Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1913-04-17
Clamor for Is Per Cent Ad
Valorem Duty to be Slo-
gan for Those Opposing
Ways and Means Bill.
UNDERWOOD TALKS
WITH PRESIDENT
Majority Leader Expresses
Confidence That But Lit
tie Change Will be Made
in Measure as Planned.

Washington, D. c., April 16.-"Fif'
teen per cent ad valorem duty on raw
WOOL" was the slogan of the organized
opposition to the administration free
wool bill when the democratic caucus
today resumed consideration of the
new tariff bill.
With southern and New England
democrats still fighting the cotton
rates proposed, the anti-free wool
members were planning their attack
on schedule K, which the caucus ex.
pected to reach before the close of the
day.
At an early morning conference of
democrats from Ohio, Indiana, West
Virginia and many Of the eastern
states it was determined to stand by
their decisions to fight for Is per
cent duty which they claim was the
original Judgment of the ways and
means committee before consultation
with President Wilson.
Though the opposition claims to
have the sympathies of more than fifty
democratic members, the administers
tion leaders insist that they cannot
muster that many votes on an amend
ment 70 change the bill ass presented to
the caucus. sTs u
confers With Wilson.
Chairman Underwood, after an early
conference with President Wilson ex-
pressed confidence that the tariff bill
would be approved by the house eau
Gus without important amendment
within the next three or four days
Mr. Underwood declared that while
the democratic majority was sufacient-
" strong to put the measure through
the house within a short time, the
democrats would permit the minority
to be fully heard.
"Of course there will be many
amendments from our republican
friends" he said, "but the bill will
pass the house just as 1t is approved
by the caucus and with only a few
minor changes. You can't write q
tariff bill Of four thousand items with
out forgetting to cross t. and dot
an Il here and there. Inequalities al
ways creep in, apd these have to be
adjusted"
l..
explained some details to the president
and informed him Of the progress of
the democratic caucus.
Disagree on Insurance.
Representative Cordell of Tennes-
see, author OF the income tax law.
declared today that complaints of
life insurance companies against
the provisions of the law as affecting
them we're groundless. One conten-
tion of the companies is that divl-
dends would be taxed under the law,
declared by mutual and participating
companies, are not dividends in the
commercial sense Of the word but are
simply refunds Of portion of an
overcharge collected with the annual
premium held in trust and at stated
periods returned to the policyhold-
ers
The ways and means committee
contends an exhaustive investigation
Of books of insurance companies
shows that in many cases the earn
ings of companies from previous in
vestment and holdings are nearly rs
large as the amounts which are an
nually distributed as dividends, and
that it does not appear that a separ-
alton of sources of income is made
for the purpose of ascertaining the
funds available for dividends
The committee holds that a policy
holder is not promised refund but
a participation in the surplus Of pro-
fits and the plea that the dividend Is
q refund of portion of the pre-
MUM rather than a distribution of
the actual surplus Of the company de-
rived from all sources is not consist
ent. On that basis, 1t is held, the in
surance companies are in a position
to declare dividends which will con.
form to the commercial definition Of
dividend.
Chairman Underwood declared to-
day that no protests against provis-
ions Of the tariff bill from foreign
governments had been forwarded to
the committee. He has heard indi-
rectly that such protests had been
filed in the state department
Change In Cotton Defeated.
An amendment to place cotton
stockings on the free list, and anoth-
or to reduce the proposed rate of 40
and so per cent ad valorem, were
voted down. An amendment to In
crease the duty on cotton gloves also
was lost.