WEALTH IN U.S.A.
MOSTLY OWNED BY FEW [BY CABLE —PRESS ASSN. —COPYRIGHT.] WASHINGTON, August 7. Additional startling testimony concerning the increased concentration of wealth in the United States was given to the Senate Finance Committee today by Mr Robert Jackson, counsel for the Internal Revenue Bureau. Ho asserted that 85 per cent, of America’s corporate wealth was owned by a mere five per cent, of the people. All of the corporations were strongly advocating the adoption of President Roosevelt’s, proposed graduated corporate tax, on the grounds that it would relieve the burden on 95 per cent, of the other smaller corporations. Mr Jackson declared: The depression has hastened the concentration of Corporation-owned wealth. He cited statistics showing that 53 per cent, of the value of all of the corporate assets are owned by 618 corporations, these constituting only onefifth of one per cent, of the total corporations. Simultaneously, the Securities Exchange Commission has revealed that many multi-millionaires recently gave away millions of dollars worth of stock, apparently in order to escape the gift taxation threat in Mr Roosevelt’s programme. Mr John D. Rockefeller, junior, gave a mililon dollar gift of stock. Mr Charles Woolworth, the Chain Store Magnate, donated six hundred thousand dollars worth of stock, and scores of other capitalists gave gifts ranging between five hundred' thousand dollars and one hundred thousand dollars. The Commission. failed to disclose the recipients. COST OF “LOBBYING.” WASHINGTON, August 7. Mr Patrick Hurley, former United States Secretary for War, gave evidence before the Committee of the Senate, which is investigating the “lobbying” in connection with the opposition to President Roosevelt’s Bill to curb the utility holding companies.
After alleging “persecution because I am a Republican,” Mr Hurley reluctantly admitted to the Committee that he had received one hundred thousand dollars in tho last three years from the Associated Gas and ‘Electric System. Mr Hurley insisted, despite contrary insinuations by members of the Committee, that the compensation given him was for advice and not for lobbying.
Another witness was Mr Joseph Tumulty, the former Secretary to President Wilson. He admitted that the Utilities Corporation paid fees totalling 11)9,700 dollars, of which thirtylive thousand dollars was as recompense for advice received in fighting Mr Roosevelt's Utility regulatory measure.
REPUBLICAN WIN. NEW YORK, August 7. A surprise liepublican victory in tho Rhode Island election is generally interpreted as a significant defeat for President Roosevelt and (he New Deal. Voters who sent a Democrat to (’oncress with a majority of 21,000 last election, elected Judge Risk with a majority of L'l.ooo over Mr. Prince. While Republicans were jubilant, most Democrats scoffed al the contention that it revealed an.y national tread.
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Greymouth Evening Star, 9 August 1935, Page 2
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443WEALTH IN U.S.A. Greymouth Evening Star, 9 August 1935, Page 2
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