Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1913-07-02
Mutual Life Insurance Com
panieS Exempt from Income
Tax ON Premiums Returned
10 PoIIcyhoIderS,
TRADING IN COTTON
FUTURES UNDER BAN
Senator Hitchcock Makes F igbt
to Incorporate Idea Of At
tOrney General Regarding
Tobacco Manufacturers.

tnY uoHWao JouRbAt rrtCtst tcArCu v1er1
Washington. JulN l-ScuAto demo-
GRATIS approached q fmal agreement
ON Inc Underwood Simmons twIff htll
In mueus late today when they made
the following decisions on important
contested points
Mutual life Insurance companies
wcrc exempt from payment of income
tax on premiums returned Co policy
holders n tho form of dividends.
A stamp tay of ono-tcnth of 1 cont
per pound was agreed 10 for all trad
Ing In cotton futures. the tax to he
refunded where cotton is actually de-
Hyorcd.
Am agreement was reached for @
vote tomorrow on the Hitchcock
amendment proposing restrictive
tax on tobacco production, 20 prevent
monopoly
The finance committee members
held another meeting tonight TO de-
/ eide questions referred back from the
caucus. The caucus win resume work
tomorrow and it IS believed the hnal
paragraphs win Dc reached before
night
The decision TO exempt earnings
which mutual lie Insurance eompa-
Inios later distributed to policyholders
came az the end of a long debate The
caucus last night by vote of l3 to
/ II, overturned the recommendation
al the finance committee democrats,
that such exemption be mode. ON g
I re-deeidon TODAY asked by Sonotor
/ LOWS. tho caucus reversed the action
and voted a. uphold the committee.
senator Ovcruon tried NlIuly 70
havn the tax un cotton futures cut
down from tho oue-unth of one cent
+ h0s0s proposed by senator Clark, to
ono twentieth of one oent
senator l1i,chcocF's eight to See
cure the adoption of his tobacco tax
amendment. which embraced the
views set forth some time ago 10y At
torncy General McRoynolds for curb
! ing the growth of the trust was
carried ON until adjournment tonight
+ and will be renewed tomorrow Mem
hers Of the finance committee decided
against the amendment which would
impose a heavy tax on production
Iabove a certain figure senator Hitch
cock also will propose tomorrow q
companion amendment for tdN on
1.-The production of ull corporations thht
control more than u specified amount
of the production i'm their line of in
/ dustry and VIII attempt to have both
amendments made part of the tariff
Ibill
/ The majority of tine finance com
Imittce tonight again revised the pro-
vision in tho bill relating To- feathers
Iof wild birds. striking out entirely the
provisions to prohibit importation Of
/ feathers of wild birds All feathers
except aercttes and asprcy plumes
may be admitted under the paragraph
as it will be recommended to the
caucus tomorrow Tho house bin pro-
+ hhtcd importation of feathers of
wild birds not Killed for food The
senate committee modified this, nd-
Knitting feathers Of ail edible and pes
ufcrous birds This was referred back
to the caucus
other rate changes made by the
committee we're
Wool yarns reduced from 20 to l5
per cent, yarns of aneora goat hair.
reduced from 20 10 10 per cent. raw
Tma transferred 10 the free list from
I0 per cent ad valorcm furs dyed,
reduced from 30 to 30 per cent with
corresponding reductions ON fur gar
mcuts. plates and mats of dog and