Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1913-05-30
Conference Occurs to Deter
mine Whether Wheat, Oats
and Cattle Shall 90 on Free
List With Their Products
SHIP SUBSIDY TO BE
KILLED IN SENATE
Wool and Sugar Schedules to
Stand as Written by Ways
and Means Committee Of
House,
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IN, uosn,no Journal eptcisl ltAsso wssi
Washington. May s9.--Whether to
put cattle, wheat and oats on the free
llst or to put duty on their pro-
ducts is one Of the absorbing problems
of the senate finance committee Just
now in revising the Underwood tariff
bin for senate consideration. senator
simmons. chairman Of the committees
John sharp Williams. chairman OF the
sub-committcc handling the ngricul-
fural schedule. and Representative
Underwood. chairman Of the mouse
WAYS and means committee, discussed
the matter with President Wilson To-
DAY. The president IS reported to nav.
agreed with Senator Williams ana
Senater Simmons that the raw nla-
ierials and their products In The asrl'
cultural schedule should be equaliz.o
IN the bin. instead Of placing raw pro-
dncts ON the duiiabIc list and making
meats and flour Us in the bill at pres<
ent. To equalize them was determined
upon several weeks ago. and the sen
Ate subcommittee today Is reported
to hive decided 10 put cattle. sheep
aud hogs and wheat and oats on the
free list
whether the president asreed to
FREQ listing Of the raw materials or
urged that the agricultural products
be- made dutiablc in conformity 10 IN
Underwood rates on raw materials
was not disclosed after today's con
ference. ff aefnoeratN senators were
resigned 10 the generally ueceptcd re-
port that all these articles would be
placed on the free list. They were al
81 generally In accord with the deti-
mite announcement Of Senator Sim
mons after his conference with the
president that the . per cent tariIt
discount on imports IN American ships
would be stricken from the bill.
Representative Underwood and 9TH
cr house leaders. however are not sat
l-ficd that he discount conflicts with
treaty provisions. and they are eX-
pcctcd TO make a fight to have the
clause reinserted when the bill
reaches conference.
Free wool and free sugar as pro-
tided for in the Underwood bill. are
regarded tonight to be in stronger
position than ever and the tightening
Of the strings ON these administration
measures is reported to be due large
ly to President Wilson's recent attack
on the efforts Of lobbyists to change
the sentiment as TO these schedules.
one democratic senator who has here
toforo been of the mind that small
duty should have been placed on wool
and that free sugar in three years
should not have been imposed, chang
cd his mind today. lie says now he Is
convinced that both Industries can get
along without amy protection.
The cotton schedule is reported
now to be very unsatisfactory in many
instances to the finance subcommittee
and II Is 10 be generally rearrangcd,
the duties in most cases to be increas-
ed from the Underwood rates.
Again today the Williams sub
committee was at work on the income
tax section of the bill and the com
prehensiyo brief supplementing his
eral testimony. was filed by Darwin
7. Kingsley president Of the New
York Life Insurance company. op.
posing the tax Of mutual life insur
ance companies.
mot ten per cent Of the policy
holders in cooperative or mutual
companies have incomes over $4,000,
Mr. Kingsley asserted, Yet this bill
proceeds to tax q man however small
his income, merely because he insures
his life"
Declaring that there are no profits
in mutual life insurance companies
and that they should be exempted
from the Income tax just as mutual
fire insurance and other organizations
viii be, Mr. Kingsley pointed out that
by state and federal governments
life insurance companies and then
members already were taxed S25,-
100000 annually. s1.5oO,000 being the
corporation tax which is to be re-
enacted in this bill
"As il lies before the. senate he
added. "the bill taxes what are mis-
takenly called dividends paid tt
members Of mutual companies. II
lcvies the tax, although our own fed
eral government has declared that
such returns under the corporation
tax used in the abatement of future
premiums are not dividends. To tax
them is TO levy tax on a tax: te
punish individuals for effectually do
ing the very thing the state is prepar-
ing to do when 1t levies a tax
Representative CordeIl Hull. Of
Tennessee, author Of the income tax
has urged The senate finance commit
ice to be careful in revising the sec.
ton lest they leave any ioopholf
through which holding companies
might evade that tax