The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-03-02
TOTAL REDUCTION
FORTY ONE MILLION
Conferees Agree on War Tax
Reduction Act.
TO TAKE EFFECT IN JULY
Tobacco Tax Rate Remains at SO 60
Per Hundred Pounds.
THE REPORT SIGNED BY DEMOCRATS
The Act Repeats the Stamp Tax on kilograms,
and Checks ard Proprietary Medicines
Its Passage Will be the Cause
Of Popular R, joicing.
tBy the Associated Press.)

(By the Associated l'ftSS.J
Washington. Feb. 2s-The conferees OF
the Senate and House upon the War
Revenue Reduction Dill today announced
The result of their deliberations upon that
measure. 1t shows compromise along
the lines of the bill, the changes in the
present law being as follows:
Tobacco 90 per cent discount of the
original tax of II cents per pound, as
against % per cent reduction as nxed by
the Senate and none as the bill passed
the House. The rate agreed upon will
make the tax $3.50 per 100 pounds as
stated in these dispatches yesterday.
CigarS-On those Weighing more than
3 poands per 900 the House rate of So
per 1000 was retained as against $3.50
as fixed by the Senate and $3.50 as in the
present law. On those Weighing less than
3 pounds per 900 the Senate rate of Is
cents per pound was allowed TO stand. as
against the rate Of 81 per 900 as fixed
by the existing law, which was not dis
turbed by the House
Cigarettes--On those weighing not more
than pounds per 900, the Senate action
fixing the rate at Is cents per pound pre-
vailed. The House aid not change the
existing law.
Beer-The House rate of $3.50 per bar
rel and repeating the ~ per cent dis
count WIS retained.
Bankers captal--Present law retained,
the Senate receding from its amendment.
Sales of Products at Exchanges: The
Senate amendment eXemptng sales Of
merchandise in actual course of trans
portat ton ives accepted but the rate of
one cent for each one hundred as fixed
by the present law was retained, the
Senate amendment making the rate 81
but was disagreed to.
Bank Checks: Repealed in accord
ance with the House action.
Commercial Broker Tax: Repealed
in accordance with original action of
both houses.
Certificates of Stock Transfers: The
rate of cents for each 800 is retained
and the Senate amendment making the
law include the transactions Of bucket
sho3s was accepted by the House con-
fe:ees.
On certificates Of deposits. telegraph
and telephone messages express re-
ceipts, money orders, promissory notes,
charter party bills of lading for export,
leases, manifestS, power of attorney.
protests. warehouse receipts, perfumery
and cosmetics. and chewing gum, tho
tax is repealed.
Bills OF Exchange, foreign: The rate
is fixed at cents for each 500 in ac-
cOrdance with the Senate amendment.
Miscellaneous bonds tax repealed ex-
cept upon bonds OF indemnity. Certili-
Gates OF damage and certificates not
otherwise specified repealed
Conveyance: Exempted below $500.
above 50 500 twenty-five cents for each
$500, in accordance with Senate action.
Insurance: Tax repealed on all kinds
OF insurance in accordance with the ac-
ton Of the House. the senate conferees
receding on all Senate amendments.
Steamship Passage Tickets: Exempt
cd below $50 in value and the rate fixed
at fifty cents for each $50 in cost for
that price and over.
Proprietary Medicines: Tax repealed
in accordance With House action. the
Senate amendment being disagreed to.
Legaces: Law modified so as TO eX-
clude from taxation legacies of chart
table. religious, literary or educational
character.
The total reduction OF the revenue
as agreed upon dSSTNSdlt UlblI Pti'-
900, 600 as against $400O0.000 as it passed
the House ana $40, 000, COO as amended in
the Senate.
The provisions of the bill as agreed
upon will take effect on the first OF
next July.
The following are detailed estimates
of reductions made by Representative
Payne. one of the House conferees:
COMMERCIAL Brokers $l3S.0O0; certf-
Gates of deposits $200. 600; promissory
notes 50 500 900; bills Of ladng for export
800, 900: telegraph dispatches 100000
telephone messages $315.000; bonds.
other than indemnity $4,000: ccrtiii-
Gates not otherwise specified 5000, 600;
charter party 800. 900; conveyanceS ST.
$50, 900: insurance $3,0000 900; leases $780,
900: mortgages $500. 900: passage tickets
500, 900; power of attorney $l00.0 900: pro-
tests $25 900; warehouse receipts $3.50
600; express receipts 100000; proprie-
tary medicines, cosmetics and chewing
gum $3,950,000; legacies $500. 600; cigars
SO, 100, 900; tobacco 81, 900 600; small cigars
and cigarettes $4,000; beer S.. 500 900;
bank checks $7,00O,000: foreign bills Of
exchange $4,000; money orders $500 000;
manifest for custom house 100000
The Democratic confcrees (Senator
Jones, of Arkansas. and Mr.. Richard
son, of Tennessee). signed the report.