Daily press. [volume] (Newport News, Va.) 1896-current, 1909-07-11
INCOME TAX may Be REDUCED
Report Says That Assessment Against
Corporations Incomes Probably viii
be One Instead Of Two Per cent, or
Amendment May be Rejected En-
tireIy-At Least Ten Days Work.
(By Associated Pressl.

WASHINGTON, ID. c.. July 10
Cheaper cotton and woolen goods and
cheao hosiery and women's gloves
the former demanded by the House
and the latter by the Senate-promise
to DC among the most stubbornly
fought questions in the congressional
conference on the tariff bill. At least
that is the way things apps AIRED at the
close OF the first days session.
There was great deal OF specula-
ton today among leaders IN Congress,
who are not parties TO the conference
as to what will be done with these
items. Many members expressed the
opinion that the house would
weld on cotton and wool and the
Senate OH gloves and hosiery, in COM
pliance with the protectionists' idea OF
stand pat.sm.
IL this should be the outcome 1t Is
predicted that vigorous protests would
be heard in both the Senate and
House from advocates of downward
revision. Some members went so far
as to say that an effort would be made
TO reject the conference reports in the
event of "such a glazing instance OF
upward revision"
The effect of amendments. to the
cotton and wooden schedules in the
House was a very material reduction
or the existing duties. The Senate
restored these by a decisive vote. On
the other hand the House advanced
thc rates on hosiery and women's
gloves far above the duties fixed by
the DingIey law, and the Senate de-
ciined to accept the increases.
Conferees in Session.
Two sessions of the conferees were
held today. The first egan at 10 a. m,
and continued until 11:15 p. m. A re-
cess was taken lasting until 2:30
O clock when the afternoon session
was begun. 1t was agreed that these
hours shall continue through the con-
ference. No hour has been fixed for
the adjournment Of the afternoon ses-
slons nor has the question Of evening
sessions been determined.
Amendments we're considered today
In their numerical order. When the
session adjourned until Monday the
conferees had passed through the
chemical and earthenware schedules
and more than half way through the
metal schedule. All Of the amend.
nts in these schedules, however
were not settled. Nevertheless the
conferees representing botn branches OF
Congress expressed satisfaction with
the progress made.
The adjustment of the differences
between the House and Senate vii
not prove so serious a task as is In
Dictated by the large number OF amend
ments. More than 200 of the amend
ments consist of mere phraseoiogy
There are less than 400 amendment:
that represent opposing views.
Ten Days, at Least.
Few members Of the conference
committees are willing to place the
tine necessary for the completion o.
the bill In conference al less than ter
DAYS.
The corporation tax amendment has
not been considered by the confcrec'
in any way. Nevertheless It was pre-
dicted IN congressional circles tonigh
that the proposed tax on the net earn
ings Of corporations would be rtduce'
IN conference from two per cent q
one per cent.
That has been suzgcstcdz- sat
Senator Aidrich. when asked concern
ing the report that a reduction ~ul'
be made In the tax. lie said h. coui'
not say what would be done. II wa
reported also that the corporation "a
provision may be eliminated and III
House Inheritance tax provision r.
stored to the bin. but no confirmation
arf. LnI No. raFrrI|