New-York tribune., 1909-07-18
BOND ISSUE APPROVED
CONFERREES ALSO ADOPT
WOOL SCHEDULE.
Completion of Work and adjourn
ment Of Congress Within Too
Weeks Predicted.
rrron The Tribune Bureau ]

rErona The Tribune Bureau
Washington, July 1.-THE conference com
nittee on the tariff bill to-day formally adopted
the wool schedule the amendment authorizing
the issue Of bonds to cover the entire cost OF
the Panama Canal less the amount already is
sued. agreed to various miscellaneous amend
nnents and made some progress on the cotton
schedule
It was the expectation of the conferrees that
the cotton schedule would be finished to-day
but Mr.. Payne and his associates are not en-
trely satisfied with the Senate amendments
substituting specific rates and it may be nee
essary for Mr. Aldrich to make some conces-
sions before an agreement on this schedule IS
reached. Senator Aldr4ch and Representative
Payne we're dinner guests at the White House
tonight, and on this account no night session
Of the conference committee was held II was
decided also to hold no Sunday session. Both
Senate and House conferrees express the opin-
ion that complete report viii be made to Con-
gress before the close Of next week and that
Congress will adjourn not later than two weeks
from to-day
In addition TO conceding q reduction Of the
duty on wool tops, the Senate conferrees con-
sented TO two other reductions in the wool
schedule. An amendment in paragraph 273 was
agreed 70 carrying q reduction Of ; per cent from
the Dingley rate on yarns made wholly Or in
part Of wool, valued at not more than so cents
q pound. They also accepted an amendment 10
paragraph 376. which carries q reduction of )
Per cent from the Dingley law on women's and
chiloren's dress goods, coat Innings, Italian
cloths and goods Of similar description of which
the warp consists CT cotton or other vegetable
material, with the remainder Of the fabric COM
posed wholly in part Of wool The reduced
rate is applicable only to goods weighing more
than four ounces square yard, the effect being
a reduction on the cheaper grades
THE PANAMA BOND PROVISION
The new Panama Canal bonds will bear in
terest at the rate OF 2 per cent but discretion
viii be vested in the Secretary OF the Treasury
70 Increase the rate to not to exceed per cent
If the requirements of the market make higher
rate necessary TO insure q satisfactory sale of
the bonds
L the bonds are issued at a rate IN excess of
z Per cent. they viii be taxed Z Of l per cent
when used bF national banks as security for
circulating notes. The amount OF bonds su-
thorized viii be S245O0n000 and may be issued
as required The present authorization OF Pan
ANA Canal bonds is S130, 100000. OF which about
SS6oo0000 have been issued. In fixing the
limitation at S2450000O0 the conferrees were
governed by Colonel Goethals's estimate that
the total cost OF the canal will be 1915. POI 600
Provision viii be made for covering into the
general receipts of the Treasury S50000O00 re-
ceived from the sale OF bonds, this being the
amount expended by the government in the pur-
chase of the canal property.
It is understood that the conferrees are in
deadlock on the question of lemons. The Ding
ley rate is / cent pound The California grow
ers convinced the Ways and Means Committee
that this was inadequate and the House raised
4Ic yzfrf. m 7I;,,f
one of the young and aggressive members of the
Finance Committee. put his shoulders to the
wheel and persuaded Mr. AIdrich to accept a
further increase TO 4 cents Mr. Flint sue
ceeded in getting this rate through the Senate,
but at the time it thought his purpose was
merely to make certain the retention of the
House rate. It appears, however that he regards
the Z cent duty as none too high, and his
friends on the conference committee are trying
TO persuade Mr. Payne that it ought to he
adopted
REDRAFTING CORPORATION TAX.
The corporation tax amendment is stiu in the
hands Of Attorney General Wickershau1 II has
been definitely decided that the rate of the tax
shall be 1 per cent. It is understood that Mr..
Wickersham is finding some difficulty in re-
drafting the amendment so as to cover the cor
porations which are TO be exempted from the
committee say that soon as Mr.. Wickershan
completes his draft and It is approved by Presi.
dent Taft the conferrees win adopt it without
change Of any kind
The White House dinner party tonight in
cIuded the President. Senator Aldrich, Senator
Bradley, Representative Payne and James g.
Wheeler, deputy commissioner OF internal rev.
enue Following the dinner there was con-
ference on Mr.. Bradley's amendment to the tariff
bill exempting from the payment Of internal
revenue taxes unstenmed tobacco in the natural
leaf. The purpose of this amendment is to
Iieve farmers and other growers Of tobacco from
the requirements Of the internal revenue laws
Nr Bradley had conference On this subject
with the President this morning, and informed
him that the adoption of his amendment would
have salutary influence in breaking up the
Night Riders of Kentucky and would be great
boon to the farmers of that and other states
The officials OF the internal revenue bureau fear
that the amendment might lead to Wholesale
fraud against the revenue laws. If the Bradley
amendment is adopted il will be so modified as
fully to protect the governments interest in the
collection Of tobacco taxes.