GIFTS TO CHARITY

Waipukurau Press, Volume XXX, Issue 188, 17 August 1935, Page 3

GIFTS TO CHARITY

SPUR OF WEALTH TAX? MR. J. D. ROCKEFELLER, JR. By Telegraph—Copyright—Press Assn. WASHINGTON, Aug 15. Reports filed with the Securities Exchange Commission to-day revealed that Mr. John D. Rockefeller Jr. disposed of a quarter of his 256,000,000 dollar holdings in the Standard Oil Company, which are considered among the most valuable shares in American. companies.

This action, it was stated, was taken less than a fortnight after President Roosevelt's wealth tax message. The records showed that all except 681,000 dollars was given to charitable and scientific organisation. The gift reduced Mr. Rockefeller’s holding in the three major oil companies, the Socony Vacuum Corporation, the Standard of New Jersey and the Standard of California, to 180,000,000 dollars. Since January, 1935. Mr. Rockefeller disposed of 75,000,000 dollars in oil holdings. This led Wall Street to speculate on the possible passing of a great name from active management in the petroleum industry. The commission’s report gave no indication as to whether Mr Rockefeller made his gift in expectation of a Congress vote to increase taxes on wealth. Contributions of this character usually take some time to plan. The programme may have been arranged prior to the President’s message.

Financial circles believe that Mr. Rockefeller is attempting to avoid the heavy inheritance taxes as well as the proposed gifts’ levies under Mr. Roosevelt's tax programme. The Rockefeller family fortune has been variously estimated at from 500.000,000 to 2.500,000,000 dollars.