Historical Newspapers of South Carolina

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INCOME TAX LAW GIV[N 3L1OW BY SUPRLME COURT D>ividends Distributed in Form of 'XVJA auiojul 01 'p0fqnS ioT jaojS JUSTICES DIVIDED ON ACT. Decision Nullifies Provisions of Tax Law and Will Involve Great Loss in Revenue. Washington., March 8.-Corporation dividends, distributed in the form of stock, do not constitute "income," and consequently rae not subject to fed eral income taxes, the Supreme Court decided to day il a 5 to 4 decision. Provisions of the 1916 federal in conie tax law leVying taxes on stock dividends were declared unconstitu tional. The decision also nullified similar provisions of the present law and will involve great loss in reventies to the governmnt in future collec tions, and also refunds of such taxes already collected. Large financial in trests likewise will be affected and nuicrous stock dividends of gener ous proportions are expected to be declared soon. In the majority decision, read by .1ustice Pitney, Chief .Justice White and Justices McKenna, Van )evanter andl McReynolds concurred. Of the four dissenting members of the court Justice Holmes read a brief opinion, in whivich he was joined by Justice Day, and Justice Bran'leis delivere:1 a lengthy opinion, which was concurred in by other Justices. Jn holding thit stock distributions are not dividends on account of no separation of cor porate assets being involved, Justice Pitney, in behalf of the majority, de clared that stock shares "are rothing but paper certificates" in unrlistribut ed assets, are not redlized profits and, therefore, not taxable. * The attempt of Congress in the in CADILLAC Bland Cars of Character SUMTER, S. C, UE Epidoei of Influenza uisually the publ ic of a ret urn of Influenza ti Infleunza is becomning epiidomic agaii infect ion, a dtty not only to self but1 In tho tpidemic of 1891 it wn: tive of this dtisease. L ast year pr arid ont a stuentrdoius sealIe. No) catt Oil of Euicalypt us, combained wvith otl Euicainre H-alv e. Every citizen shio against the lu germs' which infect loading to thle air passages is tho be' becoming epidemic. Eucapino prote 1f You Take Flu by careless exposure and failure to properly sterilize the air passages the (doctor should1( be cailled iniiunedliately. If neither dloctor nor nurse are to be had, take a good purgative. Reduce the aching and fever by taking Aspi tone (2 tablets) every hour till the fever is mastered. Itub the throat aind chest with Euicapine. Fill the nostrils and eniff it. l;ack into the throat. Put )1me Eucaineii( on the back of t hi :onguie. SwallowIng a little, no larger thain a pea, will do good rathier thain harm. P'lace a teaspoonful in a coffee pot withI waiteri, bing to a boll an3 in hale the steam thIirough a paisteboar'd funneel. Keep up t)Ihis treaitment 1)er sistently till the dhctor arrives. Many physiciains will ('co n tie just this treat mecnt and( riot ling nmore. Weakness and' heart- depression are characteristic of a flurenza. P li a Aspi rin is slightly' enart depreissrant . For that reason Aspi tone slhoh he uised ns it (1oes 11ot depress the Ihe'. '. eontiiniirg wit I Aspi rin a safei, sl ight heart (exlilarant to co'un"teria': t he sI lihtly dlepress ig ef feet of the Aspirin Yzouro drurggi';t ennr H up'ly Aspi tone tablets, 85c the box, and Eunapine Salv(e S10 the, jar. If your dlrugglst oes.. inot ke'ep ii order by mail from thle roanuiifactuiirers. Erapinle Salve is isd iented iln skin anrd is theirefore usefiul in treat niores, burnis, brurises, insect b ites, s of t he ir pa5ag's oand as ai cura nii ent ly ued, entil dep(11endable. Mai The~ Piedmontr L Maybe not the A Life ] But certainly an op Hudson Sul At once, when many eight it One Sp One 7 Pas: Please don'l ask me to Bla Cars of C SUMTE income law to tax stock distributions the iiMajority decided to be unconstitu tional atid cot permitLed by thc six toerth, o. income tax aimendment to; the fecleral constitution. Stock divi dends, the majority held, may be taxed only after stockholders realize upon them b ythe sale, in which case the government mahy levy income taxes on such profits. All four dissenting justices contend ed that Congress hal powei to tax stock dividends, holditg that such dividends are "income" the same as if in cash. The sixteenth amendment, the majority declared is broad enough to justify tax. Justices Brandeis and Clark char aeterized the majority as "narrow" and "bizarre," and said it would per mit many corporations to escape tax ation on a large portion of what "is actually their income." Declaration of divi'lends, in cash or in some other medium, the two justices added is "wholly a matter of financial manage ment," and therefore, "if a dividend paid in securities represents a dis tribution of profits, Congress may, of course, tax it as income." Theother dissenting opinion ex pressed the belief that the word "in come" in the sixteenth amendment should be read in a sense most ob vious to the common understanding at tile time of its adoption. Most people other lawyers, it was added, supposed when they voted for it that they put at rest the question of direct taxes, including levies on stock dividends. --o 0, JOY! 'I'here's a printer in Mexico, who hIs the well remembered Colonel Sel lers of "There's Millions In It" fame EOIAPLN cover tw esn.Medical authioritie uis wne.Tehsoyof thuo disease ju it is tho duyof every citizen to take to the pmuli for every case dievelop~ed co) (ldiscovered in Englamli that Oil of Euca parat ions containiung this superb ant isep .rrhi germ or simiilar eneniies of humanlflh ier volatile oils in a refined pet rolatum id uise it, ini nostrils and thIiroat three t he atmiuosphiero duirinig thle epideiei. it pbossiblo health insurance at the pirese ets againlst infectionl of colds, coughs, s To the Doctor The following 1is the~ qualitative for mula for Euenpine Salve. Thelm quanti ative formuala wiull he sent you together (der with a full sized jar of the salve' on ort receipt of your request. If you have unot already prmovenm the great value of we this formula ini your practice, you will an he greatly pleased with results wh--*n umsed as an inh ialant in steamn vapor orsh whien applied in t hroat nn-l nuost rils and wvhe-rever' directly a~plied to aniy in flamed surface. YIt "is aniriseptie, anal- ow~ gesi' and antiphlogintic and only slightly ruhefacient. pa Quantitative Forula I ~Oil Peppermint Oil P'inus, H8tvestrlst Ol W"intergreen t Menthni r Gumh Camphor m Thoroughly o ixed in proper ratio stc and -tejuleniei andi at proper temiperat- as ture, with refined P'et rolaitumi base. E cot ODB / Antiseptic -Analgesic Antiphiogistic fa Pretenti Italleven Allava 'O I nfection Pa In Inflanun;n einc all case of inflammation of membh~hranies mnut of Inifluenaza, crou p, pnieumrmnia, so kin ab ramsion,ig br, bl a iisters, sore fee trialtmenit. in infl am matory condhit ions infact ured onily by aboratories. Incornarated Opportunity of lme, portunity to get,a >er Six have wiated six and tonths. eedster s. Hudson trade on these twe. n1d, haracter R, S. C. mUtttt t uunttmtmt, looking like a piker if he'll just fol low up his idea-his name we will omit-but he is somewhere in Mexico and writes as follows to a local print er with whom he fought in the fa mous battle of Paris: "Dear Sam:-When I was a boy (somc years ago) I 'made the south west country; and while waiting for! a freight train to come my way I wandered out to where the invitingi shade of a cactus beckoned for a siesta My dream was a vision-and when I awoke I was still under its iifluence, which continued for several hours. "At the time I was unable to ac count for it; but later on I made the acquaintance of an old soldier who ex plained thaj I had selected for my 'room the shade of the cactus from which mescal is mle. It seems that a bug which lives on this plant had dropped on me and had taken a bite. The bug and his forbears had tarried around this mescal for so long that their systems were full of the Mexi can joy spirit and the bite had inocu lated me. This is the prelude; have patience. "Viewing with alarm the advent of prohibition, sonic time ago I took up the study of how to beat it-and do it legally. No illicit distilling, no smuggling for me. I spent many nights p->ring oVer the old chemistry books-but they didn't have what I wanted; they all forced me up against Old Man Law. Then came the light. I reemhrered the bug of the cactus plant-and here I am h1 Miexico work ing out souls like yourself. "I have succeeding in isolating the bug of the mescal plant, the bug of the tequila plant. and the bug of the sotol plant. A bite from either one E SALVE s have for month~s been warning stified this warning and now' that all possible precautions against istitutes a new center of infection. lyptus wans effectivo as a pireventa tic oil wero used very effectiv'ely health can livo in its presenco. base. constitutes tho formula of or four times a day to protect rhis sterilization of tho orifices t time wheni the disease is again >re throat, cata(rrh, etc., as well. To the Druggist Uast year during the Influenza epi mde, we were overwhelmed with rusb ers for Eucapine to the dlegrenethat were utterly unable t o fill all orders :1 many hadl to be cancelled from our er inability to manufacture Euca ie Salve fast enough. This year, ing to our extensive advertising eamn gn the normal business is much ger and we may again be unable to iply the full dlemandl. [f your stock is low, order at once avoidl the possibility of shortage on h orders. There is no dangr Ia eking liberally to meet emergencies the rapidly growing Popularity of enpine Salve assures a steadF and istantly increasing dlemandl. [f you have failed to stock it thus , ordler from your jobber at once. cre Is no other salve which exactly a the field of Eucapine. Tro substi e Is to do an injustice to your enis icrs. Eucapine does not blister the strils or the tender skin of an in it's chest, but its curative qualities in flammnatory conditions are unex of the air passages and of the ro throat, coughs, eoldls, eatarrh, I. As a preventative of infection it is, when properly and persist Cinton, S. C. stf t1e1 o Nar an Irish repub. 1 ic. It's really. too violent. :T4 'get Away from this sudden war and destruction' quality I have ( ;ystemat!cally cross-bres these differ 3mt bugs-sort of concocted a cocktail, i, it were, and have produced a spe ics t'hat is safe to keep around the a t i the beauty of it all is that I wm within the law. "I havent wQrked out the commer ,ial end of the scheme as yet; but ,hat will be simple. In a short time I t vill have a million of these bugs vhich I have not named as yet. At t 10 cents a bite-three bites for two )its-and all of them working-think )f it! "Am sending you in a separate lackage two of my pedigreed bugs nale and female. Let nature take its :ourse. Dont use them before they inve reproduced, for there is only one Mficient bite in each bug. They die ;oon after their mission in life is ful 'fled. "As to a name for the bugs for :ommercial use, I have thought of a rallin dthem after 'Buck' Lewis or Mecky' Hickey (the latter has more >f a lilting sound to ii.) or for you, my 'riend-wanting no lasting fame my ,elf, only the knowledge that I have f een a benefactor to mankind ,and the l oyalty, of course, is sufficient. "The two bugs I am sending you e ire named Lillie and Billie. It won't )e necessary for you to know which t s which-they know."-Exchange. -0 ADVERTISE IN THE TIMES C The Bon Doo1 Al0 n ctm do no aee a to a J. L. R ENATOR SlhITH'S PLAN 18 FAV6RED ommittee Repott Favorably on the I Amendment. Washington, March 8.-Today the enate committee on agriculture voted D report favorably Senator E. D. mith's amendment to the pending ag icultural appropriation bill safe uarding the amendment which the outh Carolina. Senator 'put through ongress last year restricting the fu ures an to ten in number, in finding ertain stains and tinges of white cot on nothing below the grade of mid ling. The amen.d nent as it-now exists was dopted as a rider to the wheat guar ntee act, which terminates June 1, ext. Certain parties in New York laim that the amendment will pass I ut of existence with the wheat act, i Ithough several solicitors of tpe Dc- ) 'artment of Justice to whom Senator i Imith referred the matter, have ex- I ressed the opinion that the amend ient is permanent as it stantids. How- I Ver, wishing to take no chances, the lenator will have this amendment re nletedi. Senator Smith discussed with a umber o fother Senators on the loor today the complaints which he Is been receiving because the federal eserve banks in many States are harging a higher rate of discount on Dans secured by Liberty bonds than he bonds themselves pay. In spite f the fact that purchasing banks vere led to expect when they sub-' cribed to these bonds that they could orner Main and Taylkr Street Columbia, S. C. Marche 0 es to the P outh Caro mday, March The Bon Marche is connec stores of Asheville, Wilming stores have been successful, the p ublic. The one price sy in all the stores. It is the peCople get 'a square deal an< prices on '-n accurate basis plaini figures. Progressive and well hb have served you for more th charge of this b)usineCss,. Carthy and Miller are well public, and with the vast is Bon Marche stores, with th< gressive merchants who are tern, you a.re assured of a Ii, THE REST The ladies wvili find the Resat lenom a well equipped and( comn fortable place to spend a few leisure moments. I~apecially.,to out of town cus tomers shouYd this Department of Service have a spontaneous Itasy chairs, writing desks, :elephone. lavatories with tile Show and Merchants' rapde at Colulmbi a March 22-27. Supply Vouw ~NESS, LAP ROBES, SADIJ e lot of orses and Mules luring the odd months of the you want we can get it for COME AND SEE US. IGE WAY & Con 0ryw 'h, them from the reerve )anks at the same rate the)onds pAid. 'the banking, and curoeioy do ee does not voluntarily report I ation to check this practice S6n Imith intend$,- to introduce -a j in esolution to deal with it. Confidence is expressed by Senator 5mith and others that they can de 'eat the pill of Senator McLean, of ,onnecticut, which would amend the 'cdcral reserve act so that reserve )anks could not discriminate in ate of discount against banks whit he' reserve banks thought to have ,iven too many advances on particu ar classes of commercial paper loans )ased on cotton for Instance. ----0o NO EFFECT ON STOCKS. Greenville, March 8.-There was no 3erceptible effect on the local stock narket from the decision of the su. rene court of the United Statp' ,espect to stock dividends. iave been few transactions in cotton nill stocks recently and the market ias been quiet for two weeks or more. -0 NOTICE Notice is -hereby given that the books of Registration of the Town of Manning will be opened at my office, wer the Bank of Manning fromgeb. l. 1920 to and including April 2, Y920 All persons desiring to vote at the election to be held on April 12, 1920 must obtain a registration certificate r'his election will be held for the elec Lion of a Mayor and Six Aldern S. MARION WILLIAMS, Supervisor of Registration of T'(- "* Manning. .g, S. C., Feb. 3, 1920. e s. pened Its L~LL YCe lina Sth ted with the Bon Marche ton and Charlotte. These because they have served rstemn is strictly enforced only basis where all the 1 permits the figuring of, .All goods markeal in a meced business men who4 in a secore of years are in deLssrs. Macdonald, Mc known to the shopping w'ehasing power of the supervision of the pro at the head of the sys re and dependable store. ROOM floor, in fact everything te make you comftortablo will bo found in this Rest Room, deeigned to flalong it ~want in the shop On the first floor we have eqluipped a checkcing room for out of town customers to check thei suitteases, handbags, um Week 'Wants LES, WHIPS, Etc. We live stock season. If we you on short order. IPA1iV