The Daily Courier from Connellsville, Pennsylvania on January 7, 1938 · Page 8
Get access to this page with a Free Trial
Click to view larger version
January 7, 1938

The Daily Courier from Connellsville, Pennsylvania · Page 8

Publication:
Location:
Connellsville, Pennsylvania
Issue Date:
Friday, January 7, 1938
Page:
Page 8
Cancel
Start Free Trial

Page 8 article text (OCR)

EIGHT. THE DAILY COURIER. CONNELLSVILLE. PA. FRIDAY, JANUARY 7, 1938. BUSINESS TAX REV1SIONMAY SOON BE FACT Continued from Pate One. ly. a boon that will benefit nearly 150,000 corporations. They would pay only a normal tax: Twelve and one-hall per cent on the first $5,000 of net income; 14 per cent on the next $15,000; and 16 per cent-on the remaining- $5^000. « At · present such .firms pay a normal-tax of ,eight to 13;; per cent- and --aiv^undistributecl profits tax on top of that of seven to 27 per cent, depending whether they distribute earnings, in .dividends .or hold them in surplus: "~~.VV^.'.".". 7. Firms earnings more 'than -$25,000 a /year 'would 'pay - only .an" ;undis-. tributcd profits tax of 18 to-20-per cent.: To smooth out'the-jump from the low.: into thc..high bracket the. sub-committee .worked out a ."notch" provision' designed "to "give" morc'of a straight-line gradation, for companies earning just., above $25,000. The "notch" would save money.'for this, class of. corporation up'.to about $29,000 a year'income:, some "would's'avo on incomes up.to' $37,000,' depending on its source. -'· .- "" " · · ° -"Important changed were., recommended for. .the capital gains 'and losses.- tax, 'another "levy '.against whicbthcrb had .Been much- complaint." . At^pr'c'sont 'capital gains are counted" as . ordinary income "arid taxed "accordingly," so that wealthy individuals "pay^ as much as 79 per cent. It was "decided to give the taxpayer the o'ption of^payihg-a flat 40 per cent tax~'ori tho 'gain?' Other important tax changes included: - '·"."-·_ --'-""." :"--· "~.".. ·'· Decision*'lb~ re'peal about~$25,000,000 o£ minor excise taxes.-includin'g such miscellaneous ones as'the levies oh chewing 'gum", phonograph" records and toothpaste. 'Reduced'exemptions on estate and gift taxes. · · -· A series-of adminsitrative features designed to improve relations between the taxpayer and Government, avoid costly and lengthy litigation, and save the taxpayer money. Most important was a plan to allow declaratory: rulings by the internal revenue bureau. The bureau's ruling as to liability would be binding on the government and the taxpayer could .arrange ' his affairs with the knowledge that the government could 'not change its mind and sue him for a deficiency. Edsel-Ford-Tells : Senajers What He Knows of Pennroad Continued from Page One. :. ; the Pennsylvania Railroad Company, .'. told the committee that when Pc'nn- "."· road was formed in 1928-29, Pcnn- · . sylvania Hailroad was considering .. Ihc acquisition of the D. T. I. R. R. :. Pennroad subsequently "purchased --. securities of the railroad at a cost of ~ about 536,000,000 with the proceeds ~ of its first issue of voting trust cer- r.Vtificates. r.:: Counsel for the committee con~. tended that Pennroad was formed specifically to permit purchase of railroad stocks without supervision · of the Interstate Commerce Commis- --· sion and to evade the transportation -^ - act of 1920, which, among: other provisions, prohibited a carrier from is;- suing securities, or from, assuming obligations or liabilities without authorization of the ICC. Previous testimony disclosed that all directors and officials ot the Pennrcad Corporation also were directors or officials 1 of the Pennsylvania Railroad. Committee rccorfs showed that Pennroad was organized by the directors and officers of the Pennsyl. vania Railroad Company to make in.. vestments for the benefit of Pcnn- .; · sylvania stockholders, who were giv- .._; en first opportunity to purchase -- Pennroad voting trust certificates. _ . County told the committee that the ~. corporation was formed "to protect ."/the interests of the stockholders," Z.. and to invest generally in air, N bus r ' and container lincsT" ~ ~~~ ~ - '. Ford was expected to explain the --acquisition of the D. T. I. R. R., ---and what his holdings were in 'lie £"-' Pennroad Corporation as a result of - j;the sale. -- The D. T. I. R. R., was operated ; .-'-by Ford during the early 20's, prin- ---cipally to transport coal forhis^auto- --mobile plant in Detroit-- from- -the --southern Ohio and Kentucky fields. ·-The railroad's .southern -terminus is --Ironton, .Ohio; jibont JOOnniles south --of Columbus on the .Ohio River. £f Has Diplomatic Tact Kuivukoc .*.. oatutA envoy uua or. the most Important, aii'd yet, perhaps, least-known persona occupying the spotlight In the- Sinu-Japunesv conflict la Shigcro Kuwagoc, Japanese · ambassador to China. ECawagoo la considered one of the most astute students of political conditions In the eastern hemisphere. Army FaVors Flood Control Reservoirs Continued from Page One. fiscal year begun July 1, 1337, but Colonel Covell stated this work was proceeding.:-. more rapidly than planned. .Contract plans and specifications are completed and bids opened lor. performing all work required for construction of earth-nil dams at Tionesta and Crooked Creek in the Allegheny watershed, he said. V7.Substitution :.of channel" work at Johnstown, Pa., for work planned at the Reed "Bank reservoir, near Brookville; Pa.,".in the. year's budget enabled beginning. o£ .work on tho .local, protection. for.". the famous ."Flood City." Preliminary work, he said, is well underway on the project. ... Total. costs of'.the* reservoirs for the protection of the Pittsburgh district, including the channel walls at Johnstown, is estimated In the report at $44,994,305.. Land damages were .estimated at an additional. $40,734,'494. . ' ' ' .'., Construction o£ the long-hoped-for Beaver River-Lake Eric cannl was not included in the projects proposed in the report. The report said no operations were contemplated in the .Beavcr-Mahoning River watershed during the fiscal year of 1938. '~:.The report.stated slackwatcring of the Monongahela River, which was first authorized more than' 50 years ago, is 90 per cent completed. The river is now navigable to a point four miles above Fairmont, W. Va. New work on. the stream provides for the removal, during 1938, of. old Lock and Dam No. 1, following completion of the Emsworth Dam in the Ohio, Dam No. 9 in the Allegheny, and the Tygart Dom in the Monongahela headwaters. Dam No. 1 in the Allegheny River will also .be. .removed at that time, the. report stated. This river will be navigable to a point -72 miles above it's mouth at Pittsburgh upon completion of Dam No. 9. · - · · Proposed projects for the Youghio- gheny River, recommended for the fiscal year 1938, provided for dredging of a. nine-foot channel between the mouth and "Fifteenth street, McKeesport. Completion o£ present plans for the river, according to the report, will extend navigation to West Newton, a distance of 18 miles. Navy Throws All ;· Resources Info Hunt lor Bomber Continued from Page One. parachute and carried a life raft which also were missing. It was assumed that Hawkins had bounced out when the plane struck an air pocket. Naval .authorities said such things had happened before. Several plnnes..'wcntr out *to look for Hawkins in the" belief that he had descended in his parachute'and was floating on his raft. Ships searching for the lost airboat were notified 'of Hawkins' loss and asked to report any trace of him. Although the plane carried one of the most efficient radio transmitters, no message came from its men. There was an auxiliary electrical generator aboard, to produce power for sending messages in case the plane had landed at sea, and it was capable of coming down and riding out the roughest kind ot waters. A fleet of naval and Coast Guard craft, including planes,- converged about the area where "7-P-4" was last reported at P. M. Wednesday. The Navy made 150 ships and 200 planes available to the search today. The aircraft carriers Lexington and Saratoga were ordered here from San Pedro at full speed, to pick up 50 planes at North Island station and steam out to sea where they will serve as bases of operations. E i g h t e e n huge drcadnaughts slopped gunnery practice off San Clements Island and set out to crisscross the route where the lost plane was on patrol. Cruisers followed the dreadnaughts and destroyers were '..called from'('their tactical maneuvers 'to rush" ahead of the larger craft. . The two carriers were to be 'stacked full of land - planes.' Sea- .planes,: including bombers of the same type as the lost one, were already out to-sea. ·-. EOZCJIS of "small surface vessels, ·tenders and -launches, moved out enmasse. It was the most extensive search ever undertaken off these shores. In command of the lost plane was Lieutenant T. E. Carpenter of Pos- sumpsic, VI. His crew included: Cadet Philip O. Browning, Lees Summit, Mo.; Edgar Anglin, aviation chief machinists' mate, Norfolk, Va.; G. A. Mills, radioman third class, Prcscott, Mich.; Joe D..Adair, radioman third class, Carruthersvillc, Mo.; C. C. Creech, machinsists' mate, third c: -SS, Kichland, N. : Y.j- and L. Peace, chief mnchinsts'. male, San Diego. The plane was flying alone, observing^ ships that.pnsscd and making rerorts on them by radio. That was what . the Navy called "security patrol." Object of these maneuvers, which began mysteriously five days before Christmas, was never explained ly naval authorities. Numerous theories were: circulated. One, published last.week, was that the Navy was Hiding the Coast Guard in hunting; boats owned by foreigners and illegally registered under the American flag. Coast Guardsmen seized one Japanese fishing coat and announced that' many other foreigners were using American ports illegally. As evidence that the Navy was cooperating naval launches armed with machine guns patrolled San Diego day nightly, and bluejackets halted and boarded numerous fishing boats to examine' the papers and question the crews. California newspapers printed other rumors: That the Navy was concerned with a spy scare; that papers containing secret information on the Bremerton, Wash., navy yard had been taken from a Japanese liner; Workers Hold Agua Caliente Hotel in Protest Mexican laborers moving their belongings In In protest to a Mexican government order expropriating It for an aviation school, Mexican workers and their families hold a $10,000,000 hotel at Agua Caliente, .Mexico, which they seized In connection with a altdown strike against tho government. President Lazaro Cardenas of Mexico had acted on the theory Its American builders had abandoned the to cottage formerly rented to hotel guests site. Tho operators had closed the hotel because President Cardenas had stopped gambling there. The workers, some of whom are shown above moving their belongings Into a cottage formerly rented to hotel guests, arc members of the Agua Caliente Hotel Workers' Syndicate of the powerful Crom union, thrown out of employment by the closing. --Central Prcr YOUNG GIRLS HELD FOR MURDER Gencvlcve Owens Jin. Ethel Stroose Sohl They had "itudled'- for a. life of crunt. They'd go anywhere to MI a gangster movie. They went to dance halls bccauio they thought they might meet some gangsters and "we wanted to sei what It warn like to be their molls." But they held up a bus driver at Newark, N. J., and when the driver grabbed for the gun ont held on him, she "let him ha.vc It"--according to a confession police say they obtained. Thus the crime career of "they", Gencvlcve Owens, IT, and Mrs. Ethel Strouse Sohl, 20, comes to an end with both facing possible death for the bus driver slaying. Mrs. Sohl admitted she killed tho bus driver while Gcncvicve waited In an automobile, police say. She has a 22-year-old husband In prison on a forgery charge. Both are "graduates" of a reformatory. that a "fleet of foreign submarines" had been sighted off the coast. None of these rumors got any confirmation, and Navy authorities continued to stale that the maneuvers were routine. They began witi, an emergency mobilization that recalled many seamen from holiday leaves ashore. The last-word from the lost plane was a radio "report Wednesday afternoon, when it was 200 miles northwest ot Point Loma, which is across the bay from San Diego. : The message reported no trouble, indicating that the bomber was cruising smoothly. The prevailing opinion was that the plane struck the sea and sank immediately. A similar bomber nose- dived into the bay here a few months ago and six men were killed, as evidence that the oirboats were not fool-proof against emergency landings. ; Nnvy authorities .were not ready to give up hopes, however. Captain Alva Benhard. chief of staff to Rear Admiral Erne.* T. Kin;:, commander of the aircraft scouting force, said: "We believe the plane will be found, because it is one of the-flying boats capable of landing on any kind of sea:" One ot the'searching planes was commanded by Lieutenant Commander Robert L. Fuller, in charge of VP-7 squadron'tb which the missing plane belonged. Fuller last year was presented with the Schilf trophy by President Roosevelt for the safety record of h^is .squadron. The planes had 2,312 hours flight without a mishap. The bombers carried several days' rations and small stills for refining salt water for drinking purposes, and if IKc plane was forced down at sea, its men could survive several days. Planes o£ this type are powered by two 1,050 horsepower motors and have top speed of 165 miles an hour, cruising ranges of 4,000 mile?. Navy men s;iid that if the plane had landed safely on the water, there was a remote possibility of iU being capsized. Its hull-shaped fuselage would provide a strong buoyancy. The ocean was foggy today," but calm as the search progressed. Use Our Classified AUs. They bring results. Cost is small. Gaels and Ramblers Take Duckpin Matches The Gaels won three in a row from the Dukes and the Ramblers took the odd game from the Hams in Knights of Columbus Duckpin League match es at West Pcnn alleys last night. The scores: GAELS Docrflcr 143 133 McClcary 87 97 R.,Cuneo 109 121 V. Cuneo 17-1 Dummy ,- 92 144 96 136 412 100 284 103 284 149 407 106 294 Totals Bonfleld Donovan ..... Jlonisck ._. Lowncy .... Soisson , Flanigan .. ..._ 605 591 594 1700 DUKES -- .105 96 201 02 112 204 -- 92 109 109 310 109 137 106 352 --101 103 128 332 102 108 210 Totals 499 547 563 1C09 Keslar Hart j Freda Tulley ..... Basilonc _ Quinn Prcslia .... RAMBLERS -.108 87 195 -._ Ill 101 115 327 124 124 KG 126 104 376 132 105 109 346 -122 122 101 135 236 Totals 021 555 550 1726 RAMS C8 68 91 227 189 107 135 431 118 120 70 308 110 135 137 382 Mowak .... Soisson ... F. Pilla . Colarusso Spishak _ 78 142 316 Totals 563 526 5751664 Young Signs Hue Contract. P I T T S B U R G H , Jan. 7.--Pep Young, veteran inflelder of the Pittsburgh Pirates National League baseball team, signed a contract today for his seventh season with tin." Buccaneers, club olllciak announced. Police Chief Tildes Bicycle. CLEVELAND, Jan. 7. -- Police Chief Garry Burczyk, of suburban Parma, saves taxpayers' money by pedaling from his home to work on a bicycle instead ot driving a police car provided for his use. Grandparents Again. Dr. and Mrs. Thomas Charlesworth of Dawson have received word of the birth of a daughter Wednesday to their son and daughter-in- law. Rev. and Mrs. Arthur Riggs Charlcsworth of Jacksonville, Fla. The babe, Lois Jean, is their first, .and the second grandchild of Dr. and Mrs. Charlcsworth. The mother was Miss Jean Hamilton, daughter of Mr. and Mrs. George Hamilton of Pittsburgh, where she was a social worker after graduation from Pennsylvania College for Women. The father is pastor of Trinity Methodist Episcopal Church at Jacksonville. A Breathing-Spell Theme . By ERNEST MINOR PATTERSON President, American Academy of Political and Social Scicnca We .have heard and arc hearing a groat deal of cooperation between government and business and while we may tire of the theme, we cannot escape It, Our e c o n o m i c organization emphasizes private ownership a n d o p e r a t i o n (or profit. In ft, also, government r e g u l a t i o n Is p c r s l s t e n t - ly growing. Unless there can be an appropriate amount ot c o o p e r a t i o n , b o t h government and business will suffer. F o r example, government revenues will diminish unless business is active. On tho other hand, business cannot proceed under modern conditions without a satisfactory amount of public supervision and often of actual assistance. Probably the chief handicap to business Is uncertainty regarding government policies and perhaps the most serious of these uncertainties Is over the nature and amount of taxation. This should occasion no surprise. Government expenditures have grown enormously in recent years and Tor much of this growth ao one In particular fs to blame.-Particular outlays and certain wastes may be criticized but the general trend could not w 11 be controlled. Much legislation was passed hurriedly. It was bound to be defective and to need correction. No one with any knowledge of the in- 1 tricaclcs of taxation considers the answer an easy one. but an answer Is greatly needed. Until there is more certainty regarding the nature of taxes in business and the rates to be Imposed, business planning Is difficult. In fact,-certainty Is even more Important than the amount of the tax. There are other matters in which proper action by government Is needed and, If taken, would do much to help business. All of them are related to the one theme--certainty. Business needs to know as_promptly as possible what is to be the permanent weight of the dollar. The repeal of various inflationary legislation is important. A clearcut foreign policy Is also Imperative. Business men, too, have an obligation to perform. Copcration Is not a one-sided affair. And unfortunately business has not always been cooperative. One need at present is for the public to realize that some of the demands made upon the President and upon Congress are quite Impossible. For example, it Is futile to demand that taxes be lowered. Probably some expenditures can be reduced and som» wastes eliminated, but the field for this is limited. Any slight economics made In this way will be and should be offset or even more than offset by outlays to reduce the public debt. How rapidly It should be repaid Is perhaps debatable, but $2,000.000,000 a year is a minimum. Accordingly those who object to our present taxes--for example those on undistributed earnings and on capital gains--should be ready to advocate other forms of revenue. And these should not be hurriedly proposed but should be carefully thought through. Then. too. business should be lew quick to oppose every proposal for regulation. It Is not surprising that most regulation arouses opposition. Business men arc bound to be *jn- scrvativc and to look with suspicion upon all changes, especially If they involve more controls. Yet blind hostility does not evince a cooperative spirit Controls cannot be avoided. In 1013 and for several years thereafter many bankers fought the federal reserve system which the have later applauded. More recently the idea of a Securities nnd Exchange Commission was bitterly opposed by many, but already the criticisms arc softening. The same Is true of the Public Utility Act These arc but a few points on each side and many more could be added. Cooperation mc«ns just what It says. Both sides must be ready to give as well as to take. Even with the best of good-will the task is difficult and increasingly so. (Address questions to the author core o/ this newspaper). Get Your Share of These Values! Here ore listed a number of unusual values. Items for men, women and the home featured at prices that demand action. MUSLIN PILLOW SLIPS 42 x 36 inch size. Each REGAL Cleansing Tissues 500 sheets to box. 2 boxes 25c . Introducing Our Newest Department Sale! WHITE FLOATING SOAP 9^2 o u n c e cakes. Limit 20 cakes. Each Regular $1.00 Hats Others $1.00 and $1.49 A special value and style group of hats purchased to help make the opening of our new hat department an instant success. SHEER HOSE 3-thread sheer hose in latest shades. A l l sizes. PERCALES Tub-fnst percale. Beautiful prints a n d patterns. BEDROOM SLIPPERS Moccasin type. For men and women. Sizes 4 to 8, 6 to 11. Made by CANNON Turkish Towels Thick pile, extra soft, and absorbent. 23c Shamrock Sheets 81x99. P r e - ashed. C e l l o - phane wrapped. 84c C h o c o 1 a te c o v e r e d marshmallow. Fresh and delicious. ENAMELWARES White w i t h red t r i m . Sauce pans, pudding pans, basins, dishpans. WORK SHIRTS Guaranteed b l u e chambray. Jumbo .sleeves. 14 to 17. Table Lamps Pottery base. P a r c h ment shade. Com- j plcte w i t h ' bulb. BEDSPREADS Heavy quality rayon, 80 x 105 inches. R o s e green, gold, blue. PANTIES-STEP-INS Rayon Soxs M e n ' s ray- Dn and c c 1- cncse. Fancy P a t t e r n s . Regular 15c grade. Rayon; flesh, white, peach Tailored and lace trimmed. WITH SELECTED MERCHANDISE TO $122

Get full access with a Free Trial

Start Free Trial

What members have found on this page