Judsonia weekly advance., 1917-10-10

Share for the Finances That Must
 Be Provided for the Successful Con
 tinuance of the War-Best Efforts of
 Statesmen at Washington Have
 Been Put Forward to the Accom-
 plishment of the country's Ends.
 Washington.-The joint conferees on the war revenue bill completed their draft after two weeks of deliberation
 As revised by the cenferees the measure has been raised from the levy fixed by the senate of $2,416,67O,000 to an aggregate of approximately $2,700- oO0,0O0 Chairman Simmons of the senate finance committee estimated that the increase made by the con- ferees would approach $275000,000.
 Profits I ax Modified.
 The excess war profits tax, as agreed to by the conferees, is a modification of the senate bill, the principal changes being in the maximum ana minimum rates of exemption upon which the tax is to be determined The senate graduated scale of exemp- tions ran from 6 to 10 per cent, while the house exemption rate was per cent. The conferees adopted the grad uated rate of from to per cent.
 The definition of capital, which was a point upon which the conferees ar- gued for days, was modified so as to provide that the actual value of tangi- ble property paid into corporation or partnership or individual business before January 1, 1914, shall be taken as of that date. The proviso as to good will and other intangible prop erty has been somewhat liberalized.
 As to Invested Capital"
 In calculating war excess profits the terms invested capital" of corpora tions and partnerships was declared to include actual cash paid in, actual cash value and other tangible prop erty paid for stock or shares at the time of payment or January l, 1914, but in no case to exceed the par value of the original securities; paid in or earned surplus and undivided profits used or employed in the business, ex- elusive of undivided profits earned dur ing the taxable year."
 The allowance for intangible assets includes actual cash value of patents and copyrights paid in for stock or shares at the time of payment ... good will trademarks, trade brands, franchises if for bone-fide pay ments not to exceed the cash value."
 It stipulates that such intangible assets exchanged for securities before March 3, 1917, not exceeding 20 per cent of the total, shall be included at value not exceeding a fair cash value at the time of purchase.
 Postal Increases.
 A fiat increase on reading matter of 14 cent per pound until July l, 1919, and # cent thereafter was provided. Advertising matter exceeding 5 per ent of the total space would be taxed from A to PA cents additional until July 1, 1919, and from F to Az cents more until July l, 1920; and from 4 to 6A cents to 1921 and from l cent to 9 cents thereafter.
 An additional tax of 1s cent per pound until July l, 1919, and 14 cent thereafter, on religious, agricultural, fraternal and similar publications was adopted.
 The 1 cent tax on letters, excepting drop letters and postal cards, was re- stored by the conferees. A l cent ad- ditional tax on postal and private 1ajl nc IS t1rCt- class mail increases are estimated to raise $90000,000, and are effective 30 days afetr the passage of the act. The senate provision eXeInpting from post age leetters written by soldiers and sailors abroad was retained.
 Railroad Tickets Hit.
 The conferees levied per cent in lieu of the senate rate of 5 and the house rate of 10 per cent on passenger transportation, estimated to raise from the compromise levy abouot $60,000,- 600 instead of $37 100000 under the senate plan. The 3 per cent tax on freight transportation was retained and the tax on express transportation was increased so that l cent would be levied on each 20 cents paid instead of each 9 cents. The house 10 per cent tax. on Pullman accommdations, cut to 9 per cent by the senate, was restored and Is estimated to raise $5,- 100000.
 In lieu of the house per cent fax on sales of automobiles by manu-