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Show ' ' r" I J . CACHE COUNTY, THE JOURNAL, LOGAN, PAGE EIGHT Wednesday, October UTaH ' II 29, 1930. Mr and Mrs Hyrum Hulse Elsie Pehrson, Alla Andefson, drew Iverson, Mrs. Elsie Pehr- Pehrson and Rex Pitkin spent 'Sunday Vella Humphreys, Olio Jenson, son and Mrs Kate MLlHEPMEHf Jofilrsr:NetJancl-.ttisga- wer& Ue Pehrson Alme y' where they' were guest of Mr. Mrs. Rulon Scott and family of (Morgan arrived here on 0?Ul3VVellsVLlle A fine son arrived on Satur- - anr, Sunday for a bnef visit with day at the" home of Mr. and! who recently returned from the relatives and friends. MARTHA E. HALE, Correspondent Mrs. George Jessop. states mission, Mr. and Mrs. Victor Eschler northwestern 7 Mr. and Mrs. Reed Jessop 1(j Elder Nilson and Byron at Ogden amved here on Mon-- i and Joseph A. Jessop motored c gnow 0t Hyrum stake- day evening, being called here Millville Mrs on Sunday from their ranch hj Kate Pehr-- i dames James Jensen and fam-jl- n visited-ou- r councJ Sun- on account of. the critical con-- 1 son and family were given a lily, Alma Jensen, Eslie Jen- - in Pocatello valley. j school, Sacrament meet- pleasant surprise on Friday! son, Owen Jenson, Morgan Thirteen from this ward at-- ij jay ann acting ward teachers tended the temple on Friday meetmg on Sunday. evening by a number of friends Jenson, Charles Anderson, tc their departure .'or drew Iverson, A. C. Hale and evening The .first and second year Salt Lake City. The evening , Mesdames Nellio Pehrson andi Mrs F. E. Blair and daugh- - Btehlve entertained on was spent socially after which Fannie Olson ters. Hattie Dean and Phyllis, Thursday evening at the home luncheon, was served. Those Mr. and Mrs James Velbell of Payson spent the week end 0J Chrysan-presen- t Annia Humphreys in her 80th birthday were- - Messrs and Mes-'o- f Summitt, Mr and Mrs An- - with Mr and Mrs Tracy Colt holor 0f miss Elsie Pehrson, themums centered the table. ietinng leader of that first! Beside the hostess covers were year Beehive girls. Games and! laid for Mr. and Mrs. Walter music were enjoyed and aC Humphreys, and Mr. and chili supper was served. Those Mrs. A. C. Hale and daughter, present were: Mrs. Annie Hum- Norma. Mr. and Mrs. George Reinphreys, Mrs. Mila Hulsfc, Winona Cummings, Fern Monson, hardt of Soda Springs, Idaho, Velva Humphreys, Venice Lar- and Mrs. Rhea Larson and famson, Alton Jessop, Delons Hum- ily o! Logan were supper guests n Lar-ajn- e of Mr. and Mrs. Hans L. phreys, Montis Larson on Saturday evening. Jessop, Ruth Jenson, on' Sunday' JIs'c!n , e?m An-pri- j Jackson - Bell Nil-so- The Aristocrat of MIDGET RADIOS ! have a radio of midget proportions and containing all the features of a large and more expensive Radio. PRESTOU DEPARTMENT You may now , ik 1 i , MRS. ROSE k.AMOREAL'X, Correspondent SACRIFICING, OUR ENTIRE STOCK i ed OBSERVES EIGHTH . Thursday night in honor of BIRTHDAY her daughter, Mrs. Archie Gills' Mrs. Marie Stef- birthday anniversary. A hot' j. Preston fensen celebrated her ej&h tieth 'chicken dinner was served. j j Prices were never so low as on our entire stock of drapes and curtains. Quaint ruffled curtains, drapes, exquisitely decorated combination sets. Easy to find whatever styles your rooms will need. j This new tains r s l Midget con4 six tubes, Type 224 Screen-Grid- ,. one type 245 power tube and Jackson-Bel- I one type 280 Rectifier. It is equipped with a tone control of Jackson-Bel- l type, and comes in the two beautiful all walnut cabinets pictured here. Be sure to hear this marvelous little radio. Price complete::77.T7 X i T ty Banker Home After Being Kidnaped (Continued from Page One) 1 VELOUR DRAPES $3.00 Value, Sale Price Mrs. Yocum. N. D C. at the home of Q FURNITURE'COMPANY atarde Furniture Swiss-Germa- FURNITURE COMPANY LOGAN, UTAH We are also agents for the new RCA and Brunswick Radios LAUREL WHEAT WEEK, NOVEMBER v. Sy 13 AA1trtiSt)JS BS: i 3-- fa? 8 snt. i. J TEe Facts This is the fourth installment of a detailed statement on the history and present status of the Bank Tax Question appearing in previous issues of this paper. T 1 - ALL OUR CURTAINS to 50 Per Cent Discount CHRISTENSEN MINDS is i! he SI 25 girls gave a wasBeyond admitting that Yoheld for ransom, Mrs. Miss $2.25 cum maintained silence. Mary Perry in honor of Miss Yocum was returned to his Ora Bishop The party was in A of color wealth Many exclusive designs , t 1 1 by a motorist who found keeping with the Halloween home colors and remarkable . many schemes, new, on him a road walking lonely ideas Prizes were awarded to ideas. and shades. , Miss Helen Larson and Mrs near Atkinson, HI., about 15 miles Galva. from best Grace Larson for the 1 1 The motorist, Virgil de Reu, costumes Alice Jorgensen and for a ride LornaLamont were in charge said Yocum asked of the evening's entertainment. into CalvarAs soon- as'he got Miss Bishop who was the 1929 In the car, de Rfu said, the t t A president of the club, received banker identified himself a token of remembrance. All feur days growth of1 beard was evident but Yocum seemed to had a splendid time. J Speakers in the sacrament be.. ghedarid tniT-ihn- t a meefcifig-Sund- ay .nightifa . the bttt he hid Second ward were Elders Dar- -' t Reu xPenences rd Reese of the Ninth ward in ' Logan, who recently returned Worth While n from1 the mis slon, and his companion fn the American Asked To mission field. Matt Rjjfiiards, also of Logan. . ij LAUREL WHEAT WEEK, NOVEMBER 3-- 8 Mis Minerva Belnap i burnWilkins Accompany ed home Wednesday o last week from St. Anthony and she where had Ashton, Idaho, Milwaukee, Wis., Oct. 29 (P) Sir huoerc Wilkins, noted spent a month visiting with sisters. Pngl'sh arctic explorer, has in- - ter Mrs. Eugene Anderson .spent vited Lincoln Ellsworth, Amerithe week end in Salt ; Lake can explorer, to accompany him at the home cf her V parents, on his proposed submarine trip Sir Hubert" said last night (from there would proceed tolpected to begin the 2,100 mile Mr and Mrs. Eugene Clark. to the North Pole as he planned to leave New Snitzbergen to start the polar journey under the sea to the that i Mrs. E T Clayton entertain- - of the expedition. York in April for England and trip. In June, he added, he ex-- 1 pole Tire party $59.50 her birthday anniversary at, home in tne Second wfird on Thursday afternoon and even jing Her two daughters Mes-- 1 dames Lewis Ross of iLogan land Harriet Casperson Jf Pocatello, had charge of trip par- Some question has been raised by those either uninformed or willfully ignorant about the ability of the banks to pay as compared to other corporate or individual taxpayers and in this connection the strange theory has been advanced that a bank is endowed with special earning capacity and makes profits out of harmony with other lines of business. This sort of. propaganda can be dismissed with the simple statement that a bank is a service institution engaged in the highly technical, hazardous and responsible business of handling credit, and usually earns less net return on its invested capital than capital invested in any other reasonably successful enterprise; its net retufn, however, of necessity representing a consistent earning to offset undetermined losses which are bound to occur, and which for the protection of the depositors must be charged out of the assets of the bank when discovered. The several hundred present bank stockholders and former holders of stock in banks in this County should be able to attest to the accuracy and fairness of this assertion and to testify to the inability attending an investment in bank stock where the fundamental conditions of prudent management and safe earnings are disregarded. It is interesting to note the recent statement of the bank commissioner of one of our neighboring states, who said that the inequitable and excessive tax burden on banks prevailing in his and other states under antiquated tax systems is one of the & er TEe . ass Q'isestScm greatest contributing causes to bank failures. This should also capitalized lie has also accumulated some additional surplus of undetermined amount. This corporation has paid dividends annually in recent years at the rate of 10 per cent on its present capital of $100,0000.00. It was reported in 1929 to be paying a maximum salary more than the maximum apparent when notice is taken of the fact that the cost of operation in banking, as in ever-increasi- other lines of business, has, in the highly competitive field of fcanking. jeduced the proLts to the point v here, according to an official estimate there were nearly three thousand banks in the United States, which iast year sustained an operating loss. It is matter of recoid that lor some years prior to 1929 the banks of Utah as a whole paid an amount equal to approximately 51 per cent of their net earnings annually in taxes. While this may not appear relatively excessive to the farmer in these years of diminished returns and reduced land values, it will certainly bear comparison with the tax burden of almost any other class of taxpayers. Witness, for example, a recent and fair comparison: A Logan bank is capitalized at $100,000.00, representing the investment in cash of its stockholders. It has accumulated surplus and undivided profits over a long period of jears amounting to approximately $63,000.00, or it has a total operating capital of $165,000.00. It has paid dividends annually in recent years at ihe rate of 12 per cent on its capital stock of $100,000.00, or at the rate of approximately per cent on its total invested capital of $163,000.00. It pays no excessive salaries and has no concealed 75-- at a full cash value of $100,000.00. ing power as well as value. Let it also be added that the banks have nothing to hide and no apologies to make. It that their case has been fairly presented, imtried and conclusively decided in the method partially provided by the constitution of State and Nation and by the customs of representative government among free peoples everywhere, it would not be consistent nor in the public interest for them to engage in a battle of with political opportunists who 'attempt to capitalize a misunderstood issue by manipulating half of the facts in an endeavor to prejudice those who in some and with instances, like the banks, have been whom the banks are entirely in sympathy, because of the very obvious community of interest which the bank has with its customers. Confident salary paid in the bank referred to, yet this corporation paid in 1928 local and state taxes on its real estate and other property amounting to only $1,391.07, exclusive of h license and Federal income taxes, or less than the amount paid by the bank in question notwithstanding the fact that the two corporations were obviously of comparable net worth and earning power. In 1929, after the invalidity of the tax on intangible property of the banks was established, the bank above referred to paid local and state taxes on its interest in real estate and intangible property (including its contribution on the latter) amounting to $3,737.69, and the merchandising corporation above referred to paid $1,651.11. It is obvious that even after the revision the bank in question was paying taxes at more than double the rate of the merchandising corporation. This comparison is made with no intent to infer evasion of taxes in the case of the merchandising corporation which paid its regularly assessed tax on its tangible property like every other individual or corporation, except banks, but rather to ' show how discriminatory the tax on banks has been on the basis of earning power as well as net worth. mud-slingi- one-fift- over-taxe- d - i assets. Yet, in 1928 it paid local and state taxes on its real estate and intangible prooerty in the araount' of 1.51, exclusive of license of Federal income taxes. A $ . well-khow- retail merchandising corporation in Logan is n As previously stated, the banks, welcome a comparison of their taxes either before or after the recent tax suit with solvent progressing business generally, and are as vitally, if not more vitally, concerned thm any other institution in seeking a just tax imposed on all classes as 0f taxpayers, giving relief to those now earndue for and have always been, regard giving they over-burden- . The banks of Cache County who join in this statement are managed by directorates including 55 local directors and include in their ownership 288 local stockholders. Many of these directors are farmers and merchants, and ail of them are men of established integrity and character long associated in the development of Cache County. The bank tax cases were entered upon with their full approval and consent after careful considers- tion of all the facts, and with conviction in the justice of their stand against discrimination, as well as faith in the fairness of the people of this County as a whole when the facts are known. Many of these men are your friends and neighbors. Do you think their record should be im- peached and their motives impunged for politica pur poses by those who profit personally and directly by agitation which destroys public confidence and retards community progress? WATCH SATURDAYS ISSUE FOR NEXT INSTALLMENT;" Cache Valley Clearing House Association LAUREL WHEAT WEEK, NOVEMBER 3-- 8 ( Paid Ad ertisemenl X tiuiiiii ) |