davidaulloa/AmericanStories huggingface dataset:
Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-07-14
SUAVE YOUTH TOUCHES
PHYSICIANS OF CITY

a suave young man with pleas.
ing address is reported to be call
ing upon a number of the medical
profession with a complete new
Ilne' He approaches his victim by
a profession of cquaintanceship
based on his father receiving medi-
cal attention. He then tells of his
1athers passing to the great be-
Sond back east and winds up by n
small touch. Three well-known
professional men were WEIGHED out
OF small amounts yesterday. The
individual is described as well
dressed and of rudy complexion.
NJ Bone Corsetiere, Mrs. M. P.
Williams. 406 North Third. phone
Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-07-14
WALTER SCHMIDT MOVED

San Francisco, Calf, July 49,
Walter Schmidt, star catcher of tho
Pittsburgh National league baseball
team, has come to terms with the
team management and will leave
for the east next week to join the
club.
Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-07-14
DEATHS AND FUNERALS

GALLEGOS-Atanacio Gallegos
aged 9S years, died last night at his
residence, 80 East Grand avenue
lie is survived by one daughter and
ms wife. The body was taken tc
Crollotts funeru parlors pending
funeral arrangements.
PETSCHKE-Elsie A. Petschke
age 20 years, died here last night
Her mother and sister were with
her and will take the body to Chi
cago for burial. Strong Brothers
are in charge.
Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-07-14

Home cooked food and fancy
article sale of Ladies' Aid Society
of st. Paul's Lutheran church. at
Riedling's Music store. 304 West
Central, all day Saturday.
Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-07-14

FOR RENT - Furnished one
room cottage. with sleeping porch.
Phone 21S5-R, or call 1903 East
Copper.
Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-07-14

CITY ELECTRIC SHOE SHOP
Phone 56s-W. 2I3 South Second.
Free Call and Delivery.
Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-07-14

Gentry's Eggs, 45c; for sale at
leading groceries.
Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-07-14

Public Stenographer,
Room 8, Melini Bldg. PHI. 7O1.W.
Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-07-14

The Gildersleeve Electric Co.,
ali East Central. Phone 7p7-W.
Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-07-14

Free Soap--DaiIy's Kash-Karry.
DaiIy's Gypsy Store.
Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-07-14

Order your meats from Daily's
Gypsy Store.
Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-07-14

NEUTRALITY-SUSPICIOUS.
Osteopathic- Violet-Ray Treatment
DIR. ID. r.. MURRAY,
8 N. T. Armijo Bldg. Phone 74f
New-York tribune., 1922-01-29
Gross Income Included

For income tax purposes, individuals 8
may be divided into two classes, viz,
citizens and residents of the United
states and nonresident aliens. Cor
porations are classified either as do
mestic or foreign. Citizens and resi-
dents of the United States and donles-
TIC corporations are taxed on their en-.
tire net income both from sources
within and without the United States.
except that citizens and domestic cor
poraIons, 81 per cent or more of whose
gross income for the three-year period
preceding the close of the taxable year
WAS derived from sources within a pos
session OF the United States, and so
per cent or more Of whose gross in
come was derived from the active con-
duct OF trade or business within a
possession of the United States, are
taxable as non-residen aliens and for.
eign corporations.
With the exception OF certain items
which are made specifically EXEMPT
under the Law, the gross income Of a
resident taxpayer, whether individual
or corporate, consists Of income from
all sources. whether paid in cash or In
property. Gross income is defined In
the 1921 act to include all gains, profits
and income derived from
Cd Salaries, wages, or compensation
for personal service OF whatever kind
and in whatever form paid. including
compensation paid Federal officers and
employees;
(2l Professions. vocations. trades
businesses. commerce, or sales;
to) Dealings in property, whether
New-York tribune., 1922-01-29

real or personal, growing out of the
ownership or use of or interest in such
property;
90 Interest. rent, dividends, secur-
tiles, or the transaction of any busi-
ness carried on for gain or profit; and
any other source whatever not spe-
cifically made exempt,
The above items are the same a.
those contsincd in the former law.
Nonresident aliens and foreign cor
porations arc subject to tax oniy on
their income derived from sources
within the United States. The 1921
law has added new provisions defining
gross income Of nonresident aliens
aud foreign corporations, and tho
method Of detcrru ming net income. One
OF the important new provisions is that
eXcmptng from tax interest on bank
deposits OF nonresident aliens and for.
cign corporations not engaged in busi.
ness and not having an Office or place
of business within the United States.
Another provides that gains, profits and
income derived from the purchase Of
personal property within and it's sale
without the United States, or from
the purchase without and its sale with
in the United States are to be treated
as derived entirely from the country in
which sold :"
New-York tribune., 1922-01-29
Capital Gains

The following example shows how
the tax on capital gains applies:
Assuming that taxpayer in 1922
sold
% A factory building which cos.
100000 in 1918 for $3.50, ,0OO. the de-
probation Upon which from the date of
purchase TO the date of sale amounted
10 100000.
60 Bonds which cost $4,000 IN 1917
and 1918 for $50, 900; and
t3) Oil leases which cost in 1919
100000 for $4,000; his total capital
gains would be $4,000. his capital
losses would be $4,000 and his net
capital gain would be $4,000.
--saming further that his ordinary
net income for 1922 from his business
and from interest or bonds is $4,000,
instead Of paving the normal and sur
tax on his total net income of s6iO, 900
he is permitted under the new law to
pay tax Of 12is per cent on his capi-
te. net gain Of $4,000 AID normal and
surtax Oh tie ordinary net income OF
$4,000 If the taxpayer Rad a per
sonal exemption of $4,000, hi. total tax
under the new method would be ss3,-
cso. instead OF 1924 ,44o, If the entire
amount were subject 10 the normal and
surtax, thus resulting in 8 saving of
$241 eco.
A number OF questions will undoubt-
sciy arise under these new provisions
New-York tribune., 1922-01-29

which must necessarily be cleared up
ny the regulations. One OF the ouea.
t!ons presented is whether or not a
taxpayer who has no net income. other
than capital net gains may reduce such
capital net gains by the deduction Of
the personal exemption. Inasmuch
as the personal exemption is allowed
only against normal tax. II would seem
that an election to be taxed at the
l21a per cent rate in such case would
defeat the Taxpayers right to the per.
sonal exemption.
1t will be found in actual practice
that the net gain provision will only
be advantageous to a taxpayer when
his income exceeds $4,000. This pro-
vision is of especial Importance in That
it makes possible the liquidation of
assets which have increased in value
over period of years and Of which
the owner would not dispose because
Of high rates Of surtax.
Members of partnership and benc-
fciaries Of a trust are entitled to the
privilege Of taxing net gains at the
flat rate of 121s per cent. lnssmuch as
the corporation tax for 1922 and there
after IS 12i3 per cent, the capital gain
provisions are made applicable only to
individuals.
New-York tribune., 1922-01-29

or to pay profits to those who wish to
take them.
Thus in recent weeks, after the up
turn in the market, the financial world
has been permcatcd with rumors that
bucket shops were in financial straits.
Those who have followed the argument
of this paper will understand the pres
cnt plight of the illegitimate broker.
When the market goes right for him
he makes much wider profits than the
reputable broker, for, besides commits
sions and interest, he makcsl all his
customer loses. That is why the
bucket shop keeper is able to decorate
his offices with luxurious carpets and
exquisite mahogany 1urnture; that is
why he is able to bid away the services
of clerks and office employees by Of
fcrng to double and triple salaries.
In the present emergency the man
with brokerage connections has a duty
to himself.
he ought to be able to assure him
self that his broker is playing the game
according to the rules of the leading
exchanges apd in accordance with the
state law. if you suspect your broker,
lind out how great your debit balance
IS, pay it off il you can and demand
your stocks. II you cannot pay off
your debit balance, have your account
transferred to a reputable broker. If
the broker refuses to surrender the
stock on the payment of debit balance
notify the District Attorney and con-
suit a lau-vcr
New-York tribune., 1922-01-29

stock purchased on margin for its Gus
toners, even though the latter are
under the impression that the sccuri-
ties are being held. Thus when the
evasivc broker charges even per cent
interest on funds lent he is merely
pocketing the per cent, as no stock is
on hand to require financing.
When prices decline the bucket shop
either requires its bullish customers
to put up more margin or it informs
them that they are wiped out. In such
cases the original margin Is taken hy
tho firm as profit. The reputable
broker, on the other hand, makes moth
ing out Of the wiping out Of a Gus.
toners margin by the fluctuations in
prices. Actually having the stock, the
legitimate broker will sell it to protect
himself when his customers equity has
been effaccd by price changes.
For the last five months. however.
the trend Of stock prices has been up
ward. Many Of the customers in the
fictitious brokerage Offices now have
profits. Stocks are quoted higher than
they were on the day they were pur-
chased. Customers are clamoring for
their profits, and to meet these claims
the broker requires cash Moreover,
where customers arc profting but do
not care to take their profits their
margins are growing larger as the
market value of their security rises.
Thus the broker is finding all too few
customers wiped out. When in former
days the margin was etfaccd the elusive
broker would appropriate the margin
Tor his own account. That gave him
funds
New-York tribune., 1922-01-29

amount to $50 and the English to $50.
and that also measured in dollars, j. e.
IN gold, the German taxes are no
moro now than they were before the
war, while the French have increa sed
70 pei, cent and the English three and
half times. One secret Of these
widely divergent figures, il thew are
correct, is to be found in the fact that
England has practically a balanced
budget, while France has rot and Ger
many is not only miles away from a
balanced budget, but is making up the
difference by forced loan, !. e., bv
issuing irredeemablc paper money.
Naturally Germany is watching
eagerly all the chances for reduction
and is directing her policy accordingly.
She knows that the Allies already haye
virtually Cancelled the Austrian debt.
treating Austria as a BANKRUPT. Con
sequently reputation for bankruptcv
must have strong attractions for Ger.
many. BY imitation her mark alreadv
has been so deprecated as to amount
to reputation Of 95 per cent Of hcr
huge domestic debt The mystery ~
Gormany's small exports, on which she
ls to pay the 26 per cent to the A]l;es
IS said to be systematic undervaiua,
tlon Ga process helped by the EXCHANGE
situation).
New-York tribune., 1922-01-29

f'fN'' '"ftb 'Ni NiAS new 1nSlnO0 OF
taxing rroits Congress distinguishes
between capital net gain and
ordinary net income Capital net
gain" means the excess Of the total
amount OF capital gain over the sum
OF the capita deductions and capital
losses. "Ordinary net income means
VIC net income a ordinarily computed
after excluding the items of capital
gam, capital loss and capital deduc-
lions.
Capital gains" and Capital losses"
include gains or losses srising from
the sale or exchange of capital assets
Capital asScts, as used in the law
means properly acquired and held BY
he taxpayer for profit or investment
Tor more than two years. whether or
not connected with his trade or bust
ness. The law specifically provides.
however. that capital assets does not
include property held for personal use
or consumption. stock in trade. or other
property which would probably be in
cluded in the inventory if on hand at
the close of the. taxable year.
At the option OF the taxpayer "capI-
ts' net gam" as thus defined. may be
taxed separately from the ordinary net
income AZ the fiat rate of 12is per cent,
but IN such cases, where the taxpayer
elects 10 be taxed in this manner the
total tax on the entire net income, in
cluoing ordinary net income and capi-
tai net gains, shall be not less than
42's per cent.
New-York tribune., 1922-01-29

Out OF this fundamental fact grow
numerous contrasts. Of these the one
Which most concerns this article is
the contrast between the French and
British attitudes toward the German
reparation payments. France is treat
ing Germany's obligation as real
asset and is borrowing money from her
people on the strength Of that asset.
England, on the other hand, is balanc-
Ing her budget without reference to
tLeparatlon payments: When-or per.
maps should say, if-these payments
arc made, England will apparently CON
Meanwhile. they are vitually written
of her books as bad debts. If cas-
ually suggest to an educated English
man that perhaps Germany can't or
wont pay, he generally seems indiffer.
ent, and often even say openly that
ne doesn't expect or want Germany to
pay: But if I suggest n-payment to
. frenchman he becomes excited and
launches on long tirade against Ger
many, lnterspersed With most emphatic
demands that the payments must be
forthcotmlng-"il faut payer; il faut
payer. Inc devastated area must be
the bill! f"'
As to to Germany's ability to pay, the
usual French contention is that she has
the ability. All that is necessary is to
do what France is doing now, namely,
TO devote FIVE times as much money to
rebuilding France as is spent for ord-
nary governmental expenses. The weak
point in this suggestion is that France
gets much of this five times by Dor
rowing in the anticipation of reim-
burscment from Germany.
New-York tribune., 1922-01-29
Testing Allies

Aud Germany, by virtually refu.in.
to pay; seems to be trying to test out It
what the Allies arc going to do about u
It, The French believe Germanv' ;s
"r,llggling out Of everything she can. "
france alone profoundly cares For
she has 90 per cent of the total Cor.
man reparation payments assigned 70
ner. as against % per cent tor Great
Britain, 10 per cent for italy. ncr
cent TOR Belgium, and smaller sums far
Greece, Rumana, the Serb Croat.
aioveEc state, Japan and Portnvaj
france also needs the Payments mnre
than any other country, cxcept Re Re,' &
gum and possibly Italy.
France is not only the devastated
country but she feels the menacs ~
luture devastation. She is shall
shocked country in more senses thar than
one ono, Nc other country is in position
1ully to understand her state Of no;nd
france Is feeling her loneliness Fa;I.
ing support from the rest of u.s. shs !.
bent ON self-protcction. Thus w;th the
best Of Intentions and without smv .nv
sinister :, designs at present, excent y ~
me minds of an insignificant minor;tu ~
she is being steadily drawn ;nto ~ ~
fatal road which Germany trod. '''
AT the Paris Peace Conferenc.
New-York tribune., 1922-01-29
When Prices Fell

Since November. 1919, when the Fed
cral Reserve Bank began to raise its
discount rates and a flood of factors
making for downward rcadjustment
followed, there had been broad down.
ward sweep OF security prices until
last August. In this period the new
type of bucket shop found conditions
auspicious, and the birth and develop
ment of such firms in two years were
little less than astonishing
Since they did not go to the expense
Of playing the stock game according to
the accepted rules, they were able to
offer exceptional inducements to the
public. When time money loans
against Stock Exchange collateral were
costing brokers 8 per cent the qucs.
tionablc brokers frequently offered to
keep interest rate charged to custom
crs for money lent down to per cent.
The customer who trades on Q margin
Of 20 per cent puts up one-ti fifth of the
funds needed to pay for the stocks he
buys. The other so per cent is bor-
rowcd. The broker furnishes it and
charges the customer interest. The
broker gets the other so per cent part
IS from his own capital, but principally
by borrowing at the bank and putting
up securities as collateral.
But the bucket shop does not retain
New-York tribune., 1922-01-29
FetU Estimates

There seem to be few serious at-
tem1lpts to calculate what Germany's
sbiity to pay really ia. Professor J
NJ. Keynes. whose famous book, "The
economic Consequences of the Peace"
is about to be followed by another, tells
me that, according to his calculations
the present revised schedule by the
LoHdcn agreement makes out Ger
manys annual PREPARATIONS payment
q 5000 100000 gold marks a year, plus
90 per cent on exports) to be over 40
per cent OF her present annual ma
ttlonsl income, which income, howeyer
ne reckons at only $3.50 per capita1'
hc thinks this schedule should be re-.
duced to less than third, or to about
seventh Of the original schedule (be-
agreeMent). N0"
a French official statistician. on the
other hand, estimates that the ner
capita taxes Of Germany amount to
New-York tribune., 1922-01-29

France as a whole hoped that all the
world would join in the Leaxue of Ma
tons. And fervently did she pray that,
by special treaty, other nations would
pledge themselves to spring at once
again, third time, be invaded by Ger
many. Had these agreements been
made, France would have felt secure In
tho belief that there would be no such
invasion; she would not have kept
an army Of 100000 men and would not
have needed so so1ely and promptly
the full indemnity. Such united action
would have insured definite and rea.
sonable reparations and would have
left no loophole for Germany to es.
cape
New-York tribune., 1922-01-29
Income Not Reduced

Taxpayers reporting on 81 basis of
cash receipts and disbursements
should remember that income NAV hs
received within the meaning of tho
statute without being actually reduced
to possession. To constitute receipt in
sucn case the income must be credited
10 the taxpayer without any substantial
limitation or restriction as to the time
or manner of payment OF condition
upon which payment is to be made
a book entry, If made, should indi-
cate an absolute transfer from one sc.
count to another. If the income is not
credited. but is set apart. such income
must be unqualitiedly subject to the
demand OF the taxpayer. Thus, where
corporation contingently credits its
employees with bonus stock, but the
stock is not available to such EN-.
pioyees until the termination o.
period of years Of employment. the
mere credlting on the books of the cor
poratlon does not constitute receipt.
Distinction between receipt and ac-
cfual must be kept in mind. as income
may accrue to the taxpayer, but may
not be subject to his demand or cap
anle OF being drawn on or against by
him.
There arc number Of common in
stances of constructive receipt. Where
interest coupons have matured, but
have not been cashed, such interest.
though not collected when due and paw
able, is nevertheless available to the
taxpayer, and therefore should be in
c!uded in his gross income for the
year during which the coupons mature.
dividends on corporate stock are sub
Jeet to tax when unqualihedly made
subject to the demand of the stock
holder, although not yet collected by
him. Other instances include undis-
tributed profits of a partner in a part
nershiip and interest credited on bank
New-York tribune., 1922-01-29
The Ne,u Bucket ShoD

Bucket shops in their original
form as mere betting places where
actually stocks are neither bought
nor sold have become obsolete. But
The spirit and the intent Of the buck
ct shop have rccurred in another
form
Aside from brokerage technique,
the real difference between the keep
er Of the bucket shop and the legiti-
mate broker was that the former
was stalking his judgment Of the
market against that Of his customer,
whereas the latter Was merely act
ing a5 an agent Of his customer. IF
the bucket shop owner was 50 un-
fortunate as to have q customer of
uncanny judgment he lost money,
and, according to the legend that the
gossips of Wall Street hand on,
when Jesse Livermore, now d pro-
fessional Spectator on a large scale,
was starting out on his speculative
career in Boston his judgment Of
market values was so accurate that
at least one bucket shop keeper re-
fused to take his trade.
Since the Hughes nvestiga.ion in
1909 the law against bucket shops has
been plain, and that factor, combined
With better control OF quotations.
tended to stamp out the oldfashioned
type of bucket shops. which experts
say passed out Of existence about 1915.
The old bucketeer neither bought nor
sold stocks, but merely made book
4eepinC entries when his customers
placed orders The attitude Of tho
bucket shop customers toward prices,
therefore. had 40 eject on the actual
chb and flow OF quotations.
Hard to Detect
Bucketing today is more subtle and
artful and infinitely more difficult Of
New-York tribune., 1922-01-29
Trade With Europe

Nor could abe have hoped to foment
ouarrels among the Allies. The pres.
ent and impending European chaos
would have been avoided. German,
Italian and other exchanges would have
been stcadier. American trade with
Europe would be more prosperous. the
depression Of trade would have been
less, and There would not be the pres
ent decentralization, despair. disgust,
bitterness, cynicisn, class antagonism
and rampant sclhshness. Progressive
movements in imitation Of America
have been nipped in the bud because
american example no longer counts.
The respect and reverence for America
have given place to dislike.
Her best asset, international Good
viii, is grievously impaired. wilson.
who had seemed a god, has. or had.
come to be hated, because what they
deemed were his promises on behalf Of
America were never kept BY America.
snd the present Administration is ais,
liked quite as much because it made !,
separate peace with Germany and lcft
france in the lurch. The instant the
United States withdrew again into hsr
shell the generalization Of France ana
all Europe began. @>'u
New-York tribune., 1922-01-29
Who Is Your Broker?

If you arc dealing in listed stocks,
ascertain whether your broker is
member Of an exchange of good stand
ing, or whether he is a correspondent
Of firm that has membership. If
not, ascertain how he gets your stocks.
Even the bucketshops of to-day buy
stock, and, although they arc supposed
quickly to resell it, they are believed
to carry small proportion Of the
stocks they arc supposed to be carry
ing so that they can show it TO Gus
toners on request. 1t has been suc-
gested that houses Of this character
have learned by experience that it is
safe TO have on hand as little as Is
New-York tribune., 1922-01-29

CWlnuIefS aud more subtle cvaders
Of the law argue that the so-called
good arc themselves wicked, and
thus they start An argument which
defects attention from their own
ncfarious character. And yet though
the question as to which are the
ethical brokers, because Of its per-
plexity, often leads the uniformed
into dangerous hands, q time Of
reckoning comes periodically with
the vacillations Of prices at the mar
ket- place.