Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-13

student at the University Of Michigan
! for O year. Who's Who in America
sums up the brilliant career of this
New York lawyer thus:
Admitted to the bar 1892, began
practice in Milwaukee,, Wis; removed
to Chicago In 1895, and later to New
York"
The summary is too short! For his
spectacular success, both in the field OF
law and business, is one of the most
dazzling in American history.
Cermak on Job.
Mayor Anton Cermak of Chicago
works fast. He dropped 1900 city en-
ployes his first day in Office and 800 the
second-3,000 in 48 hours-and he sus-
pended the salaries of 5000 others
pending investigation.
Its a bad time to fire people from
the pay rolls" commented one Chi
cagoan. But we have a vast problem
of taxation on our hands, and city
overheads must come down."
John M. Pratt, executive director OF
the Association of Real Estate Taxpay-
ers, who says that Cook County resi-
dents (Which includes Chicago have a
tax bill for 1881 of $548, 648, 900, points
| out that Chicago has no uniformity in
treatment "as between one type of
wealth, real estate. ePd other types of
taxable wealth, tangible and Intangible
property"
Mr.. Pratt says there's not even a
| pretense to assess property on the basis
of uniformity in these two classes of
| property-real and personal. So Mayor
| Cermak is faced with the problem of
reaSSeSSment IF bankruptcy Is to be
averted and normal functioning of gov
| eminent is to be assured" says Mr..
| Pratt
Taxes are pressing down hard on
many cities right now, but the Chicago
situation seems to be worse than many
others. Real estate cannot be made TO
carry the entire tax load. Chicago'S
history shows that the higher the tax
on real estate, the greater the delin-
| queney.
1.-THE tax problem remains to be
solved. Apparently there's nothing to
| do, but to nullify the 1929 assessment,
and fund the debt" concludes Mr..
Pratt.
Cotton Exports.
The descending graph Of American
cotton exports finds its counterpart in
the continued depression of the Cotton
Exchange, where prices are down to
record lows. Last weeks brief squirt
soon got out of breath and collapsed.
The great influx of Soviet cotton has
| complicated the export jam. Soviet
cotton has rocketed from 1000 bales
last year to over Isl 900 bales this sea-
son. 1t is underselling the American
staple cent pound on the Liverpool
and Manchester markets. where most of
/ OF orc
| This may puzzle American cotton farm
ers for whom Russia was, until re-
Gently, one of their best foreign Gus
| toners. What is the explanation?
The answer Is twofold. When the
! Soviet Republic completed her new ,457-
mile Turkish Railway last year she
| linked the Siberian wheat fields with
| the cotton country in Turkestan. This
made it possible to do away with wheat
raising in the latter area for local con-
sumption and go in for wholesale culti-
walton of cotton. The second factor is
| the famous five-year plan. which calls
| for a tremendous expansion in cotton
acreage by 1888. This is now under way,
and it explains the sharp upcurve in
her exports. The low selling price may
be attributed to low production costs,
and the determination to sell regard
| less of the market, in order to balance
! Russian imports OF machinery and ma
chine tools.
These are the facts which the Ameri-
! can cotton farmer must face: Russia
has turned from good customer into
a strong competitor American reduc-
ton of cotton acreage has been almost
wholly unsatisfactory. Home consump-
ton of cotton is declining. Right
now it looks as though the American
cotton farmer is face to face with a
decade of hard thinking.
Short-term Notes.
Uncle Sans latest addition to his
| indebtedness-the issuance of short
term notes for S275, 1000, 000-is a chilly
| reminder that the United States is still
| fighting the war financially! The
| Treasury was dubbed into putting out
the certificates by passage of the vet
erans' loan bill during the last session
of Congress. Regardless of the wisdom
of this action the cold fact remains
no war-no veterans, no bonuses-no