The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1929-04-02
TAXRETURN
INCREASE CREDITED
T0SY0cK GAMBLING
Probable Treasury Surplus Es.
>timate Raised From rs to
100 Million Dollars
CREDIT BATTLE CONTINUES
Virginia Banker Thinks Sen.
ator Glass Should Resign
Rather Than Mitchell

washington, April Z.-(H1-Ine FlS-
ing stock markets Of 1928, which
the federal reserve board
great deal Of concern, are credited BY
the treasury department with an UNI
increase Of $00.O0O.O0O IN
March income tax returns over the
same period last year.
Collections this year. It was an
nounced, already have reached $685.
1000. Indications arc that by the
end Of the fiscal year. June 80. the
total will be the largest since 1921.
and the official estimate OF the prob
able treasury surplus has been raised
from $50, 900 900 to 500 900 900.
Furthermore, 1t was disclosed. indt-
vidual income tax returns have In
creased to such an extent that. Tor
the first time, they exceed corporation
tax collections, which came up to ex-
pectations under the reduced rate OF
Il per cent. The explanation for the
increased collection from individuals
was that. with the stock markets ris-
ing the way they did. few deductions
were made for losses. and. with the
maximum surtax rate cut from 10 to
20 per cent, many persons who might
otherwise have held their stocks took
their profits and included them In
their returns.
Credit Wrangle Continues
Meanwhile the controversy over eff
forts OF the federal reserve board to
curb the use Of credit In stock market
operations has given little evidence Of
abatement. although neither the
board nor the governors Of the II fed
eral reserve banks, who were In SEES
sion 1T the same time but met jointly
yesterday, went into the New York
situation. w
The governors are. having their
seniannual conference and. although
several Of them dropped IN on the
hoard naesting, which .AasoAwas 1t.
tended by Secretary Mellon. 1t was
announced that they had discussed
only routine matters. After the board
meeting, Secretary Mellon said no
mention had been made Of the action
| Of Charles Mitchell OF the National
City bank, during the credit crisis last
Tuesday. in advancing SIS, 000.o 900 to
break the advance In the call loan
rate.
The action, which drew demand for
his resignation rs New York reserve
bank director, from Senator Glass
Democrat. Virginia. former secre-
tary Of the treasury, was given vigor-
Gus support last night by Langborne
NJ. williams. senior member Of the
banking firm OF John l.. williams and
Sons Of Richmond. q brother OF the
late John, Shelton williams. comp
troller Of the currency In 1920.
Owes Mitchell Gratitude
In q telegram to Mr.. Mitchell. he
| told the New York banker that 1.-THE
country owes to you . debt Of graft.
tude for your attempt to offset what
many consider the vicious misconduct
| Of the federal reserve board In at.
tempting to destroy the large business
interests Of the country" and In q
message to the senator declared:
"Relerring to your call on Mr.
Mitchell to resign from the fedora
reserve bank at New York. ] believe
that 1t would be far more appropriate
that you should resign Is senator
from Virginia and let some one o.
broad and clear vision, like Governor
Harry Byrd, who Is not drowned II
self -conceit and narrow-gauge think
Ing, take your place in the senate Q
the United States, Is real broad
Igauge representative Of Virginia.
ss9nnan ~ thu fAdera1 reserve cover