The Aspermont Star (Aspermont, Tex.), Vol. 63, No. 20, Ed. 1 Thursday, January 19, 1961 Page: 4 of 6
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Published every Thursday morning at the Star office in
Aspermont, Texas. Entered as second class matter at the
Port Office at Aspermont, Texas, under the Act of Congress,
March 3, 18T .
VJWELL C. WELCH" Editor and Publisher
YEARLY SUBSCRIPTION RATES (in advance)
Stonewall and Adjoining Counties $3.60
Haewhere in the United States $3.50
Advertising Rates Upon Request
state and federal "sales" taxes
on a necessity are some 50 per
cent of the price of the product
less taxes, $1.00 on every -10
gallons of gasoline.
Is it any wonder the worms
(the taxpayers) are beginning
to turn and no longer believe
their lawmakers when they talk
about "temporary" taxes? It is
time to call a spade a spade, and
admit that most temporary or
emergency taxes are just an ex-
cuse for permanent sales taxes,
which legislators are afraid to
propose for fear of losing votes.
The honest thing to do is to
cut out such subterfuges and,
if needs demand it, establish a
Any erroneous reflection on the character, reputation or
standing sf any person, firm or corporation which may appear
in The Aspermont Star will be gladly corrected if brought to
the attention of the editor.
im
MtMANDU rEESS ASSN.
member im*
Sditori Comment...
BAIT FOR PROGRESS
(Industrial News Review)
Producing oil wells provide
the basic raw material for
countless products which are so
much a part of our life that to
imagine what conditions would
be without them is impossible.
From crude oil comes the
vast variety of fuels that power
our military forces, all forms
of transportation, and about 20
per cent of the nation's electric
generating plants. Fuel oil
heats millions of homes as well
as factories and office buildings
throughout the nation. From
the pelro - chemical industry
come chemicals essential in the
manufacture of such things as
synthetic rubber, nylon, plastics
and drugs. Gasoline for the
family car, important as it is to
our way of life, is only a part
of the story of oil.
The combined efforts of thou-
sands of men looking for oil
where it has never been found
before, maintain our proved oil
reserves. The "wildcatters"
who drill the exploratory wells
know that by the law of aver-
ages they have only one chance
in 10 Of bringing in a producer.
It's a tough business, a risky
one but an essential one.
Individuals or companies own-
ing producing wells have long
been allowed to deduct 27 1-2
per cent of the money received
from the sale of crude oil be-
fore computing their income
for tax purposes. The reason-
ing behind this is sound. Every
barrel of crude oil pumped from
a well is, in fact, a depletion
general sales tax instead of IT'C TUB LAW
socking a few industries with
sales taxes running from 10 to
50 per cent, as with telephones,
transportation, and gasoline.
The exorbitant tax on gaso-
line may be the straw that
breaks the camel's back and
brings a halt to the deception
practiced in the name of "emer-
gency" or "temporary" taxes.
The worms are turning against
the temporary tax racket.
0— ■
effective cure
(Exchange)
In Turkey, of all places, one
would not expect to read of the
drill that well—when it goes
dry it must be replaced. Sec-
ondly, the percentage depletion
allowance encourages the risk
takers to go on in their search
for new oil—and that's the thmg
which alone can give this coun
try the oil reserves which
must have.
Those who seek to decrease or
eliminate percentage depletion
could not hit on a better way
to dry up the wells that provide
so many essential products that
keep this country going.
"EMERGENCY" TAX RACKET
(The Haskell, Tex., Free Press)
When World War II came
along, the Congress passed a
number of "emergency" tax
measures to help finance the
war Since then, the "emer-
gency" taxes on various items
have been extended year after
year.
The term emergency tax has
been used by Congress instead
of "sales' tax because the sales
tax idea was not popular. There-
fore, a limited number of indus-
tries were penalized with high
"emergency" taxes instead of low
general sales taxes.
The latest example of the
"emergency' tax racket is the
t;.e-cent additional federal gas
tax enacted last year with the
provision that it would expire
nex June 30th. A move is un-
der way to continue the tax and
even increase it above the pres-
ent federal tax of four cents a
gallon. State gas taxes range
from three to seven cents a sal-
Ion, not counting state sales and
of the capital which it took to local taxes. In other words,
Call 4581 for Printing - Office Supplies
MEMO FROM A FRIEND . . .
YOU'LL WONDER HOW
YOU GOT ALONG...
That's how most people feel,
once they've opened a checking
account. It's so much easier to
pay bills by check than in person.
Your money remains safe from
loss, theft, or accident.
OPEN YQUR CHECKING ACCOUNT
HERE . . . TODAY!
Yours truly,
THE
FIRST NATIONAL BANK
Member of the
Federal Deposit Insurance Corporation
Phone 2741
o-o
Aspermont
Frank Jerry
WAG60NER DRUG
"The Fussy Pill Rollers"
—SINCE 1906—
Dial SP 4-2211 Hamlin, Texas
BUSINESS ORGANIZATION
The law allows a business a
wide choice of ways to set itself
up, to finance, and to manage
itself.
You may have sole owner-
ships, partnerships, joint ven-
tures, corporations; and within
these classes, you have many
different forms.
To meet modern business con-
ditions, to get full tax advan-
tage, and to protect investors,
for example, the law provides
many ways for a company to
finance itself. And these, in
turn, influence the kind of
management it can have,' and
the way it conducts its affairs.
We sometimes speak of "stocks
and bonds," for example, as if
they were one and the- same.
But when you buy a share of
TBI ASPERMONT STAR. ASPERMONT. TEXAS
THURSDAY, JANUARY 19, 1961 PAGE FOUR
Try Our Delicious Home-made Pies
FR AZIER'S CAFE
GEORGE FRAZKR, Proprietor
I
police having trouble with mo-
torists who drive while intoxi-
cated. There are 26 million
living in that Eurasian nation,
and they are 90 per cent Mos-
lem, a people whose religion
denies them the use of alcohol,
save as a medicine. Neverthe-
less, the drinking driver has be-
come a problem there to such
an extent that police have been
compelled to devise a means of
dealing with him.
And the means adopted has a
flavor of Oriental justice. When
a Turkish traffic officer stops
a motorist who has been tippling
too much for his own safety and
the safety of the public, he takes
him for a ride. The officer
drives the tippler 15 miles out
of town and tells him to walk
back. To make certain the
order is followed, the officer
drives slowly behind the male-
factor until he has completed
his sentence.
We could learn from the Turks.
—(Houston, Tex., Chronicle).
stock in a company, you "own"
an "undivided" part of every-
thing that it owns, but no parti-
cular piece of its property.
But what do you have when
you buy a corporation's bond or
debenture? You own nothing
of the company. Instead, you
are lending money which it
promises to pay back, with in-
terest, when your bond "ma-
tures".
Unlike a stockholder, a bond-
holder as a rule has little to say.
directly about who manages and
how he manages the company.
Remotely, a bond buyer by with-
holding or lending money may
influence a company's ability to
expand. The bondholder gets
only his interest payments,
which come before the stock-
holder's "dividends", since he
takes less of a risk than the
stockholders.
Thus, if the corporation quits
or goes bankrupt, it must pay
the bondholders off before
stockholders get anything.
Where does the "preferred
stock" come in? As a rule, pre- j
ferred stockholders collect' * X
fixed dividend—after the bond-
holders are paid. but before the
"common" stockholdexc Ket any-
thing. There are many kinds
of preferred stock arrangements.
But, in return for their first
chance at the profits, the pre-
ferred stockholders often give
up any voting rights or ability
to control the company directly.
(This r.ev tfeatura, prepared
by the State aer of Teras, is
written to inform—not to re-
vise. No parson should ever
apply or interpret any law
Without the
whohis
ing the ftrcf* i
cause m slight v&riaBqe to facts ?
may change ihe application Of
the law.)
A!
rAGEFTVE
THE SI
(Edited by stude
High !
EDITOR
ASST. EDITOR
SPONSOR .... M
COMPLETE SI
High school c
pleted their sei
tare, and ail v
tensive siu£y <
stfaester. Fresh
Will do three I
of which is go
lustrated projec
"Myriad"
thousand.
literally mean ten
SEE US FOR:
• TAILPIPES • MUFFLERS
• WASHING •GREASING
WE CAN TAKE OF YOUR EVERY
AUTOMOTIVE NEED.
Serving :Hc
Meals Fa
!*■
PHILLIPS
Phone 4201 for Pickup and Delivery
(We give S.&H. Green Stamps)
N,.
. LOL
ASMRMO
.4,
YEAR
We thank you for,..
THE BIGGEST
IN CHEVROLET CAR HISTORY
featuring
AMERICA'S POPULAR PAIR
$3
IN STONEWA
SCIXfNG
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EL3EWHE
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• Your
The best selling
The "car of the year"
CHEVROLET & CORVAIR!
Overwhelming acceptance of the new 1961 models
introducer! hSt fall—together w ith the tremendous
success of the '60 Chevrolets—has sent Chevrolet
passenger car sales to an all-time yearly high.
More new Chevrolets and new Corvairs were
delivered Po more people during the past year
than ever bought any make of ear in a single
vear before. We and vour Chevrolet dealer
rfp i M)nir
thank you for your continuing confidence in, and
preference for, Chevrolet. Your record-breaking
purchases of Chevrolets have significance to
everyone thinking of buying a new car this
year, am' -since salts of new 1961 Chevrolets
anil Con airs continue at record-breaking levels
—are a healthy indication of the inherent
strength and vigor of our national economy.
will be
taxes.
]
on sal<
PHONE 3661
.Sir the nctu Chevrolet ears, Chevy Corvairs and the nets Corvette at your local authorized Chevrolet dealer's
MASON S CHEVROLET CO. r
ASPERMONT, TEXAS
(
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Welch, Lowell C. The Aspermont Star (Aspermont, Tex.), Vol. 63, No. 20, Ed. 1 Thursday, January 19, 1961, newspaper, January 19, 1961; Aspermont, Texas. (https://texashistory.unt.edu/ark:/67531/metapth127618/m1/4/: accessed May 21, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Stonewall County Library.