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Rappahannock County proved to be a stronger market than most during the past year, according to a national survey of business, just released. Its relative strength was manifest in the rising level of family income in the area and in the amount of consumer spending in local retail stores. The figures bearing this out are contained in the new, copyrighted “Survey of Buying Power,” issued by Sales Management, the marketing publication. It presents comparable data on income and spending for communities in all parts of the country.
In Rappahannock County, it shows, the amount of disposable money in the hands of local residents was above average.
Total net income locally, after payment of personal taxes, came to $8,326,000, as against the previous year’s $8,096,000.
Just what this was equivalent to, on a per-family basis, was determined by dividing the income figure by the number of local households. It averaged out, per household, to $5,947. The year before It was $5,783.
Despite the effects of Inflation, which cut into the purchasing power of people in all sections of the country, local residents still had a greater amount than usual left for discretionary spending.
And, although many consumers were more hesitant than at other times in their purchasing, because of their concern over the war in Vietnam and the threat of a recession, they did spend freely enough to give local merchants a good year.
As a result, Rappahannock County stores were able to chalk up gross sales of $3,954,000.
Because local consumers did not spend as much as they were capable of, more of their money went into savings and Into a reduction of their outstanding Indebtedness.
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