Presto
Issue: 1923 1921 - Page 25
May 19, 1923
25
PRESTO
COINOLAS
FOR
RESTAURANTS, CAFES and
AMUSEMENT CENTERS
WEEK'S ODDS AND ENDS
BRITISH PIANO BOOM IS
REPORTED FROM LONDON
Industry in Which There Is Now No Unemploy-
ment at All, Working Overtime.
The Federation of British Music Industries reports
that the piano industry of that country, which em-
ploys nearly 10,000 workers, has been fully occupied
with orders for over nine months past, and although
this is normally the short-time period, there is no
unemployment at all in the industry.
In the summer months of 1921 nearly 60 per cent
of the workers were unemployed. In the summer
of 1922 less than 20 per cent were unprovided with
work.
This year not only are the factories working at full
stretch, but even the recognized marginal unemploy-
ment of 2 per cent to 4 per cent is absent, while in
some factories overtime is being worked.
BLAIR RULING LIFTS
TAX ON SOME DIVIDENDS
Commissioner's Decision Exempts Distribution of
Profits Companies Received From Subsidiaries.
Style SO
FROM THE BIGGEST
ORCHESTRION
February 28, 1913, distributes to its stockholders the
amount so received by it from such other corpora-
tion, such distributions are not dividends within the
meaning of the revenue act and are exempt from
tax."
High treasury officials were unable to estimate the
number of claims for refund, many of which have
been pending for several years, that will be made
valid by the ruling. It was said that undoubtedly
some of them would result in full repayments while
the greater portion of those now on file would
require refunds to be determined by reaudits of the
tax returns.
Most of the cases affected by the ruling are
"believed to be protected from the statute of limita-
tions by claims already presented in some form or
other and the simple amendment of the claim already
filed was said to be all that is necessary to make it
apply to the taxes collected under the previous bu-
reau practice.
ADVICE TO GOLFERS.
A final notice from the tournament committee
of the Piano Trade Golf Association directs atten-
tion to the train service in getting to the Sea View
Golf Club, Absecon, N. J. The advice is: Buy your
ticket at Absecon, N. J., unless you want to go direct
to Atlantic City. Sunday, May 20th—trains stopping
at Absecon. Leave Penna. Station, New York City,
9:05 A. M., Arrive 12.03 P. M. Leave Broad Street
Station, Philadelphia, Penna., 8:45 A. M., arrive 9:59
A. M. Leave Market Street Station, Philadelphia,
Penna., 8:04 A. M., arrive 9:09 A. M. Leave Market
Street Station, Philadelphia, Penna., 3:30 P. M.,
arrive 5:33 P. M. (slow train). There is a train leav-
ing Atlantic City at 3:50 P. M. Sunday which arrives
at Absecon at 4:01 P. M. Those traveling from New
York could take train leaving Penna. Station at 11:00
A. M. for Atlantic City and connect with this local to
Absecon. The 9:05 A. M. train, however, is the best
as this is a through train direct to Absecon, whereas
in taking the 11:00 A. M. train, you would have to
change at North Philadelphia and then again at
Atlantic City.
Taxes aggregating many millions of dollars will
have to be refunded by the Treasury as a result of
a decision made public on May 11 by Commissioner
Blair of the internal revenue bureau, declaring cer-
tain kinds of corporation dividends exempt from
taxation as income.
The refunds will come from claims filed under an
amendment to the tax regulations covering distribu-
tions out of earnings or profits by holding corpora-
tions accumulated prior to March 1, 1913.
The ruling reverses the previous practice of the
bureau which has held that profits or earnings
turned in by a corporation to its holding or parent
corporation, lost their identity and therefore when
distributed as dividends were taxable as income. Now,
however, the bureau will trace the funds created by
the subsidiary company through the holding corpo-
Paul C. Cagle, new retail manager in Chicago for
ration finally to the stockholder whom, the decision the Story & Clark Piano Co., has had a wide experi-
holds, need not pay tax on it.
ence in the southwestern piano trade.
Limitation is made, however, on the distribution of
such earnings by the ruling which adds to the pre-
vious regulation the following language:
"Whenever one corporation has received from
another corporation distributions out of earnings or
profits accumulated by such other corporation prior
to March 1, 1913, or out of increase in value of its
property accrued prior to March 1, 1913, and the
receiving corporation, after having first distributed
all of its earnings, and profits accumulated since
HIGH GRADE
Folding Organs
School Organs
Practice Keyboards
Dealers' Attention Solicited
A. L. WHITE MFG. CO.
215 Englewood Ave. t CHICAGO, ILL.
PIONEER SCHOOL FO PIANO MEN
Tint I/'C
in
its 20-year
In it's
Xfy
JrUijlV 3 II with upwards of
Manufactured by
The Operators Piano Co.
16 to 22 South Peoria St.
CHICAGO
In Three Parts:
1. Instruments of Established
Names and Character.
2. Instruments that bear Spe-
cial Names or Trade Marks.
3. Manufacturers of Pianos
and Player-Pianos with Chap-
ters on Piano Building and Buy-
ing designed for the guidance
of prospective purchasers.
Facsimile Fall-
board Names of Leading Pianos
and Player-Pianos in Colors
Revised
Tiny Coinola
THE SMALLEST
KEYLESS
MAKERS
AOOI3.ESS
COURTHOUSE SQ.
VALPARAISO. IND.
Piano ^layer-Piano and Organ Tuning, Repairing, Regula-
thif
A Voicing.
Bett q
equipped
g
p p school in the U. S.
DSJ
d and
d positions
i i secured.
d Private
ri and
d class
l
p
awarded
ins4r»"tions. both sexe*.
Sekovl all th* yar.
Ithw trafd imtttogu— r»m.
FOLK'S SCHOOL OF TUNING, VALPARAISO. IND
Annually
NO PIANO DEALER OR SALESMAN
CAN AFFORD TO BE WITHOUT IT.
IF YOU DON'T CONSULT "PRESTO
BUYERS' GUIDE" YOU ARE MISSING
OPPORTUNITIES- GET IT NOW.
Give a copy to each of your salesmen.
Price 50 cents per copy.
PRESTO PUBLISHING CO.
Enhanced content © 2008-2009 and presented by MBSI - The Musical Box Society International (www.mbsi.org) and the International Arcade Museum (www.arcade-museum.com).
All Rights Reserved. Digitized from the archives of the MBSI with support from NAMM - The International Music Products Association (www.namm.org).
Additional enhancement, optimization, and distribution by the International Arcade Museum. An extensive collection of Presto can be found online at http://www.arcade-museum.com/library/
25
PRESTO
COINOLAS
FOR
RESTAURANTS, CAFES and
AMUSEMENT CENTERS
WEEK'S ODDS AND ENDS
BRITISH PIANO BOOM IS
REPORTED FROM LONDON
Industry in Which There Is Now No Unemploy-
ment at All, Working Overtime.
The Federation of British Music Industries reports
that the piano industry of that country, which em-
ploys nearly 10,000 workers, has been fully occupied
with orders for over nine months past, and although
this is normally the short-time period, there is no
unemployment at all in the industry.
In the summer months of 1921 nearly 60 per cent
of the workers were unemployed. In the summer
of 1922 less than 20 per cent were unprovided with
work.
This year not only are the factories working at full
stretch, but even the recognized marginal unemploy-
ment of 2 per cent to 4 per cent is absent, while in
some factories overtime is being worked.
BLAIR RULING LIFTS
TAX ON SOME DIVIDENDS
Commissioner's Decision Exempts Distribution of
Profits Companies Received From Subsidiaries.
Style SO
FROM THE BIGGEST
ORCHESTRION
February 28, 1913, distributes to its stockholders the
amount so received by it from such other corpora-
tion, such distributions are not dividends within the
meaning of the revenue act and are exempt from
tax."
High treasury officials were unable to estimate the
number of claims for refund, many of which have
been pending for several years, that will be made
valid by the ruling. It was said that undoubtedly
some of them would result in full repayments while
the greater portion of those now on file would
require refunds to be determined by reaudits of the
tax returns.
Most of the cases affected by the ruling are
"believed to be protected from the statute of limita-
tions by claims already presented in some form or
other and the simple amendment of the claim already
filed was said to be all that is necessary to make it
apply to the taxes collected under the previous bu-
reau practice.
ADVICE TO GOLFERS.
A final notice from the tournament committee
of the Piano Trade Golf Association directs atten-
tion to the train service in getting to the Sea View
Golf Club, Absecon, N. J. The advice is: Buy your
ticket at Absecon, N. J., unless you want to go direct
to Atlantic City. Sunday, May 20th—trains stopping
at Absecon. Leave Penna. Station, New York City,
9:05 A. M., Arrive 12.03 P. M. Leave Broad Street
Station, Philadelphia, Penna., 8:45 A. M., arrive 9:59
A. M. Leave Market Street Station, Philadelphia,
Penna., 8:04 A. M., arrive 9:09 A. M. Leave Market
Street Station, Philadelphia, Penna., 3:30 P. M.,
arrive 5:33 P. M. (slow train). There is a train leav-
ing Atlantic City at 3:50 P. M. Sunday which arrives
at Absecon at 4:01 P. M. Those traveling from New
York could take train leaving Penna. Station at 11:00
A. M. for Atlantic City and connect with this local to
Absecon. The 9:05 A. M. train, however, is the best
as this is a through train direct to Absecon, whereas
in taking the 11:00 A. M. train, you would have to
change at North Philadelphia and then again at
Atlantic City.
Taxes aggregating many millions of dollars will
have to be refunded by the Treasury as a result of
a decision made public on May 11 by Commissioner
Blair of the internal revenue bureau, declaring cer-
tain kinds of corporation dividends exempt from
taxation as income.
The refunds will come from claims filed under an
amendment to the tax regulations covering distribu-
tions out of earnings or profits by holding corpora-
tions accumulated prior to March 1, 1913.
The ruling reverses the previous practice of the
bureau which has held that profits or earnings
turned in by a corporation to its holding or parent
corporation, lost their identity and therefore when
distributed as dividends were taxable as income. Now,
however, the bureau will trace the funds created by
the subsidiary company through the holding corpo-
Paul C. Cagle, new retail manager in Chicago for
ration finally to the stockholder whom, the decision the Story & Clark Piano Co., has had a wide experi-
holds, need not pay tax on it.
ence in the southwestern piano trade.
Limitation is made, however, on the distribution of
such earnings by the ruling which adds to the pre-
vious regulation the following language:
"Whenever one corporation has received from
another corporation distributions out of earnings or
profits accumulated by such other corporation prior
to March 1, 1913, or out of increase in value of its
property accrued prior to March 1, 1913, and the
receiving corporation, after having first distributed
all of its earnings, and profits accumulated since
HIGH GRADE
Folding Organs
School Organs
Practice Keyboards
Dealers' Attention Solicited
A. L. WHITE MFG. CO.
215 Englewood Ave. t CHICAGO, ILL.
PIONEER SCHOOL FO PIANO MEN
Tint I/'C
in
its 20-year
In it's
Xfy
JrUijlV 3 II with upwards of
Manufactured by
The Operators Piano Co.
16 to 22 South Peoria St.
CHICAGO
In Three Parts:
1. Instruments of Established
Names and Character.
2. Instruments that bear Spe-
cial Names or Trade Marks.
3. Manufacturers of Pianos
and Player-Pianos with Chap-
ters on Piano Building and Buy-
ing designed for the guidance
of prospective purchasers.
Facsimile Fall-
board Names of Leading Pianos
and Player-Pianos in Colors
Revised
Tiny Coinola
THE SMALLEST
KEYLESS
MAKERS
AOOI3.ESS
COURTHOUSE SQ.
VALPARAISO. IND.
Piano ^layer-Piano and Organ Tuning, Repairing, Regula-
thif
A Voicing.
Bett q
equipped
g
p p school in the U. S.
DSJ
d and
d positions
i i secured.
d Private
ri and
d class
l
p
awarded
ins4r»"tions. both sexe*.
Sekovl all th* yar.
Ithw trafd imtttogu— r»m.
FOLK'S SCHOOL OF TUNING, VALPARAISO. IND
Annually
NO PIANO DEALER OR SALESMAN
CAN AFFORD TO BE WITHOUT IT.
IF YOU DON'T CONSULT "PRESTO
BUYERS' GUIDE" YOU ARE MISSING
OPPORTUNITIES- GET IT NOW.
Give a copy to each of your salesmen.
Price 50 cents per copy.
PRESTO PUBLISHING CO.
Enhanced content © 2008-2009 and presented by MBSI - The Musical Box Society International (www.mbsi.org) and the International Arcade Museum (www.arcade-museum.com).
All Rights Reserved. Digitized from the archives of the MBSI with support from NAMM - The International Music Products Association (www.namm.org).
Additional enhancement, optimization, and distribution by the International Arcade Museum. An extensive collection of Presto can be found online at http://www.arcade-museum.com/library/
Future scanning projects are planned by the International Arcade Museum Library (IAML).