davidaulloa/AmericanStories huggingface dataset:
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-01-13
LANDS AND FARMs ron SALE

FOR sALE-Weh improved farm OF 100
acres. complete with stock. Inducements
nay and grain; Will sell all or farm sep
arate W. aid consider trade Tor good east-
e.h oklahoma land or rental property.
Hugo Goets, Lawrenceburg Tenn,
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-01-13
REAL ESTATE FOR SALE
HOUSES rON sNIr

close in, iiie bath. furnace neai. two.
car aarase. modern servant quartets. We
tnlhN ,his IN "" bost Investment ~ ihc
~ hYm,t A.. ptcnit y Co.. J2l-das
N""e''s b'ut' 'S"Ee e'!N
NY OWNER flNe't1"u modern bunsa
20" sn"u nome Nlore N furnace.
,altr phscmcnt ,Hk HuHtr 'hi"ushou,
nnhoRahy shd enamel finished Fr"nrh
Ip|" n ps'rs 'M.u,er ss ,nrT9 'sn,; ; ,''nW
chrn' 'Al osaxe hooh
SACRED HEART DiSTRtCr--SN- -ru, tn
rsse- sewer psid; walks In, ,on @. r.
cav hn' "a good ouy 'or Nf"l 'l,bOi
cash e",nnc, .e.y Homer \ psrht
tou VI w. N"befih Nlds psage $50
WAY HAsii Modern, -four in,tas, Itso.
u.hlS NV sl"hSaru pain NV n'' 80
"ioc"'c iihutea' beS' ln'".np ~ ven
In p,i,a,; oSn' IA ~ "N
month. u. II. Leonard a 20. cedar Co.
,,l,,.,s--,, -
baHement butlt.in rubinctA hook eases
mantoi close In Iocntion, paving paid
out. Price $500. with ~ 60O cash or
win sell completely furnished. Don't mlss
,hs, eau Cedar loe' w. d. Eppcfso"'
agent
BROADMOoR BUNGALOW
iligh-ciass. nevch'room bungalow, storm
sherteI weather Ntlppeu, brl'h touhih-
@ ton ,urmaGs, @ Verms, or w,,t '"ns,dor
s,,'.I'' p'"Po'S "' p"'' 'p""'' '""V''
osesc % ., .....
,ors .rn.. su an
----.----z.~ ~ s"'s ~" sN.S ~ ~"
FINE LOT on y. Quaker H., east front
sewer paid. Price $500 on good terms,
,,nset a. oreutt co" dsi-sss Hoboits
mag, Usage os's.
DdH ron buiIpbhs-H' i"ofio ST.
' a n.rass 81 noa nronn mr, rh!'"ns
,ai, i ~, nnen, g"oo ,a,r .ash ,oooo
foot corner ON uuena Vista. p.ori,' AZ 900
part cash. 5oNi6o on y. QUAKER 100
block 800 part cash uo,urr 4 or
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-01-13

~, >-r-- I1ivc rum and bteakfast
Fvh modern, unfurnlshcd house, close
row. ,sIiste possession. Phone Cedar
y der 10 n. ~. ----
New-York tribune., 1921-01-15
Two New Directors
Federal Reserve Bank Names
Men for Buffalo

The Federal Reserve Bank of New
York announced yesterday the appoint
ment Of two additional directors to
serve on the board Of the Buffalo
branch. E. ]. Barcalo, president Of the
Barcalo Manufacturing Company, of
Buffalo, was appointed by the Federal
Reserve Board, and Thomas E. Lannin,
vice president of the Lincoln Alliance
Bank of Rochester, by the Federal Re-
serve Bank of New York The object
of the increase in the board is to give
representation to the banks of Roch-
ester and also to have on the board
member active in industrial enter
prises.
The five former directors of the Buff
falo branch have been reappointed.
They are Frank L. Bartlett, president
of the Exchange National Bank, Olean,
N. Y, and Clifford Hubbell. president
of the Fidelity Trust Company, Buffalo,
appointed by the Federal Reserve
Board and Elliott c. McDougai, presi-
dent of the Marine Trust Company, Of
Buffalo; Harry T. Ramsdell, president
of the Manufacturers and Traders
National Bank, of Buffalo, and R. M.
Gidney. manager of the Buffalo branch.
al pointed by the Federal Reserve Bank
of New York.
New-York tribune., 1921-01-15
Experts Call Deals in
Crdis, Futures Necessary

WASHINGTON, Jan. 14.-Existence
OF future markets for speculation is a
necessity in the grain trade. the House
Agricultural Committee was told to-
day by representatives of the Chicago
Board of Trade. who appeared in op-
position to legislation proposing regu-
laton of the exchanges.
Exchanges cannot function without
speculation declared Joseph P. Gri-
fem president of the Chicago Board of
Trade. "All comm odity prices inevita-
bly, fuctuate unless monopolied"
Prices for wheat are fixed by the
laws of supply and demand. James E..
Boyle, professor of agricultural eco
Monies at Cornell University. testified.
Prices for grain on the Chicago Board
Of Trade, in a general way, reflect the
supply and demand factors and meet
the correct market test" he said.
The volume of future trade in Chi
cago, Professor Boyle estimated at four
times the actual grain production, on
which, he said, was collected toll of
only one-auarter cent a bushel, which
paid for the insurance future. With
out future trade he estimated it would
cast at least FIVE cents bushel to
handle the grain Of the country
Preachers, lawyers, doctors, farmers
and other men of moderate means
constitute large percentage of the
spectators. Professor Boyle said, add
ing that their elimination would be d
calamity TO the country.
New-York tribune., 1921-01-15
Selling Pressure
Is Well Absorbed
In Cotton Market
Prices Show Slight Losses
for the Day, but Improved
Tone in Goods Trade Is a
Factor in Checking Drop

The cotton market was much less
active yesterday and fluctuations were
correspondingly narrower. Following
the January liquidation Of late Thurs
day, business in that delivery was par
ticularly quiet, although notices esti-
mated at 2,100 bales were reported,
and telegram received here from the
South said that shipment of $4,000
bales would leave New Orleans to-day
for delivery in New York. That month
opened at 1890, sold off to 17O2c and
closed at 1708c, with the general list
closing steady net Is points lower to
4 points higher.
The census report, showing 294.851
bales domestic mill CONSUMPTION for
December, established new low record
as expected, but had been discounted,
while reports from the goods trade
strengthened belief that the mill
outturn will show a steady increase
from the beginning of this month.
and selling pressure was we'll absorbed.
Southern spot markets, as officially
reported, were unchanged to 10 points
lower, generally unchanged, with a
moderate volume of business in the
Southwest.
The local market for spot cotton
was quiet and unchanged, at 1860 for
mldd!ng; no sales were reported.
lhe range of prices follows;
New-York tribune., 1921-01-15
Financial Items

me National Bank of Commerce in New
York announces the appointment of Will
lanl I. Shechan ~ manager and Ernest
Schneider as an assistant manager of the
foreign department of the institution.
Mortimer n. Buckner, president of the
New York Trust Company. has been elect
cd a director of the Liberty National Bank
of New York
At a meeting of directors OF the Sea
board National Bank. held yesterday, C. IT.
Marfeld was elected vice president and
cashier. Donald Bayne vice. president. and
J. NJ. Potts assistant cashier
W. a. Tucker has been elected a di-
rector of the National American Bank
benjamin w. Worth has purchased the
Coffee and Sugar Exchange membership Of
A. Iserrizhoitia for $500 representlng a
decline Of $3.50 from the last previous sale.
F. w knolhof, formerly with w f.
Ladd & Co, is associated with Moore,
Leonard g. Lynch in their bond depart
uIent.
Frank Nay has resigned as vice-presi-
dent of the Chicago. Rock Island & Pacific
Railroad Company to become comptroller
Of the Allied Chemical and Dye Corpora
tion on February l.
New-York tribune., 1921-01-15
Slight Reaction
In Wheat Market
Despite Buying
Purchases for Export Fail
to Check Decline ON Lack
of Support; Sentiment Is
Mixed; Corn Holds Steady

Price changes in the wheat market
were feverish yesterday, and although
there was considerable pressure at
times the market held fairly steady
until near the close. when there was a
sharp break, which left final quota
tions Il to 1c net lower.
Underlying sentiment leaned more
to the bear side and most of the lead
ing commission houses commented
freely on the evident turn Of the ex-
port demand from America to the Ar
gent;ne The question of the Argen-
tine supertax has not yet been set
tied but although this is interfering
with business, private cables received
during the day from abroad indicated
that Germany made recent purchases
in the Argentine of about 100000
bushels, while France was credited
with taking 100000. At the same time,
the demand here from Europe was less
active. and the only business reported
for the day was 10000 bushels of
Gulf wheat sold to Belgium. The lack
of support from Europe has materially
Influenced the cash situation, and cash
premiums have NOT followed the re-
cent upturn in contracts.
In the local cash market No. red
and No. hard were quoted at S2.07
C. i. f. track New York, January ship
ment. The range Of prices follows:
open. High. Low. Close. aa' clos Close. :
New-York tribune., 1921-01-15

ANDREW J. MCCORMACK. Auctionesn
REGULAR AUCTION SALE
STOCKS AND BONDS
~ ADRIAN III. MULLER & son,
CrfdCE: 56 WILLIAM STREET.
"EDNESDAX. JANY. 10. 1921,
at 1870 O'Clock At the
ENCHANGE SALESROOM
NCS. IA AND 16 NESEY STREET.
FOR Account OF Administrator:
~ shs. Manufacturers Iron x Steel Ce.
shs. Janeway & Carpenter prefd
~ shs brunswick Refrig Grating CO AZ
prefd.
.5 shs. lnterwoven Mills prcfd
So"V New Brunswick Light. Heat a.
Power Co. n Mtg. Bond.
For Account of Whom ii May Concern;
shs. National city Bank
shs- Chase National Bank
> shs. Bank of America
~ shs- Guaranty Trust Co.
80 shs. Liberty National Bank.
200 shs. Grange Realty Co.
s1Il 1878 Mercantile stores Co 81 Deb
Bonds.
III shs. Mercantile Stores Co. v r c
LUG shs. Nevada Utah Mines g. Smeiters
Corpn,
sh. Country Club of New Canaan.
54l shs. George w. Rogers G. Co. COM
400 shs. Brooklyn Citizen
$3.50 Brooklyn Citizen Ctf- OF Indebted
$4,000 Nancy Hanks lst Mtg. 1oeo Bonds
o shs. Federal Company.
$4,000 34th street Crosstown Ry. 1st Mtg.
So Bonds.
1925 shs. The Hardie Machine Co.
l.500 shs. Lemon Pekos Tea Corpn.
New-York tribune., 1921-01-15
Livestock, Meats, Provisions

Yesterday. Year ago.
Live beef. fair to
prime, 100 lbs: so.bo@1o.7S s1abo@1soo
d e beef
sides ID lao 1914 1870 .25
Live Veals, COM
mon to prime.
100 lbs; ;.....;; 1o.oo@17.oo 1soo@2Aoo
city. lb ...... 200 .2s ECO .a5
,, lbs .,;........ 1000 $50 7oo@1ovo
city, Id; ....;.. $50 IA 800 .ls
Live lambs. fair
to prime. 100
Dressed lambs. W =" -''''
Hsss s'y 1sc % sSS Ss 1875 rs 1sa; as
Dressed hogs,
rGS Sss'q so Do' as$ ssSS as sSss alHS g
Mess beef, bbl.. 1600Q18.0O 18.000l9.00
Lard. NJ dsdle
West, 100 lbs 1866 @13.75 24.4o0245o
Butter; Cheese, Eggs
BWter-Receipts were 4,51s packages
Creamery, higher than extras, lb.. sly q
SIC, extras, 92 score, Sic; flrsts, 90 to 81
score, 47Gi 50c firsts Ss to SO score 43 q
46c; seconds, 90 to 81 score, $50 4lc ;
HTasez ss sstraa snsatss Sfher
hrsts, 44Q SIC; seconds. $50 42s; held or
stoTage high scoring 5oAa @61c; extras
4s@ e 9oc; frsts ~ @ = g 4sc; seconds, "a q 4oc
finest. 4aW5oc; good to prime, 42@4sc
common to fair. 3o@40c; ladies. current
make. hrsts 26@2sc; seconds. 22W23c;
lower grades. 2o@21c; packing stock, cur
rent make. No. !. 21h q 22c; No 2, zoe ;
lower grades 15019c,
Cheese-Recepts were 242a boxes
state whole milk. held. early made flats
specials. lb., 2S02s'sc; fall made, $50
26 'ac; average run. 24325i5c; fresh spe-
Gals 24'a @25isc average run, % 24c; !;
lower grades 20Q22iac twins. held spe-
Gals 70 u @,2sc; average run, 2402 ESQ :;
Wisconsin. held fats. 26@27hc held
twins. rs g 27c, single Daisies, held. 25 Y @
z'c double Daisies. held. 25a 027c;
Young Americas. held, 2Sia 029Hc; fresh,
2sc, SKINS held specials. 17M2Oc; prime
to choice, 15q17'sc; fair to good, 12@
"A 4iac; lower grades, 1oc.
Eggs-Receipts were 11,s12 cases Fresh
gathered, extras dozen. zoe; extra. firsts
77m 7Sc; frsts. 74@76c seconds and
poorer, 6SW73c; refrigerator, hrsts $40
65c; seconds, 81 q CSC; state, Pennsylvania
and nearby Western hennery whites, ex-
tras. soN SIC; extra firsts. 78@S0c: firsts
u q 7Sc: gathered whites. firsts to extra
hrsts. 77@soc; frsts. 77@7sc; gathered
whites, hrsts to extra firsts. 770S0c; un-
der grades. 73M 7sc pullets IS GD73c; !;
Pacific coast, whites, extra nrsts, $50
SOC; frsts, 77@7sc other Western and
Southern, gathered whites. TAO 7Sc: state,
Pennsylvania and nearby Western hen
merry browns, extra, soc; gathered brown
and mixed colors, graded extras, 79c;
firsts to extra firsts. 74@7sc.
New-York tribune., 1921-01-15
Sharp Decline Recorded
In Cotton Consus,s ption

WASHINGTON, Jan. Cotton con-
sumed during December amounted to
294,851 running bales of lint and q ,61S
bales of linters, the Census Bureau an
nounced to-day. Cotton consumed dur
ing December, 1919, amounted to SILL
III bales of lint and 25,03l of linters.
Cotton held in consuming establish
ments December 81 was 1858 1877 bales
Of lint and 239, ,029 bales of linters,
compared with 1,S36,703 of lint and
$50, 100 Of llnters, and in public storage
and at congresses 5,623,538 bales Of
lint and 337,S30 of linters, compared
with S76,843, including 3,091 OF linters
Imports Of cotton amounted to 25,-
800 bales, compared with 1854.
Exports were 783,578 bales, includ
New-York tribune., 1921-01-15
Urges Nitrate Output Cut
Chile Producers Asked to Help
Remedy Price Slumn

VALPARAISO, Chile, Jan. 13.-Thc
Nitrate Producers Association, with
It's headquarters here, has recon-
mended that it's members sharply re-
strict production, owing to "the diff
hculties of the worlds commerce.
winch is reflected among consumers of
nitrate, who are especially affected by
the enormous fall in prices of the
principal articles. of consumption"
1t is estimated that the accumulated
stock of nitrate in Chile on December
81 amounted to 1.2OO 600 tons
New-York tribune., 1921-01-15
Opposes Frelinghuvsen Bill

p,.'.Is p,.m'.nIsShlSGTON. Jan. IA. ~ Glenn
70, fms, ~. author Of the tripartite plan
!. asiiroad operation, told Senate
-. amitsse aiiae to-day that the Frelinghuy-
ys..ai pai Tor Interstate Commerce Com
sasss ssson regulation of railroad supply
Aern was "a mon9rel combina-
H.. s competitive and rcgulative
S,sL,,ss sSs.,,ss OF railroad operation. He
~ mat IL vas drawn by Alfred +.
gs;sln, counsel for the Agsociation of
4rsssy Executive and other railroad
~ and would not reach the
tIsn. "nicn the Clayton act was de-
New-York tribune., 1921-01-15

~ .ss1Syw,ieatitn has been made to the
~ 5,s. 5ork stock Exchange to Int Cali
- ss~.s,,n ~ company az.5z9, 100 per cent
is iss,sst'ye convertible preferred gtock;
Z III n. 5y.aguesne Light Company z21,.
gx,ssss gxs.s q nrst mortgage and collateral
3 - ~ .sirty year gold bonds, series A.,
n 3'asIy }, 1919, aud the Granby Con-
,sl19 80 sA Mining, ESaeltjnZ md Power,
I q t'oo, 200 1ye-yeAr y per cent con-
o's dsDsntprs bonds, due Msy 1.
New-York tribune., 1921-01-15
ka'o Sugar Is Quiet;
Prices Held Steady

Sugar, granulated. lb.775 .i5@.is 81;
Conee. No. z Rio. .06N .I6M
Oo'ieo' santos NO T.. - .23N
Although refners showed little in
terest in raw sugar yesterday, prices
held up we'll and as result the mar
ket was quiet. Another reduction in
refined by at least one company was
reported as contemplated for early in
the week. Futures were quiet and final
prices were l to points net lower.
The range Of f.prices:
New-York tribune., 1921-01-15
Southern Spot Market

steady. unchanged at 15c: sales, 1900
pales. New Orleans steady, unchanged at
l3c; sales, 217S bales Mobile nominal. un
cnahsed at &c; sales, nil Norfolk quiet.
unchanged at &c; sales 2o2 bales Memphis
sb,eaay' baasy' unchanged at 14.5oc sales, 1000
"a pas,s. Is 81. Louis steady, unchanged at
ia.oVc; sales, nil. Houston steady 10 points
lover 10 at 14,5oc: sales. 5,51s bales. Little
ha'sh hock quiet UNCHANGED at 1860: sales, 3ie
pales' Dallas steady, 10 points lower ar
l435c; sales, 2.0G2 bales Fort Wortb
steady unchanged at 1425c sales, 2,154
New-York tribune., 1921-01-15
DIVIDEND NOTICES
CRoCKER- WHEELER CoMPAN

Ainpere New Jersey. January II. 1921
AT \ meeting of the Board of Directors
OF Crocker- Wheeler Company held Janu-
airy 12th, the regular quarterly dividends
Of Y e the Preferred Stock and
2fo on the Common Stock for the quarter
ending December 3lst. 1920. were declared
payable January 18th. 1921, to stock
holders of record at the close of business
January 4th.
A dividend In Common Stock to tho
Common Stockholders of record at the
close of business January 4th 1921.
amounting to 100 Of their Common Stock
was also declared payah BILE January 18th,
1921 f. LAM, Secretary.
New-York tribune., 1921-01-15
Western Union Statements

The Western Union Telegraph Com
pany' Inc, reports net income, after
interest on bonded debt, for the twelve
months ended December 81, earnings
TOR December estimated, of s12,784.75O.
Balance for the period amounted to
S14Il6.600
New-York tribune., 1921-01-15
NEW ISSUE
$7,500000.
The United Gas Improvement Company
800 Two Year Coupon Gold
Dated February 1921 Due ebruary1
7 crpon Notes $1,000 Principal
$7,500,000.

Notes
Trust
l.
at land Interest
also Pennsylvania
New-York tribune., 1921-01-15
livestock Men Urge Tariff
For Indl.strv's Protection

Ell PASO, Tex, Jan. a.-Enactment
OF tariff for the protection of the
livestock industry, the gradual estab-
lishment of municipal retail markets
in all cities and the enactment by
Congress Of constructive Federal leg
islation regulating the packers, com
mission, men and traders" was recon-
mended in resolutions presented to the
American Livestock Association Con-
vention here to-day by its resolutions
committee.
New-York tribune., 1921-01-15
Corn Slightly Lo,cer
On Increased ReceiDts

The corn market was only moderately
active and price changes were feverish,
Closing easy. with wheat at net declines
Of u to lzc. Receipts were again lib
erai at primary points and the appar-
sns Willingness on the part of the farm
efs to sell their corn gave rise to cx-
pectations Of continued large arrivals
Tor some time to come.
In the local cash market No 2 yell
iow was quoted at 93c.xeNo. 2 mixed,
s2lse. c. J. {. New York ,sten days ship
raent.
Yesterday's Previous Year
3 40. yelio ~ 30e3 s092i. s167H
Chicago:
snssaars nssr -. .ss% 81, 1.ss#
osts--,rhe oats market WAS again
Nv ana psices were Influenced principally
me action ~ wheat and corn, closing
Z, - Ac net lower
80 quoted a, 50iz n sic; 80. white.
x9spc. No. white. 5siz ~ 53c. 40
IT, PA Vs7Hc fancy clipped white.
s,ar ssc; ordinary clipped white. bs y q
xss- York elose. low ciose. se ago
- 9, : White SO u @.6s .5s1a Nbs .o7@ s7ia
az 5sy ...... ~ .4sM .s1N
..*...., .l7ss ~ .75M
Hse--steady.
fes,srdays Previous Year
No yt.rlk close. clOBc. ago.
"sSsrn SL5zM $i.3zA ;i33A
s0f and acaS-Qvotations were:
Yesterday's Previous Year
sssS York: ciSse close sro
Ts,1s PAT. 10 .50Wf0z5 sh.50Wfo.25 sl4B0
r.. meal. 1.boM 2.l5 230lD - 2s7h
ssss ..' s,.9eeWs,1o s.7s@s.26 s.5o@s.lo
New-York tribune., 1921-01-15

ing. 3,179 bales Of linters, compared
with S76,S43 including 3,O91 of lin
ters.
Cotton spindles active during De-
cember numbered 29,879,402, compared
with 34,583,166.
New-York tribune., 1921-01-15
FINANCIAL MEETINGS
metropolitan Trust Company

of the City OF New York
The annual meeting OF the Stockholders
OF this Company for the election OF ten
. Directors Will be held at the offices OF
the Company. 60 Wall Street. at tweive
O'Clock noon on the nineteenth day OF
January, 1921 The stock transfer books
Will be closed at p. NJ. January 7th,
and rcopened at 10 A. NJ. January goth.
1921.
GEORGE ". HARTMANN.
Secretary.
New York. January 7th. 1921.
New-York tribune., 1921-01-15

Conee Fntures-The market was less
active yesterday and a result Of de-
creased demand prices alumped. They
moved irreKularly most Of the day, closing
at net declines OF IA to II points
The range of prices follows:
Thursdays
New-York tribune., 1921-01-15
Issued
$7,500,OO0
6,103,OO0
61,029,8OO

BUSINESS n and ndp
r nj power
n ga
he proc his iue)W value COMPANY asof 10
abassw which at
S NOR thar c O.
o
n a
an i Nuga
#
AHntw
Pa Ga De and various
o Syracu Y.
c. O Iowa;
the Georgia
n II o as Improve Com
i i
u pledge
o oth at1
EARNINGS n thar
n during period has net etincne
to payment o ineret tisi o Notebe
amour
a
New-York tribune., 1921-01-15
Cotton Statistics


ITverFbOI CRbIcs-Spot cotton IN fair de-
nand at SO points advance; mddling
10 s5d; sales, 5000 bales; American s. 900
-oalcs; imports, none. Tenders. docket
d.6oo bales. Futures opened quiet IS to
20 points lover Closed steady. at to 1s
points higher. January, 10.7Sd; March
lo.a7d: May. 1o.Sid July. 10000; October
losld. Manchester' Yarns hardening
Cl0ths fair business doing
New-York tribune., 1921-01-15
COrtonseed Oil

The market was active, closing with net
gains of to 25 points. Total sales for
the day were 17,0 900 barrels.
The range of prices follows:
New-York tribune., 1921-01-15
HARRIS, FORBES & co.
DREXEL & co.


mrhabIeG area ccepedb by
As he h bn hiadu nerofc
New-York tribune., 1921-01-15
Bankers Trust Company, New York, Trustee


go Two Year Gold Notes (his issue)
TO Cumulative Preferred Stock (par $500
The Preferred and Common Stocks of the Company based
have market value in of
Mr. Samuel T. Bodine
New-York tribune., 1921-01-15
ASSETS:
PROPERTIES:


MANAGEMENT: (:
PURPOSE OF
ISSUE:
PROVISIONS OF
ISSUE:
EARNINGS:
New-York tribune., 1921-01-15
BUSINESS:

BUSINESS:
ASSETS:
PROPERTIES:
, 1921-10-27

reasons which have led your COM
mittee to recommend itS repeal. The
time for discussion is past: and the
time to repeal the tax has arrived. I.
may be mentioned. however, that
further investigation has only ac-
cPntuated h conviction that the in
CAPABILITIES of this tax make necessary
IT'S early repeal. Whatever NAV be
It's theoretical merits. in practice il,
eXemptS tho Ovcr-Capitalized
ton. falls more heavily upon corpora
tons of small or moderate size than
upon the larger corporations, pen
allzeS business conservatism. and
places upon the Bureau OF Internal
revenue tasks which are beyond its
strength.
'lOur committee recommends a
reduction Of the minimum surtay
from d5 per cent to 80 per cent in
the belief thai in the near future
the lower surtaX will. by stimulating
sales and profit taking. and by max
ing possible transactions now block
by excessive surtaX rates. not,
only facilitate needed business re-
adjustments but actually Increase
the revenue. In the long run in the
opinion of your committee the 30
per cent rate will yield more rnve-
nue. than the 65 per cent rate"
, 1921-10-27
LIGHTER FISCAL BURDEN
PROMISED BY PENROSE
Last Payments Under Transportation
Act In 1922 Will Enable Congress
To Make Larger Saving.

WASHINGTON, Oct. If Fiscal
problems of the government and
their solution are exclusively mar
rated by Senator Penrose. chairman
OF the Committee on Finance, in IA
favorable report on the new eve
nue. bill which has taken the place
OF the House measure. He says:
The revenue bill which your
committee recommends Is designed
to produce enough revenue to meet
without borrowing all ordinary ex-
penditures. including $~265,754.S65
for the cumulative sinking fund
authorized by the Victory Liberty
loan act. The bill is intended to
provide some margin of safety. but
not to create any current surplus
over necessary expenditures.
THE Secretary of the Treasury
estimates hat the expenditures for
the fiscal year ending June 80. 1922.
will aggregate $4,O34.O00, 900, an
amount, it will be noted. in excess OF
the appropriations for the same fiscal
year because of expenditures that
must be made from available bal
ances from prior or continuing ap-
preparations. The principal receipts
with which to meet these expendi-
lures must come from internal taxes;
but there r substantial receipts
from customs and miscellaneous nom
tax sources. such as salvage, Panama
Canal receipts, and the like. Gus
toms and miscellaneous nontax re-
ceipts will yield 1t is estimated