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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Nov. 12, 1962)
MONDAY. NOVEMBER 12. 1962 A 5 Dennis the Menace Your Money's Worth By SYLVIA PORTER Copyright, Hall Syndicate, Inc. MEDFORD MAIL TRIBUNE, MEDFORD. OREGON aBXiMfviw 'Press shop Wheres vouraIomorassin' you?' Legendary Diamond To Go On Auction Block in New York New York - IUP1I - One of the world's most famous dia monds, the legendary 70.2 caret "Idol's Eye," will go on the auction block here Wed nesday with a $1.35 million collection of jewels which a Denver heiress often wore to breakfast. The many - faceted blue white rock, l's inch across at its widest, belonged to Mrs. May Bonfils Stanton, who died last March in her 80s. Mrs. Stanton, grande dame daughter of Frederick Bonfils, founder of the Den ver Post, lived in splendor in the Colorado Rockies in a Louis XVI marble palace where breakfast was no pow dered coffee off the kitchen sink affair. On of Finest Officials at the Parke-Ber-net Auction Galleries say Mrs. Stanton's collection of 22 pieces of jewelry is one of the finest in quality ever sold in America. The "Idol's Eye," which dangles from a plati num necklace set with 86 dia monds totaling 34.5 addition al carats, is expected to fetch $500,000, which would be the highest price paid for a sin gle piece of jewelry in New York auction history. The Stanton sale also in cludes the largest emerald-cut diamond in the world, "The Liberator," a 39.8 carat pure white jewel cut from the big gest diamond ever found in I Venezuela. It is expected to bring about $250,000. Anoth er diamond necklace, studded with 12 emeralds weighing 107 carats that one belonged to the Indian Maharajahs of Indore, is expected to bring $200,000. Mined in India The "Idol's Eye" was mined in the Golconda Mines in Hy derabad, India, in 1600, and became the property of Prince Rahab of Persia, who lost it to the East India Trading com pany in payment of debt. For 250 years the jewel disap peared from sight but was "found" by Sultan Abdul Hamid II of Turkey, an avid jewel collector, about 50 years ago in the forehead of an idol in Libya. One of the Sultan's minions stole the jewel and it later turned up in a French col lection. From there it passed to a Spanish grandee, a Euro pean diamond merchant, and finally to the New York deal er, Harry Winston, who sold it to Mrs. Stanton in 1947. SHORT ON BOTTLES Miami - IUPII - The Castro government is tightening up on sales of bottled beverages and soft drinks. A Havana Ra dio broadcast monitored in Miami this week end said the number of bottled goods henceforth will hp limited In the number of empty bottles brought in by a customer. III sfi w- till Jlr-.N iuilLj t I-.- ' j - ft .A to Big event! Baby tooth out! Put under her pillow for the good fairies to replace with a gift. Her parents, of course, are the good fairies. They are helped by their savings account GQOQli Hi;'" t . ' x 1 V They save the safe, smart way ...with us. ..where their money earns such excellent returns. Where you save pi Savings plun earnings mean security for this little lady now, and later, a college education. does make a difference CURRENT DIVIDEND 4. PER ANNUM SAVE ON TAXES NOW-VI BUYING EQUIPMENT BEFORE YEAR-END (6th in serial of 9 columns) If you're in business or in a profession and you're plan ning to buy equipment for your business or profession ranging from a truck to a typewriter you should weigh with utmost care the special year-end tax opportunities avail able to you as a result of the new investment credit in the Revenue Act of 1962. Because of this credit, it well may be wise tax strategy for you to buy before Jan. 1, 1963, tangible personal property which you had not planned to purchase until next year. Even though you place your equipment in service on the last day of this year, you can use the new tax credit to cut the taxes on 1962's earnings you must pay next March or April. If you are a small businessman and want to buy new machinery on the installment plan, the new credit plus the depreciation to which you are entitled can save you almost enough in taxes in the first year of your purchase to cover your down payment. The credit is not restricted to new property. It applies against your purchases of used equipment too although there are limits here which you must heed. To be specific . . . The new investment credit is 7 per cent of the cost of depreciable tangible personal property if you plan to hold the assets for eight years or more; it's less if you plan to use it for a shorter time. Qualified property would be autos. equipment, furniture, etc.. used in a business or for production of income (it doesn't apply to livestock or buildings). The credit is, in effect, a lax rebate to you, but instead of getting the rebate in cash, you take it as a direct reduc ion of the tax you owe on your return. You are allowed the credit in full in the year you buy the property, based on your estimate at your time of purchase of how long you expect to use the property in your business or profession. If you buy $10,000 of business or professional equipment this Dec. 30, which you expect to use eight years and use it only one day in 1962. you can still get an immediate credit of $700 to cut your 1962 tax due next March or April. What practical meaning has this to you? Let's assume you have planned to buy new machinery for your business in early 1963; you know you'll need the machinery and this has just been a tentative schedule. You can pick up additional working capital simply by accelerating your purchase a few weeks, for the tax credit will reduce your tax payment for 1962. Holding off your purchase until January 1963 will hold up your tax rebate a full year. The credit won't do you any good until you file your 1963 tax return in the spring of 1964. Also of vital importance to you on your equipment pur chases is the flat one-shot depreciation deduction of 20 per cent allowed for used or new equipment with a useful life of six years or mere bought in any one year. You can get this extra 20 per cent first-year depreciation write-off under a law passed in 1958, in addition to the ordinary deprecia tion you are allowed on property. The flat one-shot depreciation deduction applies to $10,000 of property you buy in any one year if you file a single return, or up to $20,000 of property you buy in any one year if you file a joint return. Here too the full deduction is available to you, even if you buy the prop erty for use in your business or profession in the final week of December and the deduction will be permitted without regard to salvage value. As Leon Gold, chief tax expert of the Research Institute of America emphasizes: "Last-minute purchases of equip ment this year really can pay off in tax savings, if you plan wisely." If you are buying used equipment, though, don't let your 1962 purchases run over $50,000, for if you do you will not get the new investment credit on the amount over $50,000. See if you can hold off purchases of used equipment so that you don't buy more than $50,000 in 1962 and you buy the balance in 1963. Then, you'll get the credit in both 1962 and 1963 on the entire amount of your used equipment purcnase. The stimulating effects to our economy of the new in vestment credit are still to be felt; tax experts are just now starting to figure out the best use of tho credit. This short practical analysis suggests it could be a greater spur than generally realized. Next: Year-end lax strategy on expense accounts. Food Supplies Exceed Demands and LOAN ASSOCIATION 201 West 6th fret Customer Parking in Our lot Robert F. Kyle, Mgr. Washington - IUPI) - The Ag riculture Department says U.S. food supplies this year continue to be more than ade quate for domestic consump tion and near-record exports. Record production of live stock products in 1962, most of which are domestically con sumed, is expected to increase further in 1963. Food prices at the retail counter aside from seasonal variations, may change lit tle in 1963 from levels this year, the department said in an analysis of the national food situation. Prices May Ease "Retail food prices may ease some in the next few months." the department said, "due pri marily to seasonally larger supplies of meat, poultry, and most major crops. Barring a major change in internation al tensions, prospective larg er supplies in 1963 likely will result in little over-all change In retail food prices from this year. "Retail prices of livestock products may average slight ly lower, prices of foods from crops fractionally high er. The department said nor mally large, end-of-year car ry over stocks of processed fruits and vegetables are ex pected to increase this year. Supplies of food fats and oils. about half of which are do mestically consumed, are large enough In 1962 to pro- provide for a substantial increase in exports and pos sibly some increase in the rcl actively large carryover stocks. Gain in Income The department said con sumer expenditures for food for 1962 as a whole may to tal 3 5 to 5 per cent above 1961. This increase has been accompanied by a gain in con-1 sumer disposable Income of around 5 per cent from 1961. Retail food prices through the first three quarters of 1962 have averaged seven-tenths per cent higher than a year earlier. Per capita food consump tion in 1962 is expected to increase a little above 1961, the department said. In addi tion, there probably was a further small increase in per capita use, together with the slightly higher retail prices and an increase in the popu lation of about 1.6 per cent, account for the rise in con sumer expenditures for food. Lower Livestock Prices The department said larger supplies in 1963 of livestock products, particularly ment animals and poultry, may re sult in slightly lower aver age prices for the major live stock products and food as a whole likely will again regis ter a small gain in 1963. Altruism Promoter Visits Medford A recent Medford visitor was Otto A. Sinkie, Grand Island, Neb., who has been promoting the philosophy of altruism since 1927. Sinkie, a retired lawyer, feels that all elements of the social system must be in har mony with truism to be able to compete with communism. He explained that he felt that the ideology of communism can't be stopped with guns. Altruism, Sinkie explained, is the opposite of selfishness and means love and all' that love implies. The lawyer is the author of "The Book of Altruism" which, in his travels, he at tempts to have placed in high schools, libraries and colleges throughout the nation. He has also sent copies of It to each of the United Nations delegates. Now Many Wear FALSE TEETH With More Comfort FA8TKKTH, plMMnt alkaline inon-Aftdi pnwor, holds ffclMt wn more firmly To t tnd ulk In mor comfort. Juit tprmKi little f AH TKtTH on your pitm. No gummy, gooey, puty taste or ftHtng Cherka "plt onr" identur hrtht. Get FASTS'. U at ay drug counter. Sou iFs(5(2G DDGa7 n BISKIT MIX Big 40-Oi. Pkg. 19' BUTTER Maid-O-Sweet lb. 59c TOMATO SAUCE Stokely's 8-Oi. Tin (J HONEY McLeod's 100 Pure 5-Lb. Tin 79' PEACHES Spencer's Freestone No. 2Vi Tin 25' LUNCHEON MEAT-., .o,, 29' SARDINES Imported-Flat Tins 10' SUGAR Sprocket's Granulated 10-Lb. Bag 79' COFFEE M.J.B lb. 6-Oz. Instant 69' MARGARINE Dutch Maid Deluxe with Real Butter lb. 17' DOG FOOD Delight. Protein Packed Tall Tin 18-99' BLEACH Sani-Clor Plastic Container Gallon 39' BREAD Oven Fresh Quality Textured 22'A-Oz. loaf "X Del Monte Round-Up Sale Continues Through Wednes day, 14th on All Stock of Del Monte Foods We Still Have on Hand. ft OREGON FOOD STORE'S FAMOUS GROUND BEEF SCOTT'S PURE PAK SAHBfflCH BOLOGNA 3f PORK STEAK Lean Center Cuts. .. ?pj jf PORK ROASTS Picnic Si Style tJ LB. Florida Pink Spuds PRODUCE GRAPEFRUIT !2l.G0 20 Lbs. No. 2 Kl amaths . 49' Extra large Cauliflower Snow White Heads Ea. .is 19 WESTGATE BAKERY Jelly Donuts 49' BANANA NUT Pound Cake 39 Maple Bars 629 .. 15-oz. loaf 23 FRENCH Bread Beautiful TURKEY PLATTERS 18-Inch 16-Inch Prices Effective Through Wednesday O We Reserve the Right To Limit Quantities Regular 2.29 Regular 1.39 1.89 99c THERMO INSULATED MUGS New Burlap Pattern Nice Colon Regular 69c for 98c MEDFORD-Westgate Center MEDFORD-13rh and Central ASHLAND-Gateway Shop. Center W Rtitrva Thi Right Ts Limit
