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Third Deficiency. In 1937, Congress appropriated a total of $9,400,000,000. Not counting last year's $2,237,000,000 for paying the veterans' bonus, this was $1,290,000,000 more than in 1936. Final item of the 1937 total was last week's Third Deficiency Bill of $87,622,634. Passage of the bill included a victory for the House Liberal bloc headed by Texas' noisy Maury Maverick, who wanted $20,000,000 for an experimental Government farm tenancy program, $1,800,000 for the National Labor Relations Board, got both...
Each of the 55,000 ex-sinners last week got a free ticket to his or her home town, a bonus of between 100 and 500 rubles ($20 and $100), and an honorary badge proclaiming the redemption. Next, the Order of Lenin, most exalted of all Soviet decorations, was awarded to 40 of the 404 officials who had acted as jailers and supervisors of the 55,000 during their forced-labor redemption. It was suddenly revealed for the first time that new Vice-Commissar for the Timber Industry Kogan acted as a jailer in the digging of the Baltic-White...
...however, smaller than the $8,477,000,000 spent in fiscal 1936 and showed the first downtrend in spending since the New Deal took charge of the Treasury. But this trend was not to be taken too seriously, for in fiscal 1936, the chief expenditures for the Soldiers' Bonus took place. Eliminating this non-recurring factor the spending trend was still upward...
Many a Journal man found last January's large bonus a help toward the 50% down payment on his stock. Balance was due within ten years, with dividends applied toward payment. Employes leaving the Journal, or reaching the age of 65 must return their holdings in the stock for resale to eligible employes. Through the trustees, they may sell at any time to other employes. To prevent sales to outsiders, employes hold "certificates of participation" with voting power, instead of actual stock...
When onetime President Charles E. ("Sunshine Charlie") Mitchell of Manhattan's National City Bank used the wash-sale technique to reduce his 1929 income tax, and also failed to report a $666,666.67 bonus, he was tried on a criminal charge of tax evasion, acquitted (TIME, May 1, 1933). In a civil proceeding the Board of Tax Appeals then ordered him to pay the evaded tax, amounting to $728,709.84. This week a U. S. Circuit Court of Appeals in Manhattan turned down Bankster Mitchell's appeal from that ruling. Big difference between the Mitchell and Du Pont...