Word: deficit
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Dates: during 1920-1929
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...Finance Committee deliberate upon it. Mr. Mellon wrote a letter pointing out what he considered to be the faults of the bill as passed by the House: 1) that it would leave the treasury with a deficit, 2) that its surtaxes were still so high that they would destroy the source of revenue, 3) that its allowance of a "reasonable salary" as earned income, in cases such as those of storekeepers would be difficult to determine and it would be better to class all income under $5,000 as earned income, 4) that inspection of tax returns by Congressional Committees...
Several causes for the break are already discernible. The basic cause is that the French have not really balanced their budget and have financed deficit after deficit by issuing more internal government notes and bonds. This load of debt, which it was hoped would soon be lightened by the receipt of German reparations, at length became top heavy. Speculators began to sell francs "short" in anticipation of a decline. The conservative investor, to avoid losses, sent his balances abroad, and a "flight of the franc" ensued...
...deficit of $2,149,521 resulted after and because of the payment of preferred and common dividends. Last year, however, a better showing was possible. After $1,750,000 had been disbursed on the preferred and $2,500,000 on the common stock, it was possible to add $4,500,000 to the reserve, additions and betterments and a final $3,626,565 to surplus...
...profit sharing in 1922 are deducted, the net profit of $3,144,549 in 1922 became last year a net loss of $1,166,284. In both years, dividends were paid on the two classes of preferred stock, but none on the common. After these payments, a final deficit of $1,768,560 was incurred last year, compared with a final surplus of $2,526,250 the year before...
Probably the most funereal note struck in the business world lately was the Central Leather Co. statement. Operations during the calendar year of 1923 showed an unexpectedly heavy defict of $7,272,243, compared with a surplus of $1,528,209 in 1922. But in 1920 a deficit of $25,751,666 occurred, followed by another of $11,651,425 in 1921, so that the Company's profit and loss deficit Dec. 31, 1923, was $12,637,851. Last year, operations did not even cover expenses, and interest on bonds was paid out of surplus. Common and preferred dividends...