Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1909-07-13
TAX
GUT DOWN.
ONE HALF
CONFERENCE MODIFIES
LEVY ON CORPORATIONS
Taft Takes Leading Part in
Effort to Harmonic Conflict
ing House and Senate Sched-
uIeS in Committee,


tRv Morning journal sDecial Leased Wire,
Washington. July 12.-At a confer
ence at the White House today ii was
definitely decided hat he rate to be
levied under the new corporation
special tax be reduced from . per
cent to | per cent and that in re-
drafting the measure. now in confer
ence along with the tariff bill, to
meet various objections that have
been raised, due consideration shall
be given to the demands of the mu-
tual life insurance companies whose
incomes would be seriously affected
BY the tax in its original form.
President Taft was the central fig
ure in "A number of conferences to-
day. and is living up to the prediction
made many weeks ago hat in the
conference consideration of the tariff
he would actively lend his influence
to bringing about a Cancellation of
the differences between the two
houses.
The president told several of his
callers today that he is finding the
conferees inclined to be conciliatorA
and that he is hopeful hat a salts
factory measure will be presented to
him for his signature.
The conference report should be
available, according to the presidents
information by the end of next week.
AS to the mutual insurance COM
- -. -.sI tl.-+ H.. 80. ftAl
bill will provide what portion Of the
income may be deducted before the
tax on moneys available for dividend
is assessed. It will be so arranged
that the tax shall fall upon s%tockhold-
ers' profits. Allowances will be made
for annuities and other long term
contracts. which the companies have
outstanding.
Senator Aldrich. Attorney General
Wickersham, Senator Burrows, Sen
ator Smoot, Representatives FordneS
and Speaker Cannon, We're among
those who discussed the tariff and the
corporation tax with the president to-
day.
The president made plain to his
visitors today his position on a mum
Der of features OF tariff legislation.
Determined opposition was shown
by the house conferees today to the
increase from Y cents to > 10 cents
a pound which the senate made on
lead bullion. AS a result this SEIZED
ule was hold up ana consequently
there has heen no settlement of the
amendments to tho item in the chem
ical schedule such as paints, the basis
of which is lead. This furnishes a
good example of the manner in which
the conferees have prices fixed.
Boracic, s%alicyilic and oXalic acid
q%uebrancho, l~icorice and
other articles. over which there was
a contest in the senate, are among
the subjects tina must be taken IN
later.
The paragraph relating to electric
light carbons threatened to give the
confcrees trouble and its consideration
was postponed.
The more important OF the subjects
passed over in the metal schedule are
iron ore lead bullion, and zinc ore
and bullion. There We're q large num-
her of amendments relating TO I'm
ished products or those ores that can
not be disposed of until the main sub
jects are settled.
iron ore was placed on the free list
by the house and made dutiable at 70
cents d ton. by the senate. The Ding
ley rate is 40 cents a ton. The gen
eral impression is hat the senate
will make a concession to the mouse
and as Il compromise the rate may be
fixed at 10 to Is cents a ton.
The house provision for free hides
struck out by the senate n the eN-
isting rate of Is per cent al va
loren, substituted and for the ST
lumber. which rate materially in
creased in the senate will he the sub
Jects of contest. 1t Is not likely. how
ever, that they will be reached this
week.