Word: jersey
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Dates: during 1930-1939
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HAROLD G. HOFFMAN Governor State of New Jersey Trenton...
When Campbell Soupmaker John Thompson Dorrance died in 1930 leaving a $100,000,000 estate, two States greedily claimed him as a native son. New Jersey asserted his residence was Cinnaminson Township, N. J.; Pennsylvania protested that he officially lived in Radnor, Pa. First to win out in this long litigation was Pennsylvania which last year received a juicy $14,500,000 slice of inheritance taxes...
Last week when the U. S. Supreme Court refused the harried estate executors a rehearing, implicitly approved was the first double state death-tax payment on record. To Camden rushed New Jersey's Inheritance Tax Bureau Supervisor William D. Kelly to pick up a $15,620,793.45 check from the disconsolate executors. Hastily stuffing it in his vest pocket, he bustled off to Trenton, triumphantly deposited...
More than ordinarily grateful for this money was New Jersey. For the first time in 50 years the State faced a deficit, $13,000,000. Persistently loud has been the demand for additional taxes for Relief (TIME, May 4). Equally loud has been the Legislature's reluctance to legislate a tax bill. That the Dorrance largess, one-fourth of which was interest on the original amount due, was a beautifully-timed blessing seemed apparent to everyone but State Senator Charles E. Loizeaux. Snapped he: "This is just staving off the evil day. . . . Next year there...
Standard Oil of New Jersey last week borrowed $85,000,000 for a period of 25 years. The money will be used to retire an issue of 5% preferred stock of a subsidiary called Standard Oil Export Corp. (TIME, May 18). Only $30,000,000 worth of Standard's new bonds were offered to the public, the rest having been bought by various Rockefeller interests including the Spelman Fund, the Rockefeller Foundation and the China Medical Board. But the most notable fact about this notable financing was that Standard borrowed the money at the lowest interest rate ever paid...