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The Pittsburgh Press from Pittsburgh, Pennsylvania • Page 5

Location:
Pittsburgh, Pennsylvania
Issue Date:
Page:
5
Extracted Article Text (OCR)

Average U.S.tax load rises $267 to $2,757 THE SUNS RAVS "1 1 "1 7 I ATTMWTEB Ff PASSES THE POOLS DECKING Fanta-SeaPcols--; Til 1 vA DECKS mrrim "special -7 i 1 I 1 1 i A AVAILABLE I I FantaSeaPools SUN. 12-5 SAT. 10-5 Ifr8 5499 ROUTE 8 GIBSONIA, PA 15044 6 coufCT (FREE BACKYARD SI 443-8380 POOL CHEMICALS ACCESSORIES PRESEASON SALE ON All OUTDOOR FURNITURE (CAll TOU FREE 1-800-845-5500) BUSINESS ROUNDUP Combined News Services Carter Hawley buyback picks up steam iLos Angeles retailer Carter Hawley Hale's attempt to block an unfriendly takeover bid by The Limited Inc. kept it atop the New York Stock Exchange most-active list most of the week. More than 16 million Carter Hawley shares changed hands from Tuesday through Thursday, making it the most active on the New York Stock 'Exchange for three days.

Nearly 3.9 million shares were traded Thursday. Carter Hawley, one of the nation's largest department store operators, whlch owns such major chains as The Broadway, Bergdorf Goodman and John Wanamaker's of Philadelphia, has said it will spend up to $500 million to buy 15 million, or 44 percent, of its 33.8 million shares. The Limited Inc. of Columbus, Ohio, has made a $1.1 billion cash-and-stock offer to buy out Carter Hawley. The Limited operates some 900 stores nationwide, including the Lane Bryant chain.

One analyst, Ron Rotter of Bateman Eichler Hill Richards in Los Angeles, estimated Carter Hawley already has purchased "in excess of 10 million 'shares. 'In other business news: Allegheny Ludlum Steel Corp. announced that it will consolidate its -manufacture of tubular products, discontinuing operations at its Wallingford, plant and increasing operations at its plant in Claremore, by the end of this year. The Wallingford plant will continue manufacture of stainless strip products. The Federal Deposit Insurance Corp.

said American Fletcher National Bank'of Indianapolis is taking over operations of the Shelby National Bank of which was declared insolvent Thursday. The FDIC said another insolvent bank, Gamaliel Bank of Gamaliel, will reopen today 'after being sold to Deposit Bank of Monroe County in southern Kentucky. PSFS, in an unusual financing technique aimed at ensuring a triple-A rating, has announced a public offering of four million shares of adjustable-rate preferred stock at $50 a share. PSFS, formerly the Philadelphia Saving Funa Society, obtained the rating from Moody's Investors Service Inc. by 'making the offering through a subsidiary, PSFS Finance set up specifically for the $200 million transaction.

The" Association of Iron and Steel Engineers announced that its 1984 Spring Conference will be held in Dearborn, April 30 to May 2. The program will include a plant tour to nearby Rouge Steel. Goldman Sachs manager of the underwriting group, announced the public offering of 185,000 shares of Cyclops Corp. common stock at $35.25 per share. Proceeds will be placed in trust to fund the company's repayment obligations with respect to certain rw 2 Mesa Royalty Trust announced an April distribution of 12.86 cents per t.

The Pennsylvania Securities Commission barred a state of Washington firm, Dillon Securities from transacting business in Pennsylvania for "two years and ordered it to turn over to a Pennsylvania broker-dealer all exiting accounts with state residents. Dillon also was ordered to pay $1,000 in state investigation costs. For example, government figures indicate most federal tobacco taxes are collected in the South, because that is where most manufacturing plants are located. But the burden of that tax "may be assumed to fall on consumers of these products in all states, so that collections data do not show who is actually bearing the burden of these taxes, the foundation said. Here is a breakdown of each state's per capita tax burden and how the state ranks in total taxes paid to Uncle Sam: Alabama, $2,033, 25; Alaska $4,420 44; Arizona, $2,412, 28; Arkansas, $1,940, 33; California, $3,013, Colorado, $3,015, 23; Connecticut, $3,738, 19; Delaware, $3,103, 47; Florida $2,600, Georgia, $2,258, 16.

Hawaii, $2,758, 38; Idaho, $2,083, 45; Illinois, $3,190, Indiana, $2,572, 12; Iowa, $2,565, 27; Kansas, $2,903, 29; Kentucky, $2,135, 26; Louisiana, $2,569, 20; Maine $2,142, 42; Maryland, $3,117, 13. Massachusetts, $3,061, 10; Michigan, $2,715, Minnesota, $2,732, 21; Mississippi, $1,827, 32; Missouri, $2,548, 17; Montana, $2,402, 46; Nebraska, $2,532, 35; Nevada, $2,871, 39; New Hampshire, $2,716, 40; New Jersey, $3,508, 8. New Mexico, $2,205, 37; New York, $3,053, North Carolina, $2,130, 15; North Dakota, $2,613, 48; Ohio, $2,695, Oklahoma, $2,764, 24; Oregon, $2,534, 30; Pennsylvania, $2,768, Rhode Island, $2,685, 41; South Carolina, $1,993, 31. South Dakota, $2,178, 50; Tennessee, $2,196, 22; Texas, $2,925, Utah, $2,051, 36; Vermont, $2,294, 51; Virginia, $2,768, 11; Washington state, $3,017, 14; West Virginia, $2,186, 34; Wisconsin, $2,583, 18; Wyoming, $3,185, 49; District of Columbia, $3,690, 43. WASHINGTON (AP) The average federal tax burden will rise $267 per person this year and range from a low of $1,827 in Mississippi to a high of $4,420 per person in Alaska.

If all Americans had to pay equal shares of the $648 billion the federal government expects to collect this year, it would cost $2,757 per person, the Tax Foundation, a private non-partisan research organization, said yesterday. That compares with $2,490 last year and an estimated $3,051 in 1985. The figures assume individuals pay all federal taxes, including those on corporations. The state per capita tax burden corresponds closely to individual income levels, the foundation said. States whose citizens have high earnings usually are those with the highest per-person tax burdens.

The 10 States with the largest population will pay 57.6 percent of total federal taxes. They have 53.8 percent of the population. The 10 with the fewest people, representing 3 percent of the population, will chip in 2.9 percent of the taxes, foundation analysts concluded. California, with the largest population, will pay $76.9 billion in federal taxes, the single biggest share, But the state's share per person ranks only 13th, or $3,013. Alaska, whose $4,420 per-person share is the largest, ranks 44th in total federal taxes, at $1.9 billion.

Tiny Delaware, corporate home of many giant firms, ranks 47th among the states in total federal taxes but eighth on a per capita basis. Connecticut, for similar reasons, ranks second in per capita shares but 19th in total federal taxes generated. The Tax Foundation's figures vary from those published by the Treasury Department. For Big Tall Men Harry's Clothing carries a nice selection of Freeman footwear fashions for every lifestyle. From leisure looks to classic standards, the Freeman collection offers you quality comfort and style.

Available in sizes 13-15 Narrow 13-15 Medium and 11-15 Wide. Great Southern Shopping Center 221-0805 Open Mon-Fri till 9 pm Sat till 5:30 Sun 12-5 pm "German bus firm turns on charm By Joe Grata MllliCI HEARING TEST SET FOR SENIOR CITIZENS Free electronic hearing tests will be given at Pittsburgh Hearing Aid Center, 717 Liberty 1201 Clark 12th Fl. in downtown Pittsburgh on Apr. 23-24-25-26 27 Fri.) hearing and specialist registered with the State ot Pennsylvania will pertorm the test from 9:30 am to 3:00 pm. Anyone who has trouble hearing should be tested, even people who now wear a hearing aid.

Those who have been told nothing could be done for them should also be checked to find out which of the modern methods of hearing correction can help them hear better. For an appointment, call 281-1318. apparel for Big and Tall men CUSTOM ORDERS components than some of those manufactured by other U.S.-based firms, and that Neoplan buys from more than 100 suppliers in Pennsylvania alone. He offered to open an office and hire a full-time lobbyist to help the Pennsylvania Association of Municipal Transportation Authorities gain passage of a state transit tax, provided there is no legal conflict in his doing so. "We still have to be low bidder to get business," he said.

"But, if authorities go bankrupt, we don't do any business." He announced that Neoplan will hold a competition among state bus drivers in Neoplan buses this spring. The prize is an all-expenses-paid trip for the winner and spouse to Germany for two weeks for "international" competition. "Oh, yes," he added, the chief executive of the winner's transit authority and spouse, or the executive's designee also go to Germany for two weeks for free. Ruppenthal unveiled a scale model of a new plant that Neoplan is building in Honey Brook, Chester County, where the company will assemble buses that are being marketed to other transit agencies along the East Coast. Eventually, he said, the facility on a 25-acre site could employ as many as 700 people.

He also showed a videotape extolling the crash-worthiness of Neoplan buses, was a seminar panelist and made available a position paper for anyone interested in details of his charges that other bus-builders violate "Buy America" provisions of the law. "Neoplan USA is going to try new marketing ideas in your state, because your governor says, 'You've got a friend in he said. Ruppenthal said he can't reveal those ideas because the competition might learn his secrets. The Pittsburgh Press A West German busbuilding firm showed why 'Mt has been able to make strong in-roads into the U.S. market, with a sterling marketing performance at a state transit conference this week in -Hershey.

'R6lf Ruppenthal, head of sales for Neoplan more about "Buy America" than many Americans do, even though his bus has its roots in Germany, and a German accent dominates his speech. The firm has delivered 1,000 buses to Pennsylvania transit a the past 1V J-: years as part of a pool purchase coordinated by PennDot. The 410 buses that have gone to Port Authority Transit represent half the buses that STAT operates during weekday peaks. That was the single biggest bus order in U.S. history, with the federal government paying 80 i' percent of the.

cost The Pennsylvania order represented Neoplan's Largest penetration into an American bus-build-U'wg industry, that has been plagued by layoffs, decreased business and foreign competition. ffere are some of the highlights of performance at the conference in.Hershey sponsored by the Pennsylvania Association of Municipal Transportation Authorities. Industry giants such as the General Motors Corp. didn't even bother sending a representative to the conference: First, he threw a party at the plush Hotel Hershey, with wine and a full-course filet mignon dinner. That gave him.

an opportunity to deliver remarks in which he. chastised busmakers for violating ''Buy America" policies. Ruppenthal claimed Neoplan buses, assembled iin Lamar, of more American Wing Chair in Crewel bv Woodmark i 1 4 I Reg. $650 40 OFF Sofa in acrylic velvet print Reg. $11 19 40 OFF $649 Financier flees U.S.; arrest warrant issued i ail f-t-ii' vrr 1 'tt'iAt.

Swivel Rocker In Velvet By Wood mark .1 Reg. $450 Dominelli left a letter pledging to personally return by April 30 the money owed to investors. Dominelli has steadfastly maintained the money is intact in offshore banks. In late February, however, he spent several hours in jail for contempt for failing to cooperate with the bankruptcy trustee. On Thursday Ms.

Hoover released the letter left behind by Dominelli, 51, in which he criticized the trustee for "bullying tactics." J. David Si founded five years ago, mushroomed into an investment empire consisting of 53 companies. Early investors actually received 4 percent monthly returns on their investments. Dominelli's allegedly shrewd dealing in foreign currencies on the international money market was said to be the lynchpin of the operation. The California Fair Practices Committee, the San Diego County grand jury and the San Diego County district attorney's office are all investigating financial links between Ms.

Hoover and San Diego Mayor Roger Hedgecock. Hedgecock liquidated his J. David account in January, just before the firm crumbled, to pay off in part an undocumented $130,000 personal loan Ms. Hoover had given him. SAN' DIEGO (UPD A federal judge has issued an arrest warrant for fugitive financier J.

David Dominelli and disclosed that the FBI is looking into death threats made against lawyers and witnesses in his bankruptcy case. U.S. District Judge ,1. Lawrence Irving yesterday 'ordered Dominelli arrested when the former high-flying money'rriarkets speculator failed to appear, at a contempt hearing. Dominelli fled to the Caribbean Island of Mdntserrat this week.

Irving said "serious death threats" have been made against principals in the bankruptcy case of tnelJ. David Co. investment empire. The judge Said the threats "against one attorney were "followed up by bizarre incidents at his home intended to terrorize his family." He did not elaborate. J.

David Co. crashed into bankruptcy with unaccounted for and 1,500 investors trying to get their money back, i Nancy Hoover, Dominelli's girlfriend and former business partner, said he was in the Caribbe-an'trylng to obtain money to pay back some of the, investors in J. David Co. Before leaving for the offshore banking center wheFe his currency' trading firm was based, Miiitii mum SOFA IN COTTON PRINT By Clayton Marcus 1 i it 40 OFF $579 Reg. $973 "4 I Your Choice Solid Cherry Tables iJsrfc CLIP SAVE 45 OFF Reg.

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CALL TODAY D. DOTTER SERVICES FOR OLDER ADULTS 2 lines, 7 days in The Press 6 days in the Post-Gazette. For items valued up to 1 SO. No commercial, real estate or help wanted. Ads can be cancelled but no refunds given.

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Pages Available:
1,950,450
Years Available:
1884-1992