Newspapers / Polk County News and … / Dec. 23, 1926, edition 1 / Page 9
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IW1 | I J_ n r.. luxation System I hurting Progress (Continued from Page 3) I ,??* in three ways: ... .it u'liils to drive out local I both iu individual and In . I l^.rate I ,xvn.l- li! prevents outside cap1^ from niiliIiiK in. both in iudt|" , i;;.| :n corporate form. Ifju"*' I cbirJ flinders the free use I, ,|,t. ,,^'iiaf which we now have L lie | >r way to illustrate these Lnts ' !" !il'vo' w?uld be to take Bui141'' l,ijj1 examples. | | privt-s out local capital: The Lr example w ill be the case of a w husband has left her p fiiatc of f 100.000". Income in I,.# ease was the principal thought I the l.'.si 'ltd. combined with as ijCl sa!i-:> as possible. He nat auy. tin t* i'jfto, put his money ineat-s railroad, public utility a iciiiisi rial securities. We xyill Kr thai !-> widow's returtr is 5 Chart No. 2 [^H^,u? uh.i! would cost this widow [ ;:Vt. \uiious sections of the This *ciws tho following I Hiitm r?'- 00 > ^K,;* 12 H?* York ?. :ty 30 Buhinstr:- l?- C 300 I'^LlsvuV. Ky. ... 400 f ^KpicniC . it. 1 400 I Conn 400 ^peimctid. Yu 415 ^Esston. X * 3,500 tjk> >,,, :i! illustration would be ^H? case of i citizen, say of ConHri, X C. who builds up a large Hji:iu>.v< ufacturing towels. He Hros ni ' the stock of his mill ^ niself ami we will say hie has .^Harhed the time of life when he Hit:.'; to t.u it easy and give over He mar.acrment to others. Being V frud- ::' man he realizes that he ( ^Hould : have "all his eggs In one ^Hsket." particularly in such a haaHdous business as cotton manufac^Jna??especially so since his wiBe H h:* children might not be abe to IHnduc! the business with the skill ^ d success which he himself has Horn Suppose he sells all of the I Ho.Y ::: his mill, receiving $4,000,000 ! Ho invests this cash in bonds. | It So. 3 shows what it would this gentleman to live in North as compared with cither The figures are as follows: si. Kla 00 yr. Miss 1,087 "York, city 5,910 hncton, D. C 12,000 svil'.e. Kv 16,000 iird. Conn 16,000 iK>nd. Va 18.310 >rd, X. C 109,362 ves out capital in- corporate The two examples just glvv those of private individuals. 0 contend that our present tend to drive out capital in1 in coporate form. Chart No. vs an example of a corporarr.anufacturing, say, cigarettes, rr.s $2,000,000, a year. Its land buildings, machinery, etc.?In words, its tangibles ? are i at about $5,000,000, but due to irning power the stock has a :t value of $20,000,000. The shows what it would coat that ration to do business in several "tit states: rare $ 25,525 sylvania 44,333 Carolina 550,000 Prevents outside capital com ' Into the state; My second point ; |^Hhat our present tax laws tend to i ^Btnt oustide capital, both private ! M corporate, from coming into the '^ e. The first example would be Hi of a wealthy business man, Mr. . who has retired, owns most of I stock in his own business to ' associates and now has an es1 ^B of 1500,000, divided as follows: B**nty per cent, or $100,000, In < stock of his own corporation, | J^B.tw in bonds, taxable, and $200,< m bonds exempt from federal ! ^B' Will estimate his income at 10 ^B cent on his stock, 5 per cent on i i^H tax- xerapt bonds, giving htm H^Bstal yearly income of $29,000. ] |^B> is the type of man that every | |'^B* in the union is bidding for. A i Bt many of them come every .1 "^Bf to I'inehurst or Wes.ern North \ j^B'ina i have asked many why don't live here, .become citi1 ar:.s the answer invariably Is afford to." Here is what ft J i^B^ co-t this gentleman, in taxes, ; ;Hlive in various sections of Ihe H*-r- States: Kia $ 00 | York city 530 I). C 600 '^B8TiH-. Ky 800 ! , R. 1 800 ' Conn. ; 800 Miss.1 987 Bhaoii-1. Va 1,830 N. C 5,093' C-eensboro is shown simply | |^B* typical North Carolina city, 'c W* ()oeg this affect corporate 1 Again I state that our ! Six laws tend to prevent O iTiStol OAmfntr in+a thP |'l"w*? vvaiiug ii*w k"" T'lku the case of a corpora,(h . capital of $200,000, whose 83 is extending credit to build ?r improve farms. It investi^'orth Carolina?finds tihat we cri-iJit?that our people are f of credit, and the corporalovcs to this state. It lends its capital of $200,000 to the citizen: of Greensboro to build homes. Wi will say that it makes an income o 6 per cent on its capital or a tota of $12,000. We will deduct $2,000 fo running expenses, leaving a net pro fit for the* year of $10,000. Char No. 6 shows What it would cost Ii taxes for this corporation in the fol lowing locations: Miami, Fla 0i Washington, D. C 78i Providence, R. 1 851 Louisville, Ky 900i Hartford, Conn 1,001 Richmond, Va. . J l,9Si Greensboro, N. C. 5,001 Again, Greensboro has by n< means the highest tax in North Caro Una. Had the gentleman settled Ii Kinston, N. C., he would pay $7,001 in Ueidsville $7,900 and in Louis burg $10,000?this covers the .secorn point, e. g.?that our tax laws tern to discourage outside capital com ing into the state. 3.?Hinders the free use of capita which we to have: Now, as to th< third point that our present laws hlllHflr tho fpon ii q a r\f tlin r? onifti Uiuuvt VUV 14 VV uoc v/l LilV V,U^/1UU which we do have here, I think this is the most serious injury whicl the present (system works on us. Yoi gentlemen jean cite just as mauj instances to prove this as I can. I will give just a few: (a) For instance, our laws preven the sale of bonds. Bonds are th< safest investment ? the kind thai widows and orphans should invesi in?but our laws tend to prohibii bond purchases and encourage stoci purchases, which are more bazar dous. (b) The trust officer of a ban! told me recently that he had a hall million dollars in trust funds whict he would have been delighted to use as a kind of revolving fund to build up his city?to mak? long-term loans to land-owners so that they could put up buildings on vacant property, which in turn would In crease the taxables of the city which would tend to decrease taxes. In addition, the increase in buildings Would help to decrease rents, and hence make the cost of living very much cheaper, which in this city was particularly high. The tax rate was about $2.25, which would only give the trust officer's duty to his clinjets prevented this investment. North Carolina cities are building. I grant you, but just think of whot would happen if they had available, at low rates and long terms, a sufficient supply of funds. (c) Of course, this heavy tax on money is not paid by the capital itself?it is, out of necessity, paid by the borrower. In other words, our laws make money cost us more in North Carolina than it should, 1 know trust companies that do lend money on mortgages but they can't do it except by buying the mortgages at a discount and they add in the [local tax rate so that the. money [usually costs the borower at least 8 per cent. (d) Incidently, our trust companies in this state are badly handicapped in competition with outside trusts. For instance, a North Carolina trust fund investing in 6 per cent mortgages in a city with a tax rate of $2.25 will pay a tax of?. This same trust located in New York state would pay a tax of only?. I know a case of a manufacturing plant which has a surplus of several hundred thousand dollars which they are holding for the purpose of building a new mill. They have had this several years and would have liked to lend it out locally at 5 per cent, but the [tax laws forced them to buy Joint stock land bank yielding about $4.70. Conclusion: Innumerable instances could be given but these are probably /Sufficient tp :Pr?ve my third and last point, which is that our tax laws work their greatest harm in that they prevent the free use of the capital which we have in the state. Unless oapital is put Into the form of insurance companies or banks, which are taxed under a different system, it cannot be used to build up local industry. I said "it cannot be used"?let me qualify that by saying it cannot be used profitably if the lender complies with the law. Industry requires three thingslabor?management and capital. We have the labor?none better; the growth we have already made in Industry shows that we have brains necessary for thie management. But our present taxation system puts a ball and chain on the capital which we now have and erects a Chinese wall against foreign capital which, in my humble judgement, gentlemen, is greatly hindering the development of this great old state. Following Mr. Richardson's address, the board adopted a resolution appointing a committee, com posed of Thomas H. Wright, chair man; 0. T. Wallace and Nelsos j MacRae, and J. A. Taylor and J. A. Orrell, the latter two associate memj bers, for the purpose of taking the tax question into study with one onject of formulating some plan whereby the exhorbitant taxing of industry may be properly brought before the public. In submitting its report tc the board the committee will beai in mind that there has been no change in the state's plan of taxa tion since 1868 when the industrials of the state was 2 per cent and agriculture 98 per cent. The state Is now 70 per cent industry and 30 pei cent agricultural. Those attending the meeting in THE POLK COUNTY N S ; Noted Music Bowl Self Sustaining x^mmmmmS^ Symphony musto is now within t reach of the hundreds of thousand* and even at the modest fees of twentyJ five and fifty cents, the very finest of t symphony music In America can pay I for Itself. This la revealed by the annual report Just made by Raymond Bnlte, t toanager of the Hollywood Bowl, . America's greatest outdoor music audience chamber. The Bowl seats twenty thousand persons. During the : summer Just past concerts were glveh t three times Weekly. They were 11sl tened to by 293,0811 persons who paid $110,188.79. This gives a surplus of ! nearly $1,000 over expense. 1 The series of concerts will be given , I again next summer with world famous ] I conductors drawn from all over the world. CAN'T DECIDE WHETHER TO KEEP OR NOT KEEP HUBBY j BAYSIDE, N. V., ?Mrs. Tlwyne ! Stickinger just can't make up her jmind about Albert, who has been lier i husband, off and on, since Novemj ber 6, 1924. In the intervening two years she married him twice and now wants another "out" via the divorce court. eluded: K. H. Northrop, H. ('. Cantwell, Jr.. \Y. Z. Corbett, 1)< A. Herring, Georg- H- Applewhite, W. Ft. Oosher, John, I). Bellamy, Jr., J. A. Orrell, William M. Hill. I). It. Foster, W. H. Blair, M. M. Hewlett, J. A. Taylor, Thomas 11. Wright. J. B. L. Wade, Addison Hewlett, William B. Campbell, George W. Crawford, Lester Sisson, Paul A. Bergen, J. O. Roily. W. A. MoGirt. T. A. Groom. Jr.. W. P. Fletcher. Oliver T. Watlace, J. K. Thompson, Kdward W. Carr, T. B. Barr. II. G. Latimer, Jr., Louis T. Moore. J. It. llollis", R. C. Cantwell, J. 11. Sailing. L. K. Allen, M. J. Cowell Charles G. Cowan, Netson MacRae, J. W. Morton, M. Tt. deRosset, Roger W. Hewlett, Thomas L. Speiden, Wilhur I). Jones, W. A. Fonvielle, William Strut hers, Jr.. II. S. Richardson. Frank G. Harris, S. E. Davidson, C. M. Mtirrin, H. O. Carney. J. F. Yates, G. P. Willy, Jr., J. F. Henry. FOR SALE?Handsome mahogany Victrola in good condition, $150.00 model. Will sell for $50. Take a look at it. F. W. CRANDALL. STRAIGHT SALARY ? $35.00 per week and ex penses. ivian or woman with r-ig to introduce EGG PRODUCER, Eureka Mfg. Co., East St. Louis, 111. FOR RENT ? Unfurnished 3 rooips on 2nd floor in Private home, conveniently located and priced reasonable. Phone 165-B. f CHAS.J. LYNCH j f Real Estate t | Phone 173 Tryon, N. C* | *: *; ?? <$* ?> ++************************ I W. F. LITTLE I | NOTARY PUBLIC J f Tryon, N. C. * 4> -J- -I- -I- -It __ f !LfflfjC' - .sir,, V-. c akll^ & &.* :'?**% .-V. ." ..? * + Quality Meats, Air Cooled f Refrigeration % WILLIAMS MARKET | Phoru 32 Tryon, N. C. ? oumniiuiniininn? X EWS, TRYON, N, C., THURSDA' North Carolin Elaborate E: Shown At ' i All States And Foreign Countries Will Be Represented CHICAGO, Dec. 18?Plana have been completed for the annual convention and road alhow ^of the American Road Builders' association w'hich will be held in Chicago Jan. 10 to 14, during the good roads week. The convention will be attended by highway representatives from every state and from several foreign countries. H. K. Bishop of the bureau of public roads is general ciuuiuian 01 me program commmee and he has been assisted by Paul Tebbs, construction engineer of the Pennsylvania state highway committee, as chairman of the engineering section, and Sam Williams, vicepresident of tihe Autocar company, as chairman of the constructors section. Special attention has been given this year to select topics that are especially important and of great interest to the highway Industry. The first day of the convention will be "Governors' Day," Invitations have been sent to governors of all the states and to a few former governors who were especially active in sponsoring a highway program. Banquet for Governors After a visit to tihe road show the attending governors will be the guests of President Shirley and the directors of the road; builders' association at. the governors' day banquet. Wednesday, Jan. 12, will be Pan American day, and one half of the program will be given over to papers presented by engineers from countries of the western hemisphere outside the United States. Thursday, Jan. 13, will be designated at States day, set aside especially for state engineers and officials to visit the road show, and the state exhibits which will be held. Among the states that have already planned to send exhibits are Florida, Missouri, Nevada, North Carolina, lUkianoma, Pennsylvania, Soutn carojlina, Tennessee, Virginia. West Virj ginia, with several others now makj ing plans to be present. In addition to this exhibit there will be exhibits for Alaska, Canada, Mexico, Argentina, Cuba, Chile, Peru, and from our own Bureau of Public Roads. Special Rail Rates Granted Reduced rates have been granted I by all railroads. When buying tick!ets to Chicago, one should obtain a certificate from tihe ticket agent. This will be validated at the Coli-1 jseum and permit purchase of the return fare at one-half price. The road show, the greatest ex* .% I* + + + + * + | LOUNGING ROBi + j -? A item any man will welct because it gives him chance to blend comfort v appearance. We have |f kinds from the richest s 1 * to serviceable blanket clc * at? t $5 to $25.00 | NECKWEAR *?* f A special holiday array * the newest in neckwear, fi T * which any woman could | entirely "safe" in select % for th emost particular rr * 75c. to $3.50 I SHIRTS I? Everything that is in voj i* Shirts with collars attacl * with collars to match, pi t white, stripes, etc. | $1.50 to $7.50 T ! HANDKERCHIEI + | These have become quite f item of fashion recen t Every man wants them t you will find here a c< |> plete assortment $ 25c. to $1.50 * * * * * t r * * * < * $ * I + I I * fr * + t ++.:..:..>^+>++++.>v.J+.Vv'{-+v+++4?H Y, DECEMBER 23, 1926. ia Plans An xhibit To Be Road Meeting I position of improved road machinery ever held, will have a spectacu- ^ lar opening Jan. 10, and remain open J till Jan. 14. 1) The second annual college essay <. contest, conducted by the road J J builders' association, will close dur- ('' ing ^ good roads week and the prize >> winners will be selected by a com- <, mittee, and the announcement made ' at the road builders' banquet. 'J S. H. Murdock, Cleveland, O., has been announced winner of a national < > engineers' essay contest conducted , > by the road builders' association. J [ The winner of the second award was >' Harold Tilton, resident engineer of < > the Massachusetts state department j \ of highways. The third paper selected was written by J. J. Forrier, < f maintenance engineer for the Vir ginia state department of highways. ^ The first prize winner, Mr. Murdock, is a construction engineer for Cleve land. Capital can do nothing without brains to direct It. * OFTEN CALLED THE FRIENDLY BANK OF POLK! I The above is an every day j remark from our friends. 1 Can we add you to our lio4- aofiafinrl /Mil? Id I g C not Ui vuw tomers. Come in today. BANK OF SALUDA I SALUDA, N. C. r OPEN EVENINGS U iths Men Lik ?f That Garb ,'om fing A Reason F( ian. 4-/x CtiAn n f G IU Ulivp UL VJful things that are ofi fue- select gifts for men fro; ied, reaj man's store. You 'a*n gift receiving a warm something to wear?? able and fashionable. rg Why not play safe for faction in his eye. an tly* Yes you may even dete an<* that he did not get som 3m~ means nothing to- his j wholesome gift. A fe1 herewith advanced. T with others. Greenei TtrnAnnAf """".J lINUUXvrur Spartanbur "The Style Center < ? i I j % f ? 1 for JOB PRINTING SEE THE POLK COUNTY NEWS j | \ ************************************* t > > ?t 4 ? < . f WE DO ALL KINDS OF i: GENERAL CONTRACTING & BUILDING i: I WILL GLADLY FURNISH YOU ESTIMATES ON ALL 1 [ YOUR BUILDING REQUIREMENTS ANDGUARANTEE <; ? ? ? >?/vnrr mn a m vatt nrn T DC EXCEL Li Hi IN I SEK v1ue? w uttll in/11 iuu vyilili u iu ? PROUD OP. I NOW HAVE CONTRACTS FOR A NUM- j | BER OF TRYON BUILDINGS. MAY I FIGURE WITH YOU? . .? ?> : BRICK WOOD AND CONCRETE WORK \' R. A. SEXTON :: General Contractor 1 ryon, N. C ' < > - ? C. W. BALLENGER MOTOR CO. Chrysler Hudson Essex 30x3 Clover Leaf Tires ...- $7.65 ' 3x3 1-2 8.50 30x3 Long Distance Tires 5.90 V 30x3 1-2 ' 6.90 30x3 Tubes 1.25 30x3 1-2 " 1.40 30x5 8 Ply Tires 29.85 / THESE TIRES'ARE GUARANTEED AND GOOD ADJUSTMENTS MADE. ALL SIZES BALLOON TIRES AT PRICES THAT YOU CAN AFFORD TO PAY. CARS WASHED ?1.00 CARS GREASED . 1.00 ) ' . ~ C.W. Ballenger Motor Co. Tryon, N. C. 1?Jr4* *1" '** *1" v * -* > * *- %* > y > * NTIL 8 O'CLOCK I * * < toagTTg SWEATERS I ' Every man can use more J than one these days and it ? is a gift every man secretly ^ wants, whether he buys it or %, <s> not for himself + $5 to $10 | e Gifts PAJAMAS | ?Them- An unusual display of the newest ideals in Pajamas. | Just the gift for father, < )r Women son or husband | reenewald's *1 so to $10 % * . . ... . HOSE | :ered outside of a i m the many fanci- Complete assortment both + are sure of your plain and fancy styles in all ? welcome if it is colors and sizes * % lomething service- ? 50c. to $1.50 : V Christmas? give MUFFLERS f Very rich effects in silk knit- ? ct a sign of relief te(j weaves, silk mixtures, % e grimrack that etc couid a man pos- f >ractical idea of a ?, , . , % .. sibly desire more ? w. suggestions are ' * a his store abounds $1,50 to $5 * <? * V + + * * f vald'C IATED % Ju g, s.,c. I ' i >f the Piedmont" * % < mi in?? ? ?!.? ? > 11 rrintititittfu-n-***4*4"1"1'*'''** ? "i~ -1
Polk County News and The Tryon Bee (Tryon, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Dec. 23, 1926, edition 1
9
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