davidaulloa/AmericanStories huggingface dataset:
New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1925-10-27
ACTIVE INSURANCE AND CASUALLY COMPANIES

Antslicap Alliance
A,usrlcan surety t1
Continental lns,
Ftdelity- PheniX Ina.
Franklin FIRE Ina. Co. t2hl
Glsnf Fails tins. Co Gol
Siuhs q Rutgers
Great American INSURANCE Co.
Hanover Inrurance Co tktl
Home Insurance Co.
ina Co Of NorsS America dol
Maryland Cae.
National Surety
Eiasnra FAiis Ina Co. Csol
Preferred Accident
wsstchetser Fire Ina Go. Qe)
R-extrsA
San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1925-08-02

The gravest injustice OF the situation Is
that of multiple taxation, involving as 1t
does the taxation of estates over and over
again by different taxing authorities. 1t
is not only possible, but highly probable,
that an estate will be taxed in a number
of Jurisdictions, especially so if it is made
up of corporation securities. Unjust as 1t
manifestly is, multiple taxation has long
since been decided adversely to the tax
payer, even in those cases where the es-
tate is taxed for more than its value.
For example, the estate of resident of
Ohio holding stock Of New Jersey corpo-
ration is subject to the inheritance tax
laws of both States. In other words, al
though the man from Ohio may never have
set foot outside his native State, the State
of New jersey demands part of what ne
has laid aside for the benefit Of his heirs,
for no better reason than because the
stock in which he has invested is that Of d
New Jersey corporation. Further, the cor
pOration itself may never have done bust
ness in New Jersey. If the estate in ques-
ton held bonds of this corporation, such
bonds would not be subject to the New
Jersey inheritance tax law, as it does not
apply in the case Of bonds.
The foregoing is a very simple example,
il is possible for the same TO be taxed IN
der a number Of statutes, and for num-
Der of different reasons. The fact that q
company maintains a transfer office in &
State may make its securities liaDlc to the
inheritance taxes of that State, and there
are some States which tax the securities
Of a dead person if they happen to be.
physically located within that State. The
securities of a corporation which is in
corpOrated in more than one State are
often subject to the inheritance tax LAVE
Of each; the stock of the New York Cen
tral Railroad Company, for instance, is
taxable under the Inheritance tax laws of
10 less than six different Jurisdictions for
this reason. If you own a share Of New
York Central stock you may be MIXED
six different times by the tax vampires!
In this case, however. the value Of the
stock is prorated and different taxes are
levied on percentage Of this value rather
than on It's full value with respect 10 each
tax. If this were the usual form multiple
taxation took, the injustice Of it would not
be 50 apparent, but unfortunately this is
not true
Multiple taxes with such taxes levied
on the full value Of the security subject
10 tax is the rule rather than the eEcep-
ton. Assume that resident of Pennsyl-
San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1925-08-02

and Wisconsin. The remainder do, but
with the exception of Arizona, Utah,
Wyoming and Kentucky (doubtfuD,
there are exemptions depending upon
numerous factors, some of which are
mentioned above. There is not space in
this article to go into the situation in
great detail, but from the foregoing
examples it can be readily seen that the
situation might be impossible from the
standpoint of the administrator and in
tolerable from the STANDPOINT of the bene-
fciaries who are anxious for speedy
settlement.
Once the taxes are aseertained often
considerable loss is occasioned in liquldat-
ing sufficient of the estate to satisfy them.
Practically all the laws provide time
limit, and it often happens that the execu-
tor or administrator is obliged to sell part
of the estate when market conditions are
most unfavorable, bringing about further
shrinkage.
The victims of this unfortunate situa-
ton are those for whom the dying person
wished to provide, in the majority of cases
his dependents, to say nothing OF business
partners and associates in joint enter
prises. The application of the various
laws Is without doubt unjust and real
menace, bringing about, at the worst time
hardships and embarrassments TO those
who need protection most, and certainly
has little to commend it. 1t is plainly CON
fiscatory, and a penalty on the Industry
and providence of every citizen. In
theory none of the inheritance tax laws
tax property, for this would violate the
r 4nti az haf
they tax either the right to transmit or
the right to receive property, the latter in
the majority of cases. In practice, how
ever, these laws really violate the spirit
of the Constitution, for the effect Is that
of a capital levy.
There is no practical way of avoiding
estate taxes. The collection of the taxes
on registered stocks and bonds is very
simple. as the State refuses to transfer
them until the tax is paid, and the same
applies to real property. Furthermore,
the executor or administrator as well as
the benefciaries are liable for the pay
ment of the tax. The practical attitude
is TO recognize the seriousness OF the sit-
uation and reduce the burden it imposes,
In theory, the ideal situation, from the
standpoint of United States capitalist,
would be residence in either Florida, Ne
vada or Alabama, and an estate made up
wholly of property domestic to the state
of his domicile or securities not taxable
under the laws of any other State. This Is
an impractical suggestion and impossible
for a man of large interests to apply, but u
would serve TO reduce the inheritance tax
liability Of his estate to the minimum, az
Il would be subject only to the Fedora
law. However, it is within the power OF
every investor to minimize the amount his
estate will be taxed through the iudicious
selection of his investment mediums and
by revising his present list Of holdings.
The old doctrine of "before you invest,
investigate" was never better applied than
in this connection.
The first step in going about an analy-
sis of this character is to ascertain the
state of incorporation of every company
In which the investor is interested, either
San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1925-08-02

authorities, and perhaps may feel IT adj
visable TO contest the decision.
Even in cases where precedent and rul-
ings have established the manner in which
the law is to be administered, the appli-
cation of these various laws to the estate
in question is a serious problem. AS noted
above, there. are forty-five different State
inheritance tax laws in addition TO the
Federal Estate Tax. OF these forty-five
statutes, all levy on real property, and all
but five-Georgia, Maryland, Nebraska,
Rhode Island and VeSmont--levy on per-
sonal property. The levy on personal
property is the most confusing, involving,
as It does, corporation securities.
No rules can be laid down with respect
rs the application of these laws as they
affect corporation securities. Corpora
ton bonds, stocks and municipal obliga-
tions NAV be accorded different treatment
under the same statute. Whether the Sc
curity is registered or unregistered may
make difference in its status as well a.
the physical location of the security at
the time Of the decedents death. The IN
heritance tax laws of some States, as sug-
gested above. apply in the case Of securi-
ties of corporation which does business
or owns property within its borders; this
L exceptional fortunately, as Is also the
case Of the laws which apply to the secu-
rites of corporation which maintains q
transfer Office within the State.
The Delaware inheritance tax law is the
only law imposing tax on personal prop
erty held by a nonresident decedent
which wholly exempt stocks. This law
exempts both stocks and bonds. Texas
exempts domestic stocks 4 the stock y
physically located outside the State, but
does not If held within the State. The
Washington inheritance tax law applies to
both registered and unregistered bonds oil
domestic corporations, as well as regis
tered municipal bonds held by non-resi,
dent decedent, but exempts unregistered
municipal bonds so held. New Hampshire
does not tax unregistered bonds held By
nonresident decedent IL they are held out
side the State, but il they happen TO be
held within the State they are liable; no
distinction IL made, however, In the case
Of registered bonds.
There are only six States leyying an
inheritance tax on personal property held
f.v nonresident deccdents which wholly
exempt corporation bonds (both domestic
and foreign) as well as municipal bonds
These states are Delaware, Massachusetts,
New Jersey, North Dakota, PennsylVanla
San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1925-08-02

as bond or stock holder. This inform
ton is available at most public libraries
any bank or stock broker will be glad
furnish it. AS a conservative measlj
it is well to look into the Inheritance 4
laws of every State under the laws
which the companies are incorporated, d
for practical purposes $4,000 can be 4
garded as danger signal, and if the vail
of the securities held domestic to any d
State equals or exceeds this amount,
will often prove advantageous to asc}
tain the inheritance tax status of thd
securities.
A study of this kind will often reveal
weak situation, which slight revision VI
effectively remedy. Suppose the invest
a resident of New York, finds he hot
100000 stock of corporations domes|
to the State of Wisconsin, which he ed
templates leaving to his wife. A study
the Wisconsin law will reveal that Il
stock will be taxed $4,000 in Wiscons|
and if practical he can save his estate
appreciable amount by selling this stoI
and reinvesting the proceeds in a corpoi
ton domestic to the State of PennsylJ
mia, under the Inheritance. laws of Will
this stock would be taxed $4,000. I'll
sufficient TO say that no new seeuritj
should be purchased without informati|
concerning their inheritance tax status.
Discretion in the method of the dish
sition of an estate, too, will often RESI-
in a very appreciable saving. A Vi
should not be drawn without these tan
in mind, for to de 50 may very serious
violate the testator's wishes, as the nd
OF tax imposed vary widely and in prad
cally all cases vary according to,the rel
tionship of the beneficiary to the decedel
Assume that resident of New Yd
who owns $50. 900 bonds of an Iowa cd
poration and $4,000 bonds of Virgin
corporation wishes to provide appro|
Mately equally for his mother and d
child Of q friend 10 whom he Is great
indebted. If he bequeaths the bonds
the Virginia corporation to his moth
they will be taxed under the Virginia 4
at the rate of per cent on the amount
excess of the $4,000 exemption allowd
a levy of 5000 If he bequeaths q
Iowa bonds to the child of his friend 4
Iowa law will allow no exemption, 4
tax the bonds at the rate of 20 per Gel
or $4,000.
If the procedure is reversed the moth
will be allowed an exemption Of $3.50
under the Iowa law and a tax of / n
cent, or $3.50, will be imposed on the
mainder, and the Virginia tax on 4
child's inheritance will be at the rate
5 per cent and z per cent on gradual
amounts in excess of the 81 900 exen|
ton allowed, and amount TO 81 $50. N
saving effected will amount to $4,5]
over rs per cent of the value of
bonds. The estate, of course, will al
be subject to Inheritance tax laws of \
State Of New York and the Fede|
Revenue Act.
The present burden of taxes is init
cradle, and. until il is remedied,
behooves every person of property
acquire better understanding of \
matter, which will enable him to affd
his dependents the protection which IN
have every right to expect.
San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1925-08-02
.REsIDENT COOLIDGE has made it

NRESIDENT COULlDOE mas Hldde IL
his business TO bring the matter Of
= taxes to the attention of the Ameri-
can public. Everybody in America is Civ
ing up eight weeks of his or her earnings
to the tax collector every year. Every
wage Garner works one day out of every
SIX to pay his OF her taxes. If it were
not for the frightful taxation by city,
county. State and the nation we could all
take day off in the middle Of every
week and stay at home or go fishing
and have Just as much money at the end
Of the year.
But of all the various tax denominations
President Coolidge has pointed to the IN
heritance and estate taxes as the greatest
outrage of all. At the present moment
the machinery and system of taxing the
estates of those who die, leaving any prop
erty, are rugged on such basis Of robbery
that sometimes every dollar left by dying
person is grabbed by the tax collectors
and in some cases it turns out that the
taxes are more than the estate amounts
tol
Thus it comes about that a man may
work hard all his life and with frugality
accumulate something to leave to MS
widow and dependent children-only to
find that after his death every dollar has
been mopped up by the tax vultures
through the various Federal and State in
heritance, estate and gift taxes. This
abominable situation is what President
Coolidge is endeavoring to call TO the at
tention of the American public, to stir up
sufficient public interest and clamor to put
a stop to the overlapping and multiplying
of inheritance and estate taxation which
the politicians have written into the laws.
Some startling facts were revealed on
the subject Of the taxation of estates dur
ing the proceedings Of the National Con-
ference on Inheritance and Estate Taxa
ton last February in Washington. The
purpose of this conference was TO frankly
discuss the evils Of the situation, suggest
remedies and invite intelligent discussion
of the subject. Once a rich mans pro-
blem, inheritance taxation easily applies
TO those whose estate is nothing more
than a modest competence, and the hard
ships and injustices brought about by It
have made it a matter for very serious
consideration.
The whole subject is very much in
volved, and very complicated, even TO the
theory of the law itself. OF the forty
eight States of the Union fOrty-fve have
an inheritance tax or estate tax law OF
some sort--all except Florida, Alabama
and Nevada. To this maze of litigation is
added the Federal Estate Tax.
In his remarks before the National Com
mission President Coolidge strongly de.
nounced the Federal law as confscatory
pointing out that if taxes as high as 4(
per cent in some cases. He further
branded the measure as socialism, anC
urged its repeal, leaving the field TO th,
states. The Federal law was originally Z
war measure, but has been continued fol
no reason apparently save the fact that i
is convenient and an easy tax to collect.
San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1925-08-02

VaTlla owns SO,OUU,UUU STOCK OF cofpOId-
ton chartered under the laws of Arkansas
all the property of which Is located IN
Arizona. Assume further that this corpO-
ration maintains a transfer Office in South
Carolina and does an extensive business
i'm West Virginia. If the stock is deposited
in the vaults of trust company in Wyom-
ing and the holder dies naming a friend as
beneficiary, the stock will be subject to
the Federal inheritance tax and six differ
ent State inheritance taxes, approximately
as follows:
Federal Tax ................ $4,000
dence '..'................ 100000
ton .,.....,..,..,....r.... 1,s21,2OO
Arizona, State in which Cor
poration owns property. l.2l6,225
Corporation does business. l,7O3,7sO
located .''..........,,..... 100000
South Carolina, State where
fer Office |................. 68s, 172
Iotdl ......... '.''''..'' spI5SSV'Sff
This stock. under these circumstance,
would be taxed to the extent of over 40
per cent of It's value, and while this hypO-
thetical case seems extreme, 1t is posi-
bility, and makes it easy to appreciate the
fact that an estate might easily be reduced
by % per cent through the collection OF
these taxes and instances Of an estate be-
ing taxed TO extinction under inheritance
tax laws are not isolated.
A striking example of the insatiate ap-
petite of the tax laws is the estate of the
late John Wanamaker. The taxes levied
have eaten up every dollar Of Mr. Wanna
makers estate and the matter Is now in
the courts.
The task Of the administrator or eXecu-
TOR in determining the tax status Of 40
estate may prove burdensOme and diff
cult, and the complications which may
arise If the estate is large can bring about
complications and delays which no one
can foresee or imagine. A, number of
points Of the several State laws are open
10 question and different interpretations
which may have TO be decided before
settlement can be effected. If the amount
involved is small, the practical procedure
il to pay, but IL substantial. the estate "
obliged to 20 TO the trouble and expense
OF bringing the issue before the taxing
spt tsgg - a.arIas0 VssETg
San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1925-08-02

With Cruel Insistend
Threatening PenaIti1
for Any Delay, the FeI
eraI and State Tax Cd
IectoTs Swarm About al
The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1925-08-03
SOUTH ST. PAUL LIVESTOCK

South st. Paul, Aug. gu. S.
Department of Agriculture)-Cattle
l2,20O; run practically all grassers;
killing classes slow bidding weak to
25 cents lower on all classes; in-be-
tween grades fat she-stock show
most loss in several loads weighty
grass steers to killers up to $3.50 a
$500; grass and grain feds held
higher; bulk grass steers $3.50 "a
SITS; fat she-stock 81 90 a $525 for
cows; up to $500 for heiefrs; bet
ter grades cows and heifers 5000 a
$3.50; Gamers and cutters under Sc
we're sort S2.75 a 1925; bologna bulls
sharply flower; big weights $425;
lights and medium kinds $3.50 a
$500; stockers and feeders moder-
ately active, about steady; fleshy
feeders to yard traders $500; bulk
stockers and feeders $500 "a $3.50.
Calves 1900; Is "a SO cents lower.
Goo dlights $500 a $3.50; bulk to
packers 1926.
Hogs $500; better grades around
rs cents higher than Saturdays aver
age; packing sows steady; pigs Csc
"a 35 cents higher; bulk sorted $50
"a 300 pound averages Sl375; top
$3.50 for selected 100 to 22O pound
weights; bulk packing sows $1,000;
smooth kinds up to Sl2.25; describe
feeders pigs 1890; average cost
Saturday $l2.57. Weight 273.
Sheep 1000; fat lambs SO cents
lower; sheep steady; bulk fat native
lambs $3.50 a $l4.5G: culls around
100 fat ewes to packers $500 "a
$3.50; one load 81 pound range feed
ing ewes 5000.
The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1925-08-03
By-PrCduct of Pulp Mills
Used to Surface Streets

Stockholm-(P)- Through the use
of an industrial by-product which
has hitherto been wasted, Stockholm
is henceforth to be made a dust-free
city.
After conclusive tests the authori-
ties have discovered that by sprink-
limo streets or roadways that are
either macadamized or unpaved with
the I've in which woodpulp has been
dissolved, they become coated with
resilient substance which holds
the dust down even in heavy traffic.
At first the streets so treated are
a bit sticky, but as soon as the IL
guild has evaporated the residue
forms brown coating that IN many
respects excels crude oil or any tar
like substance. The slight odor also
disappears very quickly. In the
past the pulp mills have been in
the habit Of pouring this chemical
laden liquid away.
In the suburbs Of Stockholm a
piece of roadway has been treated
with the new liquid every two weeks,
and now the surface is smooth and
hard as though coated with some
kind of asphalt.
The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1925-08-03
Grain
Livestock
BU0YANT TURN
MARKS GAIN
IN SECURITIES
Market Carried Upward in
Street Despite Pressure
Against Oil and Tobacco

New York, Aug. 3.--P)-Respond-
. ng to favorable trade reports and
warnings statements, stock prices re-
snmed their upward movement at
the opening Of today's market. Cen
eral electric opened 2 l2 points high
er at 300. the highest prices reached
since the segregation of the cleo
trio bond and share holdings; Hous-
ton oil advanced point and scores
Of industrials and rails showed sub
stantial fractional gains.
sharp decrease 10 points in
Nash motors unsettled some Of the
other motors before midday and
brought about irregularities in other
sections of the list but the main
trend continued upward. Heaviness of
the equipment was an indication of
poor earnings for the first half of
the year because Of the low rate of
operations of some of the larger
companies. Speculative interest in
the rails was confined largely to
the southwestern carriers, particu-
larry those in which, favorable divi-
dend developments are believe to be
pending.
The buoyancy of high priced shares
and demand for season dividend
paying railroads carried the general
market upward in mid-afternoon de-
spite increased pressure against the
oil and tobacco products.
The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1925-08-03
TERRITORIAL
WHEAT TESTS
ARE PLANNED
State Agricultural College
Will Test Grain for Protein
All Over State

Fargo, n. D., Aug. l.-TcSts to de
termine the protein or gluten con-
tent of wheat in all parts of North
Dakota and an attempt to determine
the causes of variation viii be made
by the Experiment station and En-
tension division of the North Dakota
Agricultural college during August
according to Or. 2. +. Trowbridge,
director of the station.
This survey will be made as soon
as possible after harvesting begins
50 that the farmers over the state
can be promptly acquainted with the
trend of the gluten content in the
present CROP" Director Trowbridge
declares. 1.-The survey is to be made
this year somewhat more extensively
than in past year. Previous surveys
have indicated a nsiderable varia-
ton in the protein content Of the
wheat in different seasons in differ.
ent parts Of the state and IN field,
receiving different treatment.
'Since the previous treatment OF
the soil is under the control of the
farmers it is especially important tc
know how far the farmer can influ
ence the protein content Of the
wheat. Preliminary work during 1924
showed that wheat grown on alfalfa
sod produced as high as three per
cent more protein than did the same
variety of wheat sown in the same
locality and at the same time, upon
corn ground.
"Through the cooperation Of the
county agents fields will be selected
which represent the different varie-
ties of wheat and different soil treat
ments of the land and as fast as
these fields are harvested samples
will be sent in for determination Of
the protein content Many early
samples will be secured as soon as
harvesting begins. Later samples
will be taken at threshing time to
complete the details Of the survey.
Similar tests have been conducted
by the Experiment station during
the past three, years. A bulletin will
be published in a short time discuss
ing the results of these tests and the
available information on causes of
gluten variation. The bulletin is
being written by G. f. Mangels,
cereal chemist of the Experiment
station
The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1925-08-03
Chile Preparing PrinceIy
Reception for British Heir

Santiago, Preparations
are under way here for an elaborate
program of entertainment for the
Prince of Wales during his brief
visit to Chile in September.
Arriving in Santiago from the Ar
gentine frontier the royal visitor
will find the city virtually en- fete
and with British and Chilean emb-
lens on display everywhere Some
of the streets will be specially H.
Illuminated for the occasion. He will
be called upon to review the Chilean
fleet at Valparaiso, the military here
and also the Chilean Boy Scout or
CARNATIONS. There win be a gala
day at the arces fer the prince of
Wales" trophy.
The British heir WI have an OPP
portunity to play game or two on
polo in Valparaiso and later will wit
ness display of Chilean horseman-
ship at a native rodeo. Another fea-
ture of his visit, according to pres
ent plans, will be the presentation
of a collection Of Aucanian jewels
of pre-colonial days.
Two grand balls will be given in
his honor, one by the government
and another by the British residents
in the republic. On the night Of
the Princes arrival rs huge bon
fires, representing as many years
Of Chilean national life, will burn
along the foothills of the Andes
within easy visibility of Santiago.