The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1917-07-27

/ Both are brought now to an irnpasse
for the reason that the steel industry
Of the United States regards the de-
| mands Of the federal government as i'm
perative, whereas the work upon these
hotels may be procrastinated. That in
wolves, OF course. considerable loss for
/ the longer the delay in constructing a
hotel that is to cost 100000 or more
l the further distant is the time when
there can be earnings upon the invest
/ ment
1t is the hope, however. Of the steel
1 manufacturers that Notwithstanding the
demands of the government there may
| nevertheless be opportunity for meeting
some of the orders for steel products
| for domestic industries that are not
occupied with manufacturing munitions
for war. This is especially true OF the
building industry.
! SOMETHING OF A PARADOX
| Those who have made a careful study
| of the general principles involved in the
| excess profit tax are somewhat per-
| picked when they consider the possible
/ effect of prices fixed by the govern
ment for the commodities furnished by
| the steel industry. There appears to be
a. growing impression that the govern
ment will through its proper represen-
| tatives or commissions, so adjust prices
as to enable the steel industry to realize
a net profit of 10 per cent. But IL that
| be all the profit that the industry can
secure while the war lasts, then 1t Is in
| evitable that there must be great re-
duction in the estimate Of the amount OF
tax which will be derived from the ex-
| cess profits made by the steel industry.
In other words the government will get
its steel commodities at a price which
| represents no more than 10 per cent
profit. In that way the government will
be a gamer, but on the other hand the
government will receive little or no taxes
| from the steel industry since there will
be little or no excess profits. This Is
spoken of as being one of the paradoxes
| of the situation.
The presumption has been strong that
the greater part of the excess profit
taxes would be paid first by the steel
industry, next by the manufactures of
munitions and no small part Of these
taxes will be collected from the manu-
facturers of powders and other explo-
sives. Copper is also expected to yield
| very largo return to the government
| through excess profit taxes.
| The one commanding fact in the situa-
ton, so far as the steel industry is con-
cerned, is the unprecedented attitude of
the leaders of that industry toward the
| government whereby with cheerfuiness
and real patriotism, untinged by any
| sense of profit, the industry has placed
itself in full coordination to the gov
| eminent.
A NEW PORT OF ENTRY
One of the incidents, of which infor-
| nation has within day or two come to
New York; which is spoken of with
! qualification, is the report that Mime
apolis, Mimi, has now become the &C
| tual headwaters SO far as navigation is
| concerned, of the Mississippi river. 1t
was appropriate that a United States
steamer, the Dandelion, should be the
| first vessel driven by steam to navigate
| the river from ST. Paul, being able to do
| this by passing through the locks at the
government high dam. Having made
this passage the Dandelion tied UP at the
| Minneapolis municipal wharf.
| The trip of the Dandelon demonstrates
that water freight service from Mime
apolls down the Mississippi is attained
and the effect of 1t will be felt as far
south as New Orleans. The next thing
to be undertaken is the Improvement of
the navigation of the Mississippi through
it's whole length from Minneapolis to
the sea