Newspaper Page Text
Thursday, March 21, 1963
Bowling
Rebel Classic
(At Holliday Lanes)
Team W L
Southern Discount 17 7
W. G. F. S. 14 10
Banks Boys 11 13
Cov. Auto Service 10 14
Shell Service Station 10 14
Universal 10 14
200 Games: Obie Wilson 227,
Gary Crawford 202, Al Smith 212,
Billy Banks 223.
The Jack & Jill Mixed
Couple League
(At Holliday Lanes)
Team W L
The Alley Cats 22 14
The Cow hands 20Vi 15^4
The Hi-Lo’s 20 16
The Hit & Miss 19 17
The Strikers 16 20
The Buckaneer’s 16 20
The Foul-outs 1514 2014
The Bulldogs 15 21
High Game: Carrol George 244,
Mack McHugh 272.
High Series: Carrol George 628,
Rip Repetske 651.
600 Series: Carrol George 628,
Rip Repetske 651.
200 Games: Carrol George 244.
Alice Repetske 224, L. O. Taylor
201, Mack McHugh 272, Rip Re
petske 243, Monk Jones 235.
Carol George House Party
(At Holliday Lanes)
H. G. S.
Mildred Logan 170 405
Dot Buice 134 388
Sara Geehr 141 363
Jo Thompson 124 342
Betty Bramblety 132 326
Mary Sue Knight 101 282
Opal Hollis 91 257
Carol Hanson 87 252
Hi-Noon Doubles League
(At Holliday Lanes)
Team W L
Team No. 1 6 2
Manhattans 6 2
Team No. 4 5 3
Team No. 5 3 5
Kingpins 2 6
Team No. 6 2 6
High Game: John Hunt 222.
High Series: Gary Freeman 548.
200 Games: John Hunt 222. Gary
Freeman 205, Tom Bowen 200.
Tuesday Morning Coffee Club
(At Gold Crown Lanes)
Hi. S.
Jane Lassiter 423
Lucy Arnold 383
Alice Underwood 344
* •T' ' I
I F wßx
I
£ J I
Jr
J • / A Hj. pv*
) / A >
£ a
^^RAP YOUR HOME
IN WARMTH
WITH
STANDARD
BURNER OIL
"Worms almost like Summer"
Fill your home with cozy warmth all
Winter long — with clean, steady, con
venient heat from Standard Burner Oil.
We’ll fill your tank and keep it full.
Whatever type of burner or furnace you
have, you can depend on us for prompt,
unfailing deliveries of clean-burning, heat
packed Standard Burner Oil when you
need it.
[standard] Hugh M. Harris, Distributor
^XPIL/^ 901 Odum St. Covington, Ga.
Phonos 786-2745 & 786-2549
(Our Advertisers Are
Shirley Plunkett 374
Ellouise Odum 407
Elizabeth Dennison 412
Mattie Lou Hammonds. 370
Dot Bledsoe 323
Peggy Spears 367
Hi Game: Jane Lassiter, 170
Hi. Series: Elizabeth Dennison,
412
Industrial League
(At Gold Crown Lanes)
Team W L
Lithonia Light 21 15
Coca-Cola 20 16
Austex 20 16
Steele Insurance 19 17
Felspar 17 19
Dance 15 21
Bantam - Buster League
(At Gold Crown Lanes)
Team W L
Roodie-Doodies 30 12
Gold Crown All Stars 29 13
Unstrikables 23 19
The Spares 16 23
The Strikers 6 9
The Rams 6 9
Little Majors 1 5
The Grand winner at the
Sunday Evening Bowling Fair
at Gold Crown Lanes was
Mickey Davis. Mickey was the
winner of a $15.00 gift certifi
cate for groceries at Joe Hay
more’s store here in Covington.
• • • •
Billy Letson, of Conyers,
rolled a 279 high score for the
evening for the men and Mrs.
Norman Walker of Conyers
was high game of the evening
for the Ladies with 150.
• • * *
The Ladies House Team of
Gold Crown Lanes, participat
ed in the State tournament at
Broadview Bowl-A-Mat in At
lanta Saturday evening at 8:00
p. m. The Gold Crown Lanes
Girls bowled with Security
Fence Co. of Augusta and de
feated the Augusta team 2763
to 2435 in total pins.
Vennie Moore of Gold Crown
was high game for the evening
with 187. Vennie had a total
series of 533 with a 187, 184,
and 161.
The Gold Crown Lanes girls
placed fourth, Saturday even
ing in Class B. Division. Mem
bers of the Gold Crown House
Team consist of Gladys Kitc
hens, Cleo Casey, June Wo
mack, Laura Humphries, and
Vennie Moore.
♦ ♦ • *
Mrs. Roselle Ozb ur n of
Decatur was the first place
winner of the Womens Handi
cap Tournament Friday Even
ing at Gold Crown Lanes. Ro
selle was undefeated through-
Assured Os Results)
The National Outlook
BY RALPH ROBEY
The Taxation of Capital Gains
Any investment that one
makes will in time, presum
ably, either increase or decr
ease in value. This gives rise to
what is known as capital gains
or losses when the asset is sold
or transferred. For years there
has been a controversy over
how, if at all, such gains or
losses should be treated from
the viewpoint of taxation.
Some states make no distinc
tion between capital gains and
any other income. But the fed
eral government does make a
distinction, and in his new tax
program President Kennedy
proposes to modify this in im
portant particulars.
For many years the federal
income tax law has provided
that capital gains would not be
taxed at more than 25 percent,
regardless of what a taxpayer
might have to pay on his other
income. This has been accomp
lished by requiring that only 50
percent of any capital gains be
added to other income for tax
purposes. If the maximum rare
a person was paying was under
25 percent, then he paid the
lower rate on his capital gains.
If the maximum rate was
above 25 percent, then the tax
payer still paid only 25 percent
on his capital gains.
Two other points aie import
ant. For profit or loss to be
classified as a capital gain or
loss, the asset must be held a
minimum of six months. Sec
ondly, capital gains can be off
set only against capital losses,
except a limited carry-over for
five years may be deducted
from other income.
President Kennedy recom
mends that all these features
be changed. The holding per
iod, he says, should be increas
ed from six months to one year.
His reason for this is that with
the present holding period it is
too easy for investors to shift
regular investment profits into
capital gains.
Instead of taking 50 percent
of such gains or losses, the Pre
sident suggests that only 30
percent be taken. If his propo
sed tax reductions are enacted,
the rates applicable to capital
gains will be from 4.2 to 19.5
percent.
Finally, the President says
that the present five-year lim
itation on carry-over of capital
losses frequently causes severe
hardship, and that there should
be no such time restriction. The
present annual SI,OOO maxi
mum for such offset against
regular income is to be main
tained.
Now, obviously, these are
significant changes in the
handling of such capital gains
and losses. The great question
is whether, even if they are en
acted, they will solve the pro
blem and end the controversy?
The clear answer is that they
will do neither.
Capital gains are not income
in the sense that wages, salar
ies, interest, dividends, and
profits are income. It is highly
questionable, therefore, whet
her capital gains should be
taxed at all. Further, length
ening the holding period from
six to twelve months accomp
lishes nothing for all practical
purposes. One of the strongest
and most legitimate complaints
against the taxation of capital
gains has been that it tended
to make investments less fluid
tended to freeze an owner into
particular stocks or bonds. The
President apparently believes
that by doubling the holding
period this freezing will be
ended. It can have no such ef
fect.
A prime requisite for maxi
mum, 'healthy growth of our
economic system is the ability
of capital to seek places and
produce products which need
development. Taxes on capital
gains hinder this in two ways.
First, they reduce the amount
out the entire tournament.
Mildred Regan, of Covington,
and a member of the Lithonia
Light team at Gold Crown
placed second in the tourna
ment and Peggy Basham of
Athens was the winner of
Third place.
The Sixteen top Qualifiers
rolled off in a double elimin
ation tournament.
• • • •
Some outstanding scores
bowled at Gold Crown Lanes '
last week were, John Bledsoe
with a 296, and Billy Letson a
276. John Bledsoe also won a
$25.00 saving bond Tuesday
Evening bowling in the Mer
chant's League as he bowled a
245.
Stating that roses don’t
thrive and flower well in shad
ed locations, Extension Service
Horticulturist Gerald E. Smith
urged homeowners to select
planting locations with plenty
of sunlight.
THE COVINGTON NEWS
of capital; secondly, they make
it unprofitable for an investor
to sell his holdings unless the
potential rate of return from
the new venture promises to
more than offset the shrinkage
of his funds as a result of the
tax.
Some years ago it was pro
vided by law that if a person
sells a home and reinvests all
the proceeds in a new home
within a specified time there is
no tax liability. The same prin
ciple should be applied across
the board. This would mean
that if an investor owned stock,
or bonds, and for some reason
decided it wise to sell, he would
not be subjected to a tax on
any profits granting he rein
vested the proceeds within, say,
a year. If he did not reinvest,
he would have to pay a tax.
Such a system would put an
end to direct taxing of capital
as such, and would once again
give us the fluidity for invest
ment which is essential for the
welfare of the nation.
PARSONS 4 NOWS
SPECIAL PURCHASE
PLASTIC SHOWER CURTAINS
Assorted patterns - Mildewproof - Waterproof
Values to $2.98
99
STUFFED TOYS
Including Large Easter Bunnies up to 30" high
$1.58
A GIFT FOR BABY
ORLON AND COTTON SHAWLS
Assorted colors — Regular $2.98
$1.99
STELLAR GIANT
HAND LANTERN
WITH RED SIGNAL FLASHER
Including Ever Ready Lantern Battery
$12.98 Value —This Week-end Only!
$3.99
Limit one to a customer
Wheat Growers
To Vote Again
In May or June
In late May or early June
wheat growers will make a
decision concering the wheat
program for 1964.
They will do this, according
to Willie I. Golden, Extension
Service economist with the
University of Georgia, by vot
ing in a wheat referendum to
accept or reject the marketing
certificate program.
Golden said approval of the
program would assure pro
ducers of price support bet
ween 65 and 90 percent of par
ity for their share of wheat
to be used domestically for
food and for export.
Any wheat produced beyond
that amount, he added, would
be used for feed or seed.
The Extension economist
urged every wheat grower to
gather as many facts as poss
ible concerning what a "yes”
or “no” vole will mean to him
—and then vote accordingly.
Citing background that has
led to the present wheat sit
uation, Golden pointed out that
in most peacetime years dur
ing the past 40 years, U. S. far
mers have produced more
(Beat Coverage: News, Plcfuree and Features)
wheat than could be used do
mestically or exported at prices
satisfactory to growers.
He said four key factors have
contributed to this overproduc
tion:
(1) Increased yields. (In
1939-43 the average per acre
wheat yield in this country was
16.4 bushels. During the period
1955-59 it increased to 22.2
bushels.)
(2 ) Increased fertilization
and better management prac
tices.
(3) Use of better lands as
acreage has been reduced.
(4) Consumption per person
has gone down. (Golden exp
lained that Americans have
added variety to their diets in
recent years. "With increased
incomes, they have been eat
ing more animal proteins, less
bread.”)
"Our annual wheat produc
tion has been running about
1200 million bushels in recent
years,” he explained. "Since
the middle 50’s our domestic
use of wheat has been averag
ing about 600 million bushels
per year.”
In a nutshell, the wheat sit
uation is this: per capita con
sumption has gone down; pop
ulation has increased; total do
mestic wheat consumption has
been steady; wheat exports
have been up, but not enough
MAGIC-CUFF
BABY PANTS
Stitchless — Waterproof — Germ resistant
pair
PLASTIC SHOWER
CURTAIN RINGS a l6/
Assorted colors
DRAW DRAPERIES
100% Acetate — 84 inches long
Assorted colors and patterns $2.59 pr.
2 5.00
DRAPERY HOOKS
Package of 12
CURTAIN RODS
Regular 25c
15
PLAY SHOES
By AMERICAN CASUALS
Red, black, white and beige—Sizes 5 thru 10
$1.99
to absorb our increased supp
lies.
The net result, according to
Golden, is carryover of more
wheat than we need for a full
year. “If all carryout wheat on
hand July 1, 1961, was made
into bread, each person in the
ANYTHING FOR WELDING
ANYTHING IN STEEL
Steel Tubing, Angles, Channels,
Flat Strips, Sheets, Rods, Squares,
Key Steel, Expanded Metal.
Columns — Welding Supplies
— Oxygen For Welding or Medical
ROBERT BUSH
WELDING AND MACHINE WORKS
West Usher St. — Phone 786-3535
If No Answer Call 786-2180
COVINGTON, GEORGIA
4
PAGE TWENTY-ONE
U. S. would have 450 loaves.”
Pointing out that the wheat
problem is not a simple one,
Golden said this build-up took
place despite growth in popu
lation, a three-fold increase in
exports, and government prog
rams which curtailed acreage.