davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1922-02-16
HARTMAN RETURNS
OPTIMISTIC FOR U. S.
Confident This Country Will
Retain Her Supremacy
of the Seas.

w. Averell Hartman, head of the
United American Lines. returned yester-
day from two months visit to Europe
by the White Star liner Olympic. ac-
companied by Henry Dearborn. presi-
dent of the American Line, an
affiliated corporation. Mr. Hartman ex-
pressed confidence in the ability OF
American ships to hold their own on
the sea with the good will and recogni-
tion Of the American travelling public.
He said ut is the purpose Of the United
American Lines to give a service on the
Atlantic equal to that of any steamships
afloat. Americans are the travelling peo-
their patronage. A subsidy from the
Government to enable our ships to COM
pete with foreign lines will assist
Mr.. Hartman remarked that Great
Britain could afford to scrap fighting
ships. as decided on in the Washington
conference. and that 1t would not af-
feet her sea supremacy so long as she
held her great fleet of passenger car
riers. He said America also needed q
great fleet for troop transportation In
case Of war, and he hoped to be instru-
mental in helping TO provide such a
fleet. The Leviathan. Mr.. Hartman
said, could not be operated at a profit
as an individual ship, but would be a
great advertising asset for any COM
pany. He figured she could show a
profit only few months In the year.
Samuel l.. Vauclain. president OF the
Baldwin Locomotive Works. who has
been in England. France, Germany, Po-
land and Rumania on business said
England was recovering from her eco
nomic illness. France was going ahead.
and in Rumania, where two years ago
railroads were practically at stand
still. Pullman trains are now running
About 10 per cent. of the working popu-
lations was busy, with the trend toward
larger employment.
The free port of Danzig. Mr.. Vau-
CLAIM prophesied. was destined to be-
come the largest In Europe. In regard
to Germany, Mr.. Vauclain said her
cheap money and cheap labor were a
constant menace to American industries
and exports. He is not in favor of the
United States entering the Genoa con-
ference, saying it would be better for
the European countries to settle their
own controversies without American in
reference.
The New York herald., 1922-02-16
g GUM PRISONER, IL,
BOASTS 200 LOOTINGS
Negro Youth Estimates Plum
der at 100000

CHICAGO, Feb. 15.-"Three Gun" Her
man Allen, seventeen-year-old negro
lad. sat in the Hyde Park police station
to-day and amazed hardened criminal
chasers with his story of 200 burglaries
an holdups In three cities, netting him
more than 100000. He told the de-
tectives that he was "the king of boy
burglars"
Allen was arrested while trying TO
make away with stolen automobile.
He carried AS caliber pistol in each
hip pocket and another slung under his
arm His pockets were filled with
pawn tickets and he led his captors to a
fat filled with stolen goods
The police quoted him as saying he
Rad committed several burglaries In
New York and was wanted by Detroit
police for shooting affair.
The New York herald., 1922-02-16
More French Women Are
Centenarians Than Men

Special Cable to THE New YORK HERALD.
Copyright, 1899, By THE New YoRK HERALD.
New York Herald Bureau.
Paris. Feb. Is.
w TOMEN no longer are the
wv weaker sex, according to
the vital statistics of the
city of Paris, just published, which
show that of the seventeen CEN
tenarians in the French capital
eleven are women. OF the more
than fifty who are more than 80
years old so per cent. are women.
These records probably will be ex-
ceeded in other areas. as the Seine
Valley in which Paris Is situated
was never considered particularly
favorable to aged persons, as it is
subject to quick changes in tenn
perature.
The New York herald., 1922-02-16
FUMES A MENACE AT FIRE.

Several hundred employees Of the
Rosenfeld, Kent Company, 6 and West
Sixteenth street were driven into the
street yesterday by smoke from linoleum
burning in the basement. Many OF them
We're nearly overcome by the acidity Of
the fumes. Firemen extinguished the
fire after an hours fight. The damage
was estimated at $1,000.
The New York herald., 1922-02-16
SHIP LACKS FOOD AND FUEL

BOSTON, Feb. 15.-A wireless mes
sage received yesterday from the steam
ship West Carnifax. Hamburg and Rot
terdam for Galveston, and made public
to-day. said she was short Of provisions
and had only a twenty -four hour fuel
supply. The vessel was then about 500
miles of Halifax. 'M
The New York herald., 1922-02-16
NEW YORKER BUYS DOCKS.
william II. Todd Makes Purchas,
I'm Mobile.

MOBILE. Feb. 15.-.william H. Todd
of New York to-day purchased the prop
erty of the Mobile Shipbuilding Com
pany. formerly known as the Herony-
mus Docks.
The property which was sold by order
of the United States District Court. was
bought by Mr.. Todd for S12S,50O.
The New York herald., 1922-02-16
TAFT SHOULDN'T TALK,
SAYS SENATOR HARRIS
Georgian Expresses Admira-
tion, but Deplores Speeches.
Special Dispatch to THE New YORK HERALD
New York Herald Bureau
Washington. ID. C.. Eeh. liz {

Washington. ID. c., Feb. rs
Senator Harris (Ga.) in the Senate
to-day deplored what he called political
speeches recently made by Chief JUS
tice Taft declaring that If her pursues
that course "the judiciary will be in
jured and the people will not have the
same high respect for it which now
prevails and should exist"
The Georgia Senator commended Chief
Justice Taft for appointing Confeder-
te soldier Chief Justice when he was
President and for opposing sectionalism.
IT am a great admirer of the present
Chief Justice" he added, but think
he is making a great mistake in continu-
ing the public discussion Of political
questions"
Perth Amboy evening news., 1922-06-03

square" houses have a great deal
to be said for them in the way of
economical construction and labor
saving arrangement Of rooms.
But too many of them. %unfortu-
nately, are the sort which n archi-
tectural authority has called "un-
graced cubic boxes" This need not
be the case, for a square house may
be exceedingly attractive. An I'M
usual amount Of skill in designing
houses il necessary, however. 1t
is false economy to plan the house
yourself, or allow your contractor
to do SO. Too many good. well-de-
signed plans are available at little
or no cost.
The home pictured here is Of the
ordinary rs by 2s feet size. small
enough for practically any city lot,
and yet it incorporates every ex-
cellence of design and interior plan
ming that n seven-room house
could have. 1t is not extreme or
faddish; its distinctiveness is merely
a matter of. better architecture than
Perth Amboy evening news., 1922-06-03

provides ample room for pretty
china. silver and linens in the small
est possible space. These come set
up, ready to install in the building.
and are finished to match the rest
of the woodwork.
The kitchen can be kept cool
and free from cooking odors by
means of windows on W. sides. The
sink is under one of these, the
work table under another. There is
a built-in dresser and a broom closet.
With a rear entry for the refrig-
orator. and an outside stair, as well
an as inside one to the basement,
the kitchen is spared unnecessary
intrusion.
There is a bedroom in each cor
ner of the second floor. insuring
good light and circulation of air,
as we'll as long wall spaces for the
placing of furniture. Each enc of
them has a good clothes closet, and
two of them have tray cases be-
sides. The linen closet in the hall
at the head of the stair IS handy
to all the rooms.
Perth Amboy evening news., 1922-06-03

is usually found in homes Of this
type.
The location of the LIVING rorch
at the side rather than across the
trent has many advantages. The
air Of privacy created by the for
nal entrance is appropriate for a
home. This is carried out by the
vestibule and hall through which
one passes before reaching the liv-
ing room. The open stair in the
hall has a landing that is accessi-
BILE from the kitchen also. A fea-
ture of the front hall is the coat
closet. French doors form an at
tractive entrance into the living
room, which has the bay shokn in
the exterior view. Opposite this
bay is a fireplace. the nucleus of the
furnishing in any living rom.
Kitchen and dining room divide
the rear half of the first floor. The
dining room is IL feet ? inches by
Ia feet s inches. and has pairs OF
easements on two sides. A pair of
coner china-closets take up prac-
tically no usable floor space. and
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14

Washlngton-A tentative agree
ment was reached yesterday by a
majority OF the members OF the
house ways and means committee on
some OF the new taxes to be levied
In raising funds for the soldiers
bonus bill. A total OF about S329,-
900, 900 would come into the treas
ury under their enactment. The un-
derstandlng among republican COM
mitteemen calls for eight new taxes,
among which are the following: lc
a gal. tax on gasoline, which II Is
estimated Will raise s7O,OOO.0OO a
year. and 25c h. y. tax on automo-
biles, $50, 100000. CFrom New York
Tribune Feb. 10. 1922D
How taxes on gasoline and auto
mobiles win appeal to the house II
they are retained In the bill IL n
question. There IL considerable OPP
position to u horse power tax. This
would amount 10 federal license.
and already In some states additional
licenses are necessary Most of the
residents .t the District OF Columbia
also have \ Maryland license be-
cause there ~ no reciprocity between
the District OF Columbia and Mary
land At first some of the members
OF the committee wished 10 make
the gasoline tax &c gallon, but II
was learned that already about IL
states have taxes OF their own on
gasoline. CFrom New York Times
Feb. 10, 1022O ,-
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14
New Completions nj Mexia.

The Humphreys Pure OIL com-
pany reports initial production OF
1000 barrels per day from well No.
/ Joe Ross farm. This location ic
In the southwestern end OF the
Humphreys Pure Oil company's n
holdings IN tho Mexia field.
The Magnolia Petroleum corpora
tion has a showing OF 2,0OO, O,OO0'feet
OF gas and about 200 barrels OF
black oil In n new sand topped at
$500 feet IN Stroud farm No. /,
Mexia field
The Atlantic OIL Production cor
poration's No. 6 Mackey is a 800
barrel well.
tlon's No. 2 williams tract, is maxi
ing 6,200 barrels per day.
The Humphreys oil Company's
No. 2 Thomas IL flowing 200 barrels
per hour natural.
j. II. Hughes test on the Ellis
farm is good for 1000 barrels.
The Owenwood OIL corporation
has a dry hole at 3,iOo feet in No.
2 Abner.
The Humble oil and Refining
company's No. / Koenig, Mexia
lease. is good for 5000 barrels; No.
2 Koenig is a 500 barrel we'll and
No. 3 same farm Is making 500 bar
rels per day
The Sun company's No. l Koenig
is estimated at 500 barrels.
The Province oil company has a
! l,000-barrel producer in No. ]
Koenig.
The Western oil Fields corpora
tons No. 2 Blunitt In making 1900
barrels per day; same interests No.
2 wen on the Williams tract guAged
7,64O barrels the first "a hours.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14

Buell. q Billingslea are 10 feet In
the pay sand topped at 3,230 feet
ana the well Is making 100000 feet
of gas. The test Is on the Fife farm
IN the southeast OF the northeast Of
the southwest OF i5.it-Se.
Tho Whitehead oil company Is
cleaning out to shoot again No. 2
on the Barnett lease I'm the south
east corner OF the southwest OF az
il-S. The well Is producing 20 bar
rels In the 2,403-foot sand after an
s0-ouart shot.
The Prairie Oil & Gas Co. Is drill
ing at 2,350 feet on No. Rentlo In
the southwest corner Of Pits. No.
1 Cook in the northeast corner OF
the southwest OF 25-ii-7e, Is drilling
at 500 feet,
Emory and sons are drilling at
21b0 feet ON the Ponds farm No. :
In the southwest OF the northeast OF
the northwest Of 2-1i-s.
The Cosden oil & Gas Co.'S No. =
Boar. I'm tho northeast corner OF
2-It-S In down $50 feet.
The Pulaski oil & Gas Co.'S No. 6
Bear. In the northeast corner OF q
1i-S Is down f25 feet
The Cosden oil & Gas Co. IL spud-
ding on the Bear farm No. .. In the
northeast corner Of l0-l4-s.
The Gypsy oil company's No. ]
Bear, I'm the northwest corner Of tho
northeast of 10-ti-S is a rig ON the
ground.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14
Interesting Grant County Tests.

Schoenwall & Gurleyss test on the
Dyck farm in the southwest corner
of 22-27-3w. Grant county, Okla
homa, is cleaning out the hole at
2,705 feet to drill deeper.
The Prairie oil and Gas company
is drilling at 2.S10 feet on Its
old we'll on the I.aip farm in the
southeast corner or Tho northeast OF
22-2I-3w.
The Western States OIL Company's
No. Stewart in the northeast of the
southeast Of the southeast OF 22-27-
3w. is plugging back 10 the $3.50
foot sand TO shoot. after flowing 25
barrels in three hours. The total
depth is 1857 feet. No. 1 Stewart
in the northeast corner of the south
east of 22 is cleaning out at 2,67O
feet.
The Blackwell oil and Gas COM
pany Is drilling at 2,665 feet on its
old well on the Martin farm in the
southwest OF the northwest OF the
southwest OF 23-27-3w.
The Oklahoma Natural gas com
pany is drilling up underreaming
lugs at 2,032 feet on the Crooch
farm in the southwest corner of the
northwest of 23-27-3w.
Northrop and associates are drill
fng by the tools at $500 feet on
the Sennser farm in the southeast
corner of the northwest OF 23-2S-5w.
The Red Hlll oil company is drill
ing at 2,575 feet on the Hartley farm
in the southeast corner of the north
west OF 2S-27-6w
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14
Deep Tests In the Bristow Field.

The Red Bank OIL company is
shut down at 3,200 feet on Miles
farm No, in the northwest OF the
southeast Of the southwest OF 9-l6-S.
No. 2 Miles farm in the southeast OF
the southwest OF the northwest of
section Is drilling at 2,700 feet.
Frank Greer and associates are
shut down at 1850 feet on No.
Matoy in the southwest corner of the
northeast of 9-l6-S.
The Wilcox OIL e. Gas Co. ts drill
ing at 1880 feet on No, 2 Hario, In
the southeast of the northeast OF the
southwest OF 35-l6-s.
The Jranscontinental oil cOrpor-
alton is shut down on top Of the
sand az 2,796 feet on the $. Tiger
allotment, In the southeast OF the
northwest OF the southeast OF H.
1919.
II. +. Wilcox Is running the S s-1s-
inch casing at ASIA feet on tho
Tiger farm test In the southeast
corner of 12-i8-9. ". II. WILCOX has
1000, 900 feet OF gas at five feet in
the 2,7S0-foot sand In No. 2 Tiger
i'm the northeast corner OF 1860.
No. 3 same farm is a rig going up.
Burger a. Bunncll are running the
5-lnch casing at 2,S90 feet on the
No. / Williams tract, In tho south
west Z the northwest OF the south
east OF 22-l6-s.
The Jomack oil company test on
the Orcutt farm In the southwest
corner OF the northeast of 21-iG-9
was dry In the Bartlesyille sand,
from 2,525 to 2.660 feet and they
are now understanding the S-inch
10 drill deeper. Same company's No.
Harry in the northwest corner OF
the southeast OF 27 is drilling at
1850 feet.
Waite Phillips has a small gasser
In the Bartlesvill at 2,575 to 2,5s5
feet, and Is now drilling at $3.50
feet on No. Mcintosh, I'm the
southeast corner OF the northwest
Of 27-i6-a.
The GYPSY oil cOmpany's No, &
Luckey, In the northwest of the
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14
Don't Worry About . Per Cent.

The federal trade commission re-
Gently Informed congress that prior
IN taking over the Union OIL COM
pany Of Delaware, the Royal Dutch
Sherr owned or controlled about
2 1-2 per cent OF tho entire produc-
tlou Of the United Statcs and that
by acquiring tho Union oil OF Dola :
ware the European combine VIII
control about per cent. And II Is
this that 50 excited official Wash
inrton. other European owned
corporations control perhaps pei
cent OF American production, plac-
Ing total TO exceed per cent
under foreign management. n the
Dutch shell ever Obtained control
OF tho Union Of California there
would he something TO talk about,
but that event now seems 80 he very
remote indeed. so remote, I'm fact
that Il Will have TO 20 to pass. Let
us keep cool heads and not get too
excited over trlfles,--Irrom Calitor-
mia oil World.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14
on and Gas Tax In Louisiana.

SHREVEPORT. La. - When the
Louisiana legislature convenes next
May, Gov. John NJ. Parker will ask
II TO raise severance tax on oil
and gas from 2ee to 80, with %
OF revenue allotted to producina
parishes (counties) and the other
30 going TO the state. which at
present receives severance taxation
OF 2ss under agreement entered
into In 1920 between Governor
Parker and the oil and gas interests
Governor Parker this week an
nounced his intention Of asking for
80 tax. following the receipt Of a.
copy Of resolutions adopted by the
executive committee OF the Mid Con
tinent oil a. Gas association AT
shreveport formally releasing the
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14
TULSA DAILY WORLD, TUESDAY. FEBRUARY ID, 1922

are levied against the oil operator,
but n certain typical problem IL as
sumed below and tho computations
made;
A certain tract OF oil property Of
100 acres.
Yield per acre. 10. 900 barrels; or
total Yield. bbls. coo Geo
Production for taxable year. bbls. $1,000
Cost or property ,s...ts.... =. fS00, 600 90
Average price received during
year per barrel OF oil ........ SOC
Lifting cost per barrel Of OIL. SO
Solution:
Tho taxpayer has an investment
OF so cents I'm each barrel OF recov.
cradle oil, which Is tho quotient OBJ
tained by dividing 500. 900 by 500
900. Therefore In order to get a re-
turn OF capital invested, the tax
payer Is allowed to deduct from
gross income so cents per barrel for
each barrel produced
The lifting cost OF 30 cents per
barrel Is also duductible item.
hence we have the following:
Averages selling price per barrel
Less Investment per barrel. 50
Less lifting cost. per bbl. .,..sO so
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14
Al Magoncr.

Special 10 The World.
WAGNER, Feb, IA well that
he'd been drilled in July. 1920, on the
John Serbia farm In 2b-iT-17. and
plugged 10 within 60 feet uf the top
as a dry hole has during tho past
few DAYS been flowing mud and oil.
Tho well was first drilled to a depth
of so feet, and later drilled TO the
2,l23-toot sand. but so much water
was encountered that tho hole was
abandoned. The farmer on the land
has until the past few days been using
the water from the we'll for STOCK,
as " was not salty nor oily lts ro-
cent action is regarded ms freak
by oil men here. who have no ex-
PLANTATION to give.
said 10 be tho best Ens well IN the
Wagner field, "a 100000 gassoi
was brought In Monday on the Bsld
ridge farm In 2i-1S-i7, the second
sand being reached az S25 feet. II
was drilled 52 feet In the sand. The
well made the phenomenal flow OF
gas Tuesday after being shot.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14
sartdin.Waite Phillips Well
aeking 10 Barrels per Hour

Lne sartain-Waite Phillips test at
.Iaow' In the southwest corner OF
~, northwest OF the southwest OF
hour. naming W oaiIe'S PS'
aos me Atlantic Petroleum corpora
m which owns the south half Of
sSanq quarter-section. is drilling at
cc' vv rect on No. in the southwest
~hussr OF the southwest OF 2-16-s;
Eas.s, tne Atlantle's offset TO the
~-.-s-ssln-fhilllps well, In the north
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14
Gns Tnx In Cnnndn

WINNIPEG, Manltoba--'rhc gov
ornmcnt has officially made the an
nouncement that II has decided 10
impose provincial tax upon gaso-
line. The legislature Is TO be asked
TO decide whether the tax should be
cent OF = cents n gallon. The gov
eminent lfis been Induced 90 take
this step owing TO n decline In
price OF gasoline. From New York
Journal Of Commerce.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14
Stdcey-Burress Well
To Be Deepened

The Stacey Burgess well on the
Grayson farm in the northwest cor
ner OF the northeast Of the south
east of 27-1S-6e, Cushing district,
per day on the swab and Is TO be
drilled deeper. Top OF the sand
in this deep tes, was found at
3,402 feet and they are two feet in
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14
Maud Wildcat
Holding Up Fine

The Maud oil & Gas Co.'S wildcat.
near the town OF Maud, Okla. in
1T-1n-5e, which came In at $50 ber-
rels in the deep pay topped at 3.I00
feet more than two months ago, is
stu making 100 barrels per day.
the Maud interests have rig up
over Its old No. 1, a producer In the
2,s00 sand. which will be deeped to
the 3,7o0-foot pay.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14
Gasoline Equipment for Michigan
Northern H. u.

LANSING, Mlch.-Gasoline equip
ment may be used in the operation
OF the Michigan Northern railroad,
near here. The property IL now be-
ing reorganized under the new man
agement and the directorate will
probably resume operations within
short time. Gas truck engines for
short and light hauls are considered
as means OF power and economy, II
is said.-From Chicago Journal OF
Commerce.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14
EastIand County, Texas.

ArdiZzone & Braden's No. . well
on the Kincaid tract, In section "a.
Eastland county. Texas, made one
flow at five feet in the 2,l90-foot
pay, and looks like a 100-barrel well
as it stands,
Rosters test on the Thomas farm.
Eastland field. IL good for $500 bar
rels after an S0-quart shot in the
3.20S to 3,24S-foot sand.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14

Los Angeles where he has been iools.
Ing after his stepdaughter who has
been ill and who is rapidly improv-
ing owing to the good climate out
there. Mr.. Thompson says that his
father. w. u. Thompson. Ia back in
Bradford. Pa, after having spent u
couple Of weeks with Frcemont de
Golfer IN Plttsburgh. and In eastern
Ohip
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14
Sinclair Drilling I'm Mexico.

mpico-Sinclair interests. under
its Mexican operating name, Free
port 4 Mexican Fuel oil Corp, are
beginning Il drilling campaign after
nearly six months of inactivity
Wall Street Journal.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14
Not Interested in Dry Hole

The we'll which Is apparently a
failure, in the northeast corner OF
tne south half OF the southeast OF
u-le-s, Is owned by J.. G. Brad
nreet while A. u. and w. l.. Lewis
are not interested as has been re-
ported In a local paper. The Lewis
orothers are a little too lucky. APP
Ssrenty' to get any sort of a dry
nole' as their ventures In the oil
t,,e me have been uniformly success
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14

OF okmulgee gave graphic de-
scriptlon OF the Okmulgee situation.
We had n wonderful time and didn't
adjourn until about midnight"
George Ferrler, formerly with tho
Wilcox OF a Gas Co, u In the city
from Boston, Mass.
Earnest Thompson II back from
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14

DETROIT---Henry Ford states
that he Intends 20 make 1,00O, 900
tractors year. This ia assumed 10
be I'm reply TO competition threat
cned by Mccormick and other man
ufacturers OF tractors.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14
NeW Middle States Well

Well No. 2. in 24-11-1t. OF tho
Okmulgee district OF Oklahoma,
drilled in by the Middle States peo-
pie February 10, made over 700 bar
rels the first day.
The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-14

The tax IL over 80 per cent OF the
next income which is excessive when
It Is taken into consideration that an
enormous sum is invested In an ex-
tremely hazardous business.
Note: The amount Of state In
come tax paid will be deductible
from the net income for the year
In which paid by computing federal
income tax liability for such year.