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Newspaper
Corry Evening Journal
Location
Corry, Pennsylvania, United States of America
Date
Mar 06, 1951
Page
4
In Truman's February tax message lawmakers discuss narrowing the capital gains loophole. The 1950 act closed a hole allowing authors to treat book income as capital gain. Opponents say capital gains taxes damp asset sales, risking inflation and higher prices.
House Ways and Means hearings spark dispute over taxing capital gains. Treasury secretary proposes raising top long term rate to 97 percent and extending eligibility to one year, boosting revenue by at least 440 million dollars. Stock Exchange and cotton industry warn against proposals, citing market and agricultural impacts. A Firand bill seeks relief for homeowners forced into sales amid defense needs, reducing capital gains tax exposure.
In Johnstown Pennsylvania on March 6 the Johnstown Traction Company employees voted 160 to 7 to reject a proposal to expand the work week to 48 hours. The plan offered operators a 48 hour week over five days while shop and maintenance workers could take a 4 hour weekly option.
A reader challenge lists ten questions on government, biology, language, geometry, etymology, aviation and law. It asks which Virginia senator advocates cutting federal spending, when a galloping horse’s feet leave the ground, whether a coot is a bird insect or crustacean, the meaning of ad lib, the solid with twelve faces, the origin of Friday, who won the first Tunney Dempsey fight, where the Golden Gate is located, if Judith Coplan reached the Supreme Court, and a grammar correction about two reasons.
Maren H. Loveaul, who claimed WWII hero status, faces a hearing on a $2,000 extortion attempt. Det. Jerry Barry and Det. Wil am Conelley say he admitted writing a note to Attorney George Munnell and his wife to threaten their six year old son unless paid. Officials recall his Dieppe raid tale as a notable speech before FBI exposure. The National Parks system spans over 45 000 acres in Washington DC and nearby areas.
Twenty years ago report notes a senior high school sponsoring and spring loop at the junior high on Friday evening March 20. Invitations issued today. Firewood help arranged by Frank England for families in need via section foreman.
A fire and explosion struck the government owned butadiene plant operated by Hoppers Company near Monaga Ohio 35 miles from Pittsburgh. Two workers Homer Byard and James Patton were treated for minor burns at Rochester hospital. Firefighters from three towns battled the blaze as witnesses differed on whether the fire or blast preceded the flames. The plant is part of U. S. Rubber reserve property and had two of three butadiene lines back in operation.
An old advertisement touts Hadacol as a cure for post cold weakness. It cites testimonials from Mrs Adimines and Mrs Jiminez of Port Arthur Texas praising improved appetite and energy after using Hadacol containing vitamins B1 B2 Niacin and iron. The notice advertises trial sizes at $1.25 and family sizes at $3.50 with a money back guarantee.
The article reports a split among senators on the mobilization program and civilian requirements. Lewis Allen Wells was named head of the NBA office of civilian requirements to secure scarce goods for civilians, competing with defense programs. Senator Humphrey calls manpower control the basic issue in the labor dispute with Wilson, noting unions favor Tobin while Wilson appointed Flemming as top adviser.
Harrisburg March 6 Senator George B. Scarlett chairman of the Senate agriculture committee said the oleomargarine bill may be approved next week. He would not say whether it would repeal existing restrictions on yellow margarine sales in Pennsylvania. The State Grange backed a two cent two pound tax on yellow margarine should legislation pass.
The House agriculture committee discussed repeals and new bills to tighten current margarine laws. Chairman Albert E Macligan and Scarlett attended a margarine conference hosted by the Pennsylvania State Grange. Madigan said the committee will delay margarine legislation until the Senate acts. Ten countries have more than a million telephones in order, led by the United States and United Kingdom.
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