The Sentinel=record., 1913-11-01
WALL STREET ALL UP IN THE AIR AS TO WHERE TO COL
 LEcT THE REVENUE.
APPEAL TO THE AUTHORITIES
Eighty Millions in Interest and Divi- dends to be Paid Out and Doubt as to How to Take Off Tax for the United States Government.

New York, Oct 31.-That part of New York which is referred to vaguely as "Wall street. was in state of confusion today
 For once in its career Wall street did not know which way to turn. The new income tax law becomes af- fectiye tomorrow, and some of the highest priced lawyers, bankers and corporation officials in the world confessed that they were completely at sea as 10 It's meaning
 At o'clock tonight group of ! men emerged from the darkened cayernous interior of one of the larg- est banks in tho downtown district. In the group were the president and vice presidents of the bank.
 They had just concluded the last of a series of lengthy conferences which have been held every evening this week after business hours. The subject of all these conferences was the income tax law.
 We're swimming in mud" said one of these officers, expressively. For day or two l thought I. my self, was coming to know what was meant by the income tax law, and the treasury regulations concerning 1t. but now I'm convinced that l hardly
 know anything about them and my fellow officers know less" ! of.s .f, pottion of the la@ which provides for athe collection "at the source' of the tax on Income derived from in- teresb ga bonds, mortgages and eer. tain other dtISgations Banks and corpordtions piye required to with- hold this tax, in making payments Of ! interest due to holders of securities. More than sS0,0D0, 600 Is due tomor. TOW in Novem8ar interest payments in New Yort.
 The ruling in question has given rise to endless confusion. In cases ln which bonds are not registered, the names of their owners often are not known to the banks, or fiscal agents to whom coupons are pre- sented for payment. The identity of tue owners must be established 10 determine whether the tax is to Do deducted
 Certain exemptions afe allowed un. der the law Six clagsseS of exempt' ions have been defined. Every law yer and bank officer ia New York has had life made Q burden hy clients who wish to know which ot the six forms of exemptions apply 10 their particular cases.
 There are no precedents to apply No system has yet been evolved whereby banis and other agencies, which are called upon to make bond interess payments, will be able to oe' termine what eases to deduct the ill- come tax.
 For two weeks Wall street las i'een flooded with booklets, diagrams, charts and pamphlets purporting 70 summarize and clalify the law. Newspapers nave printed many col umns of interviews with bankers and laweyrs Some banks have sent out printed instructions to all their clients regarding -he procedure for claiming exemptions. The result of this deluge has been to leave the average investor more confused than ever. Appeals to lawyers avail naught, as the lawyers themselves Fare in doubt as to the interpretation of the law
 The wires to Washington have been kept busy the last fortnight with ap' peals to the internal revenue de. partment for help. Last Saturday set of instrucaons was issued On Monday it was said the regulations would be changed On Tuesday t was said .here would be no changes. Since them there has been no further light. Tonight there was deep seated suspicion in the quarters at- fected that Washington was nearly as much in the dark regarding .ha new law as was Wall street itself
 Since the administration began framing an income tax law tine talk has gone The rounds in Washington that 1t would lead to many fiahts ip the eour.s, and as the tariff bill Y gressed through the ssnata nl@
 senator quietly expressed .su,
 that every line of the (zary provision was subject fs
 With the law a.s X