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