Historical Newspapers of South Carolina

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STATE TU MEM AM i BAMKIIS IN ACCOM T •Aofith* of Negotiation Lead to Agreement on Changes Broad* ) ening Method of State or Local >' Taxation,of National Banks. I* NEW YpRK.—Months of conference and negotiation between an American Bankers Association special committee and the Committee of the Association of States on Bank Taxation hare re sulted in an agreement on a form of amendment to the Federal statute dealing with state or local taxation of national banks that ^maintains the in tegrity of the protective principles of the section and is satisfactory to the commissioners’ committee,” says the American Bankers Association Journal. Thomas B. Baton, the organization’s General Counsel, in making the an nouncement says that previously pro posed amendments to the statute, which is known as Section 5219, have been opposed when it was felt their terms would enable any state to place banks in a tax class by themselves, i- ‘‘The law as it stands today,” Mr. Paton says, ’’permits state or local taxation of national banks or their shareholders in one or the other of the four following forms: the share holders upon their shares,—a prop erty tax; the shareholders upon their dividends,—a personal income tax; the bank upon its net income; the bank according to or measured by its net Income. Only one form of tax can be Imposed, except that the dividend tax may be combined with the third or fourth form if other corporations and shareholders are likewise taxed. “The conditions permitted are: the tax on shares must be at no greater rate than on other competing moneyed capital; the Income tax on sharehold ers must be at no greater rate than on net. Income from other moneyed capital; the tax on bank net Income must be at no higher rate than on other financial corporations nor the highest rates on mercantile and manu facturing corporations doing business within the stats; the tax measured by net bank income is subject to the same limitations as the tax on net Income of the bank but may include entire net Income from all sources.** States Seek Breeder Law National banks and their sharehold ers are taxed in different states under a diversity of systems, he says. The U. 8. Supreme Court has held that the low mlllage rate on Intangible person al property la in violation of the pres ent law where !t results in national bank shares being taxed at a rate greater than that assessed upon com peting moneyed capital A number of states, unwilling to use the income methods permitted, had the alterna tive of either repealing the intangible tax laws or limiting taxation of na tional bank shares at the Intangible rata. Therefore they sought a broad ening of the permissive provisions. Also. Mr. Paton points out. a Su preme Court decision held a state’s excise tax on corporations invalid where it included Income from Federal and local government bonds in the ex cise measure. This crested doubt as to some state bank excise taxea “Conferences have been held to reach some agreement which would protect the banka, satisfy the tax com missioners sad avoid a contest in Con gress.” Mr. Paton says. “From the standpoint of the tax authorities, the main objectives have been an amend ment which would permit certain states to retain their low rate tax upon Intangibles and at the same time de rive an adequate, hut not excessive, revenue from national bank shares, and an amendment which would per mit certain states to tax corporations on their net Income, excluding income from tax-exempts, and at the same time derive the same revenue from the banks as heretofore. From the standpoint of the banks, it has been deemed imperative to maintain the protective principles of Section 5219. The Changes Agreed On ”In the proposed amendment the ex isting provision permitting taxation of bank shares no higher than the rate upon competing moneyed capital has been modified with respect to certain intangible tax states only by a provi sion under which. Instead of the moneyed capital limitation, the rate shall not be greater than the rate upon the shares of other financial corpora tions, nor upon the net assets of indi viduals, partnerships or associations employed in the banking, loan or in vestment business, nor higher than the rate assessed upon mercantile, manufacturing and business corpora tions with head office in the state. ‘’Also .an added fifth alternative per missive method, designated as a spe cific tax, permits a state, in place of an ad valorem tax on bank shares, to ; add together total dividends paid the preceding year and tfce increase in capital, surplus and undivided profits, less additions to capital or surplus paid in by stockholders, and to divide this total by the number of shares. < The state may tax the shares based upon this amount, hut not to exceed the rate on other corporations in pro portion to their net profits. •This method is designed for states whkh have heretofore taxed national hanks upon their entire net } from all sonreee at a propc rate to that assessed upon eorporatioes. The smelt which fa, the basis ef the tax is the equivalent •f the astir* sea laeSSM feMB all A fcS-N? '' V ‘.sm wanta domett tkatu mildw cmd of ’Jfi m Giles terfield Mildi iER, YES—BUT SOMETHING MORE. Chesterfield offers richness, aroma, satisfying flavor. BETTER TASTE—chat's the answer; and that's what smokers get in Chesterfield in full est measure—the flavor and aroma of mellow tobaccos, exactly blended and cross-blended. Better taste, and milder too! Co BUFORD BRIDGE FAMILIES TO HOLD ANNUAL REUNION Preparations are now being made for the annual reunion of the old Buford Bridge families which will be held at Mizpah Church Thursday, July 24th. An interesting program is be ing arranged, and the day will be spent by these families in enjoying the exercises and in meeting and greeting fellow members^w#^these clans who gather annually for these meetings. The families concerned are the Kirklands, Brabhams, Kearses, McMillans, Dickinsons and Moyes. These families have had ff very decid ed influence in shaping the history of the western section of this State, and many of them have moved to other parts of the country to become worth while citizens. • . . ’S. This custom of gathering these clans together was started by Otis Brabham of Allendale and is now an annual event eagerly looked for by all members of these families. This year the officers are L. Harry Mixson, of Charleston, president, and Gordon Brabham, of Olar, secretary. Dunbarton Crops Good. Visitors from this and other sec tions were delighted to see such splendid crops in the Dunbarton sec tion of the county last Friday. While some corn seemed to be suffering a little from the lack of rain, the crop as a whole gave promise of a good yield and a bumper yield of cotton seemed to bt in the making. The writer was told that B. F. Anderson baa a fiO-aere field of cotton that is in that to The N EW Ford Model AA trucks and Model A light delivery cars were announced this week by the Ford Motor Company and are on display in the show toouib of Ford dealers. Changes In the trucks are prin cipally In the front end, which has been completely redesigned, and in the cab. The radiator is higher with more cooling surface, fenders are wide and flowing, and a black cowl strip adds a note of distinction. The new Model AA trucks with the four-speed transmission introduced several months ago may be had with encloeed or open cab. The encloeed cab, shown above, is all steel, it Is low lu appearance yet with ample head room. The open cab is of black rubber •— — , # top material and Is easily removed. Both cabs are equipped with wind shields of Triplex shatterproof glass and vacuum type windshield wipers. Model AA trucks may be had with a platform body, which can be equipped with stakes or a panel body. The chassis has many improvements, in cluding the four-epeed transmission, larger front brakes, stronger springs, power take-off opening and optional dual rear wheels. The Model A line of new commercial cars comprises a light delivery truck with pick-up body, a deluxe delivery truck, a small panel truck and a sta tion wagon. These cars have the smaller wheels and larger tires of the new Ford passenger cars. Free “Gae.” Seattle, Wash., July 11.—A gaso line price war today sent priceg at one service station here te nothing when five gallons were given with every oil change. Others were charging five cents, three cents of which the state tax. te •% Card ef Thanks. Mrs. Ben W. Peeples and family wish to thank their many frienda for the kindness sod sympathy shown them during the sickness 'end death ef their husbead and father. Mrs. Ben W Ask Year Seldier Bey Hew Get Such a Held. He’ll tell you that the bettlefronta of Europe were swarming with rata, which carried the dangerous vermin and caused our men misery. Don’t let rats bring disease into your borne. When you see the first one, get RAT- SNAP. That will finish them qoick. Three sipes, 36c, 66c, $1.26. Sold and guaranteed by The Best Pharmacy and Denson's Drug Store, Barnwell. Legal Advertisements NOTICE OF DISCHARGE. Notice is hereby given that I will file my final account as Administra trix of the estate of E. W. Holman, with the Hon. John K. Snelling, Judge of the Probate Court for Barnwell County, State of South Carolina, and petition the said Court for an Order of Discharge and Letters Dismissory upon the 2nd day of August, A. D., 1930, at 10:00 o’clock in the forenoon. Emma Holman, Adminx., Estate of E. W. Holman. 7-10-4t. * w NOTICE OF DISCHARGE. Notice is hereby given to all whom it may concern, that I have filed my Petition in the -Probate Court for Barnweil County, South Carolina, praying to be relieved and discharged as Executor of tne Will of Lydia K. Ray, and will appear in said Court upon Monday, the 21st day of July, 1930, at 11:00 o’clock in the forenoon for an Order of Discharge and Lat ter* Dismissory. JAMES 1. RAY, ef the WB1 ef Lydia K. Ray. tfi. NOTICE OF ENROLLMENT. By virtare of the aethorl in me as President of the Municipal Democratic Club, 1 give notice: * • « That the enrollment book will opened at Lemon Bros’. Store on day, July 1st, 1930, and will open until Thursday, July 81st, 1980. The enrollment committee shall con sist of A. A. Lemon, E. D. Robertson and N. D. Goclin. Those entitled to enroll shell write their full names, giving their age and residence. The qualifications for voting fl>*n be as follows: Voter shall be a white Democrat twenty-one years of age, or shall become so before the succeed ing general election. They shall be citizens of the United States end of this State. They shall also have re sided in the State two yean and in the County six months prior to the succeeding general election, and in the club district sfety days prior to the first primary, following their offer to enroll: Provided. That public school teachers and ministers of the foqpet in charge of a regular organised church shall be exempt from the pro visions of this section as to residence^ if otherwise qualified. All candidates shall be required to file their pledges and pay their as sessments to P^rry B. Bush, Secre tary, on or beftft J2:00 o’clock noon, Tuesday, July fttli, 1980, and shall publish their card to the local paper at least two the first primary. The lall he for Mayer, $10.00; for ssaa, $2AQ; for/ lie Werka, sea