THE NOME NUGGET
Published Monday, Wednesday and Friday by the
NOME PUBLISHING CO.
NOME. ALASKA
Telephone: Main 125 P. O. Box 618
$1.50 PER MONTH $16.00 A YEAR
W. A. Boucher .Own*r-Publisher
Entered as second, class matter October 14, 1943. at the postoffice
at Nome, Alaska, under the Act of March 3, 1879.
Nome, Alaska, Friday, September 23, 1949 _
UNION GIVES FACTORY TO ITALY
A $250,000 clothing factory, to employ four hundred
workers, has been set up in Carrarra, Italy, by the
Amalgamated Clothing Workers of America, a CIO or
ganization.
The union raised the money through voluntary con
tributions and supplied machinery. It also sent techni
cal assistants to put the plant into effective operation.
It will be a non-profit enterprise and is expected to help
meet the acute clothing shortage in Italy.
This is an interesting example of “practical goodwill
across the seas,” to adopt the phrase of Jacob C. Potof
sky, the union president.
THOSE “3 PER CENTERS”!
(By George S. Benson, President Harding College)
The ‘three per centers” have not been on the front
pages like the boys who get their cut of five per cent.
They’re not at all like the “five per centers” we read
about. Besides, no committee of Congress has investi
gated them yet. They are ordinary people, like the next
person you meet or even your neighbor down the street.
But no matter for that, I think they ought to be investi
gated.
By “three per centers” I mean those people who own
stock in corporations and are known as shareholders or
stockholders. If a Congressional Committee would in
vestigate them, I believe some astounding things would
be put before the American people. I feel sure that
fewer of our “liberals,” so-called, would go about
spreading the idea that profits and income of invested
capital are harmful to the nation as a whole.
One thing that investors in any kind of business ought
to have is a clean bill of health. Even a little private in
vestigation, carried on in a public library in the pres
ence of facts and figures, ought to convince nearly any
one that stockholders are one of the most important and
necessary groups that we have in America. Without
them, we never would have had the kind of living we
have today—with jobs and goods galore.
After all is said and done, invested capital is the stun
that has done the trick. When money-saved-up (the re
sult of work) is again put to work by setting up ma
chinery of factories—you have invested capital that
helps everybody. Actually, it helps those who have been
most critical of “big business” and “abnormal” profits
—just as it helps everybody else in this fair land of ours.
Anybody who complains about invested capital is defin
itely biting the hand that feeds.
I refer to stockholders as “throe per centers” because
that is about what they get on their investment. Profits
come to a well-run business these da's at seldom more
*
than 6 per cent, about half of which goes back into the
business for tools, buildings, and the like. This other
half goes to our “three per cent” folks. The profit hav
ing been taxes at a rate of 35 or more per cent already,
what is left over goes to stockholders for use of their
monev.
As soon as this three per cent check to a stockholder
is taken from the mail box, it is ready for personal in
come taxes. A fellow would have to have a whopping
big list of stocks to make anything at three per cent. But
when he does have, the income tax lops off most of what
he gets from investment. Perhaps you’re ready to ask:
“Then who wants to invest?” Nobody, and one of these
days we are going to be plenty sorry. That’s just it!
We have heard a lot about how important it is to have
high wage levels, so that money will always be flowing
from place to place and result in prosperity. That is fine.
It’s good economics. But we haven’t heard enough about
this little 3 per cent, small and whittled down as it is,
that actually makes the wheels go ’round. For the most
part, it is profit that keeps industry going. This is true
“Alaska Will
Pay Own Way
Eventually*’
*
WASHINGTON, (yP)-^James P.
Davis, director of Territories for
the interior department, says Alas
ka will pay its own way adminis
tratively one of these days.
I ^
Senator Elmer Thomas <D.
Okla.>, as a member of the Senate
a p p r opriatitfns committee, dis
agrees.
The differing opinions are high
lighted in the committee’s report
of recent testimony on supplemen
I tal appropriations, made public
i yesterday.
In discussing an interior depart
ment request for funds to provide
| a civilian government for Guam,
American Samoa and the Pacific |
Trust Territory, Thomas asked.
“Are you planning to build up
organizations that will immedi
ately begin to bombard the Con
| gress for admission into state
hood?”
"There was no such though in
volved for these small islands,”
Davis replied.
Thomas: “Which <of all the Pa
cific areas'! pay enough taxes into
the federal government to meet!
I the obligations which we appropri
ate back to them.”
Davis: ‘‘On a comparable basis
with States, only Hawaii does. The
others represent a considerable
-outlay. I think we may look for
ward to Alaska reaching that sta
tus some day.
Thomas: “From what source in
Alaska?”
Davis: “The development of in
dustry and mining.”
Thomas: "Have you been in
Alaska?”
Davis: “Yes.”
Thomas: “Where could we de
velop any agricultural interests?”
Davis: "The agricultural produc
Ships Collide;
No Dam age
SAN FRANCISCO. </P) — The
British freighter Lochgarth and
the Charles S. Jones, a Richfield
tanker, collided early yesterday
off the northern California coast,
but neither was damaged.
The coast guard said the Jones
reported by radio that it has been
struck in the stern. The scene was
near Mendocino.
The Jones was enrouie to Los
Angeles while the Lochgarth left
San Francisco Wednesday night
bound for Vancouver.
tion would be largely of the local
character supplying local mar
kets.”
Thomas: “The soil up there
thaws down only seven inches in
the summer and all they can raise
is vegetables and 85 per cent of
that is water and it cannot be
transported and has to be con
sumed immediately or dehydrat
ed.”
Davis: “I think mining and fish
ing and''timber development are
possibilities.”
To which Thomas replied: “The
fishing has already been exploited
to an unusual degree.
“The timber in Ketchikan—
there is a big fight in Congress
now in authorizing thn* timber. I
think we have some pulp up there.
“As for minerals—any nerson
that has any interest in minerals
is already up there. The big cop
per mines are already depleted. I
have covered Alaska and I would
lik to have somebody tell me what
we can look forward to in Alaska.
“Whenever I hear somebody tell
ing a young man to go to Alaska
and settle down to ^make a living,
I look at them askance. It does
have a military value and a min
ing value and a fishing value. But
these things are being developed
to the ultimate as far as I know.”
whether it’s turned back into the company or given out
to stockholders.
Some of these “three per centers’’ spend their income
trom investments to buy food, clothing, automobiles—
just like labor spends its wages. That helps make pros
perity, too. But a lot of folks who own stocks would
rather take that little three per cent or less and put it to
work again to make factories hum. Do you see why they
don’t? All the while industry is crying for capital. But
the return is just not worth the risk. To get capital to
keep industry going—to make jobs plentiful—we need
more profit, not less; and we can’t have more profit if
it is eaten upby more and more taxes.
SOME PEOPLE S KIDS
FINN STAND
AGAINST RED
^ STRIKER^,
\
STALIN^
""german
> ANTI
L SOVIET
r
CHURCHES
CATHOLIC CHURCH
Masses:
8:00 a.m.
11:15 a.m.
10:00 a.m.—M. A. F. B. Chapel
LAVINIA WALLACE YOUNG
MISSION
Pastors—Rev. Theron McGrew
Rev. Paul B. F. Carlson
Rev. Robt. Treat. Methodist pastor
Sunday—
10:00 a.m. Eskimo Speaking
Service.
11:00 a.m. Sunday School.
7:30 p.m. Evening Service.
Wednesday—
2:00 p.m. Children’s Miracle
Book Club.
Thursday—
7:30 p.m. Mid-week Service.
THE METHODIST CHURCH
(FEDERATED)
Rev. Robert Treat, Minister
9:45 a.m.—Sunday School:
11:00 a.m.—Morning Worship.
Baptism service; Message by Dr.
i Mark A Dawber, executive secre
tary of the North American Home
Missions Council, if in town.
Otherwise, 'by Pastor, “Tomorrow
I and Its Needs.”
3:00 p.m.—Hospital Service.
8:00 p.m.—Evening Service.
Evensong and message, “A Creed
to Live By.” Sunday evening fel
lowship hour at the Parsonage
1 following.
i Tuesday—Junior Choir Practice
\ after school.
Wednesday—Senior Choir rehear
sal 7:00 p.m. (One hour, permit
ting members to go to other meet
ings ufter).
ASSEMBLY OF GOD
PENTECOSTAL
Third Avenue West
Miss H. E. Brown
Missionary in Charge
Sunday—
Sunday School 10:00 a.m.
Adult Bible Ci:.ss .. 11:00 a.m.
Evening Service. 7:30 p.m.
Tuesday—
Young Peoples Meeting 4:00 p.m.
| Wednesday—
Bible Study 7:30 p m.
Friday—
Bible Study and
Prayer Meeting 7:0u p.m.
EVERYONE WELCOME
CHURCH OF THE NAZARENE
Third and Division
Pastor—Le»/is I. Hudgins
“Most people are carrying more
luggage than they will ever get
through the heavenly gates.”
10:00 a.m. Singspiration and Sun
day School classes.
! 11:00 a.m.» Morning Message.
7:00 p.m. Young People's Meeting.
7:30 p.m. Singspiration and special
music.
3:00 p.m. Evening Message.
Wednesday: 7:30 p.m. Melody and
Prayer.
Come and bring your Bible.
You are ever welcome to attend
these services.
NOME GOSPEL MISSION
of
Alaska Evangelization Society
Rev. Vern Rimling, Pastor
Sunday—
2:00 p.m. Sunday School for
boys and girls.
Pleaching service in the Eskimo
language by James Savok.
7:30 p.m. Gospel Service.
Tuesday—
7:30 p.m. Bible Study—trans
lated into the Eskimo language.
Thursday—
2:00 to 4:00 p.m. K.Y.B Club for
i boys and girls.
Friday—
7:30 p.m. Prayer, Praise and
j Testimony.