Word: loew
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From them, the buying spread right across the board as buyers looked for undervalued stocks. Sears, Roebuck and Loose-Wiles went to new highs for the year. The movie stocks, gilded by the amusement boom, climbed right along with them. Typical example: Loew's, Inc., not cheap at 71, went up ten points in the last ten days. As usual, the market was also full of bargain hunters, shopping among the cheap stocks. As a result, many of the blue chips, notably General Motors and U.S. Steel, lagged, were still below their year's peaks. Furthermore, many...
President Nicholas M. Schenck (1943 pay: $512,391), Vice Presidents Sam Katz ($370,139) and Edgar J. Mannix, along with five other executives who in addition to their salaries, shared Loew's profits, would level off at $200,000 each. The cash saved ($1,450,000) would go into a pension fund for Loew's 4,300 eligible employes, including Stars Spencer Tracy and Clark Gable...
...income after taxes would be reduced by only $25,000. Meanwhile Loew's would drop $45,000 into the pension fund for him. Thus a big pay cut now, when taxes are skyhigh, means only a small net reduction in his income...
...corporation the pension plan may be just as shrewd business policy. On its books, Loew's will write down the pension cost as $2,000,000 a year, in addition to the cash saved in salaries. The actual cost will be far less. Loew's contribution will be deductible for tax purposes. Net cost to Loew's: $400,000 a year...
...purposes, and thus encouraged the establishment of pension plans. Thereby some abuses began, i.e., paying top executives deferred bonuses in the form of pensions. Congress tried to chink up these loopholes in the 1942 Revenue Act. Now in practice the Treasury must approve all plans (it approved Loew's) before tax deductions are granted. In effect, the corporations whose pension plans were avoiding taxes were doing what Congress has been trying to get them to do all along...