduce the purchasing power of many. A striking instance of this was given during the week at the meet ing in Chicago of the so-called automo- | bile bankers. These persons are the ones who help finance the purchase of motor cars. Their business is of rather barge proportions, the estimates running hp to S2, ,000, ,000, ,000 or over in year. It bs asserted that between 75 and 30 per hent of the automobile business Is done lon time payment. What proportion of this consists of advances to dealers to enable them to stock up and what is due to the buying of motor cars on in- stallments is not exactly clear. These hata appear to confirm the general i'm pression that there Is a good deal of buying of automobiles on the part of
  khem and who in paying for them must
 stint themselves in other directions" l. I feel that I am entitled to do what ! h like with my own money so long as D pay my debts. You are entitled to take the same
 bstand.
 What are the facts? The doctors are leternally telling us that we Americans \ leat far more than Is good for us and that the national health would be very tmuch better if we ate less.
 Therefore, if 1t be true that our buy 7 ling of what our critics call "luxurtes" ' bs going to cut down our overeating, S lisn't 1t a mighty good thing?
 HI As for the complaint that we are buy < ling too little clothing, have you noticed HIanybody going around half naked? AS \ Ia matter of fact, the American people, particularly those of small or moder- 4 late incomes, are better dressed than <khe corresponding classes of any other *Icountry in the world.
 Ell After all aren't those who find their Hlchief happiness in sporting swell clothes Eiusually rather shallow citizens? M For my part, I have had infinitely knore satisfaction out of owning an au- | Hh get more pleasure from listening to *kpeech like Owen D. Young's come over 1 1khe radio than I get from donning a Idress suit, and I get more thrill rom 4 Ia good photograph record than would REget from swaggering in the latest cut s Rof overcoat.
 III Are we so terribly, foolishly extrava- Sgant as our critics picture? This year 6Ione, we have taken out $13,50O, ,0OO,O 900 fA fAof insurance, an amount never before 9 leoualled, Our savings bank deposits |lkoday stand at $20,S73, ,56R.0 also the | highest total in our history. Probably \ RO people own bonds today for every 6Bone who owned a bond 10 years ago, NAand the number of families who own | 8or are purchasing stocks on easy terms Hhas multiplied many times during recent 4 Wears. We have more home owners to- tEday than ever before. Does all that . .isignify reckless extravaganza! What is genuine thriftiness? M. S. &tRukeyser, financial editor of the New |tFYork Evening Journal, in his excellent |IAnew book, "The Common Sense of 0kMoney and Investment" well says: II "The man who denies himself good |IObooks, visits to the theater or the op- |llera. travel and a vacation once year, |lhf his means permit, so that he can ac- IN cumulate capital faster than ms ln- |lcome justifies. is not really thrifty in |)Ia higher sense of the wold. Money IS power and the true use of Ilmoney is neglected by the miserly in- whose passion in life is hoard II Ming funds"
 II Do not despise thrift and economy, |lIfor nearly every successful life Is |llfounded on them. But that life Is not successful which has not Il iIfasted happiness.