davidaulloa/AmericanStories huggingface dataset:
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-01-16
Chicago Cattle Market

Chicago. Jan. Is.
CATTLE-Rcceipts 10000; active:
beef steers uneven, generally steady to
25c lower: kinds of value to sell at 900
and below rejecting most downturn:
top matured steers 1160; several loads
1885 q 1150: yearlings 1875: bulk beef
steers $50 a 1000: exporters buying 1850
to 1400-pound steers at $500 1925 most
ly; other killing classes about steady !:
stockcrS and feeders strong; bulk de-
sirable veal calves 1CoNM 100 to pack
crS: bulk stockers and feeders $500
runs 5o0G5a5: beef bulls 525 q 600
mostly.
ED,i.;-Rcccipts $4,000; market very
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-01-16

go The value Of the new stock to
the stockholders is in the expectation
that real dividends out of the earnings
OF the corporation will be paid upon
1t, and whenever such payments are
made the stockholders must pay all the
surtaxes provided by law, according
to their respective incomes. There
tore, the supposition that stock "diy-
idend" accomplishes an evasion of
taxes is uniounded.
Let it be clear that under the law
as it stands now there can be no con-
veyance of profits from a corporation
to its stockholders without the latter
being subject to the taxes levied uron
personal incomes.
If the recipient Of a stock dividend
sells his new stock he is required .
account for any proportionate increase
in capital value since 1918. when the
income tax law went into effect. This
would be the case, also, if there was
no stock dividend but he was selling
his old stock. The stock "divideni"
gives him nothing that he did not have
before. 1t only splits up his interest
into more shares.
CD When income has been sub
jected to taxation once, what remains
passes from the category OF income
to the general status OF capital. 1t
cannot properly be taxed again except
as all previous accumulations of cap
ital are taxed.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-01-16

bulk iso to soo-pound average SOD
$50; top $40; bulk 225 to 30O-pound
butchers 7S5 q 800; packing sows 1000
765; desirable pigs mostly 7760S29i
sHEEpEReceipts so,ooo; fat iamye
2S to 500 lower; top 1lse to citH
butchers. 1850. 70 packers; bulk dssti.
sble wooded lambs tao60llSo; IL
yesriins wetSers ana sheep steady L
25c lower; choice 7b.pound yearl3ne4
1900; heavy kind down to 1fz6: heav
fat ewes t60@e50; lighter weights ~
to IT'S, e
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-01-16


that capital, no matter how much pro.
ductive property it actually owned and
was employing. This would mean
that if two companies started in bust
ness with the same capital, and one
Of them divided all its earnings amt
ally among stockholders while the
other restricted its division in order
to increase the productive capacity of
its works, the latter would have no
moral right to earn or ever pay divi-
dends upon its capital accommodations.
That would be violation OF the prin-
ciple upon which all thrift is based. 1t
would mean that companies had no
right to use earnings for expansion,
and the enforcement of that idea of
course would put an end to that pol
icy. "A merchant would have no right
to use the profits of his business to en-
large that business, CT a farmer to
use his profits to buy more land, al
though either might invest in the
others business or elsewhere. AS a
matter Of fact, the industries of the
country have been built up mainly out
of their own earnings. Let any one
read the history OF the development of
the cotton goods industry in the south
or in New England, or of the shoe
industry, or the clothing or steel in
dustry, or Of any other industry, and,
judge OF the effects upon industry and
employment, and upon prices and the
standard of living, Of general rule
denying all pro2rietors the right to ex-
pand their business out Of profits.
Example Of a Great Merchant
There died in Philadelphia a few
days ago one Of the greatest merchants
OF his time. He was respected by all
who knew him, and seldom has there
been such widespread participation in
the tribute paid to the memory OF a
distinguished man. Mr.. Wanamaker
began his mercantile career with a
capital of $1,000. How could he have
made his career ii it had not been
legitimate to increase his capital out
Of the earnings of the business !?
lie built up fortune estimated
from S5C,000,000 upwards, not in
speculation. but by the process of
steady, gradual expansion in a
highly competitive line of business.
His business in Philadelphia was
incorporated in 1909 with a cap
ital OF S7,5O0,0O0. but unquestionably
the net value OF its tangible assets
was much greater than that. This
excess was surplus, Which it would
have been perfectly legitimate to have
capitalized by the issue of more stock.
Such an issue would in no way have
altered the actual value CT the assets,
or made any difference with the prices
Of goods sold in the store Of the earn
ings of the business. 1t would have
been purely a matter OF bookkeeping
and OF convenience in distributing the
certificates CT ownership. If he had
incorporated it 80 or 40 years ago and
made no change in the capitalization
meantime, the increase of stock re-
CURED to represent the assets in the
last year OF his life would have been
very large.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-01-16
PITTSFIELD
M. c. !. Plays Bangor Wednesday
Night

Night
What is expected to be the best
game on the NJ. c. /. schedule is slat-
ed for Wednesday night at Union
hall when the well trained five from
the Bangor High school will contest
the II. G. 1. fve. Bangor as is most
always the case is represented by a
fast aggregation and has several vic
tories to their credit including one
over the fast quintet from South
Portland.
NJ. c. I. has a couple Of victories to
her credit over Hartland academy
and was defeated by the Higgins
five on her own floor which makes 1T
look like a pretty hard proposition
to trim the Queen City lads unless
the stone quintet take quite brace
before Wednesday night. u
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-01-16
The Soviet Doctrine

Mr.. Frear protests that not l per
cent. of the people of this country
believe in the Soviet theory and that
he does not himself, but possibly he
does not have a clear conception of
either the Soviet theory or his own.
The essential error. of the Soviet doc
trine is in assuming that the achieve
ments of industrial leaders are of no
value to society, and that the fruits
of their 1abors can be appropriated at
the will of the majority without any
disturbance of the processes of pro-
duction. They do not understand that
the men who have the genius to build
up great industrial organizations and
properties must have the use OF the
values they create in order to go on,
with their work. The more they have
to work with the more they ac'Ra-
plsh, but if the capital they create is
taken from them as fast as created
their powers are limited. 1t is not
mere question of justice to the indi-
viduals who furnish leadership; at
most they only get their living ex-
penscs. The real question is that
OF free play for their powers in up
building the community.
The Soviet lays all emphasis upon
the fact that individuals own the great
industries. failing to. see that but for.
these individuals the industries for the
most part would not exist, and the
further fact that these industries are
supplying the wants of the population.
They worry lest an individual propri-
etor will make profit, even though it
is evident that his profits are being
used to enlarge an industry and
cheaper its products to the public.
The modern equipment which has null
tiplied the productive power of indus
try many times and advanced the
standard of living for the entire popu-
lation has all been provided out of
profits. but the central thong hit OF
Sovietism is to abolish profits.
There may be difference between
this view and the ideas of Mr.. Frear,
but it is so faint in the outlines that
anyone who accepts the latter is very
likely to accept. the former also. par
ticularly if he accepts Mr.. Frear's
mutitudinous Measurements. Soviet
ism is built upon misunderstanding,
and when it comes to knowledge OF
business affairs, Mr.. Frear, to judge
by his speeches and writings. has lit
tie advantage over the Bo!shevikL
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-01-16
FINANCIAL NEWS


4. 6GS. GO-day bills on banks 4GAl
France. demand 6.79.. cables 6.19s.
Italy. demand 4.S9a. cables 4.90.
belgium. demand GIG. cables 6.191.
Germany. demand .nG724. cables .0073.
Holland. demand 1888. cables; 3@.61.
Norway, demand 1861.
Sweden. demand 26.93.
Denmark. demand 1871.
Switzerland. demand 1S.So.
Spain. demand 1910.
Greece. demand 1.2S
Poland, demand .0040a.
CZccho-Slovakia. demand ".S4.
Argentine. demand 37.G2.
Brazil, demand 11.o0.
Montreal, 80 1-16.
A. r. & r. cv Gs .............. ZIG
Bait e. Ohio CIV. AIS ............ 1Ss
Central Leather IS ,.,.. aS5
Int Mer. Marine 6s .......... $40
y. Y. Central deb. SIS ...... 1043
Pennsylvania gen. AIS ........ 20.
Reading as $50
Southern Pacific cv. IS ...... 9I3
Southern Railway CIV. IS .s..... 81
Union Pacific As .......... 913
L. S. Steel ref IS ........... 1893
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-01-16

the eompany's outstanding stock and total
Of just over hfty per cent. Of the entire
stock. On October 81, 1922, there were
N,0l3 holders Of common stock and nearly
10000 holders Of preferred stock. A. Of
June 80. 1922, only six shareholders held
one per cent. or more of the company's
common stock. These six Shareholder own
. total of 2s.+ per cent. Of the company's
common stock. The largest individual owner
Of common stock 10 Mr.. John D. Rockefeller,
Jr.. with H. per cent. Three of the re.
naming FIVE common stockholders on the
list, owning together 10 per cent. Of the
common stock, are philanthropic institutions.
It may be Of interest to the committee to
know that Mr.. John D. Rockefeller, ST.,
has not been shareholder in the company
since 1920. and that the late Mr.. William
Rockefeller owned only seven hundred
shares at the time of his death.
Furthermore, the company made effective
about year and a half ago stock acqui.
sition plan under which its employees are
becoming stockholders. The number of sub.
scribers under this plan is 1889 and the
number of shares of common stock already
allotted to them is 1886. Before the end
Of 1925 when this stock is issued in the
names Of the individual employees there will
be added to the company's stock list on the
basis of position today. at Least $4,000 to
$4,000 common stockholders.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-01-16
An Example from the West

Not to take examples exclusively
from what Mr.. Frear regards as the
cnemy's country, it is perhaps permits
sible to take one from the west and
among his confrercs in Washington.
In the career Of Senator Arthur Cap
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-01-16
Corporation Taxes

In pointing out that corporations
pay normal tax OF 1914 per cent.
upon net income, instead of the normal
tax of 4 per cent. up to $4,000 and 8
per cent. above $4,000 for individuals
and partnerships, we should have
added that corporations arc subject
also to special tax in the form Of a
levy of 81 per $1,000 on the market
value of their outstanding capital
stock. In determining market
value" the Government takes into ac-
COUNT three considerations, t. wit:
(a) The net assets of the corporation;
(b) The quoted market value Of the stock,
if there have been sufficient transac-
tions to give them creGibility:
(c) The capitalized value of net earnings
at current rates Of return in that line
of business.
Governmental practice is to take the
highest valuation indicated by these
methods. Evidently this tax applies
to surplus, for surplus will increase
the valuation by any of these methods,
and when the surplus is large this tax
becomes an important addition to the
levies upon corporations which do not
apply to individuals and partnerships.
AS explained in the former article,
if graduated taxes were levied upon
corporation incomes IS upon personal
incomes. the effect woull be prac-
ticaily to nulliiy the whole scher,e OF
graduated taxation, because corpora
ton stocks are held by persons of
varying incomes. and largely by per-
sons who are not subject to any Of the
surtaxes, or to the lower ones only.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-01-16
Capital Accommodations Increase
the Revenue

Any scheme that would force corpo-
rations to distribute earnings in or
der that stockholders might become
liable fer the personal income surtaxcs
would not only hamper and restrict
the development OF industry. but in
the long run would reduce rather than
increase the tax revenues. The earn
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-01-16
Building by Means CT Profits

Perhaps Mr.. Frear considers that
because this company had only $780,
100000 OF stock outstanding it had
The Connecticut labor news., 1923-03-23
FRESH AIR NECESSARY,
 SAYS BUREAU OF MINES

Washington, March 23.-The United States bureau of mines has issued warning against sleeping in room i'll which a flueless heater is burning without having at least one window wide open to supply adequate venti- lation. This, precaution, it is stated, would have prevented many deaths during the past few months.
 The bureau says improper combus- ton of natural gas in heating appli- ances in common use may iberate carbon monozide, an insidious and deadly gas. This gas is so deadly that quantities as low as o2 per cent may destroy life in a short time. Un- like Illuminating and other gases, car bon monoxide has no odor; its pres ence can not be detected.
The Connecticut labor news., 1923-03-23
ARIZONA TOWN CHANGED BY JAP
 NEGOTIATIONS

Phoenix, Ariz., March 23.-The Atchison, Topeka x Santa Fe rail road is employing Japanese in an ef- fort to break the shop mems strike. In Winslow, Navajo county, this former American community now has an Asiatic atmosphere. Other cor porations, it is stated, will take their cue from the Sante Fe, unless the people awaken to this menace.
 NAlong with the great and varied racial problems facing the people of this state, there has now arrived that of the greater menace coole Jap," says the Arizona Labor Journal. "In industrial war the corporations of Arizona may be expected to push their. advantage. Arizona is face to face with the menace of the Jap Tn industry Next will come the menace of the Jap in trade. And 1t will fol- low swiftly and surely.
 "The history of the Jap in Callfor- mia is about to be repeated in Arizona. So far, it is largely labor problem, but it will soon be problem for ev- erv man and woman of white blood in Arizona to consider. The Jap quick ly graduates from the labor ranks" . That some land owners have joined the Jap-loving Santa Fe railroad is in dicated by a bill introduced in the state legislature by Representative Orrne to repeal the Arizona state alien land law. Orme is one of the largest land owners in Maricopa county. If the land law is repealed he will have much land to dispose of to laps and other Orientals who can live under standards that would de- strOv white men.
The Connecticut labor news., 1923-03-23
CHAMBER ' OF COMMERCE OPPOSES
 STEEL GOUGE

Cleveland, O., March 23.-The chamber of commerce declares that Pittsburgh plus" is wrong in princi- pal, but there seems nothing that can be done about it''
 This harmless position will be sat is factory to the steel owners, who profit to the extent of $I, ,ooo a year from Cleveland alone by charg ing an imaginary freight bill, known as Pittsburgh plus"
 Under this system steel producers charge consumers the prices which prevail in Pittsburgh, with freight charges from Pittsburgh added, to wherever the producing mill happens to be. Pittsburgh plus" makes 1t for mills near the raw ma terial to give the public the benefit of any freight savings from Pittsburgh. It also puts the steel trusts mills in the vicinity of Pittsburgh on the same basis with mills near the raw materialH
 Judge Gary and his associates are stout champions of this phantom freight bill which gouges the people of millions of dollars annually.
The Connecticut labor news., 1923-03-23
INTERNATIONA PEACE
 URGED BY CHURCH MEN


 New York, March 23.-The federal council of the churches of Christ has associated with other organizations in national campaign in the interest of international peace.
 It is intended to hold 50 or more meetings in cities and towns in the vicinity of New York It is stated that more than 2,ooo similar meetings will be held throughout the United States and Canada. Parallel with these meetings clergymen and laymen will hold conferences on the same general subject The organizations associated with the federal council are: The Church Peace Union, the World Alliance for International friendship through the churches and the World Peace Foundation of Bos-
The Connecticut labor news., 1923-03-23
WORKMEN READY
 TO DISCUSS PEACE.
 PRESIDENT IS TOLD

"We want the public to know that there Is nothing on our side of the argument that stands in the way of a settlement of the shop strike to aid in alleviation of the suffering to which the President refers"
 That is the reply made by William H. Johnston, president of the Inter national Association of Machinists, to President Harding's letter censuring "hard-boied" railroad presidents for their refusal to treat with their com potent shop workers.
 MT. Johnston declared that the sev- eral shop crafts unions are ready now and have always been ready to listen to any fair proposal looking to set clement. The fact that they have set tied, as the President points out, on majority of the railroads, indicates transportation industry to normal.
 "These railroads rebuked by Presi- dent Harding," said MT. Johnston, gency in coal shipments, but their own finances, as well as their me chanical efficiency, are suffering more severely every day"
 Men Ready to Deal.
 Their duty to the public, says Mr. Johnston, makes 1t necessary to em- phasfze again that nothing on our side stands in the way of settlement. The agreements we have made with I34 carriers are satisfactory on both sides and the roads are today giving much improved service.
 The bitter-enders are going fromb bad to worse, and their refusal to negotiate is based on nothing more respectable than a desire to destroy the legitimate trade unions in their shops"
 The only comment that has been made by railroad management on President Harding's letter comes from President William G. Bresler, of the Central Railroad of New Jersey. He charges that the President "went off half-cocked without full knowl- edge of the situation"
 In the absence of President Hard ing attaches of the White House de- clined to comment on Bresler's at tack.
 < They contented themselves with saying that the Presidents letter was to present to the public an expres- sion of his views on the continued re- fusal of certain railroad heads like MT Bresler to come to terms with the striking shopmen and the obvi- ous effects of that policy.
The Connecticut labor news., 1923-03-23
CHILDREN NEED CARE.

New York, March 23.-The Amer ican Relief Associations physicians report that over 80 per cent of all children in America are born normal, whereas less than 20 per cent reach maturity in normal physical health.
 Much constructive work has been done by public and voluntary agencies in ehdeavoring to develop the proper care of normal children as dis tinguished from the case of those who have fallen by the wayside and re- quire actual medical treatment, but the field in many sections of our coun- try is as yet almost untouched" it is stated.
The Connecticut labor news., 1923-03-23
TOM" FLYNN, A. F. L.
 ORGANIZER, IS DEAD

Pittsburgh, Pa, March 23.-Thomas Flynn, for nearly 25 years organizer of the American Federation of La bor, died in this city after long ill., ness. Deceased was a member of the International Brotherhood of Boiler Makers He was an old-school trade unionist and was we'll grounded in the mvinciblity of well-organized econ omic power The funeral in this city was attended by Frank Morrison, secretary of the A. F. of L., and a large number of other trade union ists, whose acquaintance with the de ceased has almost covered the life of the American Federation of Labor.
The Connecticut labor news., 1923-03-23
ALIENS STRUGGLED IN TO BREAK
 SHOP STRIKE BEING SEIZED
Labor Department Investigators Get 40 Additions al Unlawful Entrants in Shops of Central of
 New Jersey Railroad-AH Will Be
 DepOrted, Says Secretary Davis.

Forty-four undesirable aliens snug gled into this country as strikebreak-
 CTS for the Jersey Central Railroad | have been rounded up in the vicinity of Wilkes-Barre, Pa, by Department ] of Labor agents and sent to the 1 Gloucester, N. J., immigration station ] for deportation.
 Their addition to the number ot Iascars, Egyptians and other aliens already taken from the Ashley shops of the Jersey Central and held at the Gloucester station brought the total to more than 100.
 It was stated at the Department of Labor that it's policy will be to seize such aliens wherever they may be found and ship them out of the coun- try as quickly as possible
 Cramped by Lack of Funds. 1t was explained the department is hampered by lack of funds to cope adequately with the situation created by the Jersey Central becoming a party to the importation and employ
 ment of such labor in open violation of the immigration laws
 Both railroads and steamship com panies exact full payment from the government for the transportation of such aliens, and the Department of Labor is also confronted by the neces- sity of feeding and housing them un- til they have been returned to the countries from whence they came. Several members of Congress have been aroused by the expose of the
 situation made by the striking Ash ley shop craftsmen and 1t Is already
 planned to propose legislation in the
 next Congress which would place the
 burden of the expense incurred in de-
 porting aliens smuggled into. this
 country as laborers upon those re- sponsible for their importation or
 employment, rather than upon the
 government.
 Practice Must Stop, Says Davis.
 Secretary of Labor Davis IS repre-
 smuggling and employment of such aliens shall be stopped, and to have instructed his -subordinates to take the most drastic measures to insure the deportation of any foreign labor CT whose presence in the shops of the Jersey Central or any other railway Is found to be in violation of the inn migration and labor laws.
 If smuggling is persisted in, and the funds of the department for cop ing with the situation are exhausted, the situation may find the government virtually helpless to deal with it un- til an additional or special appropria- -tion can be asked of the next Con gress.
 The department has been able to save some money in the cases of number of the Ashley aliens by, in. ducing several shipping concerns to ship them as seamen, in which guise their entry into this country was ef- fected
 The department is going forward, 1t was claimed this week, with it's efforts to see that none of the aliens employed by the Jersey Central is allowed to remain in this country, and 1t will welcome any information re- garding the presence of any undesir able alien who may have escaped it's who rhay be discovered working or living anywhere.
The Connecticut labor news., 1923-03-23
MILL BARONS' CRY
 PROVEN INSINCERE

Charlotte, N. C., March B. The Jenckes Spinning Company, that operates textile mills in Rhode Island, will send swift" girls from the north to speed up southern textile workers.
 This is one of the concerns that continually claim it can not oper- ate in the north "because 1t is inn possible to compete with southern labor"
 Editor Barrett of the Charlotte Herald, official newspaper. of the Central Labor Union, suggests that the company keep its record straight and not put itself in the ridiculous position of claiming to fear the competition of workers 1t now claims need speeding up.