davidaulloa/AmericanStories huggingface dataset:
The Birmingham age-herald., 1920-12-28
Daily Financial Gossip
By HOLLAND

New York, December 27.-(Special.) If the decision, which was handed down day or two ago by Judge D. J. Thomas of the United States District Court of Connecticut be-. affirmed by the United States supreme court, the result may be somewhat calamitous to the United States so far as tax receipts are concerned. This decision has not as yet commanded the interest which ultimately it is certain to attract
 In brief Judge Thomas decides that if there be any profit upon a transac- tion which is purely an investment transaction that profit is not liable to taxation and he bases his objections upon constitutional reasons. The case upon which this decision was handed Gown was brought by Frederick J. Brewster against the United States internal revenue collector for Con- necticut, James J. Walsh.
 The plaintiff claimed through his counsel that ta., of nearly s1S,000 which was levied upon him r., due the government for certain profits which he made was unlawfully collected. MT Brewster paid the tax under protest causing it thereby to be understood that he would sue for the recovery of this tax.
 It may make the case a little plainer if there be a hypothetical case re- ported. If any one invested say $10O,- 900, either in real estate or in securi- ties or any other property and after wards sold the property receiving therefore s150,tvJ, he was liable under the present tax law as enforced by the government to an assessment upon that $50,000 of profit. This hypotheti- cally put, is the pith of the suit brought by MT. Brewster against the collector of internal revenue at Hart ford, Conn, for a refund of nearly s1S,000.
 The case was ably argued before the judge and strangely enough notwith- standing the momentous importance of It, It seems to have escaped public notice. Judge Thomas bases his de- clsion which is in favor of Mr. Brewster upon his conviction that the profit obtained by MT. Brewster upon
The Birmingham age-herald., 1920-12-28
By Briggs

difference to the income tax law which prevails in some parts of the country. In some very large districts income returns have Teen almost com pletely ignored The public in those districts seem to be indifferent to this law not making any return. While the government officers recognize that this indifference prevails, they are all most powerless to reach it because it would require vastly increased cleri- cal force to search the country in or Ger to learn whether or not all persons who should have made income tax re- turns had done so. In fact it is re- ported that in some states there are from six to eight owners of automo- piles to every one of those who re- port income returns. And it is re- garded as not conceivable that a man can own anad operate an automobile and yet have insufficient income to meet the requirements of the tax col lector.
The Birmingham age-herald., 1920-12-28
Sugar Market


 New York. December 27.-The local market for raw sugar was easier today and prices were lower. declining 1.16c to the basis of s5-16c for Cubas, cost and freight equal to 5,3lc for centrifugal There were sales of $500 bags of Perut in port early at 4.1Sc equal to 528c for centrifugal, followed by sales 1000 bags of Porto Ricos, about due at 5,31c for centrifugal, at which level the market closed.
 There were no changes in refined prices, which are listed at 7.90c to Sc for fine granulated although the demand was said to be light.
 Sugar futures were easier early under scattered iquida tion prompted by the easier feeling in the spot market. and after showing decline of to 9 points for active positions, the market rallied on covering and trade buying, with final prices points higher for December ana unchanged to points lower on other po- sitions Trading was fairly active, al though much of it was in the form or switching January closed at 4:ctc; March, 449c: May 4.65c; July. 4.S7c.
The Birmingham age-herald., 1920-12-28
New Orleans cotton

New Orleans, December N.-Barring short period of steadiness in the early trading, cotton was weak today, and after midsesson fairly wide declines were brought about by scattered selling, much of which appeared to be in the way of liquidation of long contracts. Much of this selling unquestionabiy was due to the circulation of January notices, this being the first notice day for the month. Tenders did not amount to more than 500 bales and most of the notices were stopped early in the day but, apparently a few of them continued to circulate and they brought out long cotton. The market at it's lowest was S7 to 51 points under the close of last week and the close was practically at the lowest
 The first call brought declines of to 12 points on the near months, but almost immediately the market broke up ana went to net advances on the idea that January notices would quickly De stopped. Betterment of values continuei until the trading months were 17 to z' points over the final prices of Saturday, Selling increased at this level and ths market sagged under it and continuea during the remainder of the day. Jan uary traded at it's best and fell to i9Aic at it's lowest, closing at 1312c.
The Birmingham age-herald., 1920-12-28
LIBERTY BOND QUOTATIONS
Money Market Ry Aas0ciatrd Press

New York, December 27.--Prime mer- cantile paper, "A as per cent; ex- change, easy; sterling 6oday bills, 3.455s; commercial 60-day bills on banks, 3457s; commercial so-day bills, s3.45A; demand, 3.50h; cables, S.5fH Francs demand, 3.S7; cables, 5.S9. Bel gian francs, demand, s-21; cables, 62S. Builders, demand, 31.25; cables, S1.35. Lire. demand. 3.37; cables, 3.39. Marks, demand, l.37; cables, 1.3s. Greece, de mand. 7.05. Montreal 17% per cent discount. Government bonds. easy. railroad bonds, irregular Time loans, firm; GO days, 90 days and six months. 71zm7M per cent Call money, steady; ruling rate, : per cent; bank accep- tances 6H per cent.
The Birmingham age-herald., 1920-12-28
Hubbard Bros. & Co

Members New York Cotton Exchange, New Orleans Cotton Exchange, New York Produce Exchange. Associated Members Liverpool Cotton Association. Orders solicited for the purchase and sale of Cotton and Cotton Seed Oil for future delivery. Special atten- tion and liberal terms given for consign- ment of spot cotton for delivery.
The Birmingham age-herald., 1920-12-28
Hubbard Bros. X Co.'S Letter

New York. December 2S.-(SpeciaD Our market opened quiet. with an ad- vance of some Is points. The early advance was due to local traders buy ling. Commission houses sold in small quantities. The Liverpool exchange as closed, owing to legal holiday there. Their advance in the market restricted business somewhat. All eyes are turned towards the new year in antici- patton of what it will bring. Of late, the majority of houses are looking on the constructive side and believe that next month will see a partial revival of trade. When this force becomes a factor, there undoubtedly will be an advance. We expect during this ad- justment period some severe declines. but believe that purchases made on these setbacks will net future profits. Hubbard Bros
The Birmingham age-herald., 1920-12-28

the transactions for which he was taxed was not income, but was really increased capital. Furthermore, Judge Thomas was influenced in reaching this decision by deciS,on made in the Macuif1ber case in which Justice Pit rey of the United States supreme court said, Enrichment through in crease in value of capital investment is not income in any proper meaning of the term" Furthermore Judge Thomas holds that the income tax law of 1916 so far it attempts to tax such profits is in conflict with the con- stitution because as it is a direct tax it should be apportioned among the l several states according to the popu- lation.
 MILLIONS MAY HAVE
 TO BE REFUNDED
 Undoubtedly the government will appeal from the decision of Judge Thomas and the issue will ultimately reach the supreme court. Should the supreme court affirm Judge Thomas decision, then many millions must be refunded by the government to citi- zens who paid the tax levied upon in- vestment profit. This decision. how ever, does not affect the incomes oi those who made profits in the regular line of their business such as brokers. real estate men and others It applies only to profits which upon investments that were made in good faith.
 There is, however another point oi view to which some of the lawyers are calling attention. Should the su- preme court affirm the decision made by Judge Thomas, then it is a req sonabie presumption that if taxes levied upon investment profit were illegal It was not proper to deduct the losses upon investments from income tax returns because these were capital losses If this view be found correct. then the result of this decision if/it De affirmed will be to create much con1usion. It may entail Legislation by Congress in order to bring order out of confusion.
 INDIFFERENT TO
 THE TAX LAW
 Discussion over this decision has led to reports which tell of the alleged in-
The Birmingham age-herald., 1920-12-28
Kings Death Reported

Tuscaloosa, December 27-(Special.) "A telegram received here today announced the death in New Orleans of c. N. King. chief clerk of the Louisville and Nash vile freight office in Tuscaloosa. He left Friday The telegram gave the cause of his death as asphyxiation. In- torment will be at Townley.
The Birmingham age-herald., 1920-12-28
Spot Cotton

By Associated fress o. New Orleans December 2'-spot cotton. quiet, 25c lower; sales on the spot 50 bales to arrive, 22. Low mid ding, S.75c; middling, 1S.7sc; good middling, 165oc. Receipts, l,26s; stock 465 sos.
 New York, December 27.-Spot cot ton. quiet; middling, 15c.
The Birmingham age-herald., 1920-12-28
Cotton Seed Oil

New York December 27.-Cottonseed oil was sharply lower under liauiia- ton. prompted by the poor showing in other commodity markets. anticipation of liberal January tenders, and lack of outside business. Closing bids were 32 to Al points net lower. Sales. 13,60o barrels. Prime crude, $5.75; nominal; prime summer yellow, spot. $7.s0@S.T5; January, $7.95; March, $S.47; May, S.S0
The Birmingham age-herald., 1920-12-28
Interior Movement
January 1st Investments

As the January 1st interest and dividend period approaches, many people are turning their attention to new investments and invest ments which will net higher re- turn than they have been receiv- ing.
 We have carefully prepared a list showing a large number of attractive bond issues, paying from 6 h per cent to IS per cent, copies of which will be forwarded upon request.
The Birmingham age-herald., 1920-12-28
Coffee Market


 New York December 2I.-While no special change was reported in ;;rtzil, the market for coffee futures here was unsettled today, with prices lower un- der scattering liquidation. part of which came from Wall street sources. First prices were 6 to 10 points lower, with March selling off to 6.35c and May to 6.75c. or about II to 12 poi its below Fridays closing figures There were slight rallies later but they were not sustained, last prices being ap- the lowest of the day, with the market showing a net decline CT 8 to 15 points. A good deal of tEe business consisted of switching from near to late months. December 5.S5c; January. 5.S1c; March, 6.35c; May, 6.76c; July. 7.09c; September, 7.S4c; October, 7.44c.
 Spot coffee, quiet; Rio Is, Ice to 6sc: Santos As, sHc c to 10c. Cost and freight offers were irregular. inclul- ing Santos 4s from S.05c to S.25c and Rio Is at 5.90c to 6.10c, American credits.
 The official cables showed an ad vance of 30 reis in the Rio market, with Santos futures unchanged to 50 reis higher. The dollar buying rate was 90 reis lower. and Rio exchange on Lon don unchanged. Brazilian port re- ceipts, 51 900; Jundiahy receipts 33000
The Birmingham age-herald., 1920-12-28
NEW YORK BONDS i;v Associated Press


 IT. $, As, coupon, offered ........... 10S Panama 3s. registered. offered .... s9 l1ananla Ss, coupon. Ifered ........ 90 American Smeltiug 6 Refining 5s 72% American Tel. X Tel. cy, 6s ........ 9S% iAtchison gen. As ................. "A lAtlantic Coast line list As ....... 7s Baltimore X Ohio cv. 4k ...,.... s3% fISethlehem Steel ref 5s ,........... 77 iCentral of Georgia Consolidated 6s S1 lCentral Leather 5s ................. S5h Chesapeake & Ohio cv 5s ,.......... 74% thicago. B. & Quincy joint As ...... 95% Chicago, Mil. St. P. CIV. 4as....... 65 Chicago. R. l. & Pac. Ky. ref. 4s ..., 65 lCity of Paris 6s ............... s2 Colorado Southern ref. 4hs ...... Fl IDominion of Canada 5s G93D ..... slM Irie gen. 4s ...................... 70 llliDois Central ref. ............. 72 l mt. Mer. Marine 6s ................, 76 Kansas City Southern ref. 5s ....... II Iiggett 6 Myers 5s ................ f8& Louisville Nashville un. 4s .,.... 7sk Missour Kan. & Texas 1st 4s ...... 5S Missouri Pac. gen. As .......,....... 61A New York Central deb. 6s ....... STA Norfolk & Western cv. Ss ........ 1o2k Northern Pacific Is ................ 74 lpennsylvania gen. 5s .............. 84 Heading gen. 4s ................... 76x ] Republic Iron & Steel 6s us4o) ..... s4h St. Louis & San Fran. adj 6s ....... 5sj1 Seaboard Air Line adj 5s .......... s.h Southern Bell Tel 5s ............ 30 Southern Pacific cv. 5s ......... 96 Southern Railway 5s .............. s1 southern Railway gen. 4s ........ 5SA ! Texas & Pacific 1st ....,............ 75H Union Pacific 4s ................ 7SA I. Tni.ed s Kingdom of G. B. I. 1ss7> ssH t II. $. Steel 5s .................... 89M Virginia Carolina Chemical 5s ...... ssK
The Birmingham age-herald., 1920-12-28
Dry Goods

NsSOCIUVeu
 New York December 27.-Coston goods and yarns were quiet in today's trading, with prices barely steady. Raw silk also was quiet. Wool goods were reported steadier although bidding continued light.
The Birmingham age-herald., 1920-12-28
Naval StMA

Savannah, Ga, December 27.-Tur- pentinei quiet, s2hc; no sales; re- ceipts SPA; shipments. 457; stock, 14,- 46S. Resin, quiet; no sales; receipts, 1891; shipments, 1905; stock, S1,254. Quote: E D. F. F, G, Fl, I, K, M, N, VIC, wv, $11.
The Birmingham age-herald., 1920-12-28
NEW ORLEANS COTTos

Now Orleans December 27.-The cotton
 market closed steady at net dechhe oi '' to 50 points, ,,,..
The Birmingham age-herald., 1920-12-28

ments, 11,175; stock, s67,S7s.
 Dallas: Middling, 13.20c; sales, 2o2. Montgomery Middling, 14c.
The Birmingham age-herald., 1920-12-28

ny tASS"~ .~se"
 New York, December H.-Copper, nom- inal; electrolytic spot and nearby 131zV 14c: first quarter. 13tzDl4c. Iron, steady; No. l northern. s34dl35 %; No northern, SS2; No. ? southern, $Ssd3o. %. Tin. firm; spot and nearby, $32. 500ds3 .00 futures, s34 90 Antimony, S.37M5.Jo Lead. quiet spot s4.5nlf4. .75. Zinc. steady East St. Louis delivery. spot. 5 6sdi5. 75.
The Birmingham age-herald., 1920-12-28
Port Movement

By Associated Press New Orleans: Middling, l3.Ioc; re- ceipts, PCS; sales, 52; stock. 465,6as. Galyeston: Middling, ,14c; receipts, s.302; sales. 1,647; stock. 35S,755. Mobile: Middling, 13.50c; receipts, H. 172; stock, 27,4s7.
 savannah: Middling. 15.75c; receipts, 1862; stock, 15S,909.
 Charleston Receipts. 1S2; stock, 24S,- 971.
 Wilmington: Receipts, 42i; stock, 444S6.
 Texas City. stock, 2,sS7. Norfolk: Middling, 13-50c; receipts, 1,727: sales. 100; stock. 77s27 Baltimore: Stock, S052.
 Boston: Middling, 15.25c; stock. 12, 900.
 Philadelphia. Middling. 15.25c; receipts. lS5; stock, 6,sss.
 New York: Middling, 15c; stock, 24,511.
 Minor ports: Stock. 2,4so. Total today: Receipts, 15,62S, stock, 1,424sS2.
 Total for week: Receipts, 2S,S21; ex- ports, 2O.24s.
 Total for season; Receipts, s,32S,o62; export, 2,317,112
 Interior Movement
 By Associated Press Houston: Middling. 13.50c; receipts. 10s54; shipments. 56o4; sales, 1,57o; stock, 347134.
 Memphis: Middling, 14.o0c; receipts, 2,6s5; shipments, 2,564; sales. $50; stock. 377,967. Augusta: Middling. 13.50c; receipts. 1 6S5: shipments, 252; sales, IT; stock, 162.309.
 St Louis: Middling. 14.50c; receipts, 2,679; shipments, 2.754; stock, 17S91. Atlanta: Middling. 1S.50c. Little Rock: Middling, 1450c: re- ceipts. 336; shipments, l. sales. 1S4; stock. 62,57S.
 Total today; Receipts, 1S,34s; ship
The Birmingham age-herald., 1920-12-28
NEW YORK COTTON Nv Associated Press

By AsSOciAteU FtesS New York, December 27.--The cotton mar
The Birmingham age-herald., 1920-12-28
CHICAGO GRAIN QUOTATIONS
Cash Grain

By Associated Press
 St. Louis, December 2i.-Cash wheat No. , red winter, sla5di.9S; No. 3, sf@ December. SITS; March, sl.67la; May, Sl.61. Corn, No. white, 69l4G70c; December u,kc; May, 7414c. Oats No. white, 4slac No. 8, 4Sisc; December 471sc; May. 4s7se. Chicago, December H.-Cash wheat No. hard, SIT; No. 1 northern. sl.i9' Corn, No. 2 mixed, 1llae; No yellow R@7Gc. Oats. No , white, 471sG4Sc; No. white, 46a4T14c Rye, No. ,, s1.6oi4Q 1.6O1A. Barley 65dS7cl Timothy seed, S5. 5.5Od6.50. Clover seed sl5G20W, Pork nominal; lard, sl2.o7; ribs. s1o75@l2eo
The Birmingham age-herald., 1920-12-28

HfOOuCe
 By Associated Press Chicago. December 27-Butter firm, 54c. Eggs higher; firsts. 6Slado9c. Poui- try, alive, higher; fowls, 2o@26c; springs 26c; turkeys, 4oc
 New York, December G.-Butter firm , firsts, 4slA654lac. Eggs firm; fresh gathered firsts. 73GT4c. Cheese irregular; average run zz1 Soe St. Louis. December 27.-Poultry, hens. 16dzc; springs, 2Sc; turkeys 46c; ducks 2Sc; geese, 2Sc.
 Butter. soc; eggs, 63c.
The Birmingham age-herald., 1920-12-28
EAST ST. LOUIS LIVE STOCK T1raGa

W ba sh lst ........,... .....,............ Wilson X Co. cv. 6s .................
The Birmingham age-herald., 1920-12-28

By Associated Press
 New Orleans, December 2a-Rougii rice, no sales; receipts. 5,3S sacks; mlli- CTS receipts same Clean rice steady. Sales, Honduras. 675 pockets, 2A@1c; Blue Rose, ,466 pockets, 31ad4sc; bran ana polish unchanged. No receipts.
The Birmingham age-herald., 1920-12-28

By Associated Press ceipts, 4,SO6 active; steers 25c higher; ausi- ity medium.
 Buk Bl ot c.;n;,,..tr.;'''''''''... c.n,.t. 5Se SEQ Extreme range of prices s.2s@ S.7S Bologna bulls ........,....... 5.eV1 e.0o Veal calves, top .............. 1i.oo T Hogs: Receipts. 1a. 500; active; 5s@Tsc lower than early, or 159z5c below Fridays Early top on best butchers ....,11.!o Bulk lights and medium ..,..' lS.ss91deee Pigs and lights, early top ..... li.ss
 ssD RsseBs sss sms. iy rsssSsd most of the advance; very little of good quality here.
 Lam os, top ''''.'.'.'''''.' AiiaS az Bulk :......'..'.'.'.'''.. lI.9e@ 1l'zs Bulk .....,............... 5000 a.7s
 CHICAGO LIVE STOCK
 Chicago, December 27.--Cattle; Receipts 1000; beef steers uneveniy 2s e soc lower: Top heavies .................11$-s Top yearlings ............s... ls.oo Bulk cows and heifers ........ s.oo6 s.oo Bulls mostly ................ 5-5e0 700 Calves. packers, top ........... HOO FeH HoSs 1sa Reeeipss, Reetf 5000; lights ssa5oe higher; packing sows steady to 1oc higher. Practical top on lights ........ ie.7e PiEs. Pn1s bulk dsrabe 80 to iso lbs. io.ssS iSss
 Sheep; Receipts, 10000; fat lambs and yearlings soc Gs1 higher:
 Choice fed western lambs ..''.*12Ss Fed Fesh western ewes ........ 5.oS -''' Best feeder lambs ............ 1000
The Birmingham age-herald., 1920-12-28
Potato Market
Rice Market

Ky Associated Press Chicago December g7.-Potatoes steads. Northern white, sacked. s1. 400l.S cwt
The Birmingham age-herald., 1920-12-28
SMt, COff~
Metal Market

By Associated Press New York, December H.-Spot coffee. 6 5-16c.
The Birmingham age-herald., 1920-12-28
INDIFFERENT TO
 THE TAX LAW

Dlscusslon over this decision has lex to reports which tell of the alleged in.
The Birmingham age-herald., 1920-12-28

East St. Louis, December 27.-Csttle: Re- ipts, 450O active; steers 25c higher; Qusl-
Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1920-08-18
BAPTISTS SEND FIFTY
MISSIONARIES TO ORIENT
By The Associated rress0

VANCOUVER, b. c.. Aug. H.
Nearly so missionary workers sent
out by the Foreign Mission Board OF
the Southern Baptist Convention as
the advance guard of the extension
OF foreign work planned for under
the recent Baptist rs Million Cam
paign in the South, sail for the Orient
today on the Canadian steamer En-
press of Japan. They go to posts in
Japan, China and Africa.
Members of the party which sails
today and which constitutes the larg-
est missionary pilgrimage ever sent
out by a single denomination, it is
said, all came from the ten southern
and southwestern states included in
southern convention territory. Among
them in addition TO the evangelists
are doctors, nurses, teachers, women
workers and one scientific farmer.
Those aboard the ship, included
Robert l.. Bausum, of Annapolis, as
signed to South China.
Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1920-08-18
THE STATE TO BUY
man RANnS

Ii is reassuring to note that
there will be no interruption OF
the plans of the State Roads
commission because OF the tail
ure OF the bonds to bring salts
factory prices when the bids were
submitted last week. Since then
Governor Richie has informed
the Commission that the Board
Of Public Works has decided to
take a million of the million and
a half of the AZ per cent. lateral
and post road bonds. These viii
be bought out OF the State sink
ing fund in September. The re-
naming half million of the au-
thorized issue will be sold later.
The bond market is sure TO be
in a more stable condition in the
near future, and there is neither
reason nor economy i'll accepting
bids this summer that are below
par. Just now the market Is
"off, but gilt-edged state and
county securities are bound, III
no long time, to bring proper
prices. They are just about as
safe and desirable as any invest
ments that can be had, and the
present stringency of ready
money in this, the greatest pro-
ducing nation on earth, is about
due for reaction.
Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1920-08-18

To the Editor Of the Epening Capital:
The landslide which the Repubh-
cans predicted would start in favor Of
their candidates as soon as the n0mi
nations We're made. shows no signs o,
Undertaking.. although the eonven
tions OF both parties were held several
weeks ago. and Harding has been be
fore the people as the Republican
nominee for two months And now
there are not only no evidences of any
trend of public sentiment among the
people toward Harding. but rather the
contrary The Democratic candidate.
have started out on the aggressive ant
already they have put Harding ant
his followers on the defensive, and the
Republican candidates and the news
paper organs of that party are devot
ing their time and space 10 explana
lions. and where they attempt any of
fensive tactics they are weak anf
colorless and to all intents and pur
poses of no practical value whatever
From all sections. OF the country
come the reports that the Democrats