Daily press. [volume] (Newport News, Va.) 1896-current, 1909-07-13
PROTECT INSURANCE COMPANIES
Redrafted Bill Will Provide That In
come Tax Shall Fall Upon stock
holders Profits and Allowances VIII
be Made For Annuities-Changes
Contemplated.
(By Associated Press.l

a conference at the White House to-
day it was definitely decided that the
rate 20 be levied unuer the new corpo-
ration tax shall be reduced from two
per cent to one per cent and In that
drafting. the measure now in confer
ence along with the tariff bill, due
consideration shall be given to the
demands Of them mutuai life Insurance
companies whose incomes would have
been seriously affected. President
Taft Vas the central figure in a num-
be Of conferences today and is liv-
ing up to the prediction made many
weeks ago that in the conference con-
sideration of the tarln bill he would
actively lend his influence to con-
clliate all differences.
The conference report should ne
available, according to the present
information by the end OF next week.
AS to the mutual insurance COM
panies, it is said the re-drafted Dill
will he so arranged that the tax bill
shall fall upon stockholders profits
and allowances will be made tor an
nuities and other long term outstand-
ing contracts.
The tariff conferees made satisfac-
tory progress today in spite of The
fact that the House members We're
compelled to be absent much of The
time, on account of the session of the
House. Thus far, however, the amend
ments agreed upon in the chemical,
earthenware, metal and wood sche-
dulles have been of minor importance
Lead Schedule Held Up.
Determined opposition was shown
by the House conferees 20 the in
crease from 1 IL cents to Is cents
a pound which the Senate made on
lead bullion. As a result this sche-
dule was held up. Boracic. salicyiic
and oxalic acid, quebracho, iicorice,
and numerous other articles, over
which there was a contest in the Sen
ate are among the subjects that must
be taken uD later.
The paragraphs relating tc electric
light carbons which threatened to give
trouble, was postponed. The Senate
changed the duties from ad valorem
to specific ana the House confe-ees
contended that the rates were thereby
increased The same is true of WIN
dow glass, on which the Senate TX
a graduated tax according to size. The
more important subject passed over
in the metal schedule are iron GRE,
lead bullion and sine ore and bull
lion. There are a large number OF
amendments relating to finished pro-
ducts OF these ores that cannot be
disposed Of until the main subjects
are settled.
Compromise On iron Ore.
Iron GRE was paced on he free list
II the House and made cutiaDie al
rs cents a ton by the Senate. The
fDIngiey rate is 40 cents a ION. The
general impression is that tn Senate
will make a concession to the House
and that as a compromise. he rate
may be fixed at 10 or 10 cents tcn-
The House provisions for free hides,
which was struck Out by the Senate
and the existing rate OF 10 per cent
ad valorem substituted. and Tor 81 on
lumber which rate was materially
increased in the Senate VII be the
Subjects Of contest 1t is not likely
however. they viii be reached this
week.
The amendment adopted by n Z
Scna.c providing for the establish
ment Of a customs cours Is likely -
b. accepted by the House confcrce7-
n Is said that the more the House
conferccs stady the plan ne NOR
they favor H.
The terms Of the senate MAXIMUM.
and minimum provisions are mcciii <
with some favor from the House mcH'-
bcrs Of the conference committee AMI
The indications are that IL Viu be ac-
Accptcd after some minor chance nave
been made. This feature provides
that the maximum rates. which are
fxed a: p per cent ad yalcrcn. The
import duties prescribed ~ the phi
shall 20 into eject on March 81 rcxi.
uulcss the President BY proclamation
IN the mcaatimc shall have rcicascd
countries from the higher rate These
prcclamsfions are to BE- Issued on re-