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Notable last week were two specific complaints against AAA. With the processing tax on hogs shooting up from an original 50?? per cwt. to the present $2.25, Manhattan's Hygrade Food Products Corp. has paid $5,128,869 in processing taxes since November 1933. Petitioning last week for an injunction against collection of $1,771,177 more in taxes due, Hygrade declared that the tax now comprises 47% of its yearly operating cost, takes 21% of its revenue from the sale of meat products. Sales have plummeted because of resulting higher prices and Hygrade felt itself on the verge...
...neither had Chicago ever seen such a Fair. In two years 38,600,000 persons paid 50?? each to see a $55,000,000 spectacle, most of which had been provided by advertisers. Big exhibitors like General Motors could boast that 18,000,000 people had visited its exhibit alone.* It was estimated that $700,000,000 was poured into the Chicago market by 15,000,000 out-of-towners. More amazing was the financial success of the Fair itself. All but $600,000 of $10,000,000 of the bonds underwritten by big Chicago businessmen had been paid...
...punished by a fine of $2.58 for every ounce in their possession. Excepted from this order: manufacturers of silver and other commercial users. Silver miners will still get their special price of 64¢ an oz. from the mints. Since the price of silver in Manhattan had climbed to approximately 50???for the first time since 1920?and since the Silver Purchase Act forbids the Treasury's paying more than 50?? an oz. for domestic silver bought in the open market, the time had come when the Treasury had to nationalize U. S. silver or leave it in private hands...
...printing silver certificates. Under the Silver Purchase Act the Treasury must issue silver certificates to pay for the actual cost of silver it acquires, but it may issue silver certificates for the full "monetary value" of all silver purchased. Example: If the Treasury buys 100 oz. of silver at 50?? an oz. it must issue $50 worth of silver certificates, but since 100 oz. of silver is the legal content of 129 silver dollars the Treasury may print $129 of silver certificates, taking a "profit" over cost price...
...practically unchanged from the year before. But profits were down from $12,200,000 to $7,400,000, which per share of common stock meant a drop from 83¢ to 41¢. Though the dividend was pared from $3 to $2 annually only last April, the quarterly dividend payment of 50?? was not earned. The drop in profits was caused wholly by the rise in the cost of doing business. For the first half of this year taxes and operating expenses were up 10.9% from last year. For the June quarter they were...