Panama City Pilot (Newspaper) - June 30, 1939, Panama City, Florida Paradise St. Andrews Baf CONSOLIDATED WITH LYNN HAVEN FREE PRESS Panama Port of The Lower VOLUME 32 PANAMA BAY JUNE 30, 1939 NUMBER 64 EUROPE AWAITS NEXT GERMAN MOVE biggest peace spending year ends in deficit Bay Prepares For Thousands Of Visitors Amount is Half Less Than Expected Six Months Ago By IRVING June 2Q.-(/P) The fiscal year which ends at midnight tn flurry of work by treasury bookkeepers has produced federal expenditures of approximately or more than the government's The is nearly a half billion dollars less than because of smaller expenditures and higher receipts than estimated six months the expenditures were the highest since the World war the deficit which was the ninth annual was only the third Exact figures for the year will be available for a few but today's approximations were made by familiar with year-end items after study of figures through June 27. Is New Year Tomorrow is the new year's day of another fiscal year In which both the spending and deficit figures are scheduled to go irrespective of congressional action on the lending program proposed by the The latter would be excluded from budget The end of the fiscal year marked the passing of the expenditure classification of and to which Mr. Roosevelt often pointed in discussing recurrent The classification on the treasury books not because officials desired its but because the shuffling of Federal agencies which occurs tomorrow makes the Item too difficult to The tax revision is signed by roosevelt Measure Reenacts Excise Taxes Expiring On Last of June June 20.-{/P) President Roosevelt has signed the business tax revision which does away with the undistributed profits The measure became law at 10 o'clock last It excise taxes expiring June 30 arid also revamping the corporate tax in response to widespread demand for government to ease Up on For the undivided profits the legislation a flat 18 per cent levy dn the income of corporations making more than It leaves the taxes on small corporations just as they are 12 1-2 to 16 per cent - but gives all partnerships and individuals the right to carry over their business losses for two Present law permits ho New Formula Provided A new formula is provided for figuring the tax on capital permitting corporations to deduct in full from their taxable income capital losses on assets held more than 18 The deduction must be taken during the year In which the loss Losses on assets held less than 18 months can be used to offset similar term capital gains during the same An excess of losses over gains may be carried one The new capital gains replaces a flat limit YEAR TO GO Presidential Possibilities No. 6^-Harry Hopkins such spending the group Win the total will be The item of and Included public farm aid to home owners and some other In the last It totaled and Its deficit was In his annual budget to Congress last Roosevelt predicted the fiscal year's spending total would be but It turned out expected receipts to approximate 070,000. and they added up about Thus the deficit was less than - Officers Search For Police and county officers this morning were search for a struck a at her home in section yesterday reported bloodhounds brought Marianna lost trail of the ft distance from tm which he ran when thA girl One had been picked but sAld the girl failed to him as the Avert July 4 Fireworks June 30.4-(/P)A premature of July pyrotechnic display averted here early today extinguished a which threatened a supply qf in a downtown stind operated by Theg Firemen said ft ahOrt in a coffee 8t4rt<^d a small fire within cases filled with for the Pa. motorist suspected being drunk admitted to City H. C. Donohoo that downed a couple of bMt Insisted that wasn't why walked Dr. Donohoo was convinced when the unhitched two wooden COMPLETES June 30. The Dixie today completed the scheduled with Paying passengers sht arrived here Irwn Port via Horta and at 1:20 20 a. HAS 17TC Married 49-yearQ^ record crowd expected for fun carnival Programs Being Dropped From Within 200 Mile Radius Secretary and started too By BRUCE CATTON to place a higher on their stocks on June 30, 1039, and June 1040, for purposes of capital stock and excess profit Although the tax re-enactment takes effect at midnight When the new fiscal year begins most of the corporate tax revisions will hpt affect corporation tax payers they pay their 1940 taxes in 1941, WOMAN COUNTS June 3b.-w MM: jury of men who that the and were was today three and 40 minutes jury debated her reiterated Of with her on two counts of forgery and one count of grand The 38-year-Old former secretary and treasurer of the Beck Interests heard the verdict with little Only she had given her pedigree to a court did she Her patted her on the Involved in the counts on which she was convicted was a total of and the prosecution was only of the amount she the 71-year-old spending It Freed oh Mrs. will be sentenced July 7. 1.1............-. Noon Stock List NXW June 30-(AP)-Ndon stox Am ii Am T T Am Tob B III 0y cop km 99 8tl Corp Q Ai cont pu 0 N R R Oen Viae Oen Hot T R Mot m - Ltf Tob B Finn R R Co Am B 9t 3-4 3 Vt 3-4 at 7.| 3 7. 34 3't 6J 5 36 1-3 3 146 1 1-4 33 3-1 4t 3-8 34 5-a 3-4 10 33 10 3-8 41 4 1-3 It 1-4 3-8 U I 38 3-8 73 I- It I- 8 Irl Two things went wrong with the Harry It got started too and It stopped too It may yet survive both but they don't make the going any as the former boss of WPA made ' of the word went around that a build-up for the This made him natural his with which amply and the heat Just as he was he fell for Both the - and bogged as a Fully Secretary driving ahead bt the having effective cabinet Hopkins has a to by An energetic able he Is making Youthful be 49 In and Mr. Hopkins presided over the birth and adolescence of In those who admire admire and those who He admits now that political considerations were given too weight In the running In It be mentioned that letting in wasn't his Mr. Hopkins recently acquired an Iowa If he is presented formally for the Democratic he will have tb Devotion to the ability as a natural appeal former WPA boss to the ' HIS LIABILITIES t A as a tUe opposition of practically Everyone disapproves bitter of. conservatives - in the Democratic too may Improve Jf he makes a good record in his during the next 12 Reorganization Plan Finds WPA Head Final plans for Panama City's three-day Carnival of Fun were brought to a close this morning and Invitations to thousands of Georgia and Florida residents to visit here were sent out by Special and the Bay County Merchants J. B. Atkinson and Tom Bingham took off from the local airport this morning with more than 20,000 copies of the carnival program to be dropped over cities and towns within a radius of 200 miles of Panama Their flight will cover approximately 1,000 miles before their return this Expect Record Crowd One of the largest crowds In the history of Panama City Is expected to begin arriving here tomorrow with the first events of the program scheduled for midnight tomorrow night when a sunrise dance will start festivities at Long Beach Casino at 12:01 a. m. Twenty-five decorated floats have already been assured for the Fourth of July parade which will be a feature of the closing day of the The procession Is scheduled at 10 a. m. Tuesday Sporting events including four sailboat an attempt to break the world's hydroplane record and a race between a Taylor Cub cabin plane and the Dolphin 111, record holding H. N. Miami will arrive here Sunday with lor trial runs over a course off Harrison avenue dock in which he hopes to better the record now held by his The Dolphin has been clocked at 82.5 miles per hour and Nicholson believes she can outdistance a low flying small plane in straightaway Montgomery and Panama City filer and Cub will pilot the Parade Rotate Announced Fred parade this morning Issued an appeal to all businesses and taking part in the parade to cooperate In ing the procession public will Philips said the parade at 10 a. m- 1*uesday Harrison and street and that the route will be south oh Harrison west bp Fifth street to First east on First street Harrison avenue and north avenue to street 4hd
