Evening star., 1901-12-31
CONCLUDES ITS LABORS
ECONOMIC ASSOCIATION ELECTS Of
FICERs AND ApJoIRNs.
Committee of Publication Chosen
Place of Next Meeting Not
Yet Selected.

The American Economic Association con-
cluded its labors at the meeting held last
night at Columbian University law school.
The following officers were unanimously
elected:
President. Mr.. Edwin r. A. Seligman,
professor of finance at Columbia College,
New York city; vice presidents, MIR. Theo-
dore Marburg of Baltimore, Mr. Fred NJ.
Taylor of the University of Michigan and
Mr.. John c. Schwab of Yale; secretary and
treasurer, Mr. Frank A Fetter of Cornell.
Prof. Seligman succeeds Prof. Richard T.
Ely, head of the political science depart
ment Of the University of Wisconsin. The
vice presidents all succeeded themselves.
Prof Fetter served as acting secretary
during the past year. Prof. Charles H.
oraces OF secretary and treasurer are
merged and given to Prof. Fetter.
The council also elected a committee on
publication, t. which falls the duty of
making public the proceedings of the pres
ent convention. Inc members of this COM
mittee, as selected yesterday follow: Prof
j: H. Hollander of Johns Hopkins Univer-
sity, Prof. t. N. Carver of Harvard, Prof
Davis K. Dewey of the Boston School of
Technology, Prof Willard c. Fisher of
Wesleyan University, Prof William A
Scott of the University of Wisconsin and
Prof Fred. NJ. Taylor of the University of
Michigan.
No action was taken in regard to the
place for the convention of 1902. New
York, Boston, Philadelphia and Cincinnati
are all striving for the honor of entertain
Ing the association, but 1t is more than
probable that the latter city will be
selected
Yesterday morning the delegates visited
the census. office, Library and the public
buildings.
Prof. Adams on Porto Rfcan Finance.
n ha of Draf
Of the University Of Wisconsin read an in
teresting paper on Porto Rican finance. lie
said, in part:
The Spanish system of taxation was
marked by extreme complexity and by an
undue emphasis upon indirect taxes, upon
the custom taxes In particular. There were
taxes upon the income from land; upon
business, professions and occupations of all
kinds: passport or poll tax; consumption
taxes upon articles of food and fuel; stamp
taxes upon commercial transactions, and
the transfer of property; taxes upon rail
road tickets and freight shipments; upon
the loading and uploading Of freight, the
embarkation and Decentralization of pas
sengers; upon imports and upon exports.
Eleven per cent of the total revenues came
from non-tax sources, 13 per cent from d.
rect taxes, 0 per cent from stamp taxes "a
per cent from the customs duties. More
than two-tnirds of the customs duties were
collected upon rice, Goldfish and pork, the
staple and peculiar foods of the poorest
elements Of the population.
THE Spanish system of taxation has been
completely abolished, and a much simpler
system introduced in which greater stress
is laid upon direct taxes and sumptuary ex-
cises on alcoholics and tobaccos Under The
American system the property tax will
yield about % per cent of the total reve-
nues; the excise taxes upon rum and to-
bacco about 35 per cent: the customs duties
about 37la per cent: the inheritance tax
and miscellaneous sources, 2R per cent.
The center of gravity of the revenue sys-
tenn has been shifted from the consumer of
rice and Goldfish to the owner of property
and the consumer of rum and tobacco"
Many of the delegates attended an infor
NAL reception after last nights session at
the Cosmos Club.