The Birmingham age-herald., 1914-03-04

| with reports made by citizens of New York. But if casual conversation or in duiry is any indication, then majority of these returns are accompanied by the | formal protest It has almost happened that when inquiry is put to those who have made returns. Did you file pro- test with your returns?" the answer has been that this was done.
 Perplexity Regarding Liability I Another feature of these first enforce 1 ments of the new law is the perplexity which charaeterzes so many persons re- specting their liability under the law. 1 Some of those whose income is derived Efrom investments and bonds stock, or real estate have of late been saying that If 1t had not been for the assistance gratitu- itously given to them by bank officers 1 they would have been completely in the dark respecting their liabilities or the manner in which they should reply to the statements made upon the printed forms which have been issued by the government authority.
 1 Bank officers have devoted a great deal of time to careful scrutiny of the meas- ure. and this has been work for which they have received no remuneration They have done it solely for the purpose of aiding their customers.
 The Net Results
 l There sems to be an impression, some what vague. that the administration at Washington will be disappointed in the amount of tax collected from those who are liable under the law. There seems to be no good reason for the suspicion. which does prevail. that the total amount will fall considerably below the rough 1 estimate which was made at the time | the bill was under consideration. If that cla af,Ia 1.e | ( should also be found at the end of the | first year in which the new tariff law was l in force that it does not yield the reve- nue under consideration, then there will | be a serious problem for Congress at the 1 short session of next winter to consider. l Intimations have come from Washington l that it is not unlikely that If it be found | that the new tariff and income tax laws l do not yield sufficient revenue the attempt I will be made to amend the income tax law so that the rate of taxation will be in 1 creased.
 l The secretary of commerce, MT. Red- l field. is quoted as having said recently that the new tariff law is sure to re- duce the cost of food, for that law will stimulate heavy importation of grain and of meat products. This, however, will be of no value to the government so faI l as revenue is concerned.
 An EXcellent leSt
 Frederick W. Whitridge. who is now 1 president of the Third Avenue Stree Railway company and who before his ad- Event into the business ofAstreet railwa, lmanagement and Reorganization was es. teemed one of the ablest and subtlest O. the so-caled corporation lawyers of New 1 York, is about to make test which vii
 be of far more than lccal importance. MT. Whitridge, as receiver and ther reorganizer of the -t-..rd avenue stree railway system of New York, has com | manded a good deal of public interest a one time or another by reason of hi. highly original methods of handling some | of the difficult propositions which he has been compelled to solve. He has beer at times defiant of precedents. He know: what is called high finance thorougHE E He is master of the subtle bushes. diplomacy which characterizes some cor poratioE ruanagement--a master in tn. sense that he has perfect understanding
 of these methods. He was certainly courageous, and many thought daring, 1T his encounters with the public utilities
 commission But he gained a great tri
 umph in bringing a practically moribunt
 street railway company, which at on,
 time was the most prosperous of any il
 the United States, out of its woefu
 bankruptcy into a condition of health
 MT. Whitridge now purposes testing tn,
 practicability of passing securities di
 rectly from the office of the corporation
 into the hands of the investing public
 The amount is not very large-only $4,000
 600 in mortgage bonds, which are to pa,
 interest at the rate of 4 per cent O
 itself it is trifling piece of financing
 But he has heard so much about tn. I rake offs" the commissions, the middl,
 mems compensations which have been re
 ceived by men of finance for taking ove
 securities, then marketing them to tn,
 public and has, in addition, learned tha
 in many parts of the country the belief fl
 strong that if the people have an oppor
 tunity to subscribe for nigh grade secu I rites they will gladly accept it tha
 he has decided to make this offer di rectly to the public.
 The test will be of far more than loca
 consequence. Should it be successful tn | probabilities are that it will be initiate,
 by other corporations and in many part
 of the country. Probably Mir. Whitridg would not venture to make test of tha
 kind had he found himself in the posi-
 tion of those who are to build the nev
 subways in New York. They wanted t
 be sure that they could demand at an, i, time they asked for it large sums aggre | gating a little under $1nJ ,00O, O0O It migh not have been practicable to offer grea l block of securities Of this kind to the pub lie. If MT. Whitridge is successful and i
 others follow his example. meeting witt
 the same success MT. Whitridge's tes meets with then there will be assuranc Of saving in the course of d year of livery large amount of money. The plan
 however, does not meet the requirement
 of those who, like the managers of tn
 railway corporations, feel tha- it is vita
 that they should know where and whe they can secure funds in large amounts
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