davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-03-14
new PLAN TO TAX
EXCESS EARNINGS
GAINS STRENGTH
Levy of 10 to 20 Per Cent
On Undistributed Profits
Is Favored
SEEN
Adams Believes 100 Millions
Would Be Revenue From
Scheme.

A tax of from 10 to 20 per cent
on ondistributed earnings OF cor
as a partial substitute for
the excess pronts tax viii have
strong support in Congress.
DR.. Thomas 8. Adams. chairman
of the Advisory Tax Board Of the
Treasury Department. has been In
IN the fat normal tax on corpora
tributed earnings to an increase
in the nat normal taxo n corpora
tions as a means Of preventing dis
crimination in favor OF individuals
and partnerships in the event Of
the repeal of the excess profits tax.
DR.. Adams has suggested a rate
of 20 per cent on undistributed
profits of corporations. This would
yield about 10000. 900 as against
the $3.50. 200. 900 loss in revenue from
the repeal of the excess profits tax.
DR.. Adams also estimates that the
additional revenue from the appli-
cation of the surtax rates TO divi-
dends distributed by corporations to
avoid the 20 per cent undistributed
profits tax would amount to $780,
600, 900. making a total of nearly
100000. 900 additional revenue which
would be DERIVED from this tax.
This would more than make up foN
the loss of the excess profits tax.
Representative Bacharach. of New
Jersey. a Republican member of the
House Ways and Means Committee,
who favors a tax on retail sales
and also proposes tax on undis-
tributed earnings of corporations in
order to equalize the position OF
corporations with that Of individ-
uals and partnerships which are
subject to surtaxes. Mr.. Bacharach
estimates that a tax of 10 per cent
on undistributed earnings will be
sufficient il a per cent tax on
retail sales is imposed. Mr.. Bacha-
rach would continue the present nor
NAL tax of 10 per cent and eliminate
the 100000 exemption OF corpora
tion earnings.
Equal Balance Claimed.
The advantages for the tax on
undistributed> earnings is that il
would come very near establishing
a true equivalent between the Ak
on the corporations and the tax on
individuals. The corporation wouli
pay a normal tax and the undistrib-
uted profits tax on the profit 1t did
not distribute, and the individuals
would be liable for surtax upon the
profits distributed.
If the excess profits tax were re-
pealed and no additional tax i'm.
posed upon corporations there would
be no tax upon tb income of the
corporation retained in the business
as would be the case with respect
to the individual and the members
of partnerships. Corporations now
pay normal tax upon their net
incomes. including the amount dis.
tributed in dividends.
The individual who received tha,
distribution pays a surtax on the
same amount that he received from
the corporation which has already
paid the normal tax on II. Tht
individual and members Of the part.
nerships pay a normal tax and also
the surtaxes on their income
whether they take II out OF the
business or not.
1t has been estimated that the
average corporation saves one-thirc
of its net income. A 20 per cent
tax on this undistributed part thu,
The Washington herald., 1921-03-14
Pittsburg Coal Company.

Pittsburgh Coal Company CPennsyi-
vania) has issued its annual report
for the year ended December 81.
1890. shoving net income after all
charges but before Federal taxes of
S1e.s33.715 equivalent to s16.27 q
share earned on ss7,1ss.2o0 aggre-
gate common and preferred stocks.
against t4.s5s,7fs, or $3.50 a share
on the combined sss.fss.2o0 stock
in the previous year.
The Washington herald., 1921-03-14
Chinese English Petroleum Co

Gable advices from Peking state
efhsf the Japanese activities In
shcnsi have not resulted in securing
oil concessions. but that "a Peking
syndicate has formed Chinese
English petroleum company. for
which the preliminary agreement
has been nled with the ministry Of
Agriculture
The diamond drill., 1921-02-12
TONS OF IRON ORE DURING THE
SEASON OF 1920
1856, ,6S7 FROM WEST SIDE
Caspian Mine Lead The List This
Year with Bristol Mine
Second In The List

The total shipments OF iron ore
from iron county this year Is 4,2Sl,-
$50 tons OF which total 2,950.63 comes
from the west side mines and the bal
ance from the east side.
The mines OF the west side made
an exceptionally good showing last
year, the Homer mine making a
surprising gain from its previous rec
ords. The Caspian mine leads the
shipping list for Iron county for last
year. the Bristol mine giving away
again TO the premier OF the west side
properties.
Some OF tie east side mines fell
down greatly. especially the Judson
mine which is capable OF much more
tonnage than was sent out the past
year.
One notable shipment In the west
side column Is from the Youngs mine
which was taken over by the Florence
Mining Co last year, also the Delta
which shipped its first ore.
The tonnage by mines Is as fol-
lows.
The diamond drill., 1921-02-12
IT'S FIRST BIRTHDAY
Crystal Falls National Bank Was n
Year Old Wednesday

The Crystal Falls National Bank
celebrated it's first birthday last
Wednesday. A year ago II opened
it's doors for business with George
A. Brotherton as cashier and Charles
Richard as assistant.
On Wednesday last its total de-
posits amounted to 100000. which IL
certainly fine record for an instItu-
tion one year old.
The banks force has been increas-
cd by one. Miss Alfeld Soderberg do
ing the book and stenographer work.
The directorate has had but one
change. caused by the death OF the
late ID. NJ. Ross His place Is filled
by w. J. Reynolds.
The officers OF the bank are Charles
Uren. president; w. J. Black, vice
president q. A, Brotherton. cashier:
and Charles Richard. assistant cash.
Ter.
The directors are Charles Uren
J. w. Black. Thos. wills. w. J. Rey.
nolds, Ell Miller and John X. stol-
berg.
The diamond drill., 1921-02-12
Read the Ads
MISS RUTH MARTIN HONORED

Although competition for places on
the Lawrence College Girls Glee Club
was the keenest this year that IL has
been for some time, Miss Ruth Mar
tin, daughter OF Mr.. and Mrs. Alfred
Martin OF this city, was one OF the
successful contestants Miss Martin Is
"a member OF the Lawrence and Con-
gregational choirs and an active mem
Der OF Mu Phi Epsilon sorority.
To secure a place on the Girls
Glee Club requires exceptional abil-
ity as singer. More than seventy
girls compete for places and less than
half that number will go with the
club on It's annual tour.
The itinerary OF the Girls club this
year will extend over Northern Wis
consin and Minnesota with a three day
engagement in Minneapolis. With the
girls will be Miss Gertrude Graves.
an artist OF national reputation, and
Miss Gladys Yves Brainerd. pianist.
formely with the Minneapolis SYM
phony orchestra and a protege OF
Arthur Shattuck. fabous pianist.
The diamond drill., 1921-02-12
BANK DOUBLES CAPITAL
Iron County National VIII Become a
100000 Bank on February IL.

At meeting OF the stockholders OF
the Iron County National bank, held
at the bank building last Saturday af-
ternoon, II was decided by a unani-
nous vote to increase the capital
stock OF the institution from $4,000.
to 100000. The application has been
sent TO the comptroller OF the cur
rency and il Is expected that all le-
gal requirements will have been COM
piled with and permission given to
do business under the new capital by
Feb. IT.
The date February II, Is the 31st
anniversary OF the instituting OF the
Iron County Bank. the parent OF the
present institution On February IL
1890, Mr. Corcoran opened the old r.
on County Bank In The little old wood
en- building now used by the Crystal
Falls Cooperative Society as store
room. II stood on the lot where the
present beautiful bank building
stands and did service until 1908.
when the new bank building was
built
Mr.. Corcoran had associated with
him In the venture his brother, the
late John Corcoran. Afterwards. Mr..
JAS. F. Corcoran purchased the inter
est Of his brother and was the sole
proprietor OF the bank until In 1904
he decided TO incorporate as a nation
al bank
In that year the Iron County Nat
ional Bank was instituted with Mr..
Corcoran as president, Charles II.
Watson as vice-president as Mr.. Can
ney as cashier. The capital OF the
new national bank was s25. 900 and II
remained at that figure until in March
i, 1907 the business had grown
to such proportions that Il was
thought best TO increase the capital
to $4,000. Since that time the bank
has grown steadily until today II has
deposits totaling over one million dol
lars. It's savings department alone
has nearly 100000 and that depart
ment is growing by leaps and bounds.
The officers OF the new institution
are:
President, James F. Corcoran. Vice
president, B. G Nicely; Cashier, J. J.
Gaffney.
The bank has been entirely separ-
ated from the insurance department
which Is run by a separate corpora
tion known as the J. r. Corcoran In
surance Co. Ltd
The bank now employees eight per-
sons, the position OF assistant cashier
being vacant because OF the resigna-
ton Of Mr.. Arnott short time ago.
The insurance company employees one.
About ten years ago the stockhold-
ers OF the bank purchased the bust
ness OF the Iron County Abstract and
Land &c. which does general insur-
ance and abstract business This
concern is entirely separate from the
bank and Dis managed by Mr.. Otto
Nelson who is assisted by Miss Rior-
dan. IL Is the only abstract in the
The diamond drill., 1921-02-12
----Head the Ads
DEFEAT FLORENCE 2s TO IL

The Crystal Falls High School bas-
ket ball team proved its superiority
over the Florentines for the second
time this season when the invaders
from Wisconsin lost on the local
floor last Friday 2S to 13. Although
not dangerous at any stage of the
game. Florence put up a great fight,
and was plugging as hard as ever
when the final whistle blew.
In the first half the visitors were
completely outclassed, the score for
the first period being Is to 2. In the
second half Florence spurted and
made eleven points to thirteen for the
locals Chainey, forward. and Lind
berg. center made the best showing
for Florence The lineup and score :
Florence; Chainey. forward. z; Con-
droski. forward; Godin, forward; ;
Lindberg, center, s.; Yehle, guard;
Helgren guard.
Crystal Falls; Gnody. guard. A.;
Trevarthen, guard; Rudolph Larson,
center, z; Ruben Larson center. 81;
McKernan. forward. 4; Luck. for
ward; Kiernen forward. 4; Dodero,
forward. 6.
The diamond drill., 1921-02-12
Read the Ads
WOMAN'S AUXILIARY

The Woman's Auxiliary to Louis
Bowman Post OF the American Legion
held very interesting and instruct
i've meeting at the Club rooms on
Wednesday, February 9. The reports
OF the delegates to the Grand Rapids
caucus were read Two new officers
were elected as follows: Chaplin
Mrs. Ben Bowman; Publicity officer.
Mrs. II. r. Rosenquist
An Americanization board was ap-
pointed. A telegram was sent TO the
state and national congressman. urg-
ing their support in the passing OF
the Soldiers Bonus bills.
The next meeting will be held Feb
%. All members are urged 60 be
present.
The diamond drill., 1921-02-12
CONVENTION HELD
Burridge and Doelle We're Endorsed
BY the Delegates Monday

| Delegates from all parts OF Iron
county assembled in the city hall last
Monday TO select delegates to the
state republican convention TO be
held at Detroit on the nth OF this
month. The delegates unanimously
and enthusiastically endorsed l.. A.
Burridge for state highway commits
sioner and John Doelle for member OF
the state board OF agriculture.
The several townships were repre-
sented as follows:
Bates-Not represented.
Crystal Thomas Conlin, A.
l.. Burridge and Chas. Uren.
Iron Rivera. j. VanOrman.
Stambaugh-E. S. Coe. Charles
Lawrence.
Mastodon-Not represented.
Hematite- Elmer Holmberg and
Lewis Aeschliman
Mansfield represented
City-M, III. Moriarty, w. J. Rev
nolds, =. $. Bridges L. A. Henry, Paul
schok and |. II. Jackson.
The convention was called 10 order
by Irving II. Jackson. secretary or the
county committee, who read the call
in the absence OF Chairman Bowers
Mr.. Jackson was chosen chairman
and Mr.. Elmer Holmberg OF Amasa
was elected TO be secretary.
On motion a committee consisting
of A. l.. Burridge and the chairman
OF each delegation was selected to Sc
lect and report to the convention
list OF delegates. The following list
was selected.
M. III. Moriarty, Thomas Conhn, Il.
S. Bridges. NJ. s. McDonough, p, o.
Brien, Il. s. Bowers and Charles II.
Lawrence.
Alternates, Frank Smith, II. +.
Gibbs, w. j. Perkins. w. A. Holmes,
w. j. Reynolds and j. T.. Gibson.
The candidates. OF A. l.. Burridge
for state highway commissioner and
John Doelle for member OF the state
board OF agriculture was endorsed
and the delegates instructed TO work
for their nomination.
p. s. Bowers was elected to be
county chairman for the next two
years and Irving Jackson secretary.
The chairman was given authority To
select local committee IN each town
ship and city
The diamond drill., 1921-02-12
Read the Ads
BRIDGES PETITION OUT
Present Mayor VIII Seek Another
Term-NO Election Talk Yet.

w. h. Dawson circulated the peti.
tion OF Mayor e. s. Bridges last Tues
day asking for signatures enough "a
place Mr.. Bridges in the running for
another term. SO far as has been
hhard there is no other petition in
circulation.
The city charter calls for the pc
tition 10 be filed not less than 1E
days before the primary or more
than 30 days before Il. The primary
election must be held two weeks pre-
yious 10 the day OF election Election
day this year comes on the 4th OF
April so that the city primary will
occur on the 2lst OF March and per-
sons wishing to be candidates for
city offices must file their petition on
or before Saturday, the 5th day OF
March,
The offices to be filed this year are
those of mayor and justice Of the
peace. The supervisors. elected last
year, hold over for another year.
There has been but little talk OF city
politics 50 that the circulation OF Mr.
Bridges petition during the week
came as q sort OF an opener for the
city campaign, II there Is TO be one.
SO far there has been no announced
opposition TO either Mayor Bridges or
to Mr.. Roberts. What the coming
week or two will develop is a prob
lem. Crystal Falls doesn't have much
political excitement as general
rule and II is quite probable that this
year will be no exception.
DNmI A.
The diamond drill., 1921-02-12
Read the Ads
WILLIAM q. NORRIS

William @. Morris died suddenly AZ
his rooms above the Eldred Garage
last Saturday afternoon at 2:30 Hlg
sudden death came as big surprise
TO HIS many friends. as he seemed
apparently I'm good health.
Mr.. Morris came here with his wife
and daughter eight years ago from
the copper country and has made his
home in Crystal Falls ever since.
Mr.. Morris was a carpenter CON
tractor by trade. He was 81 years
OF age and a member OF the Hough-
ton Lodge OF Maccabees
He Is survived by his wife. Mrs.
Morris, and daughter. Mrs. Wesley
Hoosier OF this city.
Mr.. and Mrs. Hall OF Houghton came
here 10 attend the funeral The re-
mains were inferred In the local ce-
metery.
The diamond drill., 1921-02-12
FARM BUREAU MET

meeting Of the Iron County Farm
Bureau was held last Saturday In
Crystal Falls, which was attended by
ELI Poutinen. Amasa; Victor Benson.
Bates; Joe LaChapelle. Crystal Falls;
Victor Soderman, Crystal Falls; Aug
ust Krans, Bates; and Willard Kin
|ney, Stambaugh.
The principal work OF the meeting
was the making Of arrangements for
the purchase OF seeds. The secretary,
Miss Edna Richard, was instructed
to take steps at once TO secure prices
and other information necessary 10
know in order TO order seeds intelli-
gently.
The inability to get county agent
has handicapped the Farm Bureau as
well as the County Agricultural
Commission.
The diamond drill., 1921-02-12
RETAIL PRICES

employers working men was APP
pointed recently investigate the by
general
places employment
made exhaustive inquiry into prices and filed
to the effect that charged retail
ed the retail merchants proheering.
this
prices charged
frequently prohteering
given
committee appointed city
our
prices Crystal high Perhaps
higher than prices places
However when you hear person complain OF prices ask him how he
buys under conditions The
complainant getting
much more than he is paying for.
money they stay
who
ere out the Dunn mine can't expect to that pound OF
for the that 100 pounds
which she hauled home rig and which she paid cash
The retail merchant the delivery purchase
the the trucks used in the delivery
paid for IT, People who get their supplies under the conditions just
complaint the prices merchants
actually getting
costs In order 70 give them the service cited the merchant has to
their merchandise home
condition wholly peoples making How be
eliminated problem that nthOm Prescribing
fellows
the fellow side line but he invariably falls down when
tempts through his theories.
people help this condition and
that is by buying bulk In interesting talk on merchandising
this oln the believe
Of that
prices a commodity
by buying stock for month two
attention to advertising and
caring for special but they simply buy the regular amount
pay"
community and both the
responsible for IT, the
the the advan
the purchaser because he hasn't been
will complain because of the prices
retailers will take advantage OF reductions
Roebuck and buy in bulk
This condition be wholly eradced because there are
obsed with the idea OF buying outside town. such
people would buy large
which going OF town that would stay
trouble educate them
for the dollar than they
In the end dsnt what pound
the but how pounds can set down
your kitchen for a big round dollar
not trying eradicate this
believe this criticism is valid The reason given us
by TO keep his delivery
what's OF educating
people less That we be-
s a
do-so-and-so than II Is TO do H. Ihis
education problem figured by or one
firm alone bigger and
stands alone Such not the
provision dealers are pretty much on
So there's where team II merchants will
whereby they
the peoplebrng about more team
the community and re-
the OF pape Keep up the prices the po
pie the doctrine OF certain
That unbusineike pol
ruin those who follow It,
down distributing expenses
would mind be much better slogan In the mean time ""
buying In bulk keep your eyes open ana
your dollars spend who brings the
most retur them, commodity and service
The diamond drill., 1921-02-12
Read the Ads.

Irene Cayia, student OF the North
western Business College at Spokane,
washington. won first honors In the
penmanship contest held shortly be-
fore Christmas. The prize won IN a
small gold M pin set with tiny
pearls.
The diamond drill., 1921-02-12
Read the Ads

Thad Waite left last Tuesday night
with Frank Fredrici. OF Caspian. SEN
fenced 10 the Ionia reformatory. The
young man was convicted year ago
but the pendency Of some motion held
up his starting to serve his term until
now.
The diamond drill., 1921-02-12
so SAYS CHAIRMAN GARY OF THE
US. STEEL CORPORATION
INDEPENDENTS CUT PRICES
General Opinion is That Buying Win
Not Start Until A Satisfactory
Level Has Been Reached

The all-absorbing topic in the iron
section these days Il the probable fut-
ure course OF steel and iron products
and its relation to wages and opera
ton In iron ore properties.
The only pronounced statement on
the subject was made 10y Mr.. Gary
last Wednesday when he gave out a
statement TO the effect that there will
be no lowering OF prices OF manufac-
tured iron nor has there been any
consideration OF a wage cut OF its
employees by the Steel Corporation.
This statement came on the heels
OF the wage cut by the Independents
and report that at least two OF the
Independent iron manufacturers had
offered finished iron and steel az a
price below that set by the Corpora
tion.
The steel situation is Just now tho
center OF the industrial situation. for
upon the maintenance or lowering or
present prices depends the disposi-
ton OF much construction work thru
out the country.
Freight Rates Factor
Against the demand for a reduction
in dron prices the manufacturers
point to the recent increase in freight
rates that has certainly increased the
cost Of manufacturing iron very much.
Freight rates upon the raw material
coal, ore. limestone-have brought
the delivered costs OF these commod-
tiles TO a very high plane and iron
manufacturers cannot cut prices To
anywhere near the plane that they
ruled at before the war because OF
these high rates.
In this connection II might be men
TONED that current press dispatches
tell OF committee OF railroad execu-
tiyes calling upon the Interstate Com
merce Commission TO reduce rates in
order TO stimulate business. The
same men were a year ago calling up
on the same agency to raise rates
and save the railroads from ruin.
Certain Is II that the increased
rates have curtailed transportation
very much and empty cars are pilIng
up fast
More Mines Closing
The Republic Iron & Steel Co. an
nounced the complete shutdown OF
all its Mesabi range mines and the
placing OF It's few Michigan proper
ties on a one-shift basis.
There has been no further reduc-
tions in Iron county within the week
but there ds no indication OF any in
crease in the working forces in the
near future.
There Is a pretty we'll defined senti-
ment for a cut in iron ore prices the
coming year. the amount OF the cut
being estimated at 75-cents per ton.
Should the rail rates on ore increase
Il will keep many properties hump
ing TO make ends meet al this figure.
Read the Ads
The diamond drill., 1921-02-12

The articles certify that the actua
capital paid in amounts to one mil
lion dollars.
The diamond drill., 1921-02-12
Read the Ads

The following item was re~e'ved
from the Sweeney Automobile school:
You viii he interested 10 know that
Mr.. Chas. Bottger, OF your town. en-
rolled today In the Sweeney Automo-
bile School. After about eight weeks
extensive course here. Mr. Bottger
will return TO his home where he ex-
poets 20 start into business for him
self
The diamond drill., 1921-02-12
FORD PAPERS FILED
incorporation Papers OF the Michigan
Iron, Land A. Lumber Go. Here

County Clerk Wall received the in
corporation papers OF the Michigan,
Iron, Land and Lumber company for
filing last Tuesday. The company Is
incorporated for $l.000.0O0 divided in
The diamond drill., 1921-02-12
Read the Ads

Mr.. Dubois OF Iron Mountain was a
guest of Mrs. VIM. ST. Arnaui last
Wednesday.
The diamond drill., 1921-02-12

That farm credit in the crux OF the
whole agricultural problem OF today
with allied questions OF distribution
and marketing demanding attention.
was the outstanding thought express
sed by agricultural authorities of nat-.
ional reputation who addressed the
big general meetings OF the NJ. A. G.
Farmers week. from Jan. 81 10 Feb.
A.
We must eliminate all unnecess-
airy factors IN our present system or
d'stribution" said A. f. Lever. ex-
congressman and present member OF
the Federal Farm Loan Board. Then
we must standardize our products.
organize our sales force. provide
warehouse facilities 10 enable an ev~
en- marketing OF our products. ana
finally devise credit machinery thar
will enable the farmer TO market his.
products In a sane and orderly wav's
After our immediate problems of
marketing. transportation. and credic
are taken care or. declared Dean
Eugene Davenport. Of Illinois unlver
sity, Eve must again face the prob
lem OF production in competition w't'f
the world"
The diamond drill., 1921-02-12
READ the Ads

Mr.. and Mrs AL. charron visited
for a few days at stambaugh with
their daughter Mrs. VIM. Bruley.