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interest you now owe on the payment than the payment itself. If you had sent them money, what could they possibly have done with it which would yield a return as large as the one they are already getting just by letting you run up the interest on your bill?
Now, the banks also have a way of making a good thing better. If a person has an unpaid balance of, say, $10 at the end of a previous billing period, and charges $500 worth of merchandise during the current period, he may be dismayed to find that the bank has assessed
him the 18 percent late penalty on his entire bill of $510. This, we find, is standard practice.
Del. George Grayson of Williamsburg dropped a measure in the hopper during this session of the General Assembly which would have reimposed a cap on credit card interest rates. Under the Grayson bill, card holders could not be charged more interest than the rate the federal government pays on six-month Treasury Bills plus 6 percentage points. The current rate on the Treasury Bills is around 7.23 percent.
95.5%