12 B
WEDNESDAY, MAY 22. 1963
MEDFORD MAIL TRIBUNE. MEDFOHD, OREGON
ami
yJ MM.B
ma i. no-w
STAR GAZERS,
Br CLAY R. POLLAN
i MAY 31
1 67-71-76
OIMM
MAY 22
jfXj'JUN22
72-7374
CANCII
JUNE 23
JULY 23
U JULY 24
i.Alxi.23
eJA14l?0-21
VWOO
4 AUG, 24
$ 5IPT. 22
,12.15-17.32
'39-40 81 -8?)
Vow Doily Activity Guid
According to fhe S'ort,
To develop me&soge for Wednesdcry,
reod words corresponding lo number
of your Zodiac birth, ign,
1 WorlKwiL 31 And 61 Don't
2 Someih.ng 32 Problems ' 62 Wor
3 Ptrional 33 Up 63 Moke
4 And 34 Scene 64 Intruder
5Si-ek. - '35 Don't 65 Oo
6 Your 36 Faithful 66 Today
7 Help 37 Gamble 67 Some
5 Inlormation 3fi Reveal 6ft bockwordi
tcotrto
NOV JO V
(60-63-86-90
9 Yo
10 Reaches
1 1 Can
12 You've 1
13 Moke
14 boy
15 Seme
16Ltt'e .
17SmoH
IS People
19 Welcome
20 Or
- 21 Nothing
22 You
23 Take
"4 Fovnroble'e
25Todoy '
26 Cocking
27 Fomit'or
28 Beh.nd
29 Placet
30 Moke
39 Thot
40 NH 70 Any
A l Money 7 1 Foif
A7tJvy.(tf 72 Str
A3 Or 73 Uo
44 Jut 74Troohlf
45 Seeing 75 5om
in Likren 76 Thinking
47ProH:hj 77 New
AH You 78 Or
49 Good 79 Door
50 You' 80 Old
51 Meddleetyme flMmmedtote
52 Look . 82 Attention
53 Mutd 83 Opent
54 Forord 84 Fnendi
SSWhotever 85 Accept
56 Someone 86 New
57 Hoppy 87 Action
58 And 86 Bnbes
59 Not 89 Neceiiory
(X)Good ()Advene
yNeutuI
M54 5y8rt
6-77-7y83VlJ
SAGfTTA.IUS
NOV
DC
H5-37 38-70'
75-78-85-8
CAMKOtN
0.C
JAN.
30-33- ag
AOUAMJS
JAN. 21 4S
ra. If ,6 J
5- Y-77 J9 if
31-380-841
WSCIS
6- 7-11-131"-
54-57-66 1.
ll
Your Money's
Worth
By SYLVIA PORTER
Copyright, Hail Syndicate, Inc.
CAPITAL GAINS TAX 'REFORM'
As one of America's 17 million aharcowncrs, you know
Ihat you must hold a slock for six months or longer before
any profit you have on it can qualify as a long-term capital
gain and thus be subject to a maximum tax of 25 per cent
under today's law.
If this holding period were lengthened to one year and
simultaneously the tax on your long-term capital gains were
sharply lowered, would this encourage you to delay taking
any profits until after the 12-month deadline and thus reduce
the number of your stock transactions? Or would the fact
that you had to wait a year to get the preferential tax treat
ment encourage you to sell whenever you felt the time was
right within the 12-month period, even though you then
would have short-term gains taxed as regular income at
ordinary income tax rates?
The U.S. Treasury thinks that stretching out the holding
period would encourage you to make more stock trades and
that as a result, it would pick up an extra $180 million a
year even at the reduced gains rates. Thus, as a key tax
reform, it is urging lengthening of the period you must hold ,
a stock before any profit you make on it moves out of the
category of regular income taxed at ordinary rates and into
the category of long-term capital gains taxed at preferential
rates.
Moil Wall Streetors violently disagree with this view,
and today tha New York Stock Exchange- released a new
study which lays flatly Ihat lengthening of tha holding
period to ont year would cut stock transactions 10 to IS
per cent, and instead of hiking tha Treasury's lax take
would illce It by 1100 million year.
The NYSE reasons that many of you would postpone tak
ing profits because you would not want to add these to your
regular income. If volume of trading fell 10 to IS per cent,
obviously there would be far fewer transactions on which
the Treasury could collect capital gains and stock transfer
taxes. If there were fewer transactions, the market would be
less liquid, this "reform" would neither stimulate the econ
omy nor help balance the budget.
On this tax reform I have mixed feelings. As truly long
term Investors, we raroly switch stocks on which we have
gains Just because a tax deadline has passed, and naturally
we would like to have profits on stocks which we sell after
years of ownership taxed at lower rates. But the NYSE's
study docs suggest the Treasury has overlooked historical
evidence indicating that a longer holding period well might
reduce trading and that the Treasury's estimate that this
reform would bring in an extra $180 million a year is way
off base.
Congress last changed the holding period in 1942, from a
minimum of 18 months to six months. Immediately, the
volume of trading Jumped, and during the next four years
avcruge volume on the NYSE was up 13 per cent. The re
verse could happen now if the holding period were sub
stantially lengthened, for the NYSE reports that "nine out
of every 10 registered representatives responding to a re
cent survey said their clients would make fewer transac
tions if the holding period were lengthened to one ycai
even if the capital gains tax were reduced." The holding
peririd Is estimated to be the key factor In 20-25 per con
of all securities sales. The decline In trading on the London
Stock Exchange since the British Government introduced
a six-month holding period in 1062 is another indication
shrinking liquidity would be the undesirable result of
lengthening here.
We are among the few countries which tax capital
gains at all, incidentally. Most do not consider these gains
as Income and exempt them from taxation. While wt do not
exempt capital gains, we alto recognise they are differ
ent from income and are entitled lo a preferential rate.
The purpose of a holding period Is to distinguish between
an Investment and an ordinary business transaction. The
period chosen is artificial, and arbitrary, but It's a con
venient, simple, well deiined way to make the necessary
distinction, f
It's idle to guess now the final fonn of the 1063 tax bill.
But much as Wall Street wants a cut in the capital gains
rate, it would settle for no reduction if attached to it must
be this reform.
3
DATES
JT , I SALE
-T "V May 22 I
' M I Inclusive '. I
25c LEADER MATERIAL stren 23c
PRESCRIPTION DRUG STORES
VENTILATID
FISHING CREfl
99c
11.35 VIVIF LURE U9
35c REEL OIL H , 33c
65c CHEESE BAIT STAZ ON 37c
SHAKESPEARE AUTOMATIC
FLY REEL
' No. 1822 .
Large Capacity
10.00 nj77
Value
iiiiiiKiin4fA
FISH SCALER
Res. 9c
WI-HjW
ypy "vv
g CHAMP "".
t if SUNSHINE
II BAIT tj
II EGGS
I 13 iH
I STANLEY I
3 STAINLESS , j, , I
VACUUM Mil
BOTTLE IS
06611
m m Etxi.iiT
PAY LESS LEADS IN BIG DISCOUNTS ON FAMOUS NAME BRAND FISHING TACKLE!
i4
4.95 LEVEL WIND
CASTING ROD ...
H.I. DELUXE
BERKSHIRE
7-FT. SPIN ROD
With C.ie
15.95
Value
14.33
PHANTOM
7-FOOT
SPIN ROD
10.88
12.S0
Value
S.S0 VALUE IKE WALTON '
SPIN CAST ROD .. 4.88,
19.S0 VALUE PHANTOM 8-FOOT
SALMON ROD 14.88
H.I. TROUT'
TROLLING
ROD
Reg.
13.9S
11.88
SINGLE
MANTLE
FAMOUS
COLEMAN
85
DELUXE 1 ,
FISH AND
SKINNING KNIFE
3.60
Value
2.99
CAMP
LANTERN
FWdligkta Wide
Area. Site end
Weefkeraroef
15.9S Vilut
12.88
INSTANT LIGHT
REG. 1.20
FLAT FISH
: pay
LESS
66c
If 1
1.2S Value
Magnetic
Metal
Flashlight
Less Bartcri!
3
CAMP STOVE
I I
BIG-36"x80"- .'3 Lb. DACR0N
SLEEPING BAGS
WITH All DESIRED FEATURES
W f TACKLE
7 pnk as? Yv
P 1-99 1
II Pay Leu Monofilament
I SPINNING LINE
I 6-8-10-12-15 ft 20 lb. taf
1 810 A Ac
11 SPOOL fiaf 4Vk
li n I MM rj JT
m rgunu m
BV-'ajV. m. m m .
KW, & III Jt? ".V
M U I , A. .. - l i
. THUNOERBIRO
7-FOOT
SPIN ROD
With Case
19.95
Value
17.88
Model A Reg. ).05 .
Ford Fender $1.17
Model T 1.40 Value
Ford Fender $1.09
Size 6 or 7 , Vj,u,
Doc Shelton . 63c
PHANTOM PHANTOM
Open Face PUSH BUTTON
REEL AND ROD AND
7' ROD REEL OUTFIT
No. B1S0 Reel No. CS3260 Rod
No. SS164 Rod No. 10-B Reel
Reg. --88 89. m m 88
10.50 19.00 I I
PHANTOM ..-.,,
PUSH BUTTON i R"BBl
ROD AND FISHING
REEL OUTFIT OUTFIT
With Cortland Line Rod, Reel, Hook,
N.NCSnS6"R.d Lin. and Sinker
Rcfl- 088 ReB- 99
15.50 V "4.40
M -COMPARTMENT
I PLASTIC
V am taW mm am.u
LUlit QUA
S13
Shakespeare No. 1773
PUSH BUTTON
REEL AND LINE
1288
1490
Value
FLOATING TYPE
TROUT NET
Wall U.J. Mat
With Aluminum jJKVSsl
Handle J
rJiiemWrjiBjeaVMeaM
J I
'AWp4d
BRASS
f SWAP
U SWIVELS
! ' sixes 15 I
I ' H I
LIFE
SAVER
BUOYANT
2-TRAY
RUSTPROOF
TACKLE
BOX
.00 LIST
SINGLE TRAY
RUSTPROOF
TACKLE
BOX
2.9S Value
1.59
I
VP
Ea".:jra
Jr.
Pay Less
POPLIN COVER
PAIR MODEL 2
ZIP TOGETHER
FLANNEL LINING
24.88 Value
BAGS
SEE OUR
COMPLETE
ASSORTMENT
OF FLY TYING
MATERIALS
13
88
Mlrro Aluminum
CAMP OUTFIT
13 -Plact Set-vie for Four
Now 11.95 Vilui
JVJI JtJjP
sne'.w:v
n
226.88
PLASTIC AIR
MATTRESS
VES1
99
Similar
to Picture
LIFE PRESERVER
'V Al
LOOK AT THESE
Dennis
Menace
the
4,
iOUMm M S77afi tONT VVEKSH A HUN0CT0 POUNDS?
2.49 Value
TEMt
Quart Siie
Vacuum
Bottle
by Thermos
1.66
H!1
- -
SPLIT SHOT 9c
ITT
jtl!r"ileimW
MUITIPIE "b
SINKER
MOLDS
3 50 at) QO
Value
PAY LESS
SPECIALS 1 1
19c Ball Floats ...9c
TROUT FLIES " 9c
Plastic
Lure Box
15c Catfish Hooks 9c
SNELLED HOOKS 9c'
Rubbel
attress
7.9S Value
4.99
BOAT
CUSHIONS
1-49
L
4 95
Value
atV4seamasterS
SfH'W
DUUI3
IJ mn Quaiirr ouinthd I
YV "'urino this $aii n
7nJ
LARGE 50-FOOT ROLL
SISAL
ROPE
CASTING REEL
69
isar i.29
.rr level
WIND
2.2S Value
KEAPSIT COOLER CHESTS
by American Thermos
11
97
Aluminum Camp
STOOL
Lightweight and
Sturdy
99
1.75
Value
MAKE
THE
BEST
BUY!
of.
YOUR
SKIN
DIVING
HEADQUARTERS
Featuring
-i Complete Skin
23c Earbed Diving Outfits
Bau Hooks 9c b
323 IBarrel Swivels
9c
U.S. DIVERS CO.
See Our
Boetint)
Acceueriei
II rJff LARGE
tf ASSORTMENT
If FLASH
111 BA,TS
II REG. 1.40 ll
11 BOAT ROD l
11 HOLDER
A H 27
GAS CANS
With Flexible Spout
ONE
GAL.
87
NYLON
SEINE OR
ANCHOR TWINE
1.49
125 Ft 300-lb. Test
2.00 J 77
Value I
Two
Handy
Sises
CANNON BALL
SINKERS
S37
PAUTZKE
OELUXE
LIGHT
EGGS
0c LIST
57 I
RAY-O-VAC
FLASHLIGHT
BATTERIES
Reg. 20c
Each
ATTt
Value
ROTARY FLY
BOX
Pay Less 1.27
FISHERMAN
BILLY
lie
Trolling Rudder,. 1 9
rip
Wiatl
CAR COOL
SPRING
CUSHION
Ride in cool comforf
99
f KEAPSIT
Pirril- liiti
St&-1 3 N
I With lid spout H
made by 1 1
l American 1 on -i
Ijffil Thermo. 3
59c
SjiaaveejiMavisMBejBB eataajiMjBjMaj.aMaaajasyaaea -eVbVBQalRHHHai
I Tha ideal refriaerant for
I Camping, Fishing Q ajy jj
I and Picnics Q f
it