Omaha daily bee., 1910-12-16
REPEAL OF TAX ON MONEYS
Executive Council of Iowa Bankers
Association Takes Action.
MODIFICATION AT ANY RATE
Prize Winning Grain ut Des MOines
Corn show Brings Medium Prices
-ENpOsitiOn Proved TO he
Money Maker.
LION a SD correspondentl

DIES MONIES. Ia. Dec 15.-CSpeclal Tel
egram)-Action favoring the repeal Of the
sta te tax on moneys and credits will be
taken by the executive council OF the Iowa
State Bankers association. The matter Is
under consideration and some definite rec
ommendation tn the next legislature is eX-
pected.
The question Of recommending a repeal
OF tax on moneys and credits was brought
up. If It's repeal Is not asked for, some
recommendation will he made looking to-
wards a modification Of the law
The time lock committee reported recon-
mendlng that an assistant to the time lock
expert employed by the association be pro
vided for. It reported that the work was
too large for one man to handle.
Corn show Makes Money.
At the Iowa Corn show today the prize
winning grain was sold at auction and
brought small prices The best ten ears
Of corn were sold to c. r. Bishop Of AL
toona. who raised the corn. and he paid
800 b. T. Meredith Of this city bought
the best single ear for 500. The grand
champion thirty ears sold for A1 and sec
ond best in this class for $5O.5O II was
announced the corn show has made money,
the receipts more than paying expenses
and the attendance about 5000.
ThOrne on Rail Rates.
II the railroads make good in their claim
to the right OF an increase in freight rates
there will be no chance for readjustment
of rates in Iowa for many years. Their
claim that rates must go up that the Sc
curities of railroad companies may sell
in the market at a fair price is without
foundation.
Clifford Thorne, the Iowa attorney, who,
! In the employment of the Iowa ship
pers, has fought almost single handed and
alone the fight against the increase of
freight rates all over the country. laid
down these principles today, in an ad-
dress before the Corn Belt Meat Producers
association and State Farm institute.
He stated that the average man in Iowa
has given little consideration to the is
sues at stake and they are to be deter
mined largely as a matter of public policy
and therefore the public should study the
facts seriously so that 1t can express it.
self ntelllgently and strongly.
Mr.. Thorne reclted the results of an in
vestigation he had made as to the claim
Of the railroads that their securities are
no longer attractive to investors. He found
that the market price Of all railroad bonds
sold during October were higher than the
average price of any other class of Sc
curities Of like interest. He gave facts
to show that as matter of fact none
of the big industrial corporations sell 4
per cent bonds. He found that last year
the American railways had a net income
amounting to over $O,OOO,OOO greater than
ever before in the entire history. The net
revenue per mile of line in 1909 was 25 per
cent greater than in 1890. From these and
other facts developed he reached the con-
clusion that
/. The credit Of railway companies is as
good or better than that OF any other
class of public service or Industrial COM
panies in the United States 49, b.
2. Railway securities are more attractive
TO actual investors and have Increased in
actual value more rapidly during the last
decade than any other class of securities
on the market at the present time.
8. The earnings of our railroads, above all
operating expenses and oil taxes, have
been increasing steadily during the last
twenty years; and last year was the most
prosperous year in the entire history OF
American railroads.
Mr. Thorne stated that in the face of
this record he thought II takes a great
deal Of nerve for the railroads to ask for
more income.