The Mason City Globe-Gazette from Mason City, Iowa on May 10, 1934 · Page 2
Get access to this page with a Free Trial
Click to view larger version

The Mason City Globe-Gazette from Mason City, Iowa · Page 2

Mason City, Iowa
Issue Date:
Thursday, May 10, 1934
Page 2
Start Free Trial

Page 2 article text (OCR)

TWO MASON CITY GLOBE-GAZETTE MAY 10 1934 PRESIDENT SIGNS NEW 417 MILLION DOLLAR TAX BILL New Law Closes Loopholes for Evasion and Adds New Levies. WASHINGTON, May. 10. UB-- President Roosevelt today signed the $417,000,000 revenue raising bill. The bill is intended to provide additional revenue by closing up loopholes to violators of existing law and by adding new taxes. Mr. Roosevelt affixed his signature in the presence of congressional leaders and treasury and internal revenue officers. He will send shortly to congress a message asking reconsideration of the provision in the bill levying a tax on cocoanut oil, which he regards as unjust to the Philippine Islands. Senator Harrison of Mississippi and 'Representative Doughton of North Carolina, the chairmen of the senate finance and house ways and means committees, who piloted the legislation through congress, stood by the president at the signing. . Morgentnan Present. Other committee members and Secretary Morgenthau were present. The new law provides: Heavier taxes on higher incomes, gifts, estate transfers, corporations and personal holding companies. Partial income tax publicity. Elimination of consolidated corporation returns. · Repeal of the 8 per cent normal fcix on individual net incomes above 54,000 with surtaxes to start at $4,000 instead of $6,000. A 3 cents a pound tax on Philippine cocoanut oil, 'the revenue to be returned to the island treasury. Experts estimated the full effect of the law will not be 'felt until 1935. They counted on only $167,000,000 by the end of the next fiscal year on June 30, 1935. Levy on Earnings. A one-tenth of 1 per cent tax on the declared value of corporation capital stock and a 5 per cent levy on earnings.above 12% per cent of that capital were estimated to raise $95,000,000 annually for the largest single item in the act. New levies on the transfer of estates after death ranged from one to 60 per cent as compared with the old range of 1 to 45. Credits on state inheritance taxes are not allowed on the increase. · Only railroads henceforth may HEPBURN'S NEXT? Name of Leland Hayward, New Yorker, Is mentioned in stories concerning the second husband Katharine Hepburn, actress, is to take now that she hag divorced Ludlow Ogden Smith. Hayward Is step-brother of Phil Plant, "ex" of Constance Bennett. (Central Press). Kemble's for V1GOBO'. , give yon'Free Advice on the application of Vigoro. Kemble's Greenhouse Mason City Hardware Co. "OVER ON EAST STATE" a good place to buy * . VIGOBO See as for garden supplies of all binds. SQUARE RICH BEAUTY IN UIGORO · The scientific plant food . . . complete, balanced. 4 U». per 100 *q. ft. bring* atnazing rcsultal Packed in 6 «onTflni«nt viz^c, from 12 ox* to 108 lb«. Order today from your garden ·pupply dealer. Swift Co. DISTRIBUTORS Buy VIGOEO From Currie-Van Ness Co. 4c Ib. in 100 Ib. lots. We wfll loan yon a spreader. Boomhower Hardware Co. VIGOBO DEALERS For Sale In any quantity. Get our prices before buying. selves and subsidiaries. The new Income tax schedules levy a flat 4 per cent normal rate file consolidated returns for them- on the firat $4,000 of individual net income. They retain the $1,000 exemption for single persons, $2,500 for married and $400 for each minor dependent, which may be deducted from net income to give the taxable income. 10 Per Cent Credit. A 10 per cent credit is allowed for all earned net income up to $14,000 thereby reducing payments on small Incomes. The old 8 per cent normal tax on net incomes above $4,000 is eliminated, but surtaxes now begin at HOOO Instead of J6.000. These surtaxes start at 4 per cent and swell through 29 brackets to 59 per cent on excesses over $1,000,000. Previously, the rate started and rose through 53 brackets to 55 per cent on those over $1,000,000. FORMER MAYOR IN LIQUOR RAID Eight Pints of Alleged Whisky Foundin Outskirts Barbecue. Chief of Police E. J. Patton and J. T. Laird, former mayor of Mason City, raided the Outskirts Barbecue in Lehigh row Wednesday afternoon at 4 o'clock. Chief Patton found eight pint bottles of alleged whisky in a woodpile near the establishment. "It was the third time I had moved that woodpile looking for liquor and the first time I ever found anything in it," said the chief. Charges of illegal possession were filed against Nick Backrages, listed as'one of the owners of the establishment, Thursday rooming. The Outskirts Barbecue is one of the establishments refused beer permits by the city council Monday, with-Mr. Laird as the chief exponent of the rejections. STATE COLLEGE VEISHEA OPENS 'Moving-Up' Ceremony Held en Campus at Ames; Lake Is Dedicated. AMES, May 10. (.»--It was "open house" on the Iowa State college campus Thursday--the first day of a three day exposition known as vei- shea during which students toss their books aside, polish up their laboratory instruments, and throw the college doors open to Mr. and Mrs. Public. The day opened with the colorful "Moving-up" ceremony, this year held on the banks of Iowa State's dressed up Lake Laverne. Complying with an age old tradition here, the president of the senior class was "taken into" the alumni group during the moving-up ceremony. Lake Is Dedicated. The junior class president received the emblem of senior "privileges" from the senior president; the sophomore president was welcomed into the upperclassmen's group by the junior president; and the freshman class officer "reached for his aokles" and received a resounding swat from a fraternity addle from the sophomore class 'officer.. Following the moving-up program Lake Laverne, recently reconstructed by CCC workers, was formally dedicated. The program, supervised by Leslie Proctor, chairman of the veishea committee, was participated in by members of the Boone CCC camp. Demonstrations In Laboratories. Youthful Iowa agriculturists began trooping into Ames early in the morning to attend the Iowa High school agricultural congress and future farmer convention. Some 800 to 1,000 are expected. Meanwhile college laboratories were shined up, machines running, drills grinding, test tubes working overtime in an endeavor to demonstrate to visitors how Iowa State functions. COUNCIL WOULD, EXAMINE CLARK Appeals to Supreme Bench From Decision in Polk District Court. DBS MOINES, May 10. (JP--The state today had on file in the state supreme court an appeal from a Polk county district court decision preventing the state executive council from examining E. W. Clark, Iowa insurance commissioner. District Judge Loy Ladd had issued a writ halting a hearing scheduled by the executive council in February in connection with alleged Irregularities in the insurance commissioner's office. Clark contended that the council had no authority to examine him. James Graven to Give Dumont Memorial Talk DtMONT, May 10.--The auxiliary to the American Legion met Wednesday afternoon with Mrs. Paul Ford. Plans were made for .Memorial day exercises at the Dumont cemetery. The line of march will start from the city park at 9:30, with the Boy Scouts, Girl Reserves, school children, Legion and auxiliary marching. Six G. A. R. and seven World war veterans' graves will be decorated. James .Graven, Greene, county attorney, will give the address. Frank Beach, 91, and Jerry Van Riper, 89, are the only remaining Civil war veterans. Condon Elected President. NEW HAMPTON, May 10.--The Calvary Cemetery association elected: President, H. F. Condon; secretary, P. J. Cooney; treasurer, Mrs. D. D. Donovan. CURB MOUNTING DEATH RATE! Wkei\ anotKer driver Is pssirNs* you DO NOT" ATTEMPT to KMUC; / / For tKe safety of all \/ ^/ concerned it-is *** better to RETARD your REMEMBER- SECONDS SAVED MAY MEAN LIVES L O S T Nearly 30,000 Americans lost their lives in auto accident* in 1833. More than 800,000 others were Injured. Yon can do your part toward reducing these appalling figures by observing the "don't" Illustrated above. Others follow. GOVERNOR SAYS PROGRESS MADE Herring Talks at Davenport on Pint 16 Months of Administration. DAVENPORT, May 10. UK--Results ol the first 16 months of democratic administration were summarized by Gov. Clyde L. Herring in a speech before luncheon clubs here today. Current expenditure* were reduced and the state placed on a plan of living within its income, he said, rigid economy and curtailment of all expenses accomplishing this although the state financial and control act did not take effect 'until July 1, 1933. The budget and financial control act was credited with providing for the first time an efficient and dependable system of handling state finances and by changing the bookkeeping system in vogue for many years affording the first true picture of the state's financial position. Legionnaires Deputies for Chickasaw Patrol NEW HAMPTON, May 10.--A volunteer highway safety patrol hae been organized In Chickasaw county. Twenty-five Legionnaires have been sworn in as special deputies. WU1 Open Billiard Han. EAGLE GROVE, May 10.--Forrest Fromm leased for three years the corner store room in the Paine Block at Broadway and Commercial avenue and will occupy the premises in the near future with a billiard hall and will sell beer, soft drinks, cigars and tobacco. To Be Given Friday. HANLONTOWN, May 10.--The senior class play, "The Dutch Detec- tive" will be given in the high school auditorium Friday evening at 8 o'clock. Automatically--at a finger touch--ice trays glide from the freezer of the Super Series Frigidaire '34! And here are ·otne of the other features: Automatic defrosting; Lifetime Porcelain inside and out; Sliding Utility Basket; and the Frigidaire Servashelf. Nor is that all!... double Hydrator capacity; interior lighting; faster freezing; and extra room for tall bottles. Will you come in and see what's happened in electric refrigeration? Mier Wolf Sons Thomas Refrigeration Co. Mason City, Iowa 125 First St. S. E. Mason City, la. -Luckies do not dry out are All -Ways to your throat The difference between cigarettes is the difference between what goes into them and, feow they^aje put together. Luckier use oa^» ,r,he"'clean, center leaves, for diese sre tie rmldest leaves --they taste better, That's why fatme : are paid higher prices far them. Antd Luckies get the benefit of the feroous , process--*'It's toasted"--for yoar ;hr6at -proteedon. srery Lucky Js round, firm arcd fully packed- That's why Luckies "keep in condio^'-- that's why you'll find that Luckies do'tiot dry mt-- an important point to every smokex. . Yes, Luckies are always in all- v kind to your throat X."It's toasted' v Luckies are all-ways kind to your throat Only the Center Leaves-these are the Mildest Leaves " A * i

Get full access with a Free Trial

Start Free Trial

What members have found on this page