Word: morgenthau
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Dates: during 1940-1949
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Although the Brown bill has considerable sentiment behind it, it has to run a gantlet of committees and perhaps face Administration opposition. Secretary Morgenthau has said he does not want to resort to compulsory savings until he has had time to see whether non-compulsory (sale of defense bonds) will supply the Government's needs. But he may come around. Defense-bond sales were $1,075,000,000 in January, $711,000,000 in February, dropped to a monthly rate of $580,000,000 in the first 23 days of March...
Because it thinks Congress will eventually swallow most of Treasury Secretary Morgenthau's newest tax proposals, giant Westinghouse Electric & Manufacturing Co. has jumped the gun, is already whacking off Federal income taxes at so high a rate that, while January & February sales rose sharply, net profits were shown as only $2,498,000 (78¢ a common share) against $3,572,000 a year ago ($1.33 a share...
...Blurted 50-year-old Treasury Secretary Morgenthau, who proclaimed a month ago that he was going to get the job: "I like to see young fellows come up. Mr. Crowley is young and ambitious...
Stockholders will get less money in dividends this year. That frightening fact was cinched last week when Treasury Secretary Morgenthau asked Congress to crack down on business with taxes running up to 88¾%. Thus, just when the 8,500,000 U.S. stockholders would like more money to pay their increased taxes, they will get less. Examples-assuming no change in profits before taxes...
Faced with profit and dividend cuts like these, many investors dumped stocks overboard as soon as they read Morgenthau's tax bill. Result: the Dow-Jones industrial average plopped 4½ points to 102.1, lowest since March 1938; utility shares hit 12, lowest ever and only one-twelfth of 1929-5 145 peak. Railroad shares fell over a point, despite the 3-to-6% freight-rate increase they had been allowed on Monday (but rail stocks, at 26.3, were still 2 points above last year's low). New York Stock Exchange seats dropped too-one sold...