davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07
NEW PLAN TO TAX
REALTY PROPOSED
Production Is Value Used as
Basis Instead of Sale
Figure.
BY FRANK I. WELLER,
Associated Press Farm Editor.

Supported by farm leaders for the
last decade, plan to tax real estate on
its production value rather than its sale
value is to be presented to the governors
of 48 States, meeting in Chicago
June IS.
The conference was called by the ma
! tional taxation committee of the Amer
lean Farm Bureau Federation. Federal
officials and tax specialists have been
invited.
The plan to be considered would
upset large part of the American sys-
tenn of taxation. Whereas taxes here
tofore have been assessed on the capi-
tai value of property, 1t proposes to
make the assessment against the aver
age net production value.
Law Changes Proposed.
Under the present system property
that is held at loss pays proportion
ate taxes with that which returns q
profit
Efforts to obtain legislation permit
ting the creation of taxation system
based on ability to pay are under way
in Michigan, Missouri, Illinois, Iowa,
Colorado and few other States. In
most cases amendment of the State
constitution is required, which is
the support of public sentiment.
The conference Is expected to launch
a movement to obtain from the Fed
eral Government rule permitting the
deduction of State income levies from
Federal income taxes, as is done in the
case of the inheritance taxes.
The proposal is simply that, whereas
an individual now is paying both q
State and Federal income tax, the
amount of the State tax would be de-
Quoted from the amount or the Fed
eral tax. The result would be con-
tinuation of State revenue from income
taxes, but a decided reduction in Fed
eral revenue.
Inheritance Tax.
Behind the plan is the thought that
it eventually would make it possible to
shift from the general property tax to
the income tax as the chief means Of
support for State and local govern'
ments.
If the inheritance tax provision Is
made to apply to income taxes, it Is be-
ieved that State governments will
adopt the income tax more generally,
because they will then have no fear
that industries will move into adjoin-
ing States where no income tax is
levied. 1t is provided that where no
income tax is paid to the State its
equivalent shall be paid into the Fed
eral Treasury.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07
LARGE SUPPLY OF NEW BONDS
UNFAVORA ABLE MARKET FACTOR
Investment Issues Affected by $57O,OOO,O 900
in Financing by Corporations During
the Month of May.

offered by the public utilities and indus
trials and by foreign borrowers. OF the
sum of SITS, 000,0 900 of public utility is
sues TO June !, there are. considerable
number representing small independent
power and light companies, mostly of
the holding concern type. These have
not been well distributed. 1t is under
stood that as much as so per cent of
some of these issues are still in original
hands. The same is true of number
of the industrial loans. OF one promi-
nent industrial note issue amounting to
$55 100000 the latest report from the
underwriters indicated that they still
held over $20,000,000.
Foreign Issues.
Then there are half a dozen stable
South American and other foreign is
sues, in which there will have to be sec
ondary selling campaigns in order to
place them permanently with ultimate
consumers. None of these issues has
held its original market. Nearly all can
be purchased today at concessions from
list prices.
From the standpoint of working up
interest in the loan, the delay in bring
ing out the reparations bonds is UNI
fortunate. 1t serves, however, to with
hold from the market another large vol
ume of domestic and foreign issues
which have been postponed in order
that the new foreign bonds may have
the right of way in the investment
field.
1t is felt that If new financing could
be reduced to a minimum for another
six weeks, good sized portion OF the
present visible supply of loans brought
out since January / could be absorbed
and the improved technical situation
would make for a more normal re-
Spouse TO easy money conditions than
has so far been exhibited.
fCopyright, 1902
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07
BY CHARLES F. sPEARE.
Special Dispatch to The Star.

special DlSpRtcn 10 Ine star.
NEW YORK, June 7.-As the figures
of May bond offerings, now available.
are analyZed with respect to the totals
of other years, it is evident that one OF
the conditions from which the invest
ment market is suffering is that Of an
oversupply of new issues.
Last month the output of new cor
poration bonds anu notes was approx
mately S570,000,000., While this was
not quite up to the figure in April or
in March, it compared with slightly
more than $300000,0O0 in May last
year and with around 100000 in
the same month of 1928.
1t brought the offerings for the first
five months of 1890 close to $4,000. 000,-
900, which is 81, 100000, or 30 per
cent, more than in the same period OF
1929. 1t was within z per cent of the
huge total of the Winter and Spring
months of 1928, when money was cheap
and American corporations, as well as
foreign borrowers, were taking advan-
tage of this situation to issue large
number of low coupon bonds, either to
provide new capital or to refund their
obligations carried at considerably
higher rate of interest.
Refunding Small.
In this years financing there has
been comparatively little refunding. In
the first four months Of 1880 the retire
ment of old issues for new ones repre-
sented only per cent of the tota
financing accomplished. In the same
period of 1929 refundings fere IL pei
cent of all new issues, and in 1928 more
than 80 per cent. The ratio OF new
bonds and stocks. both for domestic anc
| foreign borrowers, employed for refund
| ing purposes has been the lowest Thu
year since 1925.
Just how much of this huge total O.
new bond offerings in the five month!
is still in the hands of the syndicate
and leaders it is difficult to determine
Estimates run from is to 20 per cent
1t is understood, for instance, that o
| the $500, 900 900 of municipal ant
| Canadian loans that have been oftere'
since the first of the year about 500,
600 900 are still unsold. Railroad loan
! have amounted to about $475 900, DOC
While the original price on them has no
been held in all cases-in fact, it ha
dropped off sharply with the closing o
syndicates-most of these issues hav
been of an institutional character, an
have been well placed, so that at pres
ent there is not any conSiderabl
amount Of them overhanging tn
market.
The largest total of bonds still Oh
the shelves Of the dealers are thos
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07
BROKERS' SCHOOL
SYSTEM EXPANDS
Stock Exchanges in Several
Cities Have Started In
StituteS Recently.
BY the Associated Press.

BY the Associated Press.
NEW YORK, June THE day when
technical training will be within the
reach. of. all embryonic brokers is en-
visaged by DR.. Bril- E. Shultz, director
of the Educational Institute of the New
York Stock Exchange
A start toward the achievement of
that goal has been made during the
past few years with the creation of in
Stitutes by the Stock Exchanges of San
Francisco. Los angeles, Seattle and
Chicago patterned after the New York
institute
Growing interest in the institutes has
been manifested by Cleveland. Boston
and other cities. Dr. Shultz said.
Dr. Shultz looks forward to the day
when there are institutes in all the
principal stock exchange cities through
out the United States, with courses
open to employees Of all brokerage
houses.
y Institutes in all cities except New
York now operating are open to en-
ployes of both the exchange and broker
age houses.
: college courses provide only smat-
tering of learning to equip the young
man bent on a career in the financial
world
And I am not sure that it should be
otherwise" said DR.. Shultz. Much of
what we teach here is of interest only
to those who are employed in the Stock
Exchange.
Certain training always will be pro-
Vided by specific organizations"
DR.. Shultz said he would like to see
the stock exchange Institutes exert an
influence in the brokerage business
comparable with the American Institute
of Banking in the banking world.
Institute training may never be
made a prerequisite for employment in
the brokerage business, but it may come
to merit such recognition as will give
employees with such training preference
in promotion
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07
italy Plants 100000 Trees.

ROME, June (P).-Three million
new poplars have been planted in Italy
during the past two years, the ministry
of agriculture and forests estimates,
with a view to increasing the country
wood pulp resources. From Lombardy,
whose poplars have always been famous
the vogue for the stately trees has
spread into Southern Italy, Sicily and
Sardinia.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07
Markets at a Glance

NEW YORK, June (P).-
Stocks-Weak; United States Stee
dropped to years lowest.
Bonds-Firm; convertibles heavy.
Curb-Weak; general list Says sharply
Cotton-Lower; favorable weather and
unsettled Wall Street.
Sugar--Holiday.
Coffee-Holiday.
Foreign exchange-Iirregular Shang-
hal improved.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07
U. S. Employees Now 5s7, e65.

Uncle Sans army of civil workers
now numbers 587,665. This is the
number under civil service according to
the annual report for the fiscal year
of 1929, and represents an increase
of 1880 over the previous year.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07
Copra Standard Upheld.

PAPEETE, Tahiti, June 7 (HO.-Con-
certed action by copra buyers in Tahiti
has been taken to maintain the stand
ard of the South Sea product On
several islands growers have used unripe
cocoanuts in making copra, resulting in
an inferior product.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07
Capital Without Railroad

TEGUCIGALPA, Honduras, June Z
P).-This Central American capital is
one of the few seats of national gov
eminent in the world without railroad
facilities Residents are of pure Spanish
type and retain many Of the customs
of their ancestors. Gold was dug from
a mine near here to supply Montezuma
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07
BANK CLEARINGs.

NEW YORK, June z Especially -
New York bank clearings, today,
$1.305, 100000; year ago, 81 $40 ,OOO,-
900. New York bank balances, today,
$l84 100000; a year ago, $136, 900 900.
New York Federal Reserve credit bal
ances, $176,000,000; a year ago, $780,
600, 900.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07
Mexico Produces More Lead

MEXICO CITY, June Z (H).-Setting
a new record, Mexico produced 248,40l
tons of lead during 1929, figures COM
piled by the government reveal. The
world production, United States taking
the lead.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07
Foreign Vegetable Trade Up.

Showing a steady increase the. last
few years, the volume of foreign trade
of the United States in vegetables last
year registered more than $40 1000, 600.
Imports had a value of nearly $29,-
10000, as compared with about $l2,-
000, 900 in exports.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07
Sour Sap Infects Orchards.

SAN FRANCISCO, June (Pl.-Thou-
sands of acres of orchards, planted 20
years ago or more, are infected by sour
sap. This disease, caused by cold
weather during warm spell, causes
slow death of the affected trees.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07
Italy Curbs Map Sales.

ROME, June (P)-Exclusive control
of map-making and map-printing in
Italy is centered in the military
geographic institute. No plans of ma
tional territory may be sold without
approval of the institute.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07
NEW SECURITIES

NEW YORK, June z CP).-New Sc
curities offered today include Kingdom
of Norway Municipalities Bank, $780,
600 guaranteed per cent sinking fund
bonds, priced at 81, by International
Manhattan Co., Inc, and syndicate.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07
Farm Oil Cooperative Grows

SPRINGFIELD, I'LL. June 7 (P.-Five
new stations are expected to be added
this Summer to the so bulk storage
stations dealing in petroleum products
and operated in affiliation with the
Illinois Farm Supply Co.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07
U. S. TREASURY BALANCE.

The United States Treasury balance
announced today as of close of business
June was $50, 413.4901 Customs
receipts for the month to date were
$7,434,218.11. Total ordinary expendl-
lures, $685., 490.95.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07
Sails to Watch Cup Matches.

BOSTON, June C4).--At the age
of 80 George Wright. pioneer in pro-
feSsional base ball and in golf and
tennis, apd father of two tennis stars,
is of to France alone to see the Davis
Cup matches. .
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07
CHICAGO STOCK MARKET.

BY the Associated Press.
CHICAGO, June Following is the
complete official list of transactions In
stocks on the Chicago Stock Exchange
fnday
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07

The Chinese and Egyptians practiced
artificial incubation over 1000 years
ago. They used large egg ovens Of
brick.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07

Union Metal. -. 2Sc :. July i June 20
Initial.
Std Oil sh pr Am. Of soc Q june Is May 81
Warren Bros CIV pr. Q July / June is
Reduced.
E sksslS Aird AssR f S july Jun. 20
: Omitted.
Crosley Radio. ..25c @ July .....
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-07

the table The annus eash
Unit Of adins less 59pn HI 81 STOCK Paid last Year
Payable earned Pays
cash Plus log IN stock Plus 6E sesS
The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1930-02-18
PURPLE FIVE RESUMES CLASSY
PLAY, BEATING COPHERS 47.l7
Nj Carthy and His
Cubs Prepare for
Trip to Catalina
Pitchers Carlson, lautenbacher,
Crampp, McAfee and
SheaIy in Group

Chicago, Feb. 18-P)-Manager Joe
Mccarthy, eight ball players. and
some added starters rallied for the
start today for Catalina Island, where
Marse Joe will attempt to develop a
little bit better Chicago Cub baseball
team-one not only capable Of win
ming q second consecutive National
League pennant, but equal to the task
of beating the American League
champion in the 1880 world series.
The taking off was set for 1885 this
afternoon. with the island some u
hours westward. Scheduled to reach
the island Friday morning, Mccarthy
planned to give his batterymen q
workout the same afternoon.
The athletes were pitchers Hal
Carlson, Ed Lautenbacher, Hank
Grampp. William Fort McAfee, jr..
and AL Shealy; Catcher Leo (Gabby)
Hartnett and James (zack) Taylor,
and Outfielder Clifton Heathcote;
Ray Schalk. beginning his first year
as coach of the Cubs. and Trainer
Andy Lotshaw-all under the direc-
ton of Travelling Secretary Bob Lewis.
were gathered for the journey.
Catcher John Schultz and Recruit
Pitcher Lynn Nelson, will climb
aboard the special>at Kansas City be-
fore sunup tomorrow morning and the
remainder of the first squad will be
picked up at Los Angeles. The latter
group will include Charlie Rott, Pat
Malone, Guy Bush and Sheriff Blake,
regular pitchers, and Recruit Hurler
Malcolm Moss. Arthur Teachout,
George Bell, Bob Osborn, and L.
Warneke.
Other outficldcrs and infielders,
regular and prospective. will report
Feb. 28. and will have until March 2
to prepare themselves for the first
training game. a contest arranged by
Mccarthy with a team operated by
Jess Orendorff, q former Coast
League catcher.
The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1930-02-18
Rut Walter, Bert RieI and Bob
Lockhart Collect is
Field Goals
IlLIMI BEATS BUCKEYES
Coach Ward Lambert, Worried
About Overconfidence,
Works Team Hard

Chicago, Feb. 18.-F-Thc sharp
shooting eyes of the Northwestern
basketball team apparently have re-
tur----sut too late to do any Big
Ten championship business.
Northwestern, with Captain Rut
Walter, Bert r.! and Bob Lockhart
collecting l6 field goals, last night
broke a losing streak which had ex-
tended to three games by synothering
Minnesota. AZ to II. at Evanston.
Everything Northwestern did was
good for points, while the Gophers
were unable to get started. It was
NorthWestern's fifth victory in nine
starts. and it's second of the saeson
over Minnesota.
Illinois moved into undisputed pos
session Of second place by scoring its
second victory over Ohio State, a de-
cisive rs to 16 decision at Columbus.
Ohio State failed to display the form
that almost downed Purdue last week,
while the 1llini, led by Ernie Ramp,
who scored five field goals, went at
top speed.
Coach Ward Lambert OF Purdue is
worried owe symptoms of overconfi-
dence in the Purdue camp, and
planned hard work all week before
meeting Minnesota at Minneapolis
Saturday night.
The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1930-02-18
Oles Battle Macs
InLoop Feature

st. Paul, Feb. 18.-(R)-The st. Ola,
college basketball team. leading tn,
state conference with six consecutive
victories. makes its final appearance,
on a Twin Cities court of the current
season tonight when 1t meets the
Manchester five.
In addition to this game st. Thomas
plays at Augsburg in the final game
between Twin Cities schools, and st.
Johns at C%ollegeville comes to Ham
line.
st. Olaf has a return game with
Manchester at Mortified Friday. and
then will have only two games re-
naming on the schedule - with st.
Johns and Concordia, both or foreign
courts.
The st. Thomas-Augsburg game
will virtually determine which team
will finish the race in the upper
bracket Of the final standings. At
present the Auggies are ahead but a
victory for the Cadets tonight will
give the St. Paul quint third place,
with 80 points to spare.
Tomorrow night st. Johns contin-
ues its road trip, meeting st. Mary's
at Winona. Friday night Augsburg
and Gustavus will meet in Minneap-
oils in the weeks feature.
Carleton leaves Thursday night for
a road trip into Iowa midwest con-
ference competition, in which the
Mortified quint hopes TO- annex two
more victories and remain at the top
OF the standings. Friday night the
Carls play Cornell at Mt. Vernon. and
the following night meet Coe at Cedar
Rapids, Iowa.
The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1930-02-18
Daley Promises
NetAssociation
Will Be National
Every Corner Of Country Will
Have Its Say on Questions,
New Head Says

New York. Feb. 18.-FHThe Unit.
ed States Lawn Tennis association
will be . truly national organization
Throughout 1890, says its newly elected
president. Louis b. Daley.
This New Yorker who ON Saturday
at st. Louis was elevated to the presi.
dency, has found q way to see that
every corner Of the country has it,
say on important tennis questions
while he Is In the saddle.
Largely through his efforts q pro-
vision was adopted which permits Z
male vote. It's effects, he believes,
will be far-reaching and the associa-
ton no longer will be accused Of be-
ing dominated by a New York OF
eastern seaboard group.
On another point Of policy MI. Dali
ley was emphatic.
The Davis cup committee consisting
Of Joseph w. Wear. Philadelphia,
chairman; Fitz-Eugene Dixon, Phil
adelphia. non-playing team captain;
and Holcombe Ward, New York, and
Wightman cup committee comprising
Harry 8. Knox, Chicago, chairman;
Joseph w. Ivy, Kansas City; and
Jones w. Mersereau. New York, will
have complete authority in their own
sphere.
The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1930-02-18
Petrone Flashes
Nd. Time Form
Stopping Brooks
Flint 6attler Knocked Down
Four Times Before Going
Out in Third

Louisville, KY, Feb. 1s.-H1-Billy
Petrolle, the Fargo Express, showed a
flash Of hts old time fighting form
last night to score an impressive VIC
tory ovcr Joe Brooks, Flint, Mich. bv
knocking him out in the third round
OF their 10-round bout.
Brooks was knocked down fo,,r
times before the referee tolled 10 over
him.
The boxing commission and PetrolIe
and his manager for q time consid-
cred calling off the fight, as Brooks
was considered q tough customer. He
knocked out Tony Sanders, a likely
lightweight, recently and Is fighting
on Jack Dempsey's card at Chicago
Friday night.
Petrolle appeared at q decided ad-
vantage and the outcome was
in doubt. The knockout came after
one minute and ~ seconds of the
third round. Twice in the first round
he floored Brooks, once in the Sec
ond and once in the third before the
final decisive blow. Petrolle weighed
140 and Brooks 1873.
Petrolle left for Duluth after SPEND
ing the last three days here.
The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1930-02-18
George Simpson
Loses Another
10 Ji1nmyD Daley
Holy Cross Star Nosed Out
Fastest Human in Close
6O.Yard Dash

New York, Feb. 18.-(R-Jimmy
Daley of Holy Cross stole the honors
Of the eastern debut of the fastest
human" George Simpson of Ohio
State, at the New York A. G. indoor
track meet.
Simpson trailed Daley by over a
yard at the finish Of the so : yard
dash. The time was 6 3/5. two-fifths
of a second behind the record and
just what Simpson made in winning
his heat.
Stanislaw Petkiewicz. Of Poland,
beaten yer the two-mile route at the
Millrose meet, came back to defeat
his conqueror. Paul Rekers Of Penn
State, by five yards in the 5000 meter
race.
Northwestern's slight vaulting stall,
Tommy Warne. kept on going right
up after Fred Sturdy Of Yale and the
Los Angeles A. c.. and Barney Berl-
niger OF Pennsylvania. rivals for In
door honors for two years, had
stopped. Warne cleared Is feet 6
inches and barely failed In an at
tempt to go four inches higher. Berl-
niger took second with Is feet while
Sturdy failed to show his usual form
and made but 1876.
Phil Edwards scored his first major
victory Of the season in the Brefney
half mile. defeating DR.. Paul Martin
of Switzerland and Fred Veit, q for
mer teammate.
Ran Conger OF the Illinois A. G.,
ran the fastest mile Of the season to
win the Baxter mile trophy. He "a
timed in 4:19 3/5 to beat Joe Hickey
of N. Y. u.
Holy Cross beat Georgetown at the
mile relay in 1923 2/5. the best per-
aormance Of the year.
The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1930-02-18
Power and Light Five Hopes to
Give ChrysIer. Phantoms
First Beating
RECORD LOOMS IMPRESSIVE
Records Made Last Week
Against Flasher and Wash.
burn Support Claims

Bismarck basketball fans are prom.
ished a genuine treat when the Power
and Light five and the Phantom
Chrysler contingent meet in q
"grudge" battle Thursday night at the
high school gymnasium in a CONNER
cial league contest.
With the electricians developing
slowly and having reached a point Of
high proficiency at this stage of the
season, they are out to give the auto
mobile men their first defeat Of the
season in league play.
They have several arguments to
back up their belief that they might
do so. Last week the high line ex-
perts gave the Flasher Comets their
only beating on the Flasher floor this
season. In a game earlier this season.
Flasher defeated the Chrysler- Phan-
toms in ar overtime game on the
southern court. Last week also. the
Bismarck Power company five held
the Washburn American Legionnaires
to the Mclean county fives lowest
margin Of victory on their home floor
this season, q margin Of six points.
Two weeks ago the Washburn club