The Bismarck Tribune Newspaper, January 14, 1937, Page 4

THE BISMARCK TRIBUNE, THURSDAY, JANUARY 14, 1987_ ‘The Bismarc k Tribune Behind Scenes THE STATE’S OLDEST NEWSPAPER = ee Washington State, City and County Official Newspaper P ntl Sa acl al gored UE pd eerie Megara marck, N. D., and en at the postoffice at Bismarck as second class Mrs, Stella I. Mann President and Publisher Archie O. Johnson Kenneth W. Simons Vice Pres. and Gen‘. Manager Sec'y-Treas. and Editor Subscription Rates Payable in Advaitice " “I Shot an Arrow Into the Air It Fell to Earth I Knew Not Where” — ith but not dis- Dr, Brady wil) answer questions pertaining, te boaiet bat, ig ria‘ sai eae Au therise aust ‘be accompanied by & t-addrésaed envelops. Bis-/| Drive for Repeal of Capital Gains Operatives Active in Move ..; Levy By RODNEY DUTCHER (Tribune Washington Cortespéndent) Washington, Jan. 14.—Some of the best-trained noses in Washington be gin to scent a probable strong attempt He year to repeal the capital gains ax, Directors of the U. 8. Chamber Commerce have urged a Member of Audit Bureaw of Circulation the resin) ae ts ried in eliminating or reQucing 5 Member of the Associated Press Most active in the background of the repeal movement, however, are The Associated Press is exclusively entitied to th - {individuals who have made Killings tion of the news dispatches credited to it or not other Pee in the stock market during the = if 7 8 Bayrapaner and iso, he loca! sAevether efatier Nereia are also 7 ide, | anne cee asian oh Gehan TT DA el aerate stein FES realiée their < profits without having to pay a heavy A Forcing North Dakota’s Hand tax on those profs os when Uncle Sam, elongated gentleman with the tall hat and the| mot snes were ‘cleaned. out, have pais luce in- i i i -| made fits in - chin whiskers, is putting the pressure on North Dakota in sev. = ee ay Mig ne eral important ways just now. cases to 500 per cent or more, Most important, of course, is his insistence that the state} The capital gains tax covers prop- bear its full share of the relief burden, This attitude on the Se cnn itera: ee in part of the government will raise the state budget sharply—jheld by the taxpayer primarily for a sale to customers. and there is no recourse. Profits from sale of such capital IF THE BUDGET ISN’T RAISED IN ACCORDANCE | ##ets must be included as income WITH GOVERNMENT DEMANDS THE GOVERNMENT |tontme” “ovTe* Sane “3 WILL REDUCE ITS APPORTIONMENT OF RELIEF MONEY| The taxpayer must report as net in- |}, AND THEN WE SHALL HAVE TO RAISE OUR SHARE| {2m2,100,ber oent ol the prot i ee § MORE SHARPLY STILL. @ year, 80 per cent if held between per R br om id 6 it if held ‘ A In view of the fact that much of this state has been living|serveen two'and’ five years, 40 per| [Rea BP er ages Situces operetieg? Gar Or MEeAy ‘ 5 ; : mever have any serious trou- cent if between five and 10, 30 per on government money most of the time since 1988 there can Sone ili more than 10, be only one answer. That is to do as the government demands 4 cay at we do—and like it. How the Arguments Run Ae es oo / Repealists argue that one big rea- = = , and can do a hard Another important respect in which we feel the thumb of 4 Ue ee ees M v With Other d : Reprinted FE igs = agree at Mace the government upon our financial windpipe appears with the held to avoid the tax. And announcement of Roy A. Nelson, president of the Federal Land Bank at St. Paul, that no more loans will be made by the gov- ernment in North Dakota until we get our hail tax law cleared up. Since the Land Bank is the biggest and best source of farm we > 7 mortgage credit that announcement is important, but there is | diminish lation, UPERS to more to it than that. ? Presumably the real reigon the (Arkansas Gasette) down o} brokers are s0 anxious for repeal of the | rucre As long as the Land Bank fights shy of North Dakota farm) capital gains tax, however, is the fact investments the probability is that other prudent lenders will baa this action Hees increase their do likewise, for the-reasoning which dictated the Land Bank|""Foes of reyes, who include Mar- decision is unquestionably sound and the conditions which apply |riner Eccles, federal reserve governor, declare that the increased to it apply to all other lenders. + | SSkitey would wasan Bigtaer’t stock | ists ‘ j : When the state supreme court held that state hail taxes) prions; that those who sel aed fait . G. 0. P. y er ee Ne ne are a lein on the property which is prior to mortgages already |, Fagen ey, but a of Congrats. aithiet say pace a Posed is in effect, it validated a law which can easily increase the mort-|back into the market and bi g rose antes seperti opportun: gagees investment without adding anything to his security, | ore: that repeal would lure ; ; st] beces Spaeth, music comments- When land loans are made the security is not only the pros- Street D dexin ying to ce W mba |te ae ie pects and good faith of the farmer but the land itself, It is pre-| ston orichates +. ane sumed to be worth as much or more than the face of the loan. Siew Sone te Tpounter we a he di ; no. ambition to In: the old days loans up to 50 per cent of the value of the land eneepe repeal nuove hay oe were considered fair but during the emergency the land bank] somewnens but tt faces a tough vatele, Bundidg 10" teetoge loaned as high as 80 per cent of the rated value. eS i as ancy Balt Lake City, sneesing Even at that high figure it was fairly safe. If the farmer) _ lo Justices in enllbng hit a bad year and couldn’t pay the interest they could still] ively notified Sankior te Boinaoe, gay, Now wo only nage Btn 28 four opinion all, debts “ride” with him for two or three years. Then, if it appeared Attorney Hyeritaes ie Ac why not make the best of it—Grover|when due.—Finnish Finance [that he couldn’t work out of his troubles, they coyld still fore-|or critrornia that he will not appoint| he ’tievece tema Sheers chores close and get out without serious impairment of principal. any of them to the U. 8. Hollywood scenario writers aren't sa i e 18E rl i But now the mortgagee must look to the hail tax situation. [Cou Al tires, ening pases | PrPeble ot handling is plays, In many cases these levies amount to more than the interest ed ae frome T’ve ever sent Civilization today is a race between ‘on the loan. They force the mortgagee to act quickly to protect 60 reat. | caucation and propegands. Ignor- himself. If he carries the mortgagor more than a year he runs Goat taoareet Fite ee eat: Ter Honea town, N. ¥. the risk of incurring a loss. ‘ ieecoet. are eee ee is that enemy.—Rabbie Abba Hillel The effect of all this, of course, is to interrupt the flow of|” The remark was practically yost| SVer Cleveland. There is no te and sure an- awer for the of unemploy- normal business. It cuts the farmer off from the mortgage|* teporters rushed ‘market, condemns him to the necessity of going it alone. faleaegs ae Only the legislature can apply a remedy. It can either let the situation go as it is or it can change the law to give the state hail department less protection but the farmers more free- K, af & s R é t 68.3 ast H 4 g uF 5 Z if igi a i | i dom of action than is true at present. “rue.” the ated eres The government, through the agency of the Land Bank,/ dent to thres ap- his “Not before forces the choice. pointment from a trio now. I've got a few ‘utage 80 7 : RUM MSLIEINCIZIYING RII] Long grass. petile with hitn, mysstt, first dust Hy Sa come ‘ask, i E 5 : E ; INMEHIAITRROIAITICIN] 9 To undermine HAGMET MPIVIOMERIT] 10 PIE TRIUISIE IR mOING aM rs Lat [ E é 43 i! i) : Revelation _ Statement by State Treasurer John Gray that the govern-| b : the IMEIRI tT 5 mreliew ment of North Dakota is “broke,” made Wednesday to the sen- WEEP EIN Angelique doesn’t know anything |him !ate appropriations committee, comes as a distinct shock to INGER IDE perigee ed aac al “herd bead Rigisit cielo) ticing charms on you, too? Whit/a tt bout the Indian? How do you |about war /everyone. | | Citizens of this state had been led to believe that the sales i a PSMA MTS E ‘tax had accumulated in the state's coffers a sizable surplus] aid air 08. ASAE a Ee é cooled Bob's (bog comeahat. tee [which was available to meet the state's share of relief costs. ae ronyanily RioriGiete “TORE ran one hand across his eyes and ‘They had been told that the state had money and all that was into the in despair on bis face. “Ive sat to we oe [needed to spend it for relief was for the legislature to appro-| W' er ireeg ne ae oy ta oak bet Poss te it. turned to Ramen. ll | mon's fist 2 4 * ) mean Angelique?” back. His Leia emmsting this iden was the fact that the state was and|f teen ig Re} poscetied Hs in position to retire many of its bonds in advance of the time| | | soe Sate at sino tha liy be sett = on the place sbout her pretty|7™™ i200 jthey fall due. All of which would make it seem that figures given out in gynection with political campaigns, or around campaign time, ae i i i not always reliable. her,” Pearl John de- | awoke Mr. Gray is a capable and honest official, Since he is the Se hee thee othe eat seam | ne n of the state's exchequer and the watchdog of the where | waiting. "The s treasury, it is to be presumed that he knows whereof he opened tie Geet hier Aca ; . In this circumstance it may be taken for granted that bo mag] eg and she pedis Ag room, caste does. we tue ing a quick glance at each of the if All of which takes the state’s fiscal problem appear a good more serious than most persons had assumed it to be. The Bank Change the auto sad) Arg Statistics reveal that lynchings becoming scarcer in America. N¢ the swing fad will only die music, & 5 it ge o'38 E af a i H ier ae Fee eh & et is Announcement by Frank Vogel, newly appointed manager ie teed : > sete house the Bank of North Dakota, that that institution will continue Facts seal ial, ap leclagieed en th get sd bey one on Eg [ 9 be conservatively managed under his leadership is reassur- to the public. This sentiment is bolstered by his friendly ference to Pe siete done at the bank by R. M. Stangler, retir- Pal . manager, for it indicates that Vogel will have Stangler’s | Pedestrians, at least, seem to have a ndly advice, assistance and co-operation in his new position. | "~~ eee earereey Vogel is an able man and recognizes good work when he| | Budapest's dueling doctor, who es it. Hence his comment on the work of his predecessor. sic nigel tes weeding ‘a bee Stangler took over the bank at @ time when conditions were| ponents bills for the surgéry. jerucial, He conducted its affairs wisely and well. The state! gon peksta convicts dynamite profited thereby. It is pleasing to note that, though political | companion to bits,” If the trend ditions dictated a change, the new administration recog- the value of his services. : Hu i prospect for trailer salesmen ee & g fi 5 E i 3 j | H at i Bf ef Es 2 i i Be z g ss | a rn fF FE. a ae a i z F Hi F de aH He i c i F Es | Hi i f F i E F Ht aft ES3ERE e F | AG FEB. cs: ’ cme