The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1920-12-15
TAXES TO
REMAIN HIGH
LOngwOrth Sees No Chance For
Reduction

New York. Dec .9.--Life insurance
in its relations TO many other phases
Of American life was discussed today
before insurance executives from
nearly every state in the union and
Canada, at the 18TH annual conven-
tion Of the Association OF Life In
surance Presidents.
There will be no substantial reduce
ton OF taxes i'm the near future, said
Representative Longworth. men,
Der of the house ways and means
committee, which frames revenue
measures He predicted that con-
gress would make cut approximate
ing billion dollars from estimates
aggrogating more than four billions
presented by the executive depart
ments. This, however, would not
permit any general reduction in
taxes.
Life insurance companies or Amer
lea have loaned more than $230, ,O00,-
600 on city and farm real estate
mortgages In the first ten months of
this year. according to Haley Fiske,
president Of the Metropolitan Life In
surance company another speaker.
Mr.. Fiske said that now the com.
panies have the enormous sum Of
two billion eighty-two million dol
lars invested on bond and mortgage
throughout the country, almost
equally divided between farms and
cues and have made commitments
for many millions more" pa
Mortgage loans general have con-
stituted the largest percentage OF life
insurance investments, he continued,
adding that he refuted the criticism
that the companies had not done
their duty in responding to the hous,
ing shortage.
New York, Dec. 9-J. A. Macy Of
DcsMoincs. Ia. today was elected
president OF the Fire Marshaly AS
sociation OF North Amcricasat tho
t5th annual convention here.
Other officers chosen were: Vice.
president. w. a. McSwain, Column
bia' s. c.; secretary treasurer l.. r.
hussey' Topeka. Kan; executive COM
m'ttee, VAN. Vancant. Pierre, S. ID.
ana Ii. L. Reid. Bismarck. n. d.
New York, Dec. 9.-Tarifr revision
10 restore the principle or protec-
uon for American industries forms
a task hedgedl about with so many
new problems difficult of solution
that no early action by congress Is
to be eXpecte Representat,v4.
Nicholas I-ongworth of Ohio. a mem.
oe' ot the house ways and means
committee, declared tonight i'm ad-
dressing the Academy of Political
sciences. Earlier in the day MIR.
t-ohsWorth told the Association of
iHle insurance Presidents that sub
stan'iai tax reductions in the near
iuturc were impossible
sincerely hope that [ am wrong"
MI LonSworth declared i'm discuss
ing tariff revision, and that durin,
the extra session we will be able to
complete thorough and scientific
revision OF the tariff laws. but
ann bound to confess that so far as
can now ec-intO the future. the
prospect is decidedly hazy."
Chief among the problems to be
confronted in such u revision, the
'p'"N'i pidttu UcteTnilnatlOn of the
attitude of the United States toward
assisting in the economic rehabilita-
uon of the powers associated with il
IN the world war. such aid should no
extended, he said, rut never "at The
sacrifice Of American Industrial in.
ucpenqcncc' through throwing down
the tariff bars to foreign products.
III was true, he said, that the war
had changed conditions and that n
favorable trade balance, formerly "a
Icathcr i'm our cap" was now pcr.
maps liability rather than an asset
since II had reached an aggregate or
nearly $1,000. 900 for the wears
l91S. 1918 and 1920 up TO Septepbcr
But have they changed" no
""ded' L" such an extent that wo
ought to abandon all the standards.
ana policies of the past and forge, j.,
ing our home market, enter into -,
mad scramble for the worlds mar.
ket?"
Mr~ Longworth added IL was doub,
ful whether throwing open American
markets to aid Great Britain, France.
Italy and Belgium, rchabilitatc them.
selves ana discharge their debt tn
me United States would accomplish
Its purpose.