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Show THE SAUNA SUN. SAUNA, UTAH NOTICE Economic Highlights Industrial News Review Happenings that Affect the Dinner Pails, Dividend Checks and Tax Bills of Ever jr Individual National and International Problems Inseparable from Local Welfare. 0O0 ' STOP THE RECESSION." . The hopes that were held during the first half of this year for continued expansion of industrial production, growth of private employment, and an increasing national income, have been dissipated. The United States enters the new year under the cloud of a critical business recession. The values of securities depreciated by more than 40 per cent in a single week during October and they are still hovering near the lows reached at that time. The unemployment totals, notably in the heavy industries, are soaring seriously. The standard indices of business activity have shown alarming and continued drops. Frightened investors reveal an increasing disinclination to place their money in productive enterprises. Individuals, worried as to the future, are cutting their personal buying to the limit, "with the resultant depressive influence on the entire business structure. The chaotic labor situation is still another barrier to the normal progress of trade and industry. This recession cannot be accurately compared to the occasional declines which characterize almost all upward business cycles. It is, instead, the inevitable result of a long series of deliberate acts which could culminate only in. what we witness today. Those whose Voices were disregarded for many years, because they refused to view conditions through glasses, are seeing their prophecies and their fears come true today. The federal government has pursued a policy of competition with private businesses, which has prevented the spending of billions of private TION. At a special meeting of the stockholders of the Fiute Reservoir & Irrigation Company, a corporation, to be held at the office of the Company at Salina, Utah, on the 31st day of January, A. D. 1938, there will be submitted to the stockholders for their approval resolutions amending Paragraph One of Article Five, Paragraph Two of Article Six, Paragraph Three of Article Six, Article Seven, Article Eleven, Article Thirteen, Article Fourteen and Article Eighteen, as follows: rose-color- C&pit&l The federal government has sued a fiscal policy which, enough continued, must end in bankruptcy and has continually put off the day of reckoning. Some two dollars have been spent for every dollar received in tax revenues. The federal debt has doubled in about five years. And the burden of present heavy taxes, plus the prospect of still heavier taxes in the future, has been one of the most dampening of all influences that retard investment and industrial development. The Tederal, as well as many of the state governments, has hampered normal competition in the field of retail trade, to the end that prices have been artificially forced upward, and the consumer has rebelled. Business has been burdened with special taxes which, while small revenue producers, disrupt normal industrial operations, prevent the creation of the financial surpluses which are essential safeguards against bad and times, discourage expansion. In brief, government has tended in late years to be the enemy, not the ally, of legitimate business a subsidized competitor, not an umpire, in affairs that belong properly in the sphere of private enterprise in a democratic nation. What can be done to remedy this? The answer is plain and it has been given many times by men prominent in finance, in industry, in journalism, and in the government itself. First, business must be reassured and that means that it must be convinced that it will be permitted, under the American system of free enterprise, to carry on its functions .without bureaucratic dictation, and earn a reasonable profit from its labors. Second," it is essential that congress take the necessary steps to remove from the bent back of industry the capital gains and surplus profits tax which are often called taxes without a friend. Third, business must be encouraged to spend in channels that create wealth, income and employment. For example, it is estimated that if the peace pact between the administration and the utilities is reached, the electric industry will spend a billion or more annually for improvement and expansion. Fourth, our basic medium of transportation, the railroads, must be permitted tariffs that provide a fair margin of operating profit. This industry is normally the natrons greatest single employer and purchaser of supmuch-discuss- plies. ARTICLE FIVE PARAGRAPH ONE The capital stock of this corpora- tion shall be subject to assessments by the Board of Directors in such sum as they may deem necessary to maintain repair and improve and operate the Piute Reservoir & Irrigation System, to pay the debts of the corporation and to effect its general corporate purposes. Any 6tock offered for sale and thereafter bought in by the corporation may be sold by the Board of Directors if so ordered by majority vote of the stockholders in the regular annual meeting or in a meeting regularly called for that purpose, ARTICLE SIX PARAGRAPH TWO To distribute the waters that shall come under the control of the corporation to and among the stockholders of the corporation according to their respective rights and inter- ests. ARTICLE SIX PARAGRAPH THREE To develop yter by driving wells pumping or otherwise, and to purchase own and hold water rights, reservoir sites, canals, and rights of way therefor, and any and all real estate in the State of Utah which may be necessary and incidental to the general purposes of the corporation. ARTICLE SEVEN The number and kind of officers pur- of this corporation shall be as follong lows: President, Vice President, Sec- v j A TO THE STOCKHOLDERS OF THE PIUTE RESERVOIR & IRRIGATION COMPANY, A CORPORA- 4 Fifth, the governmeht must put its fiscal house in order which means a balanced budget, and a plan for steadily reducing the national debt. Sixth, in matters that affect all industry, there must be a restoration retary, Treasurer, a board of five di- rectors and such other officers and agents as the board may appoint. No person shall be eligible to hold the office of president, vice president or director, unless he shall be the owner of at least five shares of the capital stock as shown by the records of the corporation. Until the regular meeting for the election of officers in the year 1939 the following named persons shall be the directors of the corporation. Names to be selected by stockholders before voting on amendment. At the regular meeting for the election of officers in January, 1939, there shall be fleeted one- director for a term of one year, two directors for a term of two years, and two directors for a term of three years. Anelectnually thereafter there shall be of three term years ed directors for a to fill the offices of the directors whose terms of office have expired. Immediately after their election and qualification, the Board of Directors shall choose from among their number a president and vice president, and shall appoint a secretary, a treasurer, and such other officers as they may believe necessary. The person receiving the highest number of votes cast at any election for such office, provided it be a mabe dejority of the votes cast, shall be a clared elected. If there should failure to hold any election, or to elect directors as herein provided for, a meeting may be called for by the offidirectors for the election of such which of time, a subsequent cers at In the meeting notice shall be given manner provided for the calling of If the special stockholders meetings. such meeting call not directors do within three months after a failure to elect such directors at a regular be meeting, then a meeting may - of confidence. There must be a coseoperative spirit toward our great inof an instead curity exchanges, imical attitude that tends to render them impotent. There must be a rebuilding of our faith in the process and philosophy of our constitutional form of government. The industrial and agricultural resources of this country are greater than ever. We lead the world in national wealth, in living standards, in opportunity, and in potential achievement for the betterment of the lot of all. Out of this can come a finer civilization than the world has ever known if only we use to the fullest advantagfe lhe tools we have. And in securing this, the first essential is fairness and tolerance on the part of indusrty, of government, of labor, and of all other elements in our national life. $13,000,000,000 Tax Bill . By RAYMOND PITCAIRN . National Chairman Sentinels of the Republic A recently published forecast of the 1938 tax bill now piling up for the American people to pay, sets the total at more than $13,000,000,000. That estimate, the forecast continues, is 35 per cent higher than in 1936, 30 per cent higher than in 1930, and 0 per cent higher than in 1921. It will be collected through many agencies. Federal, State and local but always from the same source the public. It represents 20 jier cent of our anticipated national income. In other words, it will take one dollar out of every five earned collectively by the American people. That is the heavy load en American enterprise and American earnings that extravagance in government whether Federal State or local inevitably entails. Announced with the opening of the New Year, the estimate introduces a discouraging note. It comes at a time when America has expressed its determination to spare no effort which would check recession and forward the progress of a healthy recovery. But recovery cannot be attained by loading both labor and enterprise with heavy and disproportionate costs of government. It can be aided by lightening that burden and by encouraging both labor and enterprise to prorress. Promise of relief from unreasonable taxation would be one of the most constructive steps that any Congress or any State Leris- Wiiire could take. Many public men realize this truism, as recent developments at Washington and throughout the country have lndi- cated. To them, the public should give encouragement., And to legislators who fail to realise It whether at Washington or in State Capitals is due a reminder that every dollar of wasted public money is a dot- lar out of some constituents earnings, Money raised by taxes is the peoples money and to demand that it be han- died without waste is the people's J ' right. called by any number "Of'stockholders representing not less than ten per cent of the outstanding capital stock of the corporation. ARTICLE ELEVEN By changing the first word from five to three so as to make three members of the Board a quorum to transact business. THIRTEEN By eliminating therefrom all that portion of the article from and including the words the unpaid portion following pursuits agreed upon. The portion to be eliminated as the language providing for making calls upon the unpaid capital stock to pay the state of Utah. ARTICLE ARTICLE FOURTEEN By eliminating the entire article. This article provides for the disposition of money received by the corporation upon the unpaid capital I I I I I I I I I J I I I I I I I I to help your business grow by outlining a consistent d and well-planne- stock. ARTICLE EIGHTEEN By qliminating the entire article. This article makes the unissued stock treasury stock and authorizes its sale by the board of directors. A special meeting of the stockholders of the Piute Reservoir & Irrigation Company will be held at the office of the Company in Salina, Sevier County, Utah, on the 31st day of January, A. D.1933, at the hour of one oclock p. m. Dated this 7th day of January, 1937. J7-2- & JOSEPH F. PETERSON, President. ELSIE REX, Secretary. Profits! Of the 91,644 manufacturing porations in the United States, cor- the that only reports department treasury 37,949, or 41.9 per cent, reported a net income during 1935. The remaining 53,675 corporations made no profits during the year and reported deficits totaling $666,000,000. The Taxpayers. Internal revenue statistics show that more than half the individual income taxes collected by the federal government are paid by persons living in four states New York, Pennsylvania, Illinois and California. Presumably as a joke, Lynn Leonard, a reporter of Wenatchee, Wash., started a subscription list to raise a fund for the widow of the Unknown Soldier. Many patriotic citizens signed lip without inquiring as to the identity of the widow? Auto Owners. States department of United The commerce reports that a total of approximately 7,000,000 automobiles of all autos being operated d in the United States are owned by families having incomes of less than $20 per week. one-thir- If bacon keeps on getting higher the government might bury some of it along with all that gold at Ft. Knox. I i |