The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-04-15
VOTES TRADED
ON OIL TARIFF,
TYDINGS AYERS
BareS Alleged Deal Made by
House Group; Quiz
Whitney Again.

BIZ United Press
WASHINGTON, April discharges
that log rolling" votes trade,
brought an oil tariff into the bill
lion dollar revenue bill In the house
were made before the senate finance
committee today by Senator Tyd-
ings Oem., Md.
Tydings asserted that the house
ways and means committee con-
sented to the oil tariff in exchange
Tor a promise of forty votes in sup
port of the sales tax"
The house provision for a higher
TAX on stock transfer was brought
up for renewed criticism by Rich
ara Whitney, president of the New
York Stock Exchange, who told the
senate committee that there had
been alarming" decreases in the
volume Of the Stock Exchange bust
ness.
Whitney asserted that the pro-
posed increased tax on stock sales
would produce far less revenue than
was estimated by the house. He
said the increase of the New York
state transfer tax from 2 to 4 cents
March l had been followed by IAN
alarming decline from the February
figure.
State Receives Less
On the basis of the new tax,
Whitney continued, the state act
ually received $4,000 less this
March than a year ago.
"At a time when business makes
no profits and farmers can not pay
their taxes, there should be no
penalty assessed against all of us
to favor an industry that is on the
up grade" Tydings said in discuss
ing the oil tariff.
He estimates price increases would
cost the public $500, 000, 900 a year,
although he contended the oil and
gasoline rate of l cent a gallon
would produce no revenue at all"
Tydings leads the senate Demo-
cratic group seeking to bar all tariff
rates from the bill.
we all will pay" he said, "the
major companies will profit and the
government will lose.
Gore Files Estimate
Senator Gore (Dem., Okla, in
serted in the record after Tydings'
appearance, an estimate that the
oil tariff would produce an annual
revenue of $43, 900 900.
Whitney warned of a possible
panic If increased taxation reduced
trading to such a. point that ex-
changes might be forced to close.
Senator Connally dem, Tex,
suggested that taxation be levied on
brokers, instead of traders, but
Whitney said he did not believe it
would produce revenue.
Whitney said transactions on the
exchange had slumped from $109,-
900, 1000 in 1929 to $32, 900 900, 900
In 1881 and that imposition of the
proposed tax would freeze the mar
ket, putting it back fifty or seventy
five years"
Economy Plan Ready
Whitney said he had heard of a.
move in Canada since the house
passed the tax bill, to amalgamate
Canadian exchanges in order to
take advantage of the American
business expected to be driven from
New York.
A detailed plan for reducing
government expenditures by $780,
100000 through salary adjustments
and curtailment of some federal ac-
tivities will be laid before congress
next week.
The house Democratic leadership,
counting upon early presentation
of the completed administration
plan, expects the full economy pro-
gram to be presented next Tuesday
by the house economy committee.
This committee, receiving Mr.. Hoo
ver's proposals tonight, will study
them over the weekend in the light
Of the two conferences already held
with the President ON the subject.