Newspapers / The News-Journal (Raeford, N.C.) / Jan. 8, 1970, edition 1 / Page 3
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VASSf ROAD SCENER Y - This photograph shows a small portion of the trash near the City Dump on VassRoad The dump is located behind the trees and the trash Beautiful. Isn 't it? Burlington Annual Report Previews The Seventies Burlington Industries in its 1969 Annual Report just issued adds a new dimension to the usual review of the past year ~ a look ahead at the consumer of the Seventies and the challenge of expanding markets. The 32-page report was mailed this week to the Company's 33,000 shareholders. IRS Explains New Tax Form GREENSBORO , N. C. January will bring a surprise from (he Internal Revenue Service to taxpayers. Each taxpayer will receive a brand new consolidated tax form 1040 in a booklet wluch will also contain various schedules which may be needed to file the return. The card form 1040 ? A has been discarded. All taxpayers, regardless of income, will receive exactly the same tax form package, except that self - employed business men and farmers will have included in their package Schedule C and Schedule F, respectively, on which to report their business and farm income and expenses. Taxpayers who formerly Tiled 1040 - A will need only to file the one ? sheet form 1040 which includes essentially the ' same information as the tront and back of the discarded 1040 - A, so there is actually very little difference in tire single sheet form 1040 and the old form 1040 ? A, except in size and format. Taxpayers whose allowable deductions exceed 109' of-jheir adjusted gross income will benefit by itemizing their deductions. These taxpayers will need only to file the siflgle street 1040 plus schedule A upon which to itemize their deductions. About 53 million taxpayers are expected to file only these two sheets as their tax returns. Schedule B is to be used only by those taxpayers who have dividend and interest income to report. Schedule D is to be used only by those taxpayers who sold or exchanged capital property such as stocks, bonds, personal assets, etc. during the year. Schedule F. is to be used only by those taxpayers who received supplemental or miscellaneous income such as pensions, rents and royalties, partnership, estate, trust, small busies* corporation income, etc. during the year. Schedule R is to be used only by those taxpayer chiming retirement income credit. A separate schedule T is to be used to compute the amount of tax due. This schedule is not to be filed with lire return unless income tax credits arc claimed, or sell ? employment tax is due. or tax it due from recomputing prior ? year investment credit. Relatively few taxpayers fall in these categories. The tax package also contains inspections on the back of each form and schedule explaining fully how to complete each particular form. Tl?c booklet also contains tables of allowable gas and sales tax deductions which may be claimed as itemized deductions on Schedule A. J K. Wall. District Director for' IRS. ?y? ^ >* '? confident thai taxpayers .will like the new kmk in tax forms, "By 1980," the Burlington report notes in its opening section, "the shape of society, the economy and technology will have undergone unprecedented change. Along the way the environment in which every industry operates will be affected. The successful company of today must change with the environment if it is to remain successful in the 1970's. Sales for the diversified textile company's 1969 fiscal year increased 9 percent, to SI.76 billion from SI.62 billion in 1968. Earnings declined 1 percent to S78.1 million from S79 million. Chairman Charles F. Myers Jr. and President Ely R. Callaway Jr., in their joint letter to shareholders, describe a December realignment of the Company's management organization as a streamlining move in preparation for the new decade. "We look to the Seventies," the conclude, "with a feeling of excitement and with the conviction that Burlington will take advantage of the opportunities for growth and profit in the years ahead." As for the consumer of the Seventies, the report foresees rapidly changing, expanding markets amidst restructuring of social, political and economic values which will affect beliefs and buying liabits. Other highlights mentioned in the report: ? ? Capital investment amounted to SI 33.7 million in 1969 and exceeded $800 million during the Sixties. Such outlay is described as "a major fact in Burlington's progress" and expenditures of S120-S140 million are projected for 1970. -? Growth of the Company in the new decade "will involve further diversification within the textile field, and in new areas of opportunity where the Town t Country Cinomn Bitwnn AlurdwnSo. Pin** Now Showing thru Tuoadoy, Jan. 13 Now You Can Sao Anything You Want at "ALICE'S RESTAURANT ShowTim**- 3:20 6 15 -7:10-9 06| Sit. -Sun. - 1:28 -3:20 5:15 7:10-9:06 RATING- (R) Coming Naxt Walt Disney's "101 DALMATIONS' Sunrlst Tk#atr? Downtown So. Pih*t Wad. thru Frl. Jan. 7-9 Kim Novak - Clint Walker - 'THE GREAT BANK ROBBERY"(Ml 3:20-6:18-7:10-9:06 Saturday Jan. 10 Doubla Faatur# Robert Mitchum in "YOUNG BILLY YOUNG" And <G Yul Brynner in "THE FILE OF THE GOLOEN GOOSE" IG) Continuous ah owl Martina 1:30 P.M. Sun. - Mon. - Tua. Jan. 11-13 A Tala Of Tarror "EYE OF THE CAT" (Ml 3:20-6:18-7:10-9:00 Sun. -1:28-3:206:18-7:ia? ? Company's resources, management and technical knowledge can be applied successfully." ~ Burlington believes that business must "provide some of the answers, some of the money and- most of the jobs to help solve the problems of the poor, and uneducated, -the unemployed and the underemployed." The Company "is actively involved in meeting these needs" as well as those of its employees and consumers. - Burlington sales in 1969 were classified: (1) By markets - 69 percent apparel. 26 percent products for the home and 5 percent products for industry: (2) By products - 44 percent finished fabrics, 29 percent consumer products and 27 percent unfinished goods: and (3) By fiber - 71 percent man-made, 16 percent cotton and 13 percent wool. Burlington in 1969 employed 86,000 persons, including 10,000 in the international operations, an increase of 3,000 employees over 1968. The Company lias 31 operating divisions with 130 plants in IS states and Puerto Rico, and operations in 11 counties abroad. WSSSfcttRStfSStt mwi n?tM from' Quewhiffle ?v Mn. L*orwd McBryd* ?wwto(www9www??:':?:??k Mrs. Estelle Moore of West End spent the week end with Mrs. J A. Almond. Mr. and Mrs. Kelly Blake visited Mrs. Yola Blake it tWfe home bf Mr. and Mrs. Willie Harris in Carthage Sunday afternoon. Mrs. Ollie Fish of Pinehurst and Lonnie Fish of Fredricksburg, Va. visited Mr. and Mrs. Mack McBryde and family Thursday. Mr. and Mrs. J.B. Mays spent the week end with Mrs. Lillian Chilton in Sanford. Sunday afternoon guests of Mr. and Mrs. Jack Huff and family were Mr. and Mrs. Verderick Lovick and daughter Gayle of Fayetteville. Mr. and Mrs. Ellis P. Smith Sr. and Mr. and Mrs. Ellis P. Smith Jr. and girls visited Mr. and Mrs. John Ferrcll of Fuquary Varina Sunday afternoon. Mr. and Mrs. Lane Almond of Raeford and Mr. and Mrs. M.C. Almond were Sunday afternoon guests of Mrs. J A. Almond. Neil F. Sinclair is in Moore Memorial Hospital. Mr. and Mrs. D.R. Huff Jr. and family visited Mr. and Mrs. Glenn Maxwell and family in Wilmington Sunday. Mrs. Helen Henderson lias been moved from Moore Memorial Hospital in Pinehurst to Cape Fear Valley Rest Home in Fayetteville. Neil McFadyen is in Moore Memorial Hospital. Miss Carol Parks had surgery at Memorial Hospital in Chapel Hill Tuesday morning. Circle No. 1 of Shiloh Presbyterian Church met at the home of Mrs. Frances Beall in Pincbluff Monday night. Mrs. Naomi Smith had the lesson. Delicious refreshments of fruit cake, fruit cookies, candy and Russian tea were served. Fight members were present. Circle No. 2 met at the home of Mrs. Lottie Walters Monday night. Circle No. 3* met at the home of Mrs. Neil F. Sinclairs Monday morning. Mrs. Mack McBryde and children and Mrs. Edith McBryde visited Dr. and Mrs. Bill Tulloch and family ot Broadway Sunday afternoon. Mrs. Maude Dixon ol Durliam is visiting Mr. and Mrs. J.D. Pickler and son Harry. Miss Debbie Tullpch returned home Sunday altei staying 2 weeks with Misses Pamela and Daphne McBryde. Mrs. Edith McBryde and grandchildren Debbie. Pain and Daphne visited Mrs. Elsie Patterson and family and Mr. and Mrs. Pete Moore and family in F a vetteville Thursday. Mrs Betty Creed and cluldren of Southern Pines visited Mrs. Jean McBryde Thursday. THE NEWS -JOURNAL RAEFORD, NORTH CAROUN/ THURSDAY, JANUARY 8,1970 PACE! J. H. Austin INSURANCE SINCE 1950 AUTO-FIRE-LIFE CASUALTY 215 N. Main Street Phone 875- 3667 NOTICE The annual stockholders meeting of the Raeford Savings &. Loan Association will be held Tuesday. January 1.1. 1970 at the association's office at 10:00 A.M. Tlie purpose of the meeting is for the election of directors. Proxy forms are available at the association office. They ma> be obtained by request by mail or in person. I ROBESON COUNTRY ! DAY SCHOOL, INC. j Mrs. Eloise Kinlaw, Headmistress ! P.O. Box 26 | Lumber Bridge, N.C. 28357 ^ l.e\els I through 6- Second semester begins Jan. 20 Vacancies in several classes. Applications for 197(1-71 a\ailahle and w ill be taken until Felt. 15. in levels 1 through 7. SMALL CLASSES?F.XCK.I.LENT. Ql'ALIFIKI) TEACHERS For Information W rite or Call 843-4995 Southern Nationals 5% Savings Plan. A very solid way to get more out of what you make. It's a sure thing. With a minimum deposit of five hundred dollars, our five percent savings plan pays you over twenty-five dollars by the end of one year Or 5.13 percent interest. Over fifty-one dollars if you start with a thousand-dollar deposit You can make additional deposits in amounts of a hundred dollars or more Anytime , Interest is compounded daily, paid quarterly You can withdraw on ninety days' written notice. Or use your account as collateral for a loan. And, of course, your investment is insured by the Federal Deposit Insurance Corporation Southern National's five percent savings plan. For people who want their money to work as hard as they do. SOUTHERN NATIONAL
The News-Journal (Raeford, N.C.)
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Jan. 8, 1970, edition 1
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