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Show Midvale Journal, Thursday, July 24, 1930 STATE TAX MEN AND ·BANKERS IN ACCORD Months of Negotiation lead to Agreement on Changes Broad· ening Method of State or Local Taxation of National Banks. • Coat Values At a New Low Price • $6.90 With one of these new Spring coats, you can make your own ensemble ••• they have the dressmaker touches that are so characteristic of the season • •• collars that widen into soft jabots in the front, shoulder capes (sometimes two at once!), belts at the natural waistline, scarfs and new ideu in the cut of the sleeves. The materials are those new soft woolens that drape and wrap so mtattly .•• and of course, tweeds for real sports costumes. The prices reveal, as usual, our concentration on value! J.C. PENNEY CO. MIDVALE, UTAH MIDVALE M r. an d Mrs. E . T . B rown, .... .w.r. an d Mrs. Eli Mitchell and Mr. and Mrs. Neil Anderson enjoyed a picnic in a nearby canyon early in the week. Mr. and Mrs. D. M. Todd, Jr., and Dr. and Mrs. J. S. Alley returned early in the week from a trip to Denver, Colo. 1 The L. F. A. club will meet with Mrs. W. F. Wanberg Wednesday evening of next week. Miss Cora Goff has returned from a three weeks' visit to southern Utah. A record breaking crowd was in attendance at the roof garden dance given Saturday evening of last week. Members of the Art club and their husbands enjoyed a picnic in Little Cottonwood canyon Friday afternoon and evening. l Mr. and Mrs. H. C. Hart, Miss Lillian Hart and Mr. Hart's mother, Mrs. S. A. Hart of Ogden, who is visiting here, spent last week-end in Lehl. I Mr. and Mrs. Ben S. Green and son, Howard, and daughter, Dorothy, of Magna, spent Sunday with relatives in Midvale. Mrs. R. R. Fenn was hostess to the Tuesday afternoon club this week. A luncheon was served, followed by bridge. High scores were won by Mrs. C. 0. Watson and Mrs. D. M. Todd. Mr. and Mrs. D. H. Curry announce the birth of the fourth member of their family, a son. Mr. and Mrs. H . C. Hart, Miss Lilllan Hart and Mrs. S. A. Hart of Ogden, who is a guest at the Hart home, spent part of last week at Brighton. Mr. and Mrs. Roy Steadman and children and Mr. and Mrs. Lew Steadman and children spent Pioneer day at Liberty park. Tuesday evening of last week Mrs. B. A. Rasmussen entertained in honor o! Mrs. Jessie Humphries, who left later in the week to begin her trip to France. Progressive gamee were played, the prizes being awarded to Miss Freida Jensen, Mrs. D. J. Hearle and Mrs. Melvin Lind. A house prize was given to the honor guest. Those !rom out-ofl-town were Miss Beatrice Lindell and Miss Freida Jensen of Sandy, and Mrs. T. A. Smith of Magna. Mra. H. E. Phelps and her guest, Mrs. Brown of Salt Lake, spent Ploneer day and the following week-end at Brighton. Mr. and Mrs. K. A. Karlson were nmong those from Midvale who attended the Passion Play given at the Univenlty of Utah stadium week. Their niece, Miss Helen Westlund, assisted in the chorus. Mr. and Mrs. Everard Cowdell of Sandy have come to Midvale to make their home. Mrs. Stella Peterson of Redmond is a guest at the home of Mr. and Mrs. F. R. Jorgenson. Mrs. Peterson attended the sessions of the postmasters' convention which were held in Salt Lake last week. Mrs. J. A. Woods was hostess to the officers and teachers of the First ward Primary association, Tuesday afternoon at her home on Center street. After a study hour, dainty refreshments were served to twelve guests. Miss Helen Stokes is visiting in Metropolis, Nev., at the home of her uncle and aunt, Mr. and Mrs. Elroy Boberg. Mr. and Mrs. J. Harker announce the birth of a son. Mrs. Harker and baby are reported doing nicely at the Midvale Maternity home. Wednesday evening Miss Nellie Mutch entertained at a shower for her sister, Miss Alice Mutch, whose engagement to Ben Sorenson has been announced. Intimate friends of the bride-elect were the guests. Miss Ruby Morrow, who is to marry George Bush of Riverton in the near future, was the guest of honor at a delightful shower given Thursday of last week by Miss Velma Strong at the Strong residence on Oak street. Games were played and luncheon was enjoyed by ten guests. Prizes were won by Miss Virginia Bush and Miss Clarissa Lindsay. Mr. &.!'ld Mrs. Everett Reading and Mr. and Mrs. McUf and families spent Tuesday evening at Liberty park. Mrs. Henry P. Jensen, Carol and Farol Jensen ot West Jordan, Mr. and Mrs. Walter Jenkins and family were dinner guests of Mr. and Mrs. Everett Reading, Sunday evening. Mr. and Mrs. Jesse Van Patten left Wednesday !or Milford to make their home, where Mr. van Patten will be employed in the Safeway store. Mr. and Mrs. James P . Steadman of Murray, Mr. and Mrs. Clyde Newbold, Mr. and Mrs. Zach Brown and Mr. and Mrs. Walter Jenkins spent an evening last week with ''r. and ''rs. .w. ...._ Everett Reading. Mr. and Mrs. Leo M. Kemp announce the marriage of their daughter, Ellen, to Clarence J . Cammack of Salt Lake. The marriage took place at Logan, July 21. After a short honeymoon spent in Logan, the young couple will make their home in Salt Lake. Mrs. W. J. Kinney and son, Billy, are spending their vacation with Mrs. Kinney's mother, Mrs. Leo M. NEW YORK.-Months o! conference and negotiation between an American Bankers Association special committee and the Committee o! the Association of States on Bank Taxation have resulted 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· tegrlty of the protective principles of the section and is satisfactory to t he commissioners' committee," says t h e American Bankers Association Journal. Thomas B. Paton, the organization's General Counsel, in making the an· nouncement says that previously pro· posed amendments to th$ 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. "The law as 1t 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 shareholders upon their ehares,-a pro.pert:r tax; the shareholders upon their dividends,-&. 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· er• 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 11.nancial corporations nor the highest rates on mercantile and manu· facturing corporations doing business within the state; the tax measured by 11.et bank income is subject to the same limitations as the tax on net income of the bank but may include enUre net income from all sources." States Seek Broader Law National banks and their sh r ehold· era are taxed in different states under a diversity of systems, he says. The U. s. Supreme Court has held that tblt low mlllage rate on intangible person· al property is In violation of the present law where it results In natio nal bank ahares being taxed at a r ate rreater than that assessed upon competing moneyed capital. A number of states, unwllling to use the income methods permitted, had the alternative of either repeallng the intangible tax laws or limiting taxation of national bank shares at the intangible rate. Therefore they sought a broad· enlng 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 !rom Federal and local government bonds in the ex· else measure. This created doubt as to some state bank excise taxes. "Conferences have been held to reach aome agreement which would protect the banks, satisfy the tax commissioners and avoid a contest in Congress," Mr. Paton says. "From the standpoint of the tax authorities, the main objectives have been an amend· ment which would permit cutaln ata.tes to retain their low rate tax upon Intangibles and at the same time deriTe a:n adeq_uate, but not excessive, reTenue from national bank shares, and an amendment which would per· mit certain states to tax corporations on their net income, excluding income from tax·exeropts, and at the same time derive the same revenue from the banks as heretofore. From the atandpolnt 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 exflUng 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 provlelon under which, instead of the moneyed capital limitation, the rate ehall not be greater than the rate upon the shares of other financial corporations, nor upon the net assets of lndiTlduals, partnerships or associations employed in the banking, loan or in· Testment business, nor higher than the rate assessed upon mercantile, manufacturing and business corpora· tlo.ns with head office in the state. "Also an added fifth alternative per· mtssive method, designated as a speei11.c tax, permits a state, in place of an ad Talorem tax on bank shares, to add together total dividenda paid the preceding year and the increase in capital, surplus and undivided profl.t~, 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, but not to exceed the rate on other corporations In proportion to their net profits. "This method is designed !or states which have heretofore taxed national banks upon their entire net Income from all aources at a proportionate rate to that assessed upon business corporations. The amount which is the basis of the tax is the equivalent of the entire net Income !rom all sources, but being assessed against the shareholder upon his property in the shares and not a tax upon the bank, it is not open to the objection u an indirect tax on exempt incom._" The energy of two million men is now produced by a single steam tur- HERRIMAN ITEMS · " Ith;~~~~ ~~~Jg:cedi~: ~~!~~~Y ~! GUSTAVE JOHNS ON DIES , Mr. and Mrs. Marland Freeman announce the bir th of a son Wednesday, July 16. Miss Grace Swan of Salt Lake is spending a month the guest of Miss Roberta Crane. Mrs. Theodore Bax of Salt Lake Is \•!siting her parents, Mr. and Mrs. James B. Kidd. Mrs R T Bodell and infant son return.e d ho~e from Murray Saturday where they spent the past two wec'ks. Vern Fanner of Salt Lake is spending two weeks with Mt·. and Mrs. John T . Bodell. Rube Freeman of Coalville is home visiting his mother, Mrs. E. J . Freeman. Miss Hazel Dansie is spending a mont h in Salt La l{e, the guest of Mr. and M::-s. Ceo. S. Smith. Th~ ·t-H cl ub girls met Tuesday ·,lft er!won at the home of Miss Fern Bodell. '!'here were twelve present. Lowell OsUet of S andy is visiting his grandparents, Mr. and Mrs. J. S . H . Bodell. Mi ss F'lor en ce Bodell and Miss Arlene Bodell returned home Sunday, afte1· spending the pu.st m onth visiting relatives in Eureka. M r. and Mr8. David Haycock and children of Salt Lake were the guests last week of Mrs. Jeanette Cran e and Mr. and Mrs. 'l'erris A . Ingram. Mrs. Spencer Miller entertained at a p~rty at Liberty park Saturday, complimentary Miss Mildred Pace and Miss Clara Pace of Payson, Mrs. Herman Vickers and daughter s, Mercy Ann and Patricia, of Nephi, an;J Mrs. Miller's parents, Mr. and Mrs. C. E . Bigler of Salt Lake. Her guests numbered twelve. The Misses Pace left immediately after the party for a six weeks' visit in Oregon and Washington. Miss Verda Butterfield of Riverton is spending two weeks visiting Miss Fay Butterfield. William Crane of Idaho Is visiting his mo.ther, Mrs. S. J. Crane, this week. Mrs. Ruth Davies entertained her 4-H cooking club Monday at her home. There were ten present. Mrs. Herman Vickers and two daughters returned to their home in Nephi, Sunday, after visiting Mr. and Mrs. Spencer M1ller and family the past week. · The girls of the 4-H stitch club met at the home of Miss Anne Crane Tuesday. There were twelve present. The Daughters of Utah Pioneers of the Her riman camp furnished the program for.,. Pioneer day, under the direction of Captain Sarah L. Bodell. There was horse racing, a ball game and other spor ts in the afternoon and a dance in the evening. ANNO'UNCEMENT WANT ADS FOR SALE-One 12-20 Case tractor, t wo year s old, in good condition. . was born in Sweden, May 19, 1812 Inquire Booth Mer e. Co., or phone Mr. Johnson cam e to Utah September Mid. 200. 15, 1881, and settled in the Tenth ward at Salt Lake Cily. He labored as a carpenter, a n d was president of FOR RENT-Two-r oom house with garage. Call 559 Center St. .Jy17 the Scandinavian organization of the Millcreek ward. He filled a mission to Sweden from 1889 until 1901. He FOR RENT-3 rooms and bath, furnished. 399 Pioneer Ave., Sandy. had served as a home m issionary in Jy-17 the Wilford, Millcreek and South Jordan wards. H e mov ed to Draper in 1!)21. Mr. Johnson is survived by FOR RENT-Modern, f u rnished tworoom apartment . 168 N. Main. · his wife, Anna Nelson J ohnson; five sons, Fabriel and Neils of Draper, .John of Salt La~, Osca:r of South LOST· - On Main str eet, ladies' black and white S chaffer's fountain pen. Jordan and Chns o~ Willow Creek, Return to Dr . H. E . Nelson. Reward. Nevada; 30 ~randchtldren and one great-grandchild. FOR RENT. 3-room frame house. ------Phone Was. 9837-M. L. Cutler, 107 NOTICE OF FOitECLOSURE OJ• F irst Ave., No. 18 Grace Apts. REP AIRMAN'S LIEN Jy-24-tf Notice is h er eby given by the undersigned that they w ill sell at public '\uction to the hi gh~st bidder for cash, me Dea automobile bearing the state Jf California license No. 47, ~40, 1928, ~ ngine No. T -282298, touring c'l.r, 1926 model, six cylinders, at 10 o'clock Cl.. m . on the 25th day of August, 1930, at the Midvale Garage, west on Center street, Midvale, Utah. Alr-o .me Gardner sedan automobile. 1928 Montana license 68-942, motor number having been destroyed, four cylinders, 1922 model. Said sale is held in pursuance of the statutes of t he state of Utah relating to liens upon personal property for repairs, sa id a utomobiles having been delivered t o the under1igned for r epa iring, the Reo car, March 15, 1929, and the Gardner car, February 1, ,1930. The Reo car by one J . J . Roger s, 1318 West Rew itreet, Los Angeles, Calif., and the Gardner car by one John Doe, whose other and true name is unk nown to t he affiants, and wh ose address is unknown by the undersigners. The cost of la bor and r epair parts and storage, the R eo car, $60.00, and the Gardner car, )!;30.00. Notice is fu rther hereby given to whom it may concern that the actual owners of said automobiles is not known to the undersigned but that the automobiles w ere registered in the states as mentioned above . ARNOLD TROESTER, MARK COZZENS. Doing business under the name and style of the Midvale Garage, Midvale City, Salt Lake county, st at e of Utah. (First publicat ion J uly 24, 1930; last publication August 8, 1930.) month I have h a d six!" BrUliant Career "My mother will be surprised when she gets my let ter. 'August,' she used to say,' you are so st upid that you will nev:er get a job,' and in the last • • F'OR SALE-Stewing hens, alive or dressed; a lso cockerels. For deliv, ered prices, phon e Mid. 68-J1. A-H •, OR SALE -Domestic cabinet sewing machine, $30. Call Wallace Millerberg, north of the Union avenue on State street. f't· -·-···--·-·-·-·~·-·-·-·-·~·-·----~·-·-·-·-· • t • , Perfecti(Jn In Valve Grit:tding Valves that seat improperly due to carbon deposits and wear should have the attention of our mechanics. And it is j ust as important that you employ com petent workmen as it is to h ave t he work Oone. Bring your car f or valve grinding or repairing. • C. J. RIDD MOTOR CO. DURANT DEALER S Report made to the Bank Commissioner of the State of Utah of of the condition of SANDY CITY BANK Located at Sandy, Utah, in t~e County of Salt Lake, State of Utah, at the close of business on the 30th day of June, 1930. RESOURCES Loans and Discounts ----------- ---------·-----··---··-··· ..·----·-···---.. ---$309,253.71 Overdrafts .............. --··-·-·--· ·---·---· ··-·-··· .... ____________ -···-·· .... ....... 1,008.95 Stocks, Bonds and Securities, etc ............ ·----·----·----·--·-·---· 29,582.79 Bank House ---·-·-------·----·----------- _____ ........... ........................ 3,000.00 Real Estate Sold Under Contract --·-----.. ·----·-···-............... 6,885.79 Other Heal Estate Owned ................................ _________ ·-···-·-· 12,573.07 Due from Other Banks ----·-----·--- ............... ....................... 14,530.94 Cash Items .........................: ............................... $ 539.50 Gold ------.-------.... -----·· ____ ·-------.......... _......... ...... ....... 340.00 Silver ............................................. _____ ·----·---········ 2,341.74 Currency .............................................................. 8,824.00 Total Cash on Hand ......... ....... ... ·---------------···--··--·--.. ··· 12,045.24 Expenses ................................................. ~--··-····-· 6,971.07 Interest Paid ....................................................... 3,155.01 Total ................................................................ 10,126.08 Dr. A. E. Sargent Licensed Chiropractor is located at 79 EAST CENTER STREET, MIDVALE, UTAH where the people of the surrounding t owns will receive the Best Health Service that can be offered in the State of Utah, as testimonials of patients for the past ten years in this state will vouch for. Following are some of the cases which have been received satisfactory service under my hands: Paralysis, Goitre, Asthma and Hay Fever, Sinus Trouble, Croup, Diabetes. Lame Back- Lumbago and Sciatic Nerve Trouble, Stomach Trouble, Malnutrition and Rickets, Rheumatism, Female and Prostate Gland Trouble. 1 HEADACHES, BACKACHES AND ALL-GONE FEELINGS are Nature's warning and need attention at once. My office is equipped with the modern devices to detect nerve pressure and giving ease and comfort to the patient. A visit to my office will convince you that YOU can get t he best Health Service right here in Midvale. I Sick Friend, I'm talking to you! .-.----------------------------, TOTAL .................... ___ .. _________ ._.. __ .__ . __ ... _____________ ... __ .. __ .$388,880.49 . LIABILITIES .. Capital Stock P aid in .. ·-----------····--------·---------·-··:............... $ 20,000.00 Surplus Fund ............................................... ___________________ 20,000.00 Undivided Profits ......... ,.................................... $ 1,309.25 Interest .......... ·-----·-----------------····-···--- .. ····-···------ 12,494.30 Exchange ............................................... ........... 327.25 • Rents _____________ ..................... ________ .. ···---------· ......... 550.00 Safe Deposit Boxes ........................ __________________ 27.50 Commissions ...................................................... 100.00 Total ----·--.·---· .......... ·---·---·· ........................ ___ .... 14,808.30 Less Expenses and Taxes Paid, etc ................. 10,126.08 Net Undivided Profits ---..·-···-···--·--··---------· _. Reserve for Deprecia t ion .......... ·····----··········-----------.. ·-----Deposits Subject t o Check ---···---·---···--···-~-·---$1 78, 9 57.48 Cashier's Checks ······-··-···--··· .... ... .............. 1,963.48 Dividends Unpaid ............................................ 60.00 4,682.22 9,000.00 Total Demand Deposits ·····---·····----···-··------·-----··-···--------- 180,980.96 Savings Deposits ............................................ 154,217.31 Total Time Deposit s --·----·-·----- .... .. .......................... 154,217.31 , TOTAL ---· ... __----· ..................... ·····---·-..........................$388,880.49 State of Utah, County of Salt Lake. A. R. Gardner, being first duly sworn according to law, deposes and says that he is cashier of the •above named bank, that the ~ above .and foregoing r eport contains a f ull, t rue and correct state-ment of the condition of the said bank at t he close of business on the 30th day of June, 1930. A. R. GARDNER. Correct Attest: W. W. WILSON, A. M. NELSON, HEBER A. SMITH, Directors. Suscribed and sworn t o before me this 8th day of July, 19~0. (Seal.) WILLIAM W. WILSON, Notary Pubhc. Sandy, Utah My commission expires J un. 6, 193'1. State of Utah, Office of Bank Commissionetr. I, W. H. Hadlock, Bank C'l'mmissioner of t he St at e of Utah, do hereby ce1·tify that th e foregoing iR a full, tr ue and correct copy of the statement of th e above named company, filed in my office this 9th day o.f July, 1930. W. H. HADLOCK, Bank Commissioner. -l~as~t~K::em~p~-----------------------------~----~--------~b~l~n~e~un ~it=·------------------------------~~~~~~~~~~~~~~~~~------------------------------------------------------------------------------------------------------- |