davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-12-10
No EuGsiOn Of Tax

1t will be seen that there is nothing
in the accumulation Of legitimate
corporation surplus or In the declara-
ton Of a stock dividend that is In eva
sion Of the law or that aeeomplishes
any permanent escape from taxation.
If the earnings Of corporations arc re-
tanned for use in tho business they
will accumulate and yield more taxes
whenever distribution occurs. They
arc practically money at interest for
the government, for they are bound
10 become subject 10 the personal
taxes sooner or later, II the stoekhold-
ers or their heirs ever get anything
from them.
The popular error which IL respon-
sible for the demand for the distribu-
tion Of corporation surpluses, as In al
the schemes for leveling society, is IN
thinking Of these accumulations "a not
only privately owned but devoted to
private purposes. They are prt-
vately owned, but so long a. they
are devoted TO public purposes-
the production Of things wanted BY
the public. An organization producing
goods or services for the public mar
ket, which never distributed any
profts 20 its owners, but used all us
earnings 10 provide capacity for salts
fying an increasing public demand
could not serve the public more COM
pletely IL II was owned by the govern
ment-and judging by all experience
probably would not serve II nearly 30
well.
Down to this point, then, there
doesn't appear 10 be any real ground
for complaint Of what these private
proprietors have done. They nave
been wide awake and enterprising IN
supplying certain public demands; ~
il should be said that they might nave
been satisfied with smaller Prohts tne
answer is that If profits had been lowsf
the expansion Of the industry Wouid
have been slower, the supply OF proc
ucts would have been smaller Ane
prices would have been higher instead
Of lower. Prices are not nxed efDi-
trarily, and the best price Tor ootn
producers and consumers Is the prlee
at which demand and supply meet-sne
price that clears the market IL the
market is above that portion OF tne
product Is unsold, and II below tne
wants Of the public cannot be iuiiy
met. -. .At.
ia ALL very well 80 IhIf Dah Nh@s
great properties, thus created, belong
To the proprietors. and that wheneyer
the latter choose 10 change this poney
Of devoting profits TO production tney
can do so and proceed TO withdraw
divide and consume the earnings there
after. That Is true, and is the yery
noint 20 which we are directing atten,
lion. Il is only when private capital
ceases 70 be capital, ceases 70 be used
nroductively and is converted into
something TO be consumed By the OWL
ers that its employment for pubic
This being 80, what logic is there
in disturbing a corporation surplus
which is employed in q productive ~.
drStry. FOR the purpose Of forcing y
out Of that employment into the hanos
oS the individual shareholder! Iee
nolicv would be disruptive OF tne N.
austfiaI organization, and while ~
would procure immediate funds Tor tne
treasufy Il would be taking fumes IRON rom
a public use, rather than, ss faneieo
hv The advocates Of the policy ifom
the service Of the owners.
New-York tribune., 1922-12-10
Better Sentiment
Is Again Evident
I'm Cotton Market
Gradual Return of Con-
fdence l. Seen; Final
Prices Register Net
Gains Of IL To 20 Points

The better tone which developed in
the cotton market following the break
Of last Wednesday morning was In evil
deueo again yesterday. Il was not ex-
pressed by any really general or ag-
gressive buying. but offerings were
light and prices worked gradually
higher on a comparatively moderate de-
msnd. January contracts, which had
sold at 2415 on Wednesday morning.
advanced to 2ls7, while March, which
had touched 242s on the mid-week
break, sold at 25.e2. making reeoveries
Of very nearly n cent a pound on that
position. The tone was steady and tho
last quotations were IL 10 20 points net
higher
There appeared 10 be one special feature
rssponslbls for the improved tone of the
market. In general way, however, local
brokers commented upon the recovery
from tho low levels n last Wednesday ah
indicating q gradual return n conhdenc.
IN prevailing values. This they attributed
60 tho fact that the recent decline in
contracts ~ result uf speculative llqul-
dalton had failed 20 materially weaken
Southern apot markets combined with a
time. Fpot buyers were NOT unlikely % re-
enter the market in the near future. Ihefn
sla1 appeared 20 b. feeling ln some quaf
teri that the conference - American
amhaHsadcrH In London nert week may
prove fhr forcrunner ~ an Improvement
ia European political annlrs nnd the NOR r
optimistic fecling win reference 90 lne
general trade outlook was undoubtedly
encouraged BY the reading Of the prsai-
dentH message. particuiarlS with reference
10 farm credits Tho volume ri business
during me hair das. however was Do
airicttd b. tho prorimity OF Oh, appfoach
inE government crop report. and there was
some reslizing on recent purohaffa ~ ih'
iato trading
Tho marksi opened steady at an advance
- fo te points on oNernifht huyinR
orders Scattered realizing was well 40
sorbcd and tha market worked gradual 3
higher until active months were eliht n
I fo - points above Friday t closing htul' .
pmrrfnea fhan increased somewhat and
Z laaf prices showed moderate reactions, 20,
fnf f0no uf tho late market was rirnnl ~
| d. reports o. full exports ana rhafp nn
crease ln stocks az the counted inl'i ,o'
\ towns. Weekend reports from me 40.
neafio goods trade showed no chhhHc oi
oonaeauencc. sales ~ print cloths ia th'
Fafi River market for the week were fs
! umsiod si only ip'v9l pl,eee alu w All
! inary markets are experiencing nc auil
I nsss usual a. this season. reports itoh
| tha local goods market. however. fsld tha.
/ nona orders were in prospect Whlch mifn
| ~ booked should raw material continue
! 10 advance and should next weeks govern.
] mrut estimate confirm crop estimates ol
/ under 10000. Goa bales. private report
/ ts0 eco This was within the range ol
esurss recently published and was Win
ouf any apparent effect on the immediate
| market. -. -.
The local market Tor spot '9tl9n ~.
| ,ui.t ana 10 points higher at 25inc foi
| iniddiing. No sales were reported
| ~ ranrs " prices.
New-York tribune., 1922-12-10
'''anuiated Profits

Ia. e-isiness IS growing it will need
-s;,. .apltal, and the readiest way of
,,,grsiis Il Is by allowing profits TO
.qt----..es from year % year. IL the
IA e,.''.'es ,ees Tor expansion are good
In - q me case that only a small
We earnings are divided, and
lar .s,ssqquently companies 70 for
s,S.. .'.hout paying any dividends
t,,',, Y, 70 apply all the profits to de-
ia,..s sse business or getting it into
h1k financial position.
= - 'ong run, however. stOckhOid-
e., ,s 70 participate in the COM
VI g'vsperiiy IN tangible manner,
rn,.s'e ihe' stock Is widely dis
go a proper confederation Tor the
t.,... ''fsanstancos of the holders
"a ~ ,3Ai regular dividends be
a. -1s = mat tbc dltribution be in
~. iion iiue 90 tine as the com
~ rtct5 and earnings increase.
~. = consistent, however. with the
Z \, - continually retaining a part
k,s's... the condition Of the company
reit an increased distribution TO
4 s,...,a.efs' the action seldom applies
n.riss' but current earnings. A
is,nlo, Du.siness docs uot distribute
ss's,l ssHleh Is mart OF its working
e ~ may raiso the dividend rate
'a,r,,. outstanding stock, or IL may
I'D i, Portion OF The "furplus''
{ w.. permanent capital By means
H. called a stock dividend. o
''ne by issuing 90 stockhold-
New-York tribune., 1922-12-10
The Market

Offerings Of bonds last week we're
on a slightly larger scale than for
several preceding weeks, reaching a
total in excess OF $4,000 900, and all
were readily absorbed. The expert
enee, together with the hTmcr tone Of
quotations Of listed securities, has
paved the way for a considerable ex-
pnnIion Of new financing operations
during the remainder Of the year. IN
yesterdays trading. which was Of dull
proportions, Liberty bonds. because OF
their uniform strength, we're the lead
era. Gains were not Important, bat
these Issues are gradually recovering
the ground lost in the recent setback
A stifening Of the more speculative
bonds marked the general list and I'm
parted 10 il a considerably better np-
pearance.
New-York tribune., 1922-12-10
Canadian Auto Exports Gain

Automobile exports from Canada dur
ing October reached the total value OF
2.7GI,3 1859, an increase OF IS per cent
over exports during the previous month.
Passenger car exports were the largest
for any month this year, totaling 5,6e7
ears, an increase Of "a per cent IN
number over shipments in September,
while the value Of shipments increased
81 per cent. Australia was the largoft
market Q,l99 ears) and the United
Kingdom next (926). Truck exports
showed a decrease Of iG per cent during
October, which might have been ex.
peeted, as the increase IN September
was over 100 per cent. The value OF
truck shipments decreased 10 per cent.
The parts exported totaled t2SS,527, or
an increase of i53 per cent over ship
mcnts in September
New-York tribune., 1922-12-10
Christmas Trade
Vastly Improved
At New Orleans
Holiday Savings Checks
Reach High Record; City
and State to Fight for
Flood Control Measures
e,.1lal rlranclaI coyresooallnef

NEW ORLEANS, Dec. l. Christine
business, which really begins aftef
Thanksgiving, has opened better IN Aev
Orleans this year than last. Some OF
the merchants who arc authority fof
the abatement sag that the improve
ment Is nearly 100 per cent. This y
considered an important business indi-
cation, but Il must be taken within
certain limits. Last years opening was
attended By rain. furthermore, IhanFf
giving was later this year than last
There arc fewer shopping days between
Thanksgiving and Christmas than there
we're hi 1921, and therefore the sane
volume Of purchases would have 20 be
concentrated IN fewer days. However
the situation does indicate some I'M
provement.
Another cheering factor Is the dis
tribution Of more than 5000 600 IN
Christmas savings cheeks-thc laIgest
total In tho history Of the city u b.
nearly half a million dollars greater
than last year. There we're moSe than
1000 more depositors. A similar IN
crease In thrift has been shown in
ordinary savings accounts.
Tho foundation Of this prosperity,
and II Is a real prosperity, IL in the
agricultural development. The crops
of the South this year will be worth
several million dollars more than last
year. Diseouraging though general
business was during the late fall and
early winter, Il Is fact which can MOI
be denied that the increased receipts
FOR the crops have been decreasing The
outstandinQ indebtedness, aud the eau
tion Of the buyers In no way can be
considered harmful % the situation.
The city aud state are preparing Tor
q long and hard fight 10 secure more
efficient food control measures from
the national government. Al a meet
ing Of bankers, business men and mar
ufacturers who constitute the mem
bership Of the Safe River Committee
several days ago, with Mayor McShanc
attending the conference as the repre-
sentative Of the people, Z. was decided
20 send a strong delegation. the com.
mlttee paying all expenses, 90 The
Congressional Waterways Conference
In Washington December H..
II Is recognized fact that this city
and state cannot make far.reaching
progress unless there II a guaranty
against the annual river menace. A
large Industry, with a plant az Bralth
waite, not far from New Orleans. has
announced that Il desires 10 expand its
plant, but will not do 30 as long ~
the situation is 80 fraught with peril
In certain sections Of the lower river
II Is stated that the value Of ,he land
has been depressed from 500 On acre
20 SO or Si2 an acre, because Of the
increasing menace with the constantly
rising hood stage Of the Mississippi.
The state is in the hght 10 the finish.
because Il sees is finish II II doesnt
fight
New-York tribune., 1922-12-10
High Prices in West Fail
To Worry Wooden Men
seselaI DispaleA 10 ~ Trtune


BOSTON, Dec Manufacturer ap-
parensly are unconeemed BY the lofty
attitude Of the wool growers In the
West, who refuse to sell any wool IN
advance Of the clip except 81 prices
which are considerably above q parity
of tho price Of wool In the Boston
market. The general heavy purchas-
ing on tho part Of the manufacturer
few months ago probably supplied
them with a sufficient amount Of wool
10 finish their orders for the light
weight season. and somo 40 least have
a good amount with which to start tho
heavyweight season, which was bought
at a fairly reasonable price, compared
with to-day's figures.
This seeming confidence on the part
OF the manufacturers and the high
prices demanded by the growers may
tend 20 prevent much more buying 10
the West before the wool Is shorn.
Growers are depending on the high
tariff with which 10 fohify their posi-
tiou. On tho other hand, wool men
point 20 the decline in the price or
nerino wools in the foreign markets.
in spite Of the advances In medium and
low orossbreds and a hrmness IN hne
crossbreds. The opinion - expressed
that q may be possible TO purchase
these foreign merinos 40 prices when
would be- satisfactory and cause inc
growers 10 come down a peg or 20 II
they want TO sell their product.
Another objection 90 the purchase OF
wool on the sleeps back Is the fact
that. i'm some cases az least, the wool
Il tied up, so 10 speak. by the war
Finance Corporation, which makes
loans 10 the growers, and wool dealers
would rather buy the wool outrgnt
than be subject 10 any delay in oo-
taining a clear title 20 Il.
New-York tribune., 1922-12-10
DmN Up Snrplns

k'ffoTfI, d alway has been re-
eriei is sound, conservative and
JIgvcrihy policy lor q corporation
e sgIlt ~ "a surplus accouut-rcpre-
gf.rf urpius assets over and above
it isogrt required 60 cover it's obli-
riiEs sri outstanding capital stock.
deposition of the corporation as an
il.ls.rdl institution, as on employer
q lbof, as a borrower of money, az
q VppoTter Of trade. as q factor in
riiy Ways in the regular life Of the
firrsrity. Is strengthened By the
loiig
I appears that Congress took these
.itii into consideration and did not
iriett 10 interfere with the normal
I'd proper management Of business.
] DID, however, provide against ac-
e.nglations Of surplus" for which
ittft was not legitimate use, and which
iisIe Has good reason 20 believe Was
iud for the purpose Of escaping or
les,ponlng the application Of the in
l.Yldull suftaAes az the revenue act
y 1921.
II legislation IS adopted for the taxa
ao9 oi eoIrcraic surplus as such, 10
I bound 70 have one Of two effects;
y VIII either sacrifice unjustly the IN.
.,Iesis o. the stockholders whose total
lnsomes DO not make them properly
subject 70 this further levy. or il will
-efee NE distribution of the surplus
s',h, which Is practically impos-
wy lA NE numerous cases where the
Iplus hsi been accumulating for
.-1s lssrt and is invested In plant
...-'.Sg ~ .GSfking capital needed In current
oP,fel'oni. In either case the legisla-
uoH would cause disaster. a tax levied
goa surplus would be- retroactive.
.chlihg Daes INTO what was left from
-'uon OF an previous years. Il does
,esm possible that Congress will
,..y ,,..,y consider such q proposal, but
9ty not few members Of the
Nngfess arc considering IL.
elsh in the case OF a new COM
AZ. ,lfpius account is somtimcs
~, " me sale OF stock at a
-ta corporation surplus usual
1r,. Of undivided earnings, ac-
as.-st per q term Of years, and,
Aose, does not exist i'm cash
.t,s~ plant on working capital II
ea' and protects the regular
80. thlnd the issued stock, pre-
~. ~ Impairment by unexpected
&c his Is one reason why IL
a,5,,..''ea wise policy 20 pay in a
'ufpius with new capital.
New-York tribune., 1922-12-10
U. 5. Rubber Goods in Peru

The continued dominance Of the
United States as a source Of Peruvian
imports Of rubber goods s indicated
by the fact that sevensy-t~o eases OF
rubber products we're imported from
that source during the period from
october "a 20 November 2S. 1922. Only
two eases Of rubber products were im-
ported from Great Britain and none
from Germany, says Acting Commercial
Attache ". l.. Dunn, Lima, in q cable
10 TIE Department % ,C0memrce.
New-York tribune., 1922-12-10

a nniats higher. AZ 2Asse: saloa. 1000
bslss New Orleans steady. :, hlghe, ~
,,,,ss ,ssd a. 442Tc. sales nil SaFan.
nah STEADY. n higher, al 2se' sales. III
he. Wilmiukton steady. rs higher ~
SIgbc: sales MI. N0rfoiS STEADY,
sssrs.d M abasc. sales NIL Augnrte
s,,fst "a hiehor. az gtssc. sales, % bales.
uemphls quiet unchanged. - .oc haiyH
100 bales. Houston quiet. ~ hiehes' , "A.
ieeo. Fslcs. ans bales. LITTLE h9eh
steady. unchanged. AZ 35oi aait. sss na,es s
nsiias etsady. 10 higher. 40 4Al9c s,lfa'
.ssS bsiss Montgomery firm. hlsns,.
~ attec. sales. 30 bales. Foft WORN
st.ady. IL higher. at ali5ci sal''' '''
New-York tribune., 1922-12-10

TO figure tho prseis. yieid On bone y
IL necsarary 20 uas yield tables oet w
approrfmato yield can roughly be nsuIs-
oui by The following formula Diwoe We
eloslnr ouotatiOn on q bond into the tst-
81 a. snnuai return II the boud H. aeliitt
hslow par you must allow also fof the
s,,,,r.c,sfion 81 the principal. TO DO this
,u6fract tbs market quotations from pa.
~ tso erd Divide the remainder by the
number % yaars the bono has 70 Ion ~
eors ,seturlty. Fcr eIampls, ~ n 9 per cent
bsnd h asIiing at 50 aud has tea years 20
run the annual return Will b s-ss Per
cent The dihfTence between PAT ano -
~ from 100 Dividing 10 points ~ ten
years. The auotisnt viii 30 !. This hgufe
Il 70 be addod % e.se. which ia the annual
return. aud The result. 7.ff per eoni, We
give you the approximate yisld.
New-York tribune., 1922-12-10
Sugar and Coffee
M snrar Intnrrs

.-,t.t,.,tnv an advance ln raw susst,
..is. go fo points higher on th'
III mn trade Interests and huiep, w
sns March. May and July eonll5,S'ss. eonnll1i, "a 49, s
seli'n -, se,lroer The market closed neL
snehsnged 70 = polnts higher. WIN
Sstinsafrd AZ i3.o'e tons.
The range Of prices ,rlIav
New-York tribune., 1922-12-10
Cottonseed OIL

IN. marko, Tor eottonsesd oil vas 's-S TS.
ss,.nrfh in grain. however, dlsconfsh.'
seillnS. aud while price change. n,Le "a
rovg he undertone Was STEADY 20 ntll n o. ~
The active positions showed net s@'iA '''
The day of 90 points
,rhe ranEo of prlccai ..-.an.l.
New-York tribune., 1922-12-10
Days NetC Issues

Rarr Brothers & Co. and J. b. wal;
ker q Co. Inc, are offering 70 {ielSS
ass per cent s250,0O0 City, OF h,sn
Point. n. c., 5k per cont eonas' QUO
fq25-Ifb2
New-York tribune., 1922-12-10
avs Taxes ON
surplus Would
Be Disastrous

.,..,a from pase eiEhil
New-York tribune., 1922-12-10
Individual Bank Figures

Average principal mad
Of the New York Clearing House Association which members
New-York tribune., 1922-12-10

tfaNn iotait sttptastNhNNN sptafsst'y
fincludes deposits In foreign branches
sf5,oo4. 90 tl0'9aoo4 'cl tIs,ito.Qlc.
balances carried In foreign banks a.
90 tfossoto. (e) 40 i.o Doe. fdl flt. eee.
New-York tribune., 1922-12-10

not included Ia tolol fcotlnea. (s) ff3o.
(d) i5Loee. (s)tle.tii.ooo
reserve Tor such deDosltsi tsl S7f.sftee
(fl tatto GRO.
New-York tribune., 1922-12-10
Days Dealings in Bonds

~ ... "a Istate u RIO
10 s... fah or do sui 40
r OF Bolivia 1916
81 iotf 200. fsn I
I zee. tih s ~ Sac PHulo /
Rep Of chile afsa 1885
"a Itt2 q ... "a
, -. asla -GmIaa Cnrf
New-York tribune., 1922-12-10
Grain Priccs
Corn
Wheat

fostersAy's prsviou
close. close.
Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1922-11-22
|fIas Spuds Take Additional Honors
Wfnfer Sports in the Big Woods Region Become POPULAR
Many Resorts Catering Outdoor Da, Holiday

Snow is here and with it the
prospect of keen winter sport.
Who has not felt the thrill of
the first snow of winter? Who
has not sensed the glory of King
Jack Frost? Who has not been
won over by the bending branch
es laden with mingled frost and
snow? Who has not reacted vi
tally to the clear, rarified ozone
that finds its way through the
nostrils into ones system? We
all have. but not all give them
selves over in utter abandon to
the coursing joys of manly sport
when the season calls for it.
Look at your boyl and girl tool
They look for their sleds at the
first flake of snow. Those sleds
work overtime and send the
young ones home with ruddy
cheeks and sparkling eyes. See
those young people with skates
across their shoulders. They are
bound for Silver lake where acres
of ice, smooth and CLASSY, await
their pleasure. Fun, frolic, jolli-
" go hand in hand with rivalry
~ expertness at making figures
in the ice and with mischief in
games like crack the whip" All!
There goes a bob" sled. See, it
must be six feet long. Listen to
the chatter of the group who go
with it. Gagen Hill is their des-
tination and before the day is
over that precipitous piece of
earth will be worn smooth with
the shedding. There will be falls
and bumps galore but what of
II? Does it not all count in the
days fun? II most surely does.
IL Is Saturday morning. The
school teachers tasks of the class
room are seeking a day Of relief.
Immediately after breakfast off
they go for the country. Some
make up a party for snow-shoe-
ing and others are bent on a day
Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1922-11-22
LOST IN DENSE WOODS
State Line Merchant Spends
Night Out-Lost Part of
Two Days.

We all know jeff, properly NAM
ed o. c. Henderson, formerly of
Phelps and now of State Line,
where he and his wife have a
grocery store. Well, jeff had an
experience the other day which
he will never forget while MEM
DRY lasts and films of passing
scenes recur.
Jeff belonged to a hunting par
ty made up principally of Madi-
son friends. They were located
at Moccasin lake seven miles
from State Line. On Wednesday
morning each man hunted on his
own hook but jeff arranged to
meet one of the men at noon and
Herman Buchanan, foreman of a
wood camp, at four o'clock. He
seemed to have lost his bearings,
although he had a compass, and
wandered around swamps and
through the woods to about four
miles west of Watersmeet, Mich,
when he failed to show up at the
camp at nightfall. Parties were
made up to search for him. Word
was sent to State Line and Phelps.
The high school building crew of
Phelps were sent to F.. the scene
with experienced wOOdsmen; al
together more than a hundred
men worked in relays to cover
the ground. Finally on Thursday
soon after dinner jeff walked in
to Woodhulrs camp. The men
present were so affected in seeing
him, alive and apparently alright,
that they hardly knew what to
say or how to act. There he was
however, the slight, serious look
ing, little jeff.
At home, Mrs. Henderson was
his corpse rather than
his live presence. All sorts of
fOrbOdings had entered her imag-
nation, but ever practical she
kept open house, cOmpaniOned by
Mrs. Wilde, to give lunches to
the men as they returned from
their tramp in search of Mr..
Henderson. The welcome home
was likely the heartiest JEFF ever
received.