The Clinton chronicle. (Clinton, S.C.) 1901-current, April 16, 1953, Image 13
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Thursday, April 16, 1953
THE CLINTON CHRONICLE
Are -we being taxed excessively?
You hear that. On all sides one
hears something like this: What’s
the use to work hard? Why “go
all-out”, when the result may be on
ly a heavier tax? There must be
something wrong, and certainly we
must be able to correct this con
dition.
Men work because they expect
the fruits of their labor. We know
that we must have schools and hos
pitals, street paving and policing,
an army and a navy, but even those
who receive special benefits from
public funds complain of the heavy
Paere Fiv#
preciate this: if a railroad has a
big wreck it will make heavy ex
penditures to overcome it; if a tele
phone, telegraph or electric power
company or a gas pipe line has a
storm damage it must have heavy
reserves. So the men who own the
company never receive all the
earnings. When they feell their
stock they must get back a part of
it in the price received.
Now the company I was talking
about earned in profits $67,362,000,
but paid in federal taxes on in
come $35,037,000, or 52 per cent of
all the profit. The total taxes paid
to Federal, State and local units
amounts to $66,607,000. That is al
most 10 per cent of all the sales.
The taxes would equal $4.80 a
share; the stockholders received on
ly $1.00 a share.
This company employes. 64,000
men and women.
In that company’s statement I
read some interesting items: there
are about 22 million homes in the
There are about 26 million phono-
perity we’ve had is largely a paper
affair; the only person who really
prospers permanently by war hys
teria is the person who receives
high wages and high prices ,but
who does not buy anything. What
ever you buy will reflect the very
condition that pays you easy mon
ey. The housewife who sells eggs
for a very high price is also paying
a very high price for chicken feeds.! great principle of vital importance,
Isn t that true? or for the defense of the Nation.
Any sort of prosperity based on
No country can afford to lose its. the lives of young men is a de-
young men in battle except for a lorous phantasy.
tHX6S.
It seems to me that we should i P ra P hs * State ?A/« n in *
never have thrown money away in i cr ^f. 0 * i 8 - 000 * 000 since 1946.
Europe and Asia. Men all over! Within ten years this great com-
the world thrive on difficulties and 1 ? 31 ^ has P ai< * ,ts stockholders ^ a
grow strong by overcoming diffi-1‘ n f , 3 “ s . t a share ’ but wlth *
culties total of $1Q2,229,00, sometimes pay-
' . _ , , ■ in that same ten years the com-
When the Germans crushed the p an y has retained or held back out
French in 1871, who rebuilt
France? When Napoleon overran
Europe, who poured out money to
rehabilitate Prussia, Italy, Austria
of the profits $153*229,000 and that
has been used for expansion.
What I have cited is typical of
American business. When a com-
and the others? Who, indeed, gave pany needs $153,229,000 within ten
billions to France to save herself years it may not be able to borrow
after Napoleon? But I have a fin- j t ma y not always find the
er illustration at our doors: who money market favorable. Then
spent money lavishly to rebuild
Virginia, after four years of de
struction, her fields and homes cut
up by shells, her productiviey vir
tually destroyed, her men in the
army? Who restored South Caro
lina after Sherman’s march to the
sea? Neither Virginia nor South
Carolina was petted or pampered;
they were despoiled.
If some great nation had been
ready and willing to revive us we
•could easily have spent several bil
lions a year. ~ Perhaps, like the
world today, we might still be call
ing for help. Our people had to
make bricks without straw, as the
Egyptians compelled tlW Hebrews
to do. But the manhoodnn the Na
tion developed from the stern ne
cessities of adversity.
A Government need not feed us;
we can work for our-food. What
we ask is a free, unfettered oppor
tunity to work; and what the Na
tion needs is an opportunity to de
velop itself so thaf the” constructive'
imagination and the spirit of ad
venture in enterprise may have
should police us so that every one’s
rights and initiative should be pro
tected, but not allowed to oppress
others. Even that needs modifica
tion because if a man by a new
process may undersell his compe
titors by a large margin they will
complain, though the progress of
the world may hinge on using all
the new processes and devices that
may enable more people to enjoy
the good things, the comforts, con
veniences and pleasures of life.
I want to tell of a great corpora
tion and what its annual statement
shows. It is not a South Carolina
company.
’ Last year — 1952—the company
sold goods to the amount of $693,-
941,000 and made a net profit, af
ter all taxes had been paid, of $32,-
325,000. Well, that seems good,
doesn’t it?—more than $32,325,00
net profit. But that was only $2.10
a share. The shares are selling for
about $30.00. $2.10 on $30.00 seems
fairly good but the stockholders
were paid just $1.00 a share. $1.00
on $30.00 and all the risk. Well,
what happened to the difference?
The difference was retained in the
businss. Each stockholder was en
titled to $2.10 but received $1.00
and the total kept back was $15,-
314,000. Here is a point woth re
membering: the big companies nev
er pay out all their earnings; they
hold back a half, sometimes two-
thirds, of the net earnings in order
to have money for expansion and
for emergencies. In order to ap-
again, it would have to pay interest
on the loans and have a maturity—
a definite time of repayment. That,
my friends, is the prinicpal diffi
culty in borrowing money: you
must pay it back and at the time
specified. If that were not true all
the banks would be swamped witn
borriwers for a few months.
After that there would be no
more money and no more banks.
And the banker himself would be
“on relief,’ ’or working with the
WPA. If the banker ever seems
unsympathetic it is because he is
trying to protect the little nest egg
of the Widow X and the savings
of that handsome young couple
now saving to buy a little home
and send their boy to school.
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When we talk of peace the prices
i down; when we talk of war the
prices go down. Our people make
big plans on the coywhWng-of the
day, whether of war or peace, and
become alarmed lest any change
will unsettle things. And so it
does. But the abiding factor in the
productive and buying power of
our people, in time of peace. All
this fluctuating of the day i^ the
usual stir and unsettling, bm let
us have peace. The so-called pros-
FINAL SETTLEMENT
Take notice that on the 14th day
of May, 1953, I will render a final
acount of my acts and doings as
Committee of the estate of Law
rence W. Davis, in the office of
the Judge of Probate of Laurens
County, at 10 o’clock a. m., and on
the saime day will apply for a final
discharge from my trust as Com
mittee.
Any person indebted to said e#
tate is notified and required to
make payment on or before that
date; and all persons having claims
against said estate will present
them on or before said date, duly
proven, or be forever barred.
MRS. LEONARD S. LOCKETT,
Comm. For Lawrence W. Davis,
Greenville, S. C.
April 13, 1953. 4t-8-cw
SI BSCRIBE TO THE CHRONICLE
“The Paper Everybody Reads”
Competent Chiropractic
Health Care
THE R. C. BOLEN
CHIROPRACTIC CLINIC
Edward Arms Apartment Bldg.
Greenwood, S. C. Phone 9-6210
3%—DIVIDEND—3%
We invite savings accounts from the people of Clinton
and vicinity. Yeu will like our friendly and efficient ser
vice, and you will receive your dividend promptly each
January 1st and July 1st. Any amount — from $1 up —
opens an account.
Each account is insured up to $10,000 by the Federal
Savings and Loan Insurance Corporation. Two people may
have up to $30,000 fully insured.
Accounts by mail promptly acknowledged.
Chartered and Supervised by the
United States Government
Laurens Federal Savings
& Loan Association
Telephone 22271
LAURENS’ LARGEST SAVINGS INSTITUTION
104 West Main Street Laurens, S. C.
on ^Telephone Construction in South Carolina
These are busy days for South Carolina telephone folks—from the
drawing boards to the installer’s truck.
Reason: the biggest telephone construction program in South
Carolina history is under way. It’s a program that will mean new
buildings, additions to existing buildings, new central office equipment,
new cables, new rural lines . . . and more and better telephone service
for more and more people throughout the state.
This is a big job but the result will be an important lift to the
economic and social progress of the state . . , and will mean more
valuable, telephone service for all.
J. M. McAlister
South Carolina Manager
SOUTHIRN BILL '
TILtPHONt AND TELEGRAPH COMPANY
•. and for your safety
The striking new Bel Air Sport Coupe, one
of 16 beautiful models in 3 great new series.
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Chevrolet’s improved Velvet-Pressure Jumbo-Drum Brakes give
maximum stopping power with maximum ease of application
/i
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CHEVROLET
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shield and all windows of sedans and
coupes, extra-easy Power Steering* and
Entirety NEIV fArot/yA and fArwyA.
Chevrolet owners have long been con-
vinced that they have the sajest as well —, v,„ tl ouu
as the largest brakes on any low-priced many other important safety factors, and
^ 15 even more ^ rue ^ 1953. you’ll understand why owners rate the
This year you will find much smoother, new Chevrolet tops.
more responsive brake action ... up to
23% less pedal pressure ... and a softer,
more velvety feel of operation.
Realize, too, that here is the only low-
priced car with sturdy Fisher Unisteel
Construction, Safety Plate Glass in wind-
MORE PEOPLE BUY CHEVROLETS THAN ANY OTHER CAR!
Come in; see and drive jthis thrillingly
advanced car, and we believe you’ll place
your order now! •Optional at extra cost.
Power Steering available on all models. Con
tinuation of standard equipment and trim illus
trated is dependent on availability of matenaL
GILES CHEVROLET CO. Inc
Phone 26
West Main Street
Clinton, S. C.
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