view raw text
Giesler Letter Brings Response From Dooley DooleyPoints Points Out Amount Paid in Taxes And Total Raised for War Relief ReliefPAWTUCKET PAWTUCKET R I May 15 The re ¬ cent letter of Jerry Giesler chairman of the California Racine Board to the Na ¬ tional Association of State Racing Com ¬ missioners which recently met in New York with reference to what disposition racing associations should make of their profits in war time brought a ready re ¬ sponse from Judge James E Dooley exec ¬ utive head of Narragansett Racing Asso ¬ ciation ciationIn In part Giesler said I do not believe in depriving people who conduct racing of their right to a fair profit but I do believe that when they are permitted to operate by the consent of the state and permit ¬ ted to preserve and maintain their proper ¬ ties and receive a fair return on their investment they should not pnly be satis ¬ fied but happy happyReplying Replying to Giesler Judge Dooley points out that this is exactly the state of affairs which currently exists at Narragansett Park and so far as he knows at most other racing plants now in operation Judge Dooley said saidIn In the report of Narragansetts income for the fiscal year ending March 31 1943 as certified by F E Welch Company certified public accountants it is shown that the net profit to the association amounted to 35080644 For the same period the State of Rhode Island was paid in taxes and breakage 131889207 Dur ¬ ing the same period the federal govern ¬ ment received in income and excess profits taxes capital stock tax and admission taxes 512000 While Narragansett stock ¬ holders were receiving 85 cents per share representing the net earnings of the cor ¬ poration for the year the State of Rhode Island received in taxes an amount equal to 377 per share and the federal gov ¬ ernment received in taxes an amount equal to 148 per share shareAt At the spring meeting 1943 just con ¬ cluded the State of Rhode Island received in taxes and share of breakage 48545041 or 139 per share The federal govern ¬ ment will receive approximately 150 per share and there will be left for stockhold ¬ ers from the net earnings and profits ap ¬ proximately 35 cents per share shareFurther Further during the wartime period 194243 Narragansett to date has raised no less than 24839884 for purposes of war relief agencies American Red Cross and needy local charities charitiesIf If Mr Giesler is seeking further ave ¬ nues of taxation from the racing industry the figures quoted above should satisfy him that the business is already bearing as heavy a load as the freight can bear The figures further would seem to fully justify Mr Gieslers contention that while racing of itself is nonessential if it is conducted in an allout war effort to aid the keeping up of public morale and in making substantial financial contributions to the various war agencies then I am sat ¬ isfied that it is vital and essential
