Word: taxed
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Dates: during 1920-1929
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...last week's stockmarket plunked to the bottom President Hoover let his Secretary of the Treasury, Andrew William Mellon, make an announcement which the President had been saving up as the Big-News-Item for his own first message to Congress next month, an announcement of immediate tax reduction...
Quickly the stockmarket bounded up somewhat from its depths. As if surprised at this reaction, Secretary Mellon feebly protested that his new tax program had not been proclaimed to boost drooping security values. He explained that, long in the making, the reduction was offered as a demonstration of the Government's confidence in the stability and future prosperity of U. S. business and industry. But so inescapable was the circumstantial connection between the market and tax news that few would believe the Secretary's official protestations. On all sides the new program was joyfully accepted as President Hoover's reply...
...atmosphere of a mystery-melodrama was the tax announcement framed. First President Hoover held an early morning White House conference with Secretary Mellon, Undersecretary of the Treasury Ogden Livingston Mills, Governor Roy Archibald Young of the Federal Reserve Board. So early in the morning was it and so unprepared were newsmen for such a development that Governor Young, unrecognized, entered and left the White House without being caught and catechized...
With bullish feeling prevalent, selling of stocks slackened, ended abruptly as the significance of Constructive Factors became apparent. Helping to transform selling into buying was a further reduction ($710,000,000) in brokers' loans, reduction of the rediscount rate to 4½% announcement of a proposed $160,000,000 tax reduction...
...share ($11 above the market at one point) to employes who had borrowed on their holdings. Other helping companies were Standard Oil of New Jersey, Humble Oil, Gulf Oil, U. S. Steel, Newton Steel. Late last week, when Washington's official silence was broken with promise of the tax reduction, then of an industrial conference, Hoover joined the ranks of heroes. No mere bullish oratory, this statement meant Prosperity was expected to remain, meant bigger corporate earnings and dividends, more spending and employing by the rich...