The morning call., 1894-05-05

have yet encountered, and in making this
statement they assert Senators Murphy
and Smith are as doubtful as is Senator
Hill in support of the bill as it is amended.
The Depocrats express the greatest con-
fdence in the success of the bill. Senator
Faulkner said to-day that the bill would
becnme law before the 18th of June and
that Congress would adjourn by the 4th of
July. Senator Jones has put in the entire
day in his Ommittee-r0Om and has had
Senator Vest with him a part of the time
They have been engaged principally on
the wool and cotton schedules, which, it
is believed, are to be still further changed
than they have been. Senator Mills inter-
ested himself in the wool schedule. and
there is little doubt he will secure more
liberal concessions than have been granted.
The changes in detail are: Sections SO,
60 and 81 stricken out and the following
substituted therefor:
THAT there shall be levied and col
lected tax of 2 per cent per annum on
the profits or income of ordinary working
or operating expenses of all banks, bank
ing institutions, trust companies, saving
institutions, fire, marine, life and other in
surance companies. railroads. canal, turn
pike, canal navigation, slack water, tele-
phone, telegraph. electric light gas. water.
street railway companies and all other
corporations. com panies or associations
doing business for profit in tbs United
States, no matter how created and organ
lied; that said tax shall be paid on or be-
fore the first of July in each year, and if
the president or other chief officer of any
corporation, company or association shall
neglect or refuse to file with the Collector
of lnternnl Revenue of the district in
which said corporation, company or asso-
citation shall be located or engaged in
business a statement verified by his oath
or affirmation. showing the amount, net
profits or income received by said corpora
tion, company or association during the
whole calendar year preceding the date of
filing of said statement as hereinafter
secured, the corporation, company or
association making default shall forfeit as
a penalty the sum of $1,000 and 10 per cent
of the amount of taxes due for each month
until the same is paid, the payment of
said penalty to be enforced as provided In
other cases of neglect and refusal to paw
penalties and taxes under the revenue law.
'The profits or income of all corpora
tions, companies or associations shall in
clude the amounts paid to shareholders
and bondholders or holders of certificates
of indebtedness of any kind or carried to
the account Of any funds used for con-
struction, enlargement Of plant or any
other expenditures or investment repre-
sented in the net annual profits made or
acquired by said corporation, company or
association.
That nothing herein contained shall
apply to States. counties or municipalities,
nor TO corporations, companies or associa-
tions organized and conducted solely fol
charity. religious or educational purposes,
nor to the stocks. shares, funds OF securi-
ties held by any judiciary or trustee for
charitable. religious or educational pur-
poses. nor to such building or loan asso-
Citations as are organized under the laws
of any State or Territory. or of the District
OF Columbia, which make loans to their
shareholders to enable them to provide for
themselves homes"
The above is substituted for sections 80
GO and 81 OF the tariff bill, in which section
SO provides Tor levying per cent tax on
banking and like corporations, section GO
provides how the lax on such institutions
should be levied and collected, and section
81 provides for per cent tax on the in.
terest on stocks, dividends or profits of
railroad. telephone. gas and like corpora
tions, and provides also how it shall be
collected.
Other amendments insert the word
"willfully" in providing a penalty for
i E. e. g.
ton &C. where penalty OF per cent is
added for false statements. This is, of
! course. intended to prevent the infection