davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-12-10

and rural engineering. and in 1913,
the bureau Of public roads.
Mr., Page was born at Richmond. Va.
January 10, 1870. He studied at Vir-
Einia Polytechnic Institute and Har-
ward University and the School Of
Bridges and ,Roads of France. He
SERVED the state Of Massachusetts as
a geologfst and testing engineer pre-
vious to.hfs connection with the fed
eral government. He wAs-the Ruthor
Of number Of publications on road
construction and related subjects. In
addition to the associations previous
" named he was member of the Cos
mos, Chevy Chase. and Harvard clubs.
He is survived by his widow and one
son, Lee, nine years old. residing at
2223 Massachusetts avenue northwest.
and his mother, residing in Richmond,
and three brothers.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-12-10
Beverage Taxes Estimated.

Beverage taxes under. the House bill
were estimated to raise 81, 1S7, 100000
during their first twelve months of
operation and sS50,000,000 for the 1919
fiscal year. -
AT the present time. under changed
conditions the report states: "ft is
possible to count only upon $500.000,-
900 for 191S-1919, and $93,000,000 for
1919-l920 from this source"
Analysing in detail the committees
radical changes. Senator Simmons re-
port explained that. the revised indi-
vidual surtaX' rates graduated up
ward 1 per cent on each $1,000 over
$1,000 are more equitable than the, ar
bitrary graduations of the House bill.
The bill retains the House proV1-
sions for income taxation of salaries,
including those possibly of the Presi--
dent and. federal judges. legality of
which. the report stated, is left to
the courts if the question is raised:
The report, however says that the
House clause for federal taxation of
new state and municipal bonds was
stricken out, as lit seemed nnwise for
Congress to attempt to impose this
tax upon the obligations of states and
municipalities as long as the states
are not free to tag in a similar man.
ner obligations of the United States"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-12-10

Their reduction of about $500, o8o, 600, It
was estimated. will occur from mis-
cellaneoua sources and shrinkaEe in
beverage revenues.
Outline Of Program. "
'rhe main outline Of the program
proposed by the committee thus be-
comes clear" the report states For 1
the fiscal year 1919 it Is planned to
raise nearly $4,000. 100000 from in
over s1.400. 900. 900 from other sourcesi
for the fiscal year 1920 it is planned
to raise somewhat less than $1,000
100000 from income and profits taxes
and about $1.000,000.Q 900 from other
sources. About the general wisdom
Of such a program we entertain mo
serious doubt. 1t is imperative that
profits and income for the year 1918
be heavily taxed. This is not only
necessary. but it is equitable and in
accordance with sound public policy.
The profits realized during the. year
1918 are in large part war profits;
they are now in the pocket of the
taxpayer: they should contribute
heavily before they have been dissi-
pated or reinvested toward the pay
ment of the expenses of the war, to
which in large measure they are at
tributable.
But it is equally important that
these special taxes should be reduced
as the occasion which inspired and
justifies them recedes into the past. To
fail adequately to. tax the war profits
of 1918 would constitute a manifest
miscarriage of fiscal justice. Not to
provide now for the reduction of the
war-profits tax would be equally in
excuSa BILE"
In addition to the tax reductions due
copes with peace instead of war con-
ditions, prohibition is expected to re-
duce revenue returns greatly.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-12-10
:SENATE TAKES Up
!: WAR REVENUE BILL
Weeks of Debate Likely, as
Republicans Oppose Fix
~ ing 1920 Taxes.
MAJORITY REPORT FILED

Consideration of the war revenue
BILL designed to raise almost s6,000.-
100000 in 1919. and s4,000,000,000 in
1890. was begun in the Senate today
Chairman Simmons of the Senate
Finance committee opened the discus
.2siorl of the bill.
1t is understood that the measure
may be debated for weeks in the Sem
-.ate. although. republicans have dis
..avoEed any intention of carrying on
Il fflibuster. They are. strongly OPP
posed. however. to the part of the bill
(which fixes taxes for 1920, believing
thar is a matter which should be left
TO the republican Congress which
comes into power after March 4.
Discusses Transition.
' Senator Simmons laid the majority
report of the finance committee on the
bill before the Senate today. Minority
reports viii be filed by republican
Senators In the majority report the
transition from war to peace basis
in this country is discussed with par
ticular reference to the taxes to be
levied
The report explains the steps taken
to revise the House bill SO as to
raise by taxation next year S5.9IS,-
466.0OO instead of S7,500,o0O,O0O, as
planned by the House before the
signing, of the armistice and the en-
actnent of prohibition legislation.
- The most distinct changes made by
the Senate in the House draft of the
a,bilI are noted by the committees re-
port as follows: Elimination of the
% per cent corporation tax on I'M
distributed corporate earnings: fix
ing. 20 per cent. maximum on
bona fide sales of mines, and oil and
gas weeks, elimination of the tax on
new state and municipal bonds; sub
stitution of a single war excess
profits tax for the alternative.
Plan for Reducing Taxes.
A considerable part of Senator
Simmons report is devoted to the
plan fer. reducing taxes in 1920 to
81 900, OoO, 600.
The country has a right to know
how soon and in what degree the
burden of war taxes can prudently
be reduced" the report says. Dur
ing this period of reconstruction BUSH
ness. particularly new business, is
entitled to go forward without the
burden of an so per cent tax on war
profits. In. time of peace the ex-
r istence Of an So per cent profits tax
would be an absolute evil, for the
perpetuation or continuance of which
no sufficient reason has or could be
given"
For 1920 the report estimates a re-.
"duction of S1,40O. 900 900 by eliminat-
ductfon of the excess profits rates and
reduction. from IL to S per cent, in
Fthe normal rate. on individual incomes
and of the corporation tax. A fur
Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-12-10

The stock and part of the building
occupied by the Sterchi Furniture and
Carpet Company was partially de-
stroyed by fire at Atlanta, Ga, yes
ter,lay, with loss estimated at from
$4,000 to 100000
Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-12-10
Assigned to Camp Jackson.

Brig. Gen. Thomas H. Rees has
been assigned to the Goth Field Ar
tillery Brigade, at Camp Jackson,
s. c..
New-York tribune., 1918-12-12
Cancellations Make
Steel Trade Worry

The belief that with the heavy can
cellations by England, France and the
United States the demand for steel for
some months will fall below capacity
IS still the dominant consideration in
the trade, according to "The Iron Age"
Pig iron sellers are disposed to see
a stronger situation in their trade than
IN steel" says this authority. holding
that both in this country and in Great
Britain blast furnace building has not
Kept pace with new steel works capacity.
Hence the inquiries, still quite indef-
mite, for American pig iron for ship
ment to England.
"A disturbing feature is the effort Of
pig iron buyers, some of them large
companies, to cancel iron bought for
the first half of next year. Sellers are
resisting stif1y, even in cases of gov.
ernment ALLEGATION and for work which
the government may have cancelled.
The intimations that some govern
ment representa- atives are cancelling
iron and steel orders in the expectation
OF replacing the material at lower
prices have been no help to an orderly
adjustment"
During the last week further export
and domestic business has been re-
celved by the steel companies. some Of
them booking more than their current
output, but, as heretofore, it was an ag.
gregate of small replenishing orders.
New-York tribune., 1918-12-12
N. Y. Stock Exchange
Ready for Expansion
Larger Quarters Will Provide
for Increased Foreign
Bond Trading

In the expectation that one of the re-
suits of the world war will be the fota-
tion in this market of huge amounts
of foreign securities which must have
a recognized market, the Stock Ex-
change has embarked upon a plan to
enlarge its trading facilities by pur-
chasing the adjacent property on the
corner of Wall and New Streets, known
as the Mortimer building, at cost of
approximately s750O00.
Although no definite plans have yet
been formulated as to what shall be
done with the building just acquired a
governor stated last night that it would
probably be used as part of the trading
floor. The fact that the exchange au-
thorities expect to install a separate
ticker service for bonds on or near
January l led to reports that the new
quarters might be converted into q
bond exchange, in which foreign securi-
ties would play an important part.
Bankers believe that Europe should
be able to liquidate her debts in Amer
lea not only through the sale of her
government securities but through mu-
nicipal and corporate issues as we'll.
They are therefore in hearty agreement
with the Stock Exchange authorities
that every facility should be extended
to the American investor in creating a
ready market for foreign securities.
Not only, it is understood, will Eu-
ropean securities be sold here in large
volume but also the securities of South
American countries with which the
United States expects to replace Ger
many as the paramount influence.
New-York tribune., 1918-12-12
Treasury Plans
To List Liberty
Loan Subscribers
Names of All Who Bought
1000 or More To Be
Recorded for Use in Con-
nection With Future Issues

complete list Of the names and ad-
dresses Of all persons who bought
81 900 or more Of the various Liberty
Loan issues, to be used in connection
with tax collection and the fotation
Of the next government loan, is being
compiled by the Treasury Department,
it was learned yesterday. The data is
being gathered through the several
Federal Reserve Banks In this dis
trict Benjamin Strong, governor of the
Federal Reserve Bank of New York,
has already sent out letter to Stock
Exchange houses asking them to fur
nish the information desired.
Banks, trust companies. corpora
tions and other agencies through which
the Liberty Loan bonds have been
the information desired. The complete
list will be card catalogued and filed
in Washington, where it will be avail
able for use in the future.
Statements published yesterday to
the effect that subcommittee of the
general Liberty Loan Committee had
been appointed to consider measures
having a special bearing on the weak
ness in the prices of the outstanding
issues were denied. The committee,
which was organized about a month
ago, consists of Seward Prosser, pres
ident of the Bankers Trust Company;
James S. Alexander, president Of the
National Bank of Commerce, and Allen
B. Forbes, of Harris, Forbes & Co.,
who is chairman.
A member stated that the committee
was formed to go over carefully the
results of the last bond campaign and
use those features that will be of bene-
fit in floating the fifth Liberty Loan,
which is scheduled to be offered next
April. The committee, it was also
stated, would take over much Of the
work that has previously fallen upon
the shoulders of Benjamin Strong as
chairman Of the general committee.
New-York tribune., 1918-12-12
Market Breaks on
Government Report

The governments report was fol.
lowed by sharp break in the cotton
market yesterday. The official figures
did not seem far out of line with pri.
vate reports recently issued. averae.
ing in the neighborhood of 116OOo0O
bales, but it was evidently disap-
pointment to Wall Street and local
buyers. There was also some selling
ter New Orleans account under which
January contracts broke from $3.50
the early high level, to 25.4O. or an.
proximately S. per bale from Tues
days closing quotations. That de-
livery closed at 1856, with the general
market closing steady at a net decline
ct 20 to "a points.
Trading was very quiet before the
report was published Some of the
older men in the trade here. indeed,
SAID they could recall no previous bu-
reau day in years when there was such
a small volume of business and so few
indications of interest.
AS the time for the government re.
port approached liquidation became
little more active, however, and the
selling right after the publication of
the hgures was active
This gave the market steadier tone
after the first sharp break and last
prices showed rallies, 20 to 25 points,
on the more active months.
New-York tribune., 1918-12-12
Wall Street Items

John F. Clausen, heretofore vice
president of the Crocker National Bank,
of San Francisco, was yesterday elected
wee president of the Chemical National
Bank, of New York.
Harvey E. Whitney. formerly assist
ant cashier of the Bank of New York.
has become associated with the Bank
ers Trust Company as manager of the
credit department.
The New York Coffee and Sugar Ex-
change seat of Gardner H. Miller has
been sold to B. Blom for $4,000, an
increase of 500 over the last sale
The Chase National Bank has voted
to distribute bonus to their employees
for Christmas. which will approximate
80 per cent Of salaries.
The Hartman National Bank an
nounces distribution to employees of a
substantial bonus, to which will he
added an extra bonus proportioned TO
the amount of salary paid during the
year and the term of service, the total
OF which will range from 10 per cent
to 20 per cent
New-York tribune., 1918-12-12
Marks Value Fading
German Money Rapidly Shrink
ing as Note Issue Expands

LONDON, Dec. IL British Wireless
Service The value of the German
mark mas fallen below az to the Brit
ish pound Before the war the mark
was worth approximately one shilling,
or twenty marks TO the pound
At Copenhagen on December 1928
marks could be obtained for one pound
sterling. at Christana 42.08 marks for
pound, at Stockholm Alb and at
Berne 4l.083 At Stockh olm the rate
of exchange on the Austrian kronen
has ia len to 772O to the pound ster-
ing
The rapid depreciation of the value
Of the mark probably is explained by
the statement of the Berlin Reichs-
bank for the week ended November
80. 1t shows that the increase in
German note circulation during the
week amounted to $4,000 900 or the
basis of conversion into sterling at
twenty marks to the pound, the figures
still used for statistical purposes in
this connection
For the year ended November 80 the
expansion in the note circulation of
the Reichs bank was ut the rate Of
1531 100000 per annum for the last
six months. $500 900, 900 per annum
for the last three months and $685.
100000 per annum for the last two
months.
New-York tribune., 1918-12-12
Bankers Trust Co.
Plans Melon Cutting
Capital Increase Recommended
Would Give Holders Rights
Worth sos a Share

An increase in the capitalization OF
the Bankers Trust Company from
$11,250,00O to $15,00O,0OO has been
recommended by the executive COM
mittee, and the proposal will be pre-
sented to the board of directors at a
meeting scheduled for to-day. In ex-
planning the purpose Of the increase
Seward Prosser, president, said yester-
day that it was intended to have the
capital stock correspond more &C
curately with the company's deposits,
which now amount to approximately
$300,000,OOO.
PLANS of the executive committee, will
be offered to shareholders at par
(S100). AS the stock is now quoted
around $3.50 share the proposed in
crease Will be in the nature of melon
cutting, it being estimated that the
rights to subscribe alone will be worth
S95 a share. Since the plan for aug
menting the capital were first sug-
gested the stock has had an advance
of about 80 points.
The present capitalization of the
Bankers Trust Company is the result
of the absorption of the Astor Trust
company IN April, 1917. AT that time
the former institution increased its
stock from $10,000OO0 to the present
figure, the increase being for the pur-
pose of effecting what was termed an
equitable distribution of Astor Trust
stock into Bankers Trust stock. A
special adjustment dividend of % per
cent was declared by the Astor Trust
in connection with these plans.
In point of deposits the Bankers
Trust Company stands third among
Wall Streets leading trust companies.
Bankers Trust directors at their
meeting to-day will formally ask stock
holders for their approval of the new
issue at a date to be set later.
New-York tribune., 1918-12-12
North Western Sells
$lO,5OO,OOO of Bonds
First of Long Term Rail Issue
Securities Since u. S. Entered
War Goes Quickly

The first important long term rail
road bond issue since the entrance OF
the United States into the world wal
was foated yesterday when Kuhn
Loeb & Co. offered and sold $40, 500, 600
general mortgage 5 per cent bonds of
the Chicago & North Western Railway
The heavy oversubscription of the
issue, which was at par and interest,
was taken IN investment circles to in
dlcate that a broad market for long
term railroad bonds now exists and
that other transportation companies
will depart from their recent short
financing methods
The Chicago & North Western bonds
mature in 1887 and are part of a mort
gage which was limited in 1897 to
Sl65,000,000, bearing interest at rates
not to exceed per cent. Of the au-
thorized amount there will have been
ISSUED and outstanding, including the
present issue, S31,316,OOO 31a per cent
bonds, S30,554,000 4 per cent bonds.
and S28,472,000 per cent bonds. OF
the balance of S74658, 600. S6O1S2 900
are reserved to retire prior liens and
debentures due in 1921 and 1888, while
the remaining $14,476O0O are reserved d
Tor improvements or additions, includ-
ing equipment, not to exceed $1,000, 900
IN any one year.
The present issue was sold to reim-
burse the company for expenditures
previously made for construction. addi-
tons and improvements and the retire
nent of matured bonds, which were in
large part financed temporarily by
bank loans.
Under the terms of the contract re-
Gently made with the government the
company's annual compensation was
guaranteed at S23,364 ,02s, to which
may be added other income, which for
1Sl7 amounted to S3,496,045.
New-York tribune., 1918-12-12
Mine Owners Join
Oil Men to Protect
Mexican Property
Leading Mining and Petro-
leum Producers Meet to
Plan to Fight Confiscation
by Carranza Government

American mining interests with i'm
pcrtant properties in Mexico have
iolned hands with the Association of
Petroleum Producers in Mexico for the
protection of their holdings against the
confiscatory measures proposed by the
Carranza government, according to in
formation obtained in Wall Street yes
terday.
A meeting of the Petroleum Pro
ducers' Association was held at the
Offices of the Mexican Petroleum Com
pany during the afternoon, at which
representatives of number of mining
companies were present for the first
time. Although no statement was
issued as to the purpose of the meet
ing, it was learned elsewhere that ar
rangements were made for the enlarge
ment of the scope Of the association TO
include the mining interests in the
fight against coniscation.
The American Smelling and Refining
Company, which has extensive prop
critics in the troubled districts of Mex
leo. was represented at the meeting by
William Loeb, jr.
According to such information as is
available the situation in Mexico is ex,,
tremely bad at the present time and
conditions are rapidly growing worse.
Many companies which have properties $
there have been afraid to send their
men to Mexico because they feared
they would be murdered by bandits.
It is understood that the State Depart
ment at Washington is fully cognlzant
of the situation.
New-York tribune., 1918-12-12
Value of Liberty
Crops Is Placed
AT Sl2,272,412,OOO
1913 Yields Worth S6I4,-
$50, 900 More Than Those
of Previous Record Year:
Production Forecasts

WASHINGTON, Dec 11.-With q
total value of s12,272,4 Alp 900, the ma
tion's principal farm crops this year
were worth more, based on prices paid
to farmers December I, than in any
year in the history of American agri-
culture. December crop estimates to-
day of the Department of Agriculture
showed that this years total exceeds
that Of the former record year by
$6l4,38O, ,O00 There also was a marked d
increase IN acreage, the $685. 1922
total exceeding that of last year by
100000 acres.
These crop figures were looked upon
with satisfaction by officials as show
ing that the nation will be in even a
peter position to fulfil its pledge of
2O,O0O,000 tons of foodstuffs to Europe
next year than had been expected.
Almost all of the crops were worth
more this year than in any previous
year because of the high prices paid
to producers. {!
Corn's value was more than $780,
100000. wheat, almost $4,000, 900 600;
nay and cotton, more than 81 00OOO,-
600, and oats, more than $1,OO0,O0O 600.
Forecasts of production Of the prin-
cipal crops have been made from
month to month throughout the sea-
son, and preliminary estimates already
have been announced for most crops.
To-day's report, however, makes final
estimates of production. They follow:
Winter wheat, 558.4490OO bushels;
spring wheat, 358,651 900 bushels; oats,
1888 1853. .000 bushels; barley, 256 375,-
600 bushels; rye, 89.103 900 bushels;
buckwheat 1872 900 bushels; flax
seed, 14,657oOo bushels; rice, 40 424,-
900 bushels; sweet potatoes. Sc 334 900
bushels; hay (tame). 75,459, 900 tons;
hay (wild), 14,3740oO tons; tobacco,
1,340,O19,000 pounds; sugar beets, s.
$4,000 tons; beet sugar, 1,4S0, 200, 900
pounds.
New-York tribune., 1918-12-12
Rules Against Disclosure
OF "StOp Loss' Stock Orders

The governing committee of the
Stock Exchange at a meeting yester-
day passed a resolution placing a PEN
atty on the public disclosure by any
specialist or broker of orders on his
books known as "stop" orders, the
method used by those buying or selling
stocks to limit their losses.
Another feature of the resolution
aimed against attempts of traders to
raid the market just before o'clock
stated that the offering in a public
manner TO "buy or sell securities at
the close" is also forbidden The reso-
luton added
"Any member who shall violate this
resolution may be fined by the com
mittee OF arrangements in a sum not
exceeding $50, or may be reported to
the governing committee, who may sus
pend him for period not exceeding
sixty days"
New-York tribune., 1918-12-12
Money and Credit

Larger offerings of call money were
available at the Stock Exchange yes
terday, with the result that rates were
fractlonally lower Ruling rates for
the day were 5 to 51a per cent, and
substantial volume of business was
done.
The market for fixed date funds was
quiet and rates were steady, although
the demand for this class of accommo-
dation continued quite heavy.
Ruling rates for money yesterday.
compared with year ago, were as
follows:
Yesterday. Year ago.
Fer cent. Per cent.
Call money:
On mixed collateral
On Industrial c1'tl. 5Ia
Time money (mixed collateraD:
Sixty days ........ 5H@5N
Ninety days ....... 6 5lA@5Z
Four months ... 6 5L2M6
Five to six months. s 5La016
Commercial Paper.-Country banks
continue to buy heavily of commercial
paper. The bulk of the paper is NOV
ing on per cent discount basis.
Silver.--Lordon, 4s1,d, unchanged;
New York, 1o11c. unchanged: Mexican
dollars, 771sc. unchanged.
Sub-Treasury. The Sub-Treasurv
lost S354,C00 to the banks Tuesday.
London Money Market. - LONDON
Dec 1l.-Closing. money 8 per cent,
discount rates, short and three months