Claude News (Claude, Tex.), Vol. 73, No. 36, Ed. 1 Thursday, April 25, 1963 Page: 14 of 16
sixteen pages : ill. ; page 20 x 13 in. Digitized from 35 mm. microfilm.View a full description of this newspaper.
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14 THE CLAUDE NEWS
APRIL 25, 1963. Claude, Texas
Pancake supper at
Fairview Saturday
Pairview will hold their now
famous pancake supper Saturday
evening. Serving will start at 5:30
p.m. and last until everyone has
been fed. Choices of pancakes
or waffle will be on the menu,
plus a choice of ham or bacon,
coffee or tea. Prices are adults $1.
children under 12, 50 cents.
Business Restrictions
Zeb
Mitchell- Goodwin Implement Co
Your John Deere Dealer
Phone 226-3421 Claude, Tex.
I JOHN DCIRIJ
Your service is our business. •
we aim to keep it!
• • •
continued from page 10
share our smiles, but only our
clostst of friends will share our
tears. It's often very disappoint-
ing to count up our friends who
would even share our sorrows
with us . . .
Tepee Western
Store
Western Wear
Headquarters in
the Golden Spread
411 - 415 Polk St
Amarillo
•*xv %.
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NEIGHBORHOOD DRIVING can dangerously increase formation of engine-
crippling sludge and varnish. The new detergent additivex in Havoline
Special 10W-30 Motor Oil prevent these formations. This new all-tempera-
ture oil actually saves your engine - keeps it running smoothly, powerfully,
because it cleans as it lubricates. Try it next time!
R. C. BALLARD, Consignee
Bartley's Texaco Service
Burrow Bros. Chevrolet
Dubs Texaco Service
■iH
TEXACO
Houston, Tex. —In his recently
released 1962 annual report to
management A. G. McNeese, Jr.,
President of Bank of the South-
west, Houston, made some timely
comments on our government s
role in affecting the lives of its cit-
izens. Mr. McNeese stated:
"There is a dedication among
some government policy-makers
— local, state, and national — per-
haps sincere but nonetheless un-
economic, to direct the lives and
fortunes of individual Americans
far beyond authorized limits.
"As a consequence, a giant
share of the profits generated by
your investment in this — or any
other — corporation is absorbed
through taxation. You are aware
of many of these taxes; you arc
not aware of a great many more
which seriously deplete your prof-
its. Further, and even less recog-
nized, is the rapidly increasing
depletion of net profits occasioned
by enormous bookkeeping and
clerical costs which must be sus-
tained to meet government re-
quirements.
"Regrettably, these expenses
necessarily rise in proportion to
the success of our operations. As
your Bank grows, the number of
qualified employees must grow
also. For example, effective Janu-
ary 1, 190-'}, your corporation was
required to start paying to the
government, from net profits, an
additional amount equa' to one-
half of one per cent — or a total
of 3% per cent — of every $4,800
in payroll.
"This means, of course, that for
every $-1,800 or higher salary paid
in 19G3, your net profit will be
reduced by $24. Similarly, each em-
ployee in this pay range will take
home $24 less wages. This amount
equals the current dividend paid
to you on 13.33 shares of Bank
stock. For the employee, it equals
the premium on a sizable amount
of life insurance.
"At these staggering rates, one
might assume a thoroughly solv-
ent reserve from which adequate
old-age benefits are to be paid. In
fact, .unlike procedures demanded
of private insurance companies by-
laws of both man and economics,
the Social Security agency has
mushroomed without economic re-
strictions and faces deficits in the
tens of millions of dollars.
"It is ironic that much of our
profit must be paid to finance the
increased regulations under which
we perforce operate. There is con-
sequently a usurpation of the
judgment and evaluation rights of
private business managers just as
other high-cost government pro-
grams supersede your rights and
powers of self-government.
"On this subject, all business-
men now face the harshest and
most unduly penetrating interfer-
ence with business conduct in the
history of our nation. Unrealistic
limits and qualifications are set
arbitrarily by the Internal Rev-
enue Service on what and how
much a 'businessman may spend
in the conduct of his business.
Moreover, the accounting ami
bookkeeping involved in mectiiv;
the new IRS regulations may wel'l
spell the difference between profit
and loss for small-margin fin.is.
"Of even more direct conci rn to
you, the stockholder, is the Light-
ening of tax collections from cor-
porate dividend* payments. Every
publicly-owncd corporati >ti in
America must report i:i detail ; il
dividends of $3 0 or more paid to
all stockholders. This is despite
the fact that stockholders are re-
quired by lav/ to report such divi-
dends and are subject to prove-- -
tion for failure to do so. The costs
of accounting, bookkeeping, priir
ing, records-keeping, added < qu
ment and space, and postage
volved in this new regulation are
monumental. Yet, since they ben-
efit no one, since they taise froi ■
rather than contribute to produc-
tivity, these coats represrn a :: t
loss to every stockholder. ,
"In short, many Americans may
conclude that it costs more than it
is worth to invest in bu: iius...
Rather than increasing tax rev-
enues by closing so-calkd loop
holes, the total revenues more
probably will decrease — advanc-
ing still further the monumental
national debt.
"Unless you, as a taxpayer, citi-
zen, parent, and stockhol !or, exert
your intellect and your energy t->
develop sound government poHeiy
through rational, effective politi-
cal activity, you may find precious
few profits returning from your
corporate and business invest-
ments.
"Too many of us seem to have
forgotten that you anjj I and our
neighbors compose the govern-
ment of the United States. Those
who write, adjudicate, and exe-
cute the laws governing our lives
and fortunes are our servants, net
our masters. To preserve this re-
lationship, we will do well to select
these servants with careful eval-
uation of their abilities to rve
us loyally and eapaoly — and to
dismiss those whose performan--
does not meet reasonable stand-
ards of competence and integrity."
BOY- EIGHT BARREL s/.BOBO
MADE SOME JUMP/
FlIHHIli
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Waggoner, William J. B. & Waggoner, Cecil O. Claude News (Claude, Tex.), Vol. 73, No. 36, Ed. 1 Thursday, April 25, 1963, newspaper, April 25, 1963; Claude, Texas. (https://texashistory.unt.edu/ark:/67531/metapth355893/m1/14/: accessed March 29, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Richard S. and Leah Morris Memorial Library.