Newspapers / The Franklin Times (Louisburg, … / Oct. 31, 1941, edition 1 / Page 1
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THE BEST PLACE TO.BUY is with the Merchant who adver Uses, takes, time to tell you what he ia offering and gives you ? fair price. Buy ig Louisburg THE BEST SALI Doesn't always mean the highlit dollar. Sometimes cost* interfere. Sell Your Tobacco and Cotton in Louisborg VOLUMN I-XXII WAN) SPEAKS TO CROWD IN COURT ROOM FRIDAY NIGHT 3tate President YDC Pres- j ent; Sen. W. L. Lumpkin Introduces Speaker; De ~ lightful Barbecue Supper | Enjoyed By Many Quite a good number attended the YDC? meeting at tihe Court House on Friday night and heard a most forceful and interesting address from Hon. "Libby" Ward, of New Bern. "The National organization got ( its 'Young Democrats' from j North Carolina," declared "Lib- j by" In his opening Friday night j along with his statement that since the YDC was organized i there were no old Democrats to j be found. In these times of war he said liberty and Justice are facing a test. The United Stat-es must prepare to protect the things we love, no matter the cost. He explained hqw America's sland behind the British had strength ened them and America's motto is not in what it has failed to ac- j complish, but instead what it has accomplished. She has never j failed before and will not fail ; this time. He declared the Pres-j ident has been right all the time and his critics wrong. "We | Democrats have a special duty," he said, and Mint is "to guard and stop the obstacles of Democracy and to preserve liberty and free dom for those who come after us." President Whitfield expressed the thanks of the audience for the splendid address and the deltgho of having Mr. Ward as a guest at this. time. The meeting was presided over by President "Dick" Whitlleld.j who introduced A. Leonidas Hux, State YDC Chairman, who ex pressed delight at being present. Judge Hamilton Hobgood was called to introduce the guests and officers. He did so *s. tallows: W. J. Shearln, Vive-President local YDC. Mrs. J. K. Tharrington, Secre tary-Treasurer of the local and Vice-President State YDC. R. P. Holden, President First Citizens Bank & Trust- Co. 'George Hux, brother to the State YDC President. Mrs. A. L. Hux, and Miss Hux. wife and sister of the State Pres ident. H. C. Kearney. Franklin's Rep resentative. E. H. Malone. Chairman Demo cratic Executive Committee. Sen W. L. Lumpkin introduced the speaker as one of the beat, finest and truest Young Demo crats of the State, young In years, but old in experience, and pre dicted he would lead the State In a near future time Before the speaking hour the YDC and many friends enjoyed a big barbecue supper on the lot back of the Armory. ?- ? Leave For Camp Ten Colored draftees left yes terday for Fort Bragg, where they will be Inducted Into the Mllltary Servlce of the United States. They were as follows: John B. Fletcher. James W. Crndup. Eugene Hunt. Robert L: Mitchell. Ollle Gill. Edward Irvln Blunder. James Martin Ridley. Orange J. Bumette. Charlie Branch. John Thomas Copeland. There will be SO white draftees to leave on November 12th and t 10 to go on November 25th. i. There will also be 11 Colored draftees to go on November 11th and 11 more to go on December I 4t<h Rejoice and be glad . . . Re turn thanks to the giver of all good that> things are as well with us as they are. PROGRAM AT THE LOUISBURG THEATRE The following is the program at the Louisburg Theatre, begin ning Saturday, Nov. 1st: Saturday ? Double Feature ? Cene Autry in "Under Fiesta Stars" and The Weaver Bros, and Elvlry in "Mountain Moonlighh" Also chapter 14 "Jungle Olrl." Sunday-Monday ? Alice Faye, Carmen Miranda, John Payne and Cesar Romero In "Week-End In Havana." Tuesday ? William Lundlgan and Shirley Ross In "Sailors On Leave." Wednesday ? Bonlta Granville, ' Dan Dalley, Ray McDonald In ??Down In San Diego." Thursday-Friday ? Dorothy La mour and Jon Had in "Aloma of The Sooth Seaa." A Date For Hallowe'en Night Kiitertainnient will brfiiii at 7:00 Hallowe'en night, October :tl, at the l.ouisburg Armory, when the. Ijouisbiirg Methodist Women's Missionary Circles will sponsor a Carnival. \ The proceeds from the (Jar nival will he use?l to help de fray the expenses for repairing the church. The evening will be enjoyed hy all ages as a detailed pro gram lias Ihiii worked out. As a special attraction a famous fortune teller lias been engaged. He is a person wlio lias gained wide recognition throughout several states. This 1b OM of many events phiiine1*. do out (to-night) Friday the 31st and sec what else is In store, a-s a gala time is expected by all. There will be barbccue sand wiches, u chirrs, drinks and j home-made candy sold, so you i might make a meal of it. Don't forget the costume prizes. There will be a prize offered for different age groups so don't be afraid to wear a costume. WILLIE PEARCE DEAD Mr. Willie Pearce was acciden tall.v killed at liis home iu the Ited Hud community early Mon day night, according to iuform.i I'iou reaching Louisburg. It Heemed that he was attempting 10 uncouple his stock trailer from his truck and by reason ol 118 weight it struck him in the (ace knocking him down and pinning him k> the ground. No one was present. II is said when found lie was under the end of the trailer pinned to the ground. J Mr. Pearce was one of Red Hud's most successful and sub stantial citizens, and is survived uy his wife and three sons. He was years of age. fnneral services were conduc ted from the home and int?riuent was made 111 the family cemetery nearby. Quite a large number attended the services. FRED W. GREENE, N. C. E. A. SECRETARY ADDRESSES SCHOOL MASTER'S CLUB At a meeting of Franklin Coun ty School Master's Club, held in ' the Home Kconomics Department of Mills High School on Tuesday evening, October 28, Mr. Fred W. j Qieene, of (lie X. C. K A spoke on the subject: "Waste in Kdn catlon." Mrs. George Ford, assisted by the members of her Home Kc. classes, served a delectable dtn-| ner to 64 guests. At the conclusion of the meal I Mr. W. C. Strowd. president of1 ilie club, expressed his apprecia tion for the splendid cooperation of everyone during the past year He appointed a committee com posed of Messrs. Keed, Huggins snd Blount to nominate officers for (he club for the 1941-1942 term. Rev. K. D. Hedden. pastor of Nouishurg Methodist Church had charge of the stunts for the even ing which furnished much merri ment for t<he occasion. Mr. Strowd called on Supt. W,j R. Mills who In turn gave much encouragemeut to all present to do a good job for our schools this year. The concluding feature of the evening was a "Ghost Story" which was read by Mrs. H. T. Bartholomew and participated in by all present. The club voted to accept the report of the nominating commit tee for the year's officers. They were as follows: President, M. T. Lamm; Vice President, T. J.] ?lessup: Sec. and Treas, Miss Mary Bynum Dark, Bnd Reporter, Mrs. Gladys Bailey. 1. D. C. TO MKRT The monthly meeting of the Joseph J. Davis Chapter U. D. C. will be held at the home of Mrs. Thornton Jeffress Tuesday after noon. November 4. 1941 at 3:30. SITE T. ALSTON. Sec'y. COURT HANDS BAP TIST OBJECTOR PRISON TERM llalelgh. ? An 18-month pris on sentence wax Imposed yes terday in Federal Court on I>avid R. Morgan, 24-year-old Wake Forest College graduate, who pleaded guilty to a charge of violating the Selective Ser vice Act. Because he objected to "mass physical violence," he declined last Spring to fill ont his draft questionnaire. He read a long t statement to the cotlrt before sentence was imposed. Morgan was order to return here Thursday morning and re port to a IT. ft, marshal for transfer to the Federal reform atory at OhOHcothn, Ohio. Three Tobacco Companies Conv ict ed Declared Guilty on Four Counts of Violating Sher s man Antitrust Law; Max imum Penalties Provide Fines and Prison Senten ces; Appeal From Ver- 1 diet Indicated Lexington, Ky.. Oct.' 27. ? A Federal District Conn Jury today , convicted the "Bis Three" tobac-J co ttrlns. one subsidiary and 13 officers on four counlu of violat ing the Sherman Anti-Trust Uw. J Returning a verdict after 20 weeks of trial, the jury upheld j the government's charge that the major tobacco companies, inciud- ? ing five firms not Involved in ' the trial, bad conspired to tlx prices of tobacco products. The convicted companies were Che American Tobacco Company, the Ft. J. lteynoldB Tobacco Com pany and the Liggett and Myers Tobacco Company. ' They were found guilty of combination and conspiracy in I restraint of trade by prlce-Uxing; ? monopolization of the induatry; attempts to monopolize; and com binations and conspiracy to mo nopolize. The American Suppliers. Inc., u subsidiary of American Tobac co. also was found guilty on the! four counts of the Indictment. Maximum penally provided by law would carry a $5,0 00 flue on | each count for each company and 1 Individual, and a one-year prison ! sentence for each individual. Defense and government attor- ' neys were to confer with the court Tuesday on fixing senten ces Defense counsel Indicated | t'he verdict would be appealed. UNFOUND REGISTRANTS I The local draft Board lists t'he following draftees ns untouiul Of Thrormation as to their whereabouts will be greatly ap preciated by the Board, before they have to report them t? the F B. I.: Clarence Thprne, Solomon Dunston. Klton Kvins. James Kd ward Soloinoit. Charlie Perry. Orlng Bert Foster, all colored. '?IKH. IK WIN KNTKKT AIMS Mrs. Harrell J. Lewis was hos tess to members of her contract' club Friday aiternoon. High score prize for club members was awarded to Mrs. Frank Wr Whe less. Jr.. aud Mr* George Ford received visitors high score prize. The hostess served sandwiches with hot chocolate. LOUISBUBG METHODIST CHURCH ! "The Cup of Mercy" Is the Isuhject for th?- llA/clock service Sunday morning. At this ser vice we will celebrate the Lord's Supper. . At the 7 :*0 hour Mr. Hedden will speak on the subject "The tTrue Servant." As a part of t'hls service we will have the -in istallation of the officers of the Intermediates and Young People of the Methodist Youth Fellow ship. Church School will convene at ?:45 under the leadership of Prof. I. D. Moon. The Men's Bi ble Class haa secured larger quar ters and the class welcomes the men of this community to meet with them. Methodist Youth Fellowship service* will be held at 6:4S. i You are welcomed to these ser vices LOU ISBUKO BAPTIST CHURCH Pastor Bagby announce! the following program (or Sunday, Nov. 2, 1941. Sunday School. 9:45 A. M. B. T. U., 6:46 P. M. The paator will preach at the 11 o'clock service on the subject of "Forgiveness." In the even ing at 7:30 there will be pageants given by members of ttie Sun beams. the G. A.'s and the T. W. iA.'s on Stewardship. Everyone Is ! Invited. ST. PAUL'S EPISCOPAL CHURCH Saturday. November 1st will be All Saints Day. There will be no service on Saturday; but All Saints will be observed the fol lowing day. On Sunday the Church School will meet'ati 9:45 A. H. The Adult Bible 'Class will meet at the same time. The Holy Commuilon will be celebrated at 11: 0? A. U. The Young People's Service League will meet at t:3? P. M. EUROPEAN WAR NEWS Moscow. Wtrsday. Oct. 30.? I The Red Army acknowledged 1 evacuation of the great Ukraine j industrial city of Kharkov today. ) but' said most of the important factories and huge stocks of raw f materials were moved out before |, the city was abandoned. A total of 12Q.U0U German of ficers and men 'were killed or wounded by UWi defenders who ( held the Kliarl*' lines' while the industrial planS were taken to t.he rear in the ''leapfrog" retreat i of Russian industries as well as i armies. f.ai<l the early niornitii communique biuitdcusi on oliiciul wireless. It asserted Soviet troops had frustrated German plans to cap ture Kharkov "as early as Sep tember." (The Germans announced cap ture of the city Saturday.) The early morning communique; issued by the Soviet Bureau of In- 1 formation -and transmitted by of ficial wireless sa|d also that a se ries of fierce G?*man attacks on the Moscow front had been beat en off by Soviet troops In Hume Areas It said fighting continued in the Vlokolamsk Mozhaisk and Maloy aroslavets areas of the Moscow defenses, all of which -had been mentioned in previous communi-! ques. "The Germans planned to cap- 1 ture Kharkov as early as Septem j ber, but' these plans of the Ger man command remained on pa- ; per." the communique said. "Kharkov has been left by our troops for strategic considerations 1 at a time when the Soviet com mand deemed it expedient, and not when the Germans wantvsd it. "During this period, all the most important factories and pla?nts. railway rolling stock, raw material stores and other valu- 1 ables were evacuated from the town In time. "Several medium unci small plants of military Importance were blown up. ' ? " "In the fighting for Kharkov. | the German W*cist troops lost nearly 120.000 jnen and officers killed and wouaded. over 450 tanks and armored cars, nearly 3 000 t-rucks with various military supplies and over 200 guns of various caliber " SOME WOOD CUTTING Pet?r McLaren, representing the Plu-mb Axe Co., and the Sea board Store Co gave a demon st ration of wood cutting to quite n good slued crowd Saturday to, the rear of Loulsburg Supply Co. utore. Before hcglnning hU cutting he offered to meet anyone in a cutting contest and should the party beat him he would re ceive $50. No one offered to en ter so McLaren made three cuts from a new pine log that measur ed 39 Inches in clrrumference The first, two cuttings were made n i 41 seconds each and the thirn in 37 seconds. The demonstration was espec ially interesting to many. MKS. W1 I.LI AM BLKOHOK. Mrs. William Bledsoe. ??. of i Loulsburg. Route 3. died early (Wednesday morning snd funeral services were held Thursday at Corinth Baptist Church. County at 2:30 o'clock with the IRev W R. Wagner In 'Charge. Burial was In t-he church ceme tery. * Surviving are the following children: James and IMorrls Bled soe, of Loulsburg: William Bled soe. of Gretna. Va.; Mrs. M E Wilson of Macon; Mrs. R. *-? Edwards. Mrs. Bertha Wilson. Mrs Sue Perdue, Mrs. vv. n. Leonard and Mrs. Parham Gup ton. all of Loulsburg. YOl'NGNVILIJi P. T. A. MKKTS TUESDAY The regular monthly meeting iof the Youngsvllle P. T. A. will he held at the School Auditorium. Tuesday. Nov. 4th. The program will feature the Henderson High! I School Band, appearing In Youn-| gsvllle under the joint sponsorship of the Youngsvllle P. T. A. and th?-Henderson Tobacco Board of .Trade. The meeting begins at j [7 : 30. MRTAL WORKING OOUR8K I Prof. W. W. McClnre announ- j res that any out of school young 1 men, between the age* of 17-26, are Invited to attend a meeMng In Supt. W. K Mills' office on Friday night, Oct. 31 at 7:30. :+he subject will be on organising a Metal Work and Welding Class. We are glad to say that the class in Auto Mechanics is pro gressing very nicely, with ?nroll-< inent of 16 young men. We will begin the Metal Course as soon as 1 we can get a minimum of 10 for the class. The man who comes home whipped at night is usually the man who went ont> whipped in the morning. Senator Bailey Urges Action Against Stikes \.W ashington. -Senator Hailey, i Democrat. North Carolina. pro posed in the Senate this week an nmendment to t'be pending armed ship bill which would bring labor st likes within the category of sabotage when their intent was to retard defense production. liailey's action i n me a? Presi dent' Roosevelt confronted John 1?. Lewis with a virtual ultima-; tnnt for a speedy end to the capi live coal mine strike. Kines, Sentences Heavy tines and imprisonment would be imposed on leaders and participants in strikes, under Bai ley's proposal. At t'he same time. Senator ? Hyrd. Democrat, Virginia, told the Senate that the President) could end strikes in defnse indus- ] tries by taking "flrin measures." Moreover, Hyrd said. It ought to be obvious to anyone that Con- 1 gress could do nothing about the work stoppages until the Admin-! istration puts lt? weight behind corrective measures. Hyrd said the president bad written "three bumble and plead ing letters" to (lewis, head of the' United Mine Workers, asking an end to the strike in captive mines, liailey's proposal, offered as a "rliler" to the pending Neu trality repeal legislation, would impose stiff penalties on per sons responsible for stopping work in defense industries. A line of $10, nun and a five year prison term could lie i ni pos ed whenever two or more em ployee* agreed to do or omit to | do any act- with Intent to delay i the defense program. Louisburg College News l.aat week-end wail obyrved as Homecoming hi the College. About 160 ulttmni returned to the' cum pun (or the occasion. Satur day afternoon In the town iirm ory. the varsity teams In baskot ba II pljtfrcd teams chosen from the alumni. At 6:30 in the even ing h banquet waa held in the col lege dining room (or the ex-stu dents at which Mme Dr. i'atleu addressed the group. ThU was' followed by a dance in the col lege social hall. Music (or the occasion was furnished by an or chestra directed by Mr. Jaiues, Hyerly. head of the music depart ment of the college The week end was concluded by u Joiut iiluni ni-stiidenl dinner Sunday ?t> noon . T II l<ouixburg College wan rtpre-, sented in the fifth annual Student legislature held In the Statu Cap itol In Ituleigh hy Riley Kow<>, Jean McKlnnon. and Clarence Baits ill the Senate: and Troy Bar ren, Jane Sande'rliu. Virginia lledgepetli anil Kd Smith in the Ilouae. Mr. Bass wan elected ma jority leader In the Senate, and Mioses MeKinnon and Hedgepeth were t line-keepers in their respec tive bouses. 11?11 The first Iskui* of Columns. a publication of the journalism class of Ohe college, was published last Friday Columns is u four-page, live-column paper. containing news of the campus activities a>t well as news of more genera I In terest. It is published trl-week ly by the journalism class of the college, and management la ro tated among the various members of Miia class so that all may have opportunity to gain valuable ex perience from actual practice, actHng in the capacity of different stall officers. IT?' fl Speaking at the regular morn ing chapel service, Dr. W. A. Cade, president of the board ot trustees of the college, and pas tor of St. Paul's Methodist Church In Goldsboro, told the students that the strength of man alone does not succeed. "FalMi that Results in Valor ous Deeds and Rlghtous Living," was Dr. Cade's subject. "As the Mldlanltes plagued the Israelites, so today a Teutonic horde Is plaguing the world," he said. "Bat there was then a young man who had a brave soul, and desir ed to help relieve his people. This man was Gideon." He pointed his t?wo achieve ments that made Gideon such a person that his people had faith in him He put away false idols and followed the true God with all his heart. Their motto was "The sword of Gideon and ttoe Lord." The speaker described Oliver Cromwell and Stonewall Jackson as men of later eras who had learned fundamental truth; that the sword of man alone Is dot enough; and that, also, God doesn't do His work by Himself. As men and God work together, progress comes. o The only way to diskxlc* a dis agreeable thought Is to erowd it oat with one that to agreeable Ambulance Almost Ready KaltiigU. Oct. ?7.? Expressing gratification over the possibility that a mercy ship .or airplane am-; balance, bearing tile name of The Old North Slate* would goon ; be available for presentation t<0 the people of England as a gift of citizens of Nort h Carolina, j Governor J. Melville Broughton declared today that "the progress; of the Old North State Fund cam-; paign. as outlined in a report by ? Judge Frederick O. Bowman, slate chairman, reflects great credft upon the many- counties which have reached or exceeded quota in this humanitarian move ment." Kuiphasiziug the fact that North Carolina has so far out stripped Maine and Massachu setts in. the race to be tihe first state to" show sympathy and es- , teem for the British through such a gift. Governor Broughton stated "the need for additional airplane ambulances is constant ly growing more acute and 1 am extremely anxiously to see North Carolina speedily make It possi ble to present the Knglish People with this gift. While our State will receive a tremendous amount of favorable attention by being the first to forward a mercy ship to Kngland, the most< Important j phase of the movement is the ac tual aid the airplane ambulance ' will provide. It will undoubtedly be the means of saving many scores of lives." I1 "The majority of our counties I1 iiave reached or exceeded quota | 1 which indicates Miat the citizens 1 of North Carolina are extremely 1 1 anxious to assist the British in 1 I Hi> unique and helpful manner. I' As this gift should be truly rep-]1 resi'iitative of our slat*1 as a | whole, it is hoped that the few ' counties which have fallen short j I in raising quota will take prompt 1 steps to properly participate in making this gift a reality." j1 "According to Judge Bowman's 1 report, the Old North State Fund ' has come within a few thousand j' dollars of raising sufficient toj1 complete payment* on the plane, i Certainly, we are not going to)1 allow a relatively small deficit to,1 delay the presentation of- , the ' mercy ship when Kngland's needs! are so great-. The Old North 1 State Fund has done an excellent thing lit securing a Suitable plan 1 and I am confident that our citi zens will see to it , that the re mainder of (<hc purchase price is forthcoming In the near future." ? ? o ? ? Recorder's Court ] Franklin Recorder's Court held only a short session Tuesday morning disposing of two cases and continuing a number of oth ers: Osborne Johnson plead guilty J to unlawful possession of whls key and . carrying concealed wea pons and whs given ? months on ' roads, suspended upon paying a Hue of $10 and costs. James Turner Bryant. Jr. | plead guilty to larceny and was given 1" months on roads, sus pended upon payment of costs and not to violate any of the laws til' North Carolina for 2 years. On account of next week being Superior Courti the following eases were continued for three weeks : Jerry Cooke, adw. to pay. i Leon Stallings. drunkenness, to pay. George Hawkins, oai, to pay I Frank Griffin, oai. to pay. Llnwood Davis, reckless driv ing. Joe Green, operating automo I bile intoxicated. Milton C. Adcock. speeding. VOUNOHVILLK P. T. A. SPON- ' HORH HALLOWE'EN PARTY The Youngsville P. T. A. will stage a Hallowe'en Party, Friday, October 3 lit in the Youngsville School Auditorium, at 7: SO P. M. A good party with game* to interest' all ages is planned and the entire community should turn out for a fine event. An admission charge of 10c will be made for the benefit of the P. T. A. ? o CURRENT MTERATURK CIAJB Miss Loulla Jarman was hos tess to the Current Literature Club at her apartment' on Tues day evening, October 28. The subject for the program was "Garden Design Journalism," and the first paper was by Mrs. C. M. Watklns on "Characteristics of the French Gardens." The sec ond paper was by Mrs. T. C. Amlck on "English Adoption and Modification of the French style." and the third number was a read ing by Mrs. M. S. Davis -of "Pope's Remarks on Gardens and Clipped Hedges." The hostess then served a de licious salad course to the follow ing members: Miss Mary Yar bor ough, Mrs. S. P. Burt, Mrs. C. M. Watkins, Mrs. M. S, . Davis, Mrs. T. C. Amlck, Mrs. Walter Patten, Mrs. Malcolm McKlnfce; lira. L. P. Kent, and Mrs. A. Paul Bagby. STORE DP RESERVES Babson Urges Tax Changes (llv liocr.i: W. ll.tHNON) BabKoii l'aik. Mass.. Oct. SI. ? ? This morning I noticed the ?qulr reis storing up nuts for the win ter. "We are so accustomed to these simple in stincts of the animals that we, fail to realize their great sig nificance. How is it' that these squirrels, "which have never been to school, know that winter is coming and RAI1SOV iltppHcs in such it systematic man ner? Yet. many humans with nut' public school system, news papers. and radio fail to take these ordinary precautions. Is Id possible that "education" ia un leriiiiliitiK these basic important Instincts? I \ I -K I N < . WITH KCMWKVKIiT A few years ago wbea I >u jnce ul the While House on bus Ines*, President Roosevelt' asked mi' to come into hts private of fice. He said the Treasury De [nirtment believed that corpora lions were not declaring enough if their earning in dividends and ibis enabled certain stockholders in the higher brackets temporar ily to escape luxation. The cor onation would, of course, pay the axes on Its earning whether or not declared in dividends , To ?lie extent, however, that tb? turnings were not declared an Jlvidends, a stockholder would tnive a smaller perfoual income lax to pay. 1 answered the President by saying that at certain times la I lie business cycle, as during a depression. It might he well to have sucb a tax law. His plan rertaitily would then put more money into circulation und help "mployment for the tine being. I stated, however, that- to have iucli a law apply at all period! of the business cycle would be very langerous He thanked me and l hat was the end of the confer ence. He certainly U a charm ng man with tremendous per masive powers. KAMOIT8 "8K< TION 1(W Shortly after this Interview. I learned that Ilepresentatlve Houghton's House Tax Commit tee was considering this same problem. In the old law there had been a clause prohibiting unm-eded" undistributed proflta but the law was difficult to en - - force. Secretary Houghton's Com mltte. therefore, at the earnest request' of the Treasury Depart ment, prepared the famous "Sec tion 102" as a part of the lax law revision of 19.18 This sec tion certainly had teeth In It and has great power* for evil. In short. Section 102 provides ,-bat If an Internal Revenue agent, who examines your books, think!* you have put aside too much as a reserve, he cau In flict a severe penalty on ALL your reserves,? not simply on the portion which ha thinks Is excessive. There have beeu In formal rulings that a corporation may set aside 30%; bub even these rulings have caused much trouble. As a result of Section 102, corporation* and employers have refrained from netting up proper reserves rather than risk the terrific penalty, TAXKN CAl'U I NKM- , PLOYMEWT It, therefore, was a happy sur prise when Mr. Sanson Purceil, a member of the Securities *nd Exchange Commission recently told the National Rasinee* Con ference here at Rab*on Park that large reserves SHOULD be set up today as a cushion to avoid after war unemployment Where It may be well to force employers to pay out a* dividend* moat of their earnings during a period of depression, the reverse is now true. Mr. Purceil stated specifi cally that the country's Industrie* should now build ufc reserves to offset the percussions whlck the end of the War will bring. Let me quote him definitely. "Corporate structures which are streamlined now will be that much bettor able to maka a transition from production for war to peace-time produc tion without having to drop men from their payrolls. Re serves not needed for defense acMvity must be carefnlly stor ed up against tha day when they will be needed for this vital post-war purpose. Where those reserves are In excees cash they can, In the mean time, be pat to defense work by Inveatment in goveramaa* (Continued on Page Bight) C
The Franklin Times (Louisburg, N.C.)
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Oct. 31, 1941, edition 1
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