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Show see the picture, the present pol.cy of the government is a tremendous deterrent to investors contemplating putting their money in big corporations in general, and utilities in B:g corporations, beparticular. around the nXtional CAPITALV Carter Field Very interesting in Washington. connection with all the talk from the White House that only fear is restraining investors from going into new enterprises, and particularly in connection with the administration charge that the electric industry has been withholding expenditures for expansions, etc., at the rate of a billion dollars a year for the last three years, are some recent actions by the federal power commission. Act 1 was the application of the Carolina Aluminum company for permission to construct a hydroelectric project on the Yadkin river, near Tuckertown, N. C. This was denied, on the ground that the Yadkin river was a navigable stream, and hence a license must be obtained. But the contention that the Yadkin river was navigable seemed absurd not only to the Aluminum company, but to the state officials of North Carolina, in view of the fact that there were already three dams below the proposed site on the Yadkin river, and one above it! So North Carolina joined the company in appealing. On December 17 the commission rejected the appeal, and also in in-a separate action provided for an quiry into the other four dams, that they be required also to obtain licenses. Why all this stress on licenses? To read the statements of the commission one might suspect it was all in the interest of navigation. Presumably the commission might tell the operators of the plant, on some occasion, that they could not operate because that might reduce the depth of water down in the navigable part of the stream. Presumably the amount of water evaporated by being run through a hydroelectric plant would be sufficiently In excess of that evaporated if nature took its course to affect this depth farther down. Gets Power to Intervene surpluses for expansions without a punitive tax. This does not mean, these conservatives point out, that this particular money would escape taxation. On the contrary, it is sure to be taxed at least twice by the federal government. Thus if the Niagara and Hudson company, to use a specific case, though an imaginary one, should earn ten million dollars above its prudent dividend requirements, and should desire to put this money into a new hydroelectric plant, it would be permitted to do so without paying an undistributed earnings But it tax on that ten millions. would pay at least 16 per cent in regular corporation earnings taxes. This figure of 16 per cent is the lowest any one in congress is thinking about. It contrasts with the present normal corporation income tax of 15 per cent. Probably, when the law is enacted, it will be nearer 20 per cent and some want it even higher. Presumably this ten millions would eventually be distributed as dividends. When that happened the stockholders would, of course, have to pay their individual income taxes on it. And meantime, any additional earnings occasioned by this investment would, of course, be subject to the 16 per cent or larger regular corporation earnings tax. There is a story dating back to 1933, right after Franklin D. Roosevelt became President, that some bankers in New York, who happened to be the trustee for his father's estate, wrote him a carefully worded but perhaps indiscreet inquiry as to what it would be safe to put his money in, in view of what the government might do. According to the story, Roosevelt laconically answered: "You are the trustees." Also, according to the story, the bankers wired back: "We have put the money in government bonds. Now you are the trustee." That story is apropos now because of the recent statement to the press by President Roosevelt of his ideas on what return should be permitted on capital invested Ity private persons. He was speaking particularly of the utilities, and he was discussing the '"prudent investment" theory. If you put that statement together with the very ideas of Mr. Roosevelt on interest rates, there results a situation which to any "prudent" investor, would seem to indicate that the sensible thing to do would be to put ore's money in government bonds. Especially if one had an income large enough to put it up in the hih And that, of surtax brackets. course, is where a lot of the money, if not most of it, for all sorts of new ventures and expansions comes gets its power to intervene, under The federal government has jurisdiction over navigable streams. The original idea of the founding fathers, of course, concerned bridges, which, unless there were some regulation, might be built so close to the water that ships could not pass under them. But actually that is a lot of apple sauce so far as the present contention is concerned. What the power commission wants is to force these plants to have licenses in order to impose recapture provisions. Under the federal power act, as amended in 1935, a formula is set up for the government taking over any licensed hydroelectric plant at the end of fifty years. It is to pay, under the provisions of this act, precisely the amount outlined by President Roosevelt in his prudent investment theory-mo- ney honestly and wisely invested no allowance for mistakes, however honestly made, no allowance for bribes, no matter how wise it seemed to pay them, no allowance for promotion costs, and no allowance for any increased value in the land! With the further retroactive provision that if it shall be discovered, when the government is taking them over, that the companies charged too much during the fifty years, the amount of this excess profit shall be deducted from the mount paid the owners by the government. from. Needless to say, if the project The point is that Mr. Roosevelt's was a losing one, the government pattern for private investment condoes not have to take it over. So tains no calculation for losses. If it's the old "heads you lose, tails an investor puts money into five enthe government wins" formula. terprises, and one of them is a flop, So some skeptics here think the resulting in a complete loss, there "prudent investor" will have no is no way, under the Roosevelt forpart in anything the "prudent in- mula, for one of the others to be a vestment" theory governs. bonanza, thus enabling the investor to come out even. He is just Trouble Ahead out of luck. Plenty of trouble impends for President Roosevelt in the regular Roosevelt's Ideas Let's look at Roosevelt's own session of congress. This was made certain in a recent press conference ideas of "prudent investment" as In which the President stated his expressed to the press. And one views abemt what was causing the must bear in mind that it is Roose"fear" on the part of investors. velt's ideas about the famous Bran-dei- s The point is that Mr. Roosevelt's decision, not what the justice ideas are widely at variance with really said, that is important. If any of the money was invested ivhat a very large number of senators and representatives think is the foolishly, that docs not count. That is just a loss. If any of the money reason. This will affect the very essence was spent crookedly, that does not of a number of measures which the count. The President did not menregular session of congress must tion promotion, but he does not like consider all of them, in fact, which promotion, so that does not count. nave anything to do with business. If the company bought some land, which increased in value through no Of these taxation is the most important. The President in his remarks merit on the part of the company, to the press strengthened the hands that does not count. So it's only the money actually af those senators and representa" tives apparently a majority who put in, and then spent wisely is the word on which a rethink that the liberalizing of the tax on undistributed earnings of turn should be allowed. Of course, corporations should go a great deal if a company invested a few million further even than the house com- dollars, and then encountered a mittee has provided. city council or legislaThe particular point here is to ture, whatever had to be spent to provide exemptions for any money save the entire investment would put into plant expansions. As the be sheer loss. congress conservative members-o- f Copyrlfht WNU Service. the Constitution. well-know- y l"" ip H W Till RUNNING WATER IN HOME FROM LAYERS V,.. r - r - I ; ' v ''SC' V " Picture 4 Parade 1 . ." ? rl Ilia -v. ouie u lHjuiditu.g ei.urrC? models 74 Vt .... J af: 3 or yy y i,jt iuo, Lnronie Irifn full factory guar IK. tory crates. 2 ci lra flock of 200 hens, properly would in one aged and cared for, about pay for the time just year's a sink, runof installation complete in a farm ning water and bathroom home. Installation of a sink, running water and a bathroom would add to the comfort of many farm homes, and the effort and expense could be afjustified by the added protectionfamfarm of the forded the health 1 )EOPLE get married each day in all parts of the world, but ivery country has its unique ceremony. America, where tradition has been thrown to the winds, people are likely to get married any place. In Los Angeles, for example, an enterprising photographer caught the above wedding under water. It was a publicity stunt and 4(h Ko QL1ET two-third- 1 j j BEAUTY v customs in preparing for their wedding day. The coy miss at the right, atop her horse, is en route to the neighboring village where she will join her husband - to - be at the wedding. father's Austrians, Hungarians n g 3 :.,at these decency, been lot sw jin the 3d remit WW 9WWW JlnclM General he quote " refute t not try U aU Cr Why do stars 1. seem pointed? 2. When did the White 4. What is the bow you C J highest the L into healthy- d de: fce Kinf seduced diseases are dying 6. How long was the orl race? that is w! Answers " Fages Their apparent points art; stagge: to the scintillation arising fit: i those v equalities of the earth s si a?" you. phere. es with 2. The name "White House' 1. les, came official during the add an aire man! holy wi you!" I spread fii d the Gov your he; God a of it is foi i;ious Stat wi Leav ', rollen ires! Men can never nnderstand threw wile a wiTe wbo ia lovable for three the fourth, I the month but a hcll-rNo matter how vour back aches-w- ef don't at scream kow loudly your nerves out on your husband. ha womu For three generations one another how to co "smilin? through I.vriii E- - Pinlcham'n Vegetable Compoai helps Nature tone up the system, thuikf mg the discomlorts trom me iuucu A.nn Biliinli nnman tnllat Pnrlum. IX Make a note NOW to ft I Pinkham'i today WITHOUT t Aiura; ruRgist more than a uitinc wi . - uh 3,'. , I vr S . held it ;e im the 'or still Fages, st with of God, hearts, n and kill!1 to sank I essed flnp Rifht War it is right there is no If ' Divine, on my ki of thy s o Kooseveu. make brethr e I r. will Mission HOT iwillingl; ;'Jt one i " of the toy Pi( Mm. iy,"iti! I.UDSN it Menthol Cough DropJ an AlksUr,. Bothh.v. .v.. L.t I t ring Iffethr-r- i fers, di 5' nodded, FmW Fo: rfttiil cotaii 3ien regi Govemoi pounds i whip WNU W ijod nigi your i !? HOTEL BEN LOMOKEt A P other 1 1 on c sold no itrength FunnrtiniT benefit Down on the Farm Wool is bought while sheep in Argentina. cr th the sr, itching PIMM Why not try LYDIA E. way. Theodore meal) three meals, of about 15 minutes, daily.' Birds should fast 24 hours before commencing with this mash. doi eaven of ONLY A l.ttara trem and :ash ARE YOU In st was a ssen ne ; dul mlt.n the fu for tration of Theodore Roosevelt 3. The earth s curvature mile is approximately 8 inches 4. Five dollars. 5. It is slightly concave, capillarity and surface tensi 6. The runner who carried message of Greek victory the Battle of Marathon trav about 24 miles. al . gn and :, Oreek marathon Herald: Five hunared pounds fine ground wheat, 600 pounds fine ground oats, 580 pounds fine ground barley, 200 pounds meat-me60 per cent, 100 powdered milk, 20 pounds pounds fine iodized salt (.05 per cent). The of this mash shows the analysis following properties: Total crude protein 17 0 per cent; min. fat 4.0 per cent; max fibre, 5.75 per cent; digestible prc tern, 14.0 per cent; digestible nutrients, 74.5 per cent. Serve in wet ; the is It Following are the ingredients of a good fattening ration, supplied by a poultryman in the Montreal 2 ' - ;j who is r me tju tell ination of postage stamp il by the United States? 5. Is water in a pail perl: level at the top? Approved Fattening Mash for tn before HoaJ ceive this name officially! 3. What is the curvature earth per mile? taining high yields, Mr. Nissley says, in urging vegetable growers to spend plenty of time and thought on the selection of their seed during the coming months. Some concerns specialize in seed for certain kinds of vegetables and offer better stock seed than is otherwise available, he reports. While some vegetable seed, such as lettuce, is produced by a few large companies in California and sold by many seed houses, certified seed from such locally grown vegetable crops as tomatoes, egg plants and peppers is available. In many instances, the seed is produced and saved by local growers so that the quality is known and the strain adapted to local soil and climatic conditions. If possible, order a quantity of seed a year in advance and plant a row or two of it as a test to make sure that it is true to name and type, Mr. Nissley advises growers. wter ' spired Will objective. In acquiring such a flock it is helpful to mark those birds that start laying early, especially if they are of good type, size and of appar-- I ent good health. A hen so marked might eventually disappoint the flock owner, but if she is still laying when he selects breeders, the band will be helpful in making selections. mash (3 pounds i insider Isk Me O manage' es A pra to :T U l. ' that of ma: fed ALCOHOL Treatment RmiIu Zf 3 at IM KKMOtSnirT Only . M r UII days I11Q I. softe Pedro the away f A dairy cow uses about 41,000 movements a day in chewing jaw of tl tht ' ( At a On the island of Camargue. France, a balky horse might ruin a wed ding Custom demands the bride and groom shall ride to the church on the back of the same white horse. Their attendants, also on white horses follow. This groom seems to be monopolizing the saddle while his unhaDov looking bride hangs on as best she can. sflstflHITsWMssy'T"ITT--i--r- ft tfiU4S I ftousar " 4. pelvet- - Feather picking of as with chickens, develops turkeys, when birds are not kept busy. trppe "Ktrov Vende !s' food i A ENGLAND sale of prize cattle in Buenos ftooArentma' 55 head br"Sht M thIiecrV!,r,age soil which is more anVcre5 f acid should b Rm10 tWon! "pru-ently- high-jackin- so? PERSONAL persistent determination to use poultry as a means to meet such an objective often has more to do with the success of a poultry enter--i prise than the flock owner's love for poultry. Acquiring a flock of birds with the inherent ability to lay well during the winter months has a favorable effect on poultry cash income and the realization of the flock owner's wor is n ' retical i: versity, reminds farmers. The purchase and use of good seed are among the first essentials of ob- and Baltics lead all other peoples in making festive onthe weddingday. Preparations start weeks in advance, the entire neighborhood sharing in plans to get the bride and groom off to a prosperous start. Although preparatory operations almost overshadow the marriage itself, there are many complexities to thermal ceremony. On the morning of the wedding day in Serbia, relatives of the bride go to the home of the groom and stand by him during the ceremony of having his face shaved clean. It s a strange world' iear.on'f CHAFER CULTIIP Dorene Beauty Cla,. Cltar!" moves wrinkles, beamific, Herbs. household CaBldwell Laboratar)-products r s High quality vegetable seed is always the most economical, for profits from any crop are directly proportionate to the yields, C. H. Niss-le- y, extension professor of vegetable gardening at the New Jersey College of Agriculture, Rutgers uni- brides 4 iierrt' cte: ,ib:t!ernes: 1, Urges Growers to Buy Good Vegetable Seed recently shattered been he 3 5er-- SCHQQij IKAKN BAKBKHING IhTST New classe no (ormine p!? Hclrr Barber t oll lt A j Serra m4i room. ; r.t Two -- KKSPtCT4Bi.,";tl -- BARBER 200-he- In Japan, where many a romance has age-ol- d St! - HOTELS Poultry records show that then approximate profit from a amount flock amounts to $256. This of the represents about waof a pressure cost simple total necthe with ter system installation, bath- essary fixtures for kitchen and were microequipped phones. In Holland (left) the bride feeds her husband a traditional mixture of brandy and raisins. He's making a wry face but she says, "Yon might as well get used to my ow, cooking voung man!" by war, follow . HOTEL PLANDOME TuTTl ily. own In participants with V. m if ft wNsl Mineral g yr. e. i nai Now man- j Wter FURNITURE, etcT Well Managed Flock Would Pay for Equipment. Hi How They Reason but An Old Story It seems a little that's how the federal government mi cause cf the President's antipathy for bigness in business utilities because cf his alleged bias against them and because of his frank ex pressions as to what returns they should be allowed to earn. The point of the whole thing is that, Mr. Roosevelt making no allowance for any money "unwisely" invested by a utility corporation or any money spent for bribery or any other "dishonest" purpose, and not being willing to allow even increases in land values, if they were "unearned increment" or if the value had advanced through no effort of the company, these conservatives do not look for any rush of unemployed capital to the utilities. Or to any other business on which the heavy hand of the government might fall. Hence, these conservatives reason, the only way that money can be employed, and thus provide jobs for the unemployed, is to permit going concerns to use some of the Farm Topics Slraii'je Wedding f.bui Km OCDEN. UTAH 1 'I iu mon P Bathi Family Room for 4 penoni 5 Rodia-3- 30 'Jlvet c tee iti duTinrenithl0hi(liVe 8t0ck on i-rt- r Ml They ride on the shoulder in India, on the arm in England, "ture months djes not provide much feed for them ,nd may result m considerable damage to the pasture itself One foot of hopper space for thC layin8 house tend to decrease fighting and to egg production. Air Cooled Lonnet CrlU Room . . Cofff Shl v E.rhanr-OP""",- Chamber mi T.J Commerce pd ,aEitat: an .flood r.,r. .i a. C ;Jrrua third' bttw, wS LOMOND HOTEL BEN hitl lU, Pi |