The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1913-09-25
SURPRISE
SPRUNG BY
CONFEREES
Could Not Agree on Proposed
Tax cn Cotton Futures
Hoped That the Conference
Will Be C.ncluded Today
Solons Stayed in Session Until
Midnight Last Night

Washington. d. c.. Sept. 25.-Great
interest centered about the decision of
the tariff conference to exempt from
the income tax a portion Uf the pre-
miums on mutual life insurance poii-
cies returned to policy holders as
dividends Such action. on the part
of the conferees was unexpected, as
the amendments originally made by
the senate to that end had been drop
ped out before the bill went into con-
ference.
Under this decision all life insurance
companies writing mutual policies and
mutual marine insurance companies
are treated similarly. No part of their
income is exempted except that part
of the premium on any policy that is
returned to the policy holder as a
dividend or rebate. .. 3D..
The conferees took up the final work
on the bill today. When they left the
capital at midnight last night it ' as
with the hope that the conference re-
port would be sent to the government
printing office late today and be laid
before the two houses tomorrow. But.
few questions remain.
Disagree on Future Tax.
The tariff bill conferees late yes
terday came to a final disagreement
over the proposed tax on trades in
cotton futures. 1t was found tmpos-
sible to agree either upon the Clarke
amendment, adopted by the senate or
by the compromise known as the
Smith Lever -Burleson plan. Aftera4il
conference at the White House, par
ticipated in by President Wilson,
Senator Simmons and Representative
/, Underwood and a long debate in the
Z conference committee, 1t was decided
to report disagreement to both
houses Of congress.
The conference report upon the ball
ance of the tariff bill will be COM
| pletely harmonious when the measure
gets back to the senate and house.
| 1t will be accompanied by q report
| that no agreement could be reached
upon the So called Clarke amendment,
| imposing a tax of so cents per bale ON
| cotton sold for future delivery. but
| not delivered.
1t was predicted tonight that
strong movement in behalf Of the
compromise plan that has received
General endorsement from southern
senators and representatives would be
started as soon as the disagreement
| is reported.
The compromise would compel all
contracts for future cotton delivery
to specify government grades. and
would compel delivery of cotton to b"
at that grade, or close to it, the diff
| ference to be settled at the prevailing
COMMERCIAL prices. This plan, model
| ed on the bill Of Senator Smith OF
South Carolina. and perfected by POSI-
master General Burleson, Representa-
tive Lever, Sen. Hoke Smith and
| others has the strong support or
several of the house conferees.
THE senate conferees, could not
consider any modification OF the
Clarke amendment" said Senate"
Simmons tonight. THE senate had
its support of the provision when it
was referred back to caucus" "
AS a result of the conference with
President Wilson the committee also
settled finally today the foreign policy
involved in the tariff bill. The most
important developments were:
Agreements on the per cent tariff
rebate on goods brought in American
owned ships. with a provision that it
should not affect countries with which
the United States has treaties pro-
hibiting such discrimination.
Defeat of the retaliatory tariff pro-
vision of the senate that would auth
orize the president to assess extra
tariff duties on certain articles from
countries discriminating against the
United States. -..-
Defeated the anti child labor provi-
sion. that would have excluded foreign
goods made by child labor. The house
provision excluding conyict-made
goods was retained.
1t Is understood these decisions met
; with the approval of the president
and were made only after their FUN
effect upon foreign relations had been
; considered. The agreement to drop
} the retaliatory section of the bill
) makes 1t unnecessary to pass any
Continued ON Page Eight