davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-01-23
Prof. r. 4. Seligman
F0UOrs Income Tux to
AUert Fiscal Crisis

ALBANY, Jan. 22.-Adoption of the in
come tax TO avert the fiscal crisis by
which New York State and it's munich
palities, especially New York City, are
confronted was advocated by Pro-
fessor Edwin R. A. Seligman at
to-night's session of the state confer
ence on Taxation. Increasing expendi-
lures accompanied by narrowing base
Of revenues, Professor Seligman de-
clared, had brought about situation in
both the city and state which made
necessary application of broader
method of taxation.
fruitful source of revenue, he
pointed out, would be eliminated with
the adoption of prohibition, and, further
more, the possibility of government
ownership of the telephone, the tele-
graph, and perhaps even of the rail-
portant source of revenue not only in
the state at large but in all localities.
: Real Estate Heavily Burdened
In New York City the ever increasing
rate of taxation on real estate, as the
result of the narrowing of other
sources Of revenue, has brought with
it, so the speaker declared, an "in-
tolerable and crushing burden"
Professor Seligman held that for the
state simply to increase the direct tax
would be of little avail because such
tax, as actually administered, is over
whelmingly tax on real estate, and
the result would be to intensity still
further the burdens not only on the
farmer but on the property owners
and tenants in the cities.
From a | per cent tax on personal
incomes of character analogous to
New-York tribune., 1919-01-23
Committee to
Study New Tax
Plan for State
Joint Body From Senate and
Assembly Is Proposed in
Resolution by Walters
Stof Co,yespondsnt

Staff Correspondence
ALBANY, Jan. pa joint legisla-
tive committee will be appointed within
the next two or three days to study
the financial needs Of the state and to
draft a bill providing new methods of
taxation to offset the losses certain,
to result from the enactment of the
bone dry amendment to the Federal
constitution and to meet the constantly
growing cost of government.
While this programme was being de-
termined by legislative leaders, tax ex-
perts from all parts of the state were
gathering here for the annual confer
ence of state and local tax officials,
which opened tonight at the State Ed
ucation Building, under the auspices
ofss the New York State Tax Depart
ment and the New York State Tax
Association.
President Is Abroad
the association, Major Ogden Mills,
who, as head of the Mills legislative
committee, studied the tax question in
1917, would be able to attend, but the
last heard from him he was with
the American Expedtionary Force in
France. The conference will last three
days. The officials from other cities
we're welcomed by James r. Watt,
Mayor of Albany.
Senator j. Henry Walters, pres dent
pro tenn. of the Senate, introduced the
resolution creating a special committee
OF three members of the Senate Com
mlttee on Taxation and Retrenchmenc
and three members of the Assembly
Taxation Committee, to be appointed
by him and the speaker of the AS
sembly, to investigate the various pro-
posals for new methods of taxation
and to prepare remedial legislation.
The committee, which must report back
to the legislature not later than March.
10, will be given $4,000 to carry on its
work
States Biggest Problem
"This problem of finding new sources
of revenue is the biggest confront1ns
the Legislature this year." said Sena-
tor Walters. at is doubtful if we
have had greater problem in recen,
years We must prepare TO meet the
loss of 24,000,0O0 annually which Is
now derived from excise taxes, and
there are other losses to be met.
am hopeful that we will find some
means of remedying the situation be-
tore adjournment"
1t is practically decided that one of
the recommendation of the Mills Com
ntttee, a state income tax, will be
adopted by the Legislature Incomes
up to $4,000 will, in all likelihood, be
exempt. Other proposals are that the
license fees for automobiles be in
creased from SO to rs per cent, and
that all real estate, including that
owned by religious and charitable So
cletles, now exempt, be subject to
taxation
An occupational tax, general tax
on personal property and an extension
OF the provisions Of the corporation
ana manufacturing tax are also sug-
gested.
New-York tribune., 1919-01-23
Wall Street Items

Richard L. Morris, formerly of Kean.
Taylor & Co.. has been elected vice
president of the Bankers Trust Com
pany and will devote himself to their
bond department.
Edwin Scarstead has been elected a
director of the Continental Oil Com
pany succeeding J. B. Reynolds, re-
signed.
w H. Beckendorf, Jr., formerly with
Harris & Fuller, will become associated
with the New York Stock Exchange firm
of Josephthal e. Co.
Alfred G. Fletcher, formerly with the
Canadian Bank of Commerce, has been
elected vice president of the Ameri-
can Foreign Banking Corporation
The executive committee of the
Clearing House Section of the Ameri-
can Bankers Association has selected
Amos F. Hill, of Boston, to succeed
jerome Thralls, who resigned as secre-
tary recently. Mr.. Hill has had twenty
years banking experience with the
Traders National Bank of Lowell,
Mass
New-York tribune., 1919-01-23
Chinese Friendly to
American Merchants
DIR. Chu Chao -hsin Suggests
Ways to Develop Trade
in Orient

American financiers should make
loans to Chinese business men for pro-
ductive purposes rather than to their
government for administrative pur-
poses, IN the opinion OF Or. Chu Chao-
hsln, Chinese Consul at San Francisco,
who is now in New York. II believe in
cooperation between private individ-
uals of both countries" he said. II
think the governments should keep out
of it,"
The business men of the United
States are neglectlng an important OPP
portunity, according to DR.. Chu. in not
seeking to enlarge their interest in the
Chinese market now.
Your countrymen have great pres
tige in China" he said. "Why not
take advantage of it to build up an
extensive trade?
During the war American exports
to China grew from 9 per cent to II per
cent. an increase of only 2-9. Properly
handled, these exports should have
grown at least Is per cent. Now. with
the drop in freight rates that must
come, our trade with America should
certainly increase greatly. The United
States must try to get it's share Of the
trade which Germany has lost.
"It is up to the American merchant
to get his product before the Chinese
purchaser. At present business in the
Orient must be carried on through mid
die men, who work on commission
basis. but | believe that this system,
with its obvious disadvantages, car be
eliminated.
Americans should give sole agencies
men. They should go into the interior
Of the country, to the people them
selves, instead of stopping at the treaty
ports. They should establish exhibit
tion rooms for their goods, so that the
natives may become accustomed to
American wares. They should register
trademarks, and always sell under the
same label, for the conservatism of
the people makes them afraid of any
thing that is changed in appearance,
although it may be no different from
that to which they are accustomed.
Many American products now find
their way to China indirectly. by way
OF Liverpool or some other foreign
port. This can be eliminated if Amer
lean merchants will take pains to es-
tab.lsh direct connections with Chinese
customers.
China needs experts, leaders and
capital to develop her resources. She
has plenty of mines, many of which
nave not been worked for thousands
OF years; but she has not the engineer
ing ability nor the capital to open
them. America can supply that need.
MY country needs and wants ex-
ploitation We DO not use the word
in bad sense, for it represents what
we must have in order to grow as we
should. 1t does not matter that some
one else will also profit by our devel-
opment. That is what we want. There
fore, we invite frequent American com
mercial commissions, sent by the busi-
ness men of your country. to study the
business opportunities in our country"
New-York tribune., 1919-01-23

$25,0OO,00O and s30,0OO,O00 would be
derived by the state during 1919, ac-
cording to estimates submitted by
Professor Seligman. In New York
City alone the revenue from a l per
cent income tax, he figured, would
yield between S23,000,000 and $685.,
100000.
No Reason to Despair
"If we add to this" said Professor
Seligman, "a state business tax ex-
tended to firms and partnerships as
we'll as to corporations, and if it be
desired to levy in addition in the City
o. New York q slight business tax, it
will be realized that we have in this
combination of business tax and per-
sonal income tax an engine Of prodig
ious momentum.
"In fact, the problem of fiscal reform
in New York City and New York State
is a far simpler one than in any other
state or city in this country, for the
obvious reason that the great mass
OF the nations wealth is found here.
1t may surprise some to learn that in
1918 about 81 per cent of the en-
tire personal income tax in the United
States came from the State of New
York, and that 81 per cent of the New
York State quota came from New York
City. We need not despair of a state
which in a single year yields over $685.
100000, or city which yields over
Sl97 100000 from personal income
tax. Very insignificant additions to
tax will therefore be entirely adequate
for the purposes of New York State
or New York City"
In summing up the advantages Of the
new tax system which he favors, Pro
lessor Seligman. said: "The personal
income tax, coupled with an extension
OF the business tax, is a far better
measure of ability to pay taxes. The
income tax is in conformity with mod
ern economic conditions and is in this
respect far preferable to the general
property tax. 1t reaches wealth that it
would be impossible to reach by the
property tax. The resident can be
reached, if necessary, upon his entire
income, and the nonresident who new
ertheless receives or earns his income
IN the city or state can be reached
where the income is earned or received.
This is not true of personal property.
The income tax will bring about
more equitable adjustment as between
classes and sections in the state itself.
An increase OF the property tax, which
is necessarily a real estate tax, means
an increase in the tax of the farmer:
the adoption Of the income tax will
mean, as it ought to mean, primarily
the taxation of the cities, where, as we
have seen, most of the incomes are
earned and received. But the increase
Of the city taxes will nevertheless
mean tightening of thN burden on
city real estate. There is far more
personal property in the cities than
real estate, but it is impossible to get
at it. There is a still greater proper
tion of incomes from other sources
than real estate, and it is possible to
get at this. By utilizing the example
of the Federal government and its de-
csions a state income tax will be COM
paratively simple to administer and en-
tirely adequate to our needs"
New-York tribune., 1919-01-23
New Orders for Steel
Half Current Output
Pig Iron Makers Are Well
Stocked and Shut-Downs
Are ExDected

Defation from the war basis in the
steel industry has reached a point
where new orders being booked by
leading manufacturers are said to rep
resent less than half the current pro-
duction. In many lines of finished
steel, according to 1.-THE Iron Age"
there is not much over q months work
ahead
The encouraging feature, from the
buyers standpoint, this authority adds,
is that labor now idle shows a disposi-
and offers for steel at below present
levels are now the more likely to lead
to successful negotiations.
Production of pig iron in January, it
is figured, will be considerably below
that of December. In the Pittsburgh
district, where piling of iron has been
going on, smelters for the greater part
are said to be in possession Of three
months supplies and high cost plants
are contemplating shut-downs.
Signs of a revival in export buying
OF finished steel are as yet wanting.
Sales of some 1000 tons of pl;tes and
shapes to Holland are reported, and
10000 tons of plates have been released
on the Pacific Coast for japan. The
scaling down in ocean rates appears to
have had deterrent effect on the
closing Of contracts, since foreign con-
sumers have been inclined to hold off
in the expectation that transportation
charges may be further reduced. They
also seem to have in mind the posi-
bility of further yielding on the part
of producers from the low schedules re-
Gently announced.
The report that an extensive pro-
gramme of railroad betterments is to
be undertaken later in the year pro-
vides one reason for encouragement in
contemplating the future of the in
dustry.
New-York tribune., 1919-01-23

Arthur T. Murray, president; George
A. Macdonald, president Chicopee Ma
tional Bank, Springfield. Mass; Martin
+. Kern, Allentown, Pa; Harry c.
Dodge, president S. A. Woods Machine
Company; c. H. Dwinnell, vice presi-
dent First National Bank. Boston;
Duncan A. Holmes, vice-president Chase
Securities Corporation, and Henry N.
Sweet, OF Hornblower & Weeks. The
average annual net earnings fox the
five and one-quarter years ended Scp-
tember 3d. 1918, according to the Of
fering syndicate's accountants, were
equal to over s14 share for the stock
New-York tribune., 1919-01-23
Money and Credit

Money was in fair supply at the
Stock Exchange yesterday, where the
ruling rates on call loans were to
5is per cent. In the afternoon some
loans we're placed on 4% per cent
basis.
A comparatively small amount of
BUSINESS was transacted in the market
for Axed date funds. where rates were
New-York tribune., 1919-01-23
To List Bosch Magnetic Stock

1t is the intention of the organizers
OF the American Bosch Magnetic Com
pany to make application in the near
future to have the stock of the new
concern CO, listed on the Stock Exchange.
The Offering OF 10000 shares bv
syndicate headed by Hornblower A.
Weeks Is the first attempt yet made bv
financial interests to float the securities
OF corporation whose properties were
sold by the Alien Property Custodian
because of former German connections.
Directors Of the new company include;
New-York tribune., 1919-01-23
Another Sign of the Times

For 119 years the Bank of the Man.
special lines of activity which It be1
lieved were the exclusive province of a
bank. Publicity, in the sense of direct
appeal to the public through the pub
lication Of pamphlets or otherwise. was
tabooed. The bank has apparently re-
versed it's traditional policy and issued
folder on the wheat output of the
world, which bears the information that
it is the first of a series that will be
sent out on the important agricultural
products of tho worldA
New-York tribune., 1919-01-23
Aetna Explosives Canadian
Properties Are Ordered -

Judge julius NJ. Mayer in an 'so'|
made yesterday in the Federal vi
trict Court directed Receivers v"
and Holt of the Aetna Explosives y
Inc. to sell the company's plant u
DrummonGville, Canada. for ssee'T
N the ST, John Drydock and Stcamss'
Co., Limited. The order further u
- receivers to take steps 4
na.date and close up the business =
the Aetna Chemical Company, OF W
ada. The latter Is q subsidiary 81
Aetna Explosives Co., Inc
New-York tribune., 1919-01-23

New Stock Exchange Listings-3oo 900
shares, par value s25, of the Pierce Oil
Corporation; $1,l04,0O0 additional com
mon stock of the Weyman- Bruton Com
pany; $19000,000 common stock of the
Brooklyn Edison Company; $1,005 900
additional per cent cumulative pre-
ferred stock of the South Porto Rico
Sugar Company.
New-York tribune., 1919-01-23
The Dollar in Foreign Exchange

Exchange rates were steady in the
local market yesterday. Swiss francs
declined slightly on larger offerings.
Rates on Paris and London were un-
changed.
Closing rates yesterday, compared
with week ago, follow:
Quoted dollars to the pound.)
New-York tribune., 1919-01-23
Dividends
Extras

Standard Oil Company Of Indiana
Extra dividend Of IS per share, in ad-
dition to regular quarterly dividend of
So per share, both payable February %
to stockholders OF record February 3.
Regular Declarations
New-York tribune., 1919-01-23

The Federal Reserve Bank of New
York has put in force the following
schedule of rediscount rates which
apply to bankers acceptances: Ma
turtles up to Is days, per cent; 16 to
60 days, inclusive, Az per cent; 81 to
80 days, inclusive, Az per cent.
New-York tribune., 1919-01-23

Discount Rates.-The following table
gives the current rates of the twelve
Federal Reserve banks on commercial
paper for all periods up to ninety days.
New-York tribune., 1919-01-23
Finance Economics

FINANCIAL BUREAU: Telephones
t54 Beekman S243
New-York tribune., 1919-01-23

Nominal.
Below is given the current exchanre
value of foreign money in dollars and
cents, together with the intrinsic gold
parity, as calculated Ly the United
States Mint:
New-York tribune., 1919-01-23
Relevant Comment
Omit Quarterly Statement

Contrary to custom, directors of the
Republic Iron and Steel Company yes
terday. decided to issue no report for
the quarter ended December 81, 1918
John A. Topping, chairman of the
board, explained that the practice of
making public quarterly earnings
statements would be suspended for the
last quarter, lowing to pending tax leg.
islation and to the necessity for fur-
ther time to adjust accounts incident
to the annual audit" Mr.. Topping said,
however, that the complete pamphlet
report would be issued at the usual
time.
New-York tribune., 1919-01-23
Bank Clearings.-Bank clearings yes

Bank Clearings.-Bank clearings yes
terday we're:
Exchanges. Balances
New York -. .$745, ,943,76 $121, ,726, 1881
Baltimore .... 14,302, 1897 6,204.652
Boston ...... 61,520,599 17,861.557
Pittsburgh 49,. 27,235,3 $50 9,456,056
Philadelphia :. 70,73O,350 16,163,119
Sub-Treasury The Sub-Treasury
lost 81 ,803,806 to the banks on Tuesday.
Silver.-London, 48Isd, unchanged;
New York, 101 %c, unchanged; Mexican
dollars, TIVE, unchanged.
London Money Market.-LONDON
Jan. 22.-Money closed at 3 per cent.
Discount rates were short and three
months bills 3 1882 per cent. Gold
premiums at Lisbon were 67O0.
New-York tribune., 1919-01-23

fill most of their needs in the call
market.
Commercial Paper.-There was a
fairly active demand for commercial
paper in this market yesterday, most
of TIE business moving on a to. u
per cent discount basis.
Bank Brokers reported
"a broader inquiry for bank acceptances
as q result of the easier condition of
the call money market. Rates yester-
day were unchanged as follows:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cent.Per cent.Per cent.
Eligi Bile
member
banks -. .4h@4 4A@4s 4A@4A
Eligibl
non-mem
ber banks.4M@4Ls 47z@4A 49a@4ls
Ineligible
bank bills.5a@5 5Ia@5 5N@s
For delivery wtkin thirty days:
Per cent.
Eligible member banks. ....... 4i7s
Eligible non-member banks. .... 452a
Ineligible bank bills. ls........... 6
New-York tribune., 1919-01-23

steady. Offerings were substantial, but
stock exchange borrowers continued to
fill most of their needs in the call
market
New-York tribune., 1919-01-23
Cuba Cane to Issue Serial Bonds

Cuba Cane to Issue Serial Bonds
Further light was thrown yesterday
on the financing plans of the Cuba
Cane Sugar Corporation, when a di-
rector stated that the proposed offer
ing of bonds would probably take the
form of serial issue. He denied re-
ports that stockholders had been asked
to meet to authorize new mortgage,
which would be used as collateral be-
hind q new issue of notes.
New-York tribune., 1919-01-23

The above rates express the cost of
foreign money in terms of the Amer
lean dollar. You buy an English pound
sterling, say, at $4.75S0. The intrinsic
parity - $4.S6ss per pound Thus you
count or that dollars are at premium
which is owing to the fact that in Eng,
land the demand for dollars with which
to settle accounts in this country is
greater than the demand in this conn
try for pounds with which to settle
accounts in England.
New-York tribune., 1919-01-23
A Subway" Clearing House

The new clearing house system Of
the Stock Exchange will begin opera
tions in the basement of the Stock Ex-
change Building. This was decided
upon by the governing committee. after
it had been ascertained by experts
that good ventilating facilities could be
installed. 1t was also felt that in this
way greater safeguards would be
placed around the operation of the new
system, which not only will clear secu-
rites, but brokers' loans. At the pres
ent time the clearing house is located
in New Street, about block from the
Stock Exchange.
New-York tribune., 1919-01-23

Ruling rates for money yesterday,
| compared with year ago, were as
follows:
Yesterday. Year ago.
Per cent. Per cent
The Powder River County examiner and the Broadus independent. [volume] (Broadus, Mont.) 1919-1935, 1919-08-15
Aerial Training Co. Incorporates.


An arplane garage and taxi station
for flying machines. which will main
tain a plant for the manufacture Of
planes and keep Il stock of "all ma
rhinery. parts and apparatus neces-
Sary for navigation of the air" is the
announced aim OF rhe Inland Empire
Aerial Training corporation. which has
filed papers with the secretary Of
state. As its name implies. the COM
pany also plans to teach the young
idea I" fly. Filters and machines will
be- supplied for exhibition purposes.
The company also proposes to main
tain Il wireless station and conduct a
school in connection with it. 1t an.
nounceS that it will operate under the
direction OF the federal government.
since government control over these
activities is yet in force.
The Powder River County examiner and the Broadus independent. [volume] (Broadus, Mont.) 1919-1935, 1919-08-15

charged by the retailer are not justi-
fable. each factor in the industry ati.
ding to the burden he had to bear be.
fore he passed it on to the next"
Means for reducing the present high
prices are recommended by the com.
mission In this paragraph:
"S"me relief from the intOlerable
prices paid by consumers for shoes
may be had by (D rigid enforce.
ment ct the laws against monopolistic
control Of commodities. (2) legislation
forb'dding producers Of hides engag.
ing In the tanning business"
The Powder River County examiner and the Broadus independent. [volume] (Broadus, Mont.) 1919-1935, 1919-08-15
Governors Measure Dies.
A. c. N. WANTS $3.50, 900.

Butte. - The federal mines relief
commission took up the claim Of the
Anaconda Copper Mining company for
loss sustained in an effort t. produce
manganese for war purposes ut the
special request of the government.
The claim Of the company is for $780,
ND. the loss sustained being due to
the construction for manganese
plant at Great Falls and which was
only placed in partial operation a
month or SD before the signing Of the
Arnistice.
The Powder River County examiner and the Broadus independent. [volume] (Broadus, Mont.) 1919-1935, 1919-08-15
TEACHER DENIES MURDER

Rntte.-lewi> Kellar. former teach.
or in the Butte high school. pleaded.
not guilty To The charge of murder
when ararigned in district court here.
He was released from custody upon
furnishing hail Of $l5.OM. Kellar is
charged with the death Of Ruby Pas.
cOe. Butte woman. who died on the
night of June -. when it is alleged
she Jumped from an automobile in
which she is said tn have been riding
with kellar in the vicinity Of road.
house south OF Butte.
The Powder River County examiner and the Broadus independent. [volume] (Broadus, Mont.) 1919-1935, 1919-08-15

'The federal trade commission has
found that the high price of shoes
cannot be justified by underlying eco
nOmtc conditions. The commission
after exhaustive inquiry into the price
of hides. leather and shoes. is report
Ing to congress that the larger packers
control the hide supply and have
taken excessive profits and passed In
creased costs I" subsequent steps in
manufacture and distribution that the
tanner has taken exceptional profits !;
that the manufacturer of shoes has
taken unusual margins. and the prices