The daily morning journal and courier., 1901-03-01
WAR TAX REDUCTION BILL
FINALLY PASSED BY BOTH HO USES
 OF CONGRESS-.

|
 Maj jority of House Provisions Accepted
 -The stand on the Tobacco Schedule
 Reduction of Fifty Per Cent. on For l eiCn Bills of Exchange.
 Washington, Feb. 2S.-The House and
 Senate conferees on the reducing of the
 taxes imposed by the war revenue act
 held a final meeting this morning and
 ordered a report made on the compfo-
 mise bill. The Senate conferees yielded
 to the House practically all the amend
 ments of the Senate except those affect
 ing the tobacco schedule.
 As finally agreed upon, manufactured
 tobacco, and snuff will pay tax of 9 6-10 cents pound instead of 12 cents, as at present. On cigars, the tax will be $3 per 1000 instead of $3.6O, as at present, and $33O proposed by the Sem ate. Cigars weighing less than three pounds per LOGO, IS cents per pound in- stead of $1 per 1000 under existing law. Cigarettes valued at less than $2 per $1,000, IS cents per pound. and over $2, the tax will be 36 cents per pound. l Authority is given to restore the size of packages from 1 2-3, 21a and 1-3 ounces, as at present, to 2, 3 and 4 ounces, as authorized before the war revenue act. A rebate equal to the diff ference in tax is allowed on all tax paid original unbroken factory pack ages of smoking and manufactured to- bacco and snuff and cigars, held by manufacturers on July l.
 On peer the House rate of $1.60 per barrel Is retained This is reduction of 15 cents barrel from existing rates, while the senate rate was $1.50 The present tax of cents per $100 on transfers of stock is retained with ad- ditional provision making 1t apply to transactions in bucket shops. A spec ial tax of $50 year is also imposed on each bucket shop or branch office thereof the tax to take effect April 1. The accounts of all their transactions are to be open to inspection, and penal ties of fines and imprisonment provided for violations. It is estimated that the bucket shop taxes will yield an annual revenue of $2500,0 900. The tax of 1 cent per s100 on sales at produce exchanges and boards of trade is reduced to one- half cent, with provision exempting from tax the sales of such products as are in actual course of transportation, when accompanied by bill of lading
 Foreign bills of exchange will here after pay two cents for each $1oO, which
 is a reduction of 50 per cent. under ex- isting charges.
 Bills of exchange drawn against the value of products actually exported to foreign countries, however. are exempt ed from this tax, provided they are ac- companied by proper invoices and re- ceipts bills of lading or vouchers show ing that goods of value at least equal to the amount drawn for have been ex- ported
 The tax of 2 cents per $100 on drafts or inland bills of exchange, which was abolished by the House bill. has been restored by the conference bill
 The tax on steamship passage tickets Is made to apply onlytto those costing more than $50 and the rate is fixed at 50 cents for each $50; the existing tax is from $1 to $5 according to value
 The House provision repeating the tax on fire, life, indemnity and casualty in, surance policies has been retained The Senate reduced the existing rates by 50 per cent
 On eonVeyanees the present tax of fifty cents on each $500 has been reduc- ed to twenty-five cents, and all con- veyances below $2,500 are exempted.
 The tax on lesacies is amended so as to exempt legacies of charitable, libra " or educational character.
 The taxes have been abolished on the following:
 Medicinal proprietary articles and chewing gum, bank checks, promssory notes, money orders, export bills of lading, express receipes, telephone messages, telegraph mes sages, charter parties leases, custom house entry manifests, mortgages, pow CT of attorney, protests, warehouse re- ceipts, certificates of deposit. bonds of indemnity, commercial brokers
 The following taxes are retained
 Bank capital $2 for each $1. .O00; stock brokers, $50; pawnbrokers, $20; custom house brokers, $10; theaters, s100; cir cuses, S100; other exhibitions, SIo: bowling alleys and billiard tables, s5; dealers In tobacco and manufacturers of tobacco and cigars; issues of stocks, bonds, etc, five cents for each S10O: freight receipts, one cent; certificates of profit, two cents for each S100 brok- CTS contracts, ten cents; custom house entry for consumption, twenty-five cents to $1; entry for withdrawal fifty cents; sparkling or other wines. one cent a pint; excise tax on petroleum and sugar refiners; sleeping and parlor car tickets, one cent; mixed flour and It's manufacture; tea, import duty, ten cents pound.
 Tine net reduction in revenue under the bill is estimated at $42 165,0O0
 All the provisions of the bill, except i those relating to bucket shops, take ef- | feet July 1 next.
 The report was adopted by both the Senate and the House.
 The following are detailed estimates | 'f reductions made by Representative Payne, one of the House conferees:
 Commercial brokers, $13S, 1000; certifi- ,ates of deposits $200,00O; promissory notes, s3,500,O00; bills of lading for ex- port, $100,000; telegraph dispatches, So0, 900; telephone messages, $315, 900; ponds other than indemnity, 1925, GOO; certificates not otherwise specified, n1n