davidaulloa/AmericanStories huggingface dataset:
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1935-04-11
STURGEON LAKE

The pupils of the local school and
of adjoining schools are busy prac-
ticing baseball, volley ball, jumping,
ETC., for the district play day. The
first district play day will be held
on the local school grounds May 8.
with twelve schools participating.
The winners from every sub-district
play day.
Mr.. and Mrs. Paul Swantek are the
proud parents of a boy born to them
Sunday afternoon.
The clothing class will meet at the
Youngkrantz home next Monday.
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1935-04-11
LONE PINE

Layton Haney returned home from
CCC camp at Wabum, after spending
nine months there.
Mr.. and Mrs. Jim William enjoyed a
pleasant day Sunday. having all their
children and grandchildren home to
spend the day. some coming from Du-
luth. others from near here.
Mrs. Jim Haney spent Tuesday of
last week with Mrs. Bill Adams.
Mrs. Herbert Smith and children from
Meadow Lawn. are visiting a few days
with her parents. the Earl Dicks.
Jim MOffat sawed a pile of wood Fri
day.
Mrs. James Haney and son. Layton,
visited Sunday afternoon and evening at
the Thinner home.
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1935-04-11
DUQUETTE

S. H. DeLong of Anoka. spent Satur-
day and Sunday here on business.
A number Of the young people here
attended a party at VIM. Crosby's at
NickersOn Saturday evening.
Leslie Anderson accompanied Jack
Rudebeck and Joe Felgen of Barnum, to
the Cities Tuesday morning. and drove
back Chevrolet Master coach for the
family.
Patricia Melancon of Duluth, spent
Sunday with her folks here.
Alice Hedberg. who has been spending
some time with her folks here. re-
turned to st. Paul Friday.
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1935-04-11
MCPHERSON

Mr.. and Mrs. Chas. Boyles spent Sun
day afternoon at Mr.. and Mrs. Paul
Hansen's.
Mrs. Val Barber and Mrs. Pete Wig
gems were callers at Mrs. Edw. Beau
dry's Friday afternoon.
Mrs. r. Z. White went to her home
Sunday morning after staying a week
with her sister. Mrs. Beaudry.
Ted COlliton is visiting with Mrs.
LeMay.
Alcide LeMay went to Kerrick Tues
day on business.
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1935-04-11
LUTHERAN CHURCH NOTES
Swede Park Lutheran.

diii ouuudy service in
the Swedish language at IL O'Clock
Good Friday-Divine service in Swed-
iSh at IL a. m.
Oak Hill Lutheran.
Divine service (English) at 2:3O p.
m.
You are invited to attend divine
service in the Swede Park church
Good Friday at II a. m.
The Ladies' Aid will meet at the
home of Mr.. and Mrs. Arthur John
son. Thursday afternoon. April IS.
Bethlehem Lutheran.
Sunday school at 10 a. m.
English service at p. m.
Holy communion service on Thurs
day, at p. m.
Union Lenten services will be held
as follows-Monday evening at Mis-
sion Covenant church: Tuesday eve
ming at the Zion Lutheran church:
Wednesday evening at the Bethlehem
Lutheran church. and Good FRIDAY
evening at the NJ. E. church. You are
made welcome to one and all of these
services!
J. A. BURMAN. Pastor.
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1935-04-11

st. Paul's Ev. Luth. Church, Bruno.
missouri Synod)
Sunday, April 14-Divine worship
at 2:30. The quarterly meeting Of
the voting members will be held after
the service.
r. G. HALLSTEIN, pastor.
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1935-04-11
Sandstone Trinity Lutheran Church.

Rev. H. C. Sporleder, pastor.
From now on the services will be
p. m: subject, Truly, tbs the Son
Of God" Sunday school at $50 p. m.
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1935-04-11
(Fr0m Another COrresDOndent)

Mr.. and Mrs. Peter Stulen spent the
weekend visiting relatives and friends
at Weblake and Chicog. Wis.
Miss Gwendolyn Culver of Webster.
is assisting at the Curtis Lyon home.
Mr.. and Mrs. Donald Mackenzie re-
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1935-04-11
CATHOLIC CHURCH NOTES

Masses next Sunday. April 14-Du-
quette, a. m; Bruno. 10 a. m.
Catechism Saturday. April Is, Bruno
10 a. m; Duquette 1 p. m.
M. O'CONNOR.
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1935-04-11
SOUTH OF BRUNO

nine pound daughter arrived at
the home of Mr.. and Mrs. Thos. A.
Bowe early Tuesday morning. April 9.
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1935-04-11
st. Paurs Luth. Church, Willow River

Rev. H. c. Sporleder. pastor.
Church service at $50 a. m, sub
ject, Truly, tbs the Son of God"
Sunday school at 1915 a. m.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-08
PORKER PRICES
DROP SHARPLY
All Glasses 10 to rs Cents
Lower; Cattle Market
Active, Firm.

The sharp upward movement IN
porker prices, which has been under
way for some time meeting only a
few slight setbacks, was definitely
checked in early trading at the In
dianapolis Union Stockyards today
where prices underwent the first
major decline for nearly month.
The largest number of carryovers
from a previous session for some
time were On hand at the opening
of the local exchange today. This,
however, was believed to have the
greatest pressure on the market,
sending the general run of hogs
from 10 to 20 cents lower than yes
terday's average. Several light
weight classes were sharply Is cents
lower.
Receipts we're estimated at 1000,
still approximately 1000 below a
normal run. The strongest indica-
ton of a gradual decline in future
hog prices was the extremely large
number of holdovers, totaling 1040,
from yesterdays session.
General bulk of hogs, scaling from
100 to 300 pounds, we're salable at
$3.50 to 1910, while the best classes
available were reported selling at
only 1915. In the lightweight divi-
sion where the decline was most eff
fective, hogs weighing 100 to 100
pounds, ranged from SO to SO. 9th
ers, scaling 100 to 100 pounds,
brought 1918 to SITS. Packing sows
sold at 1925 to &c.
Initial supplies in the cattle mar
ket consisted largely of COWS with
practically all classes active and
selling at firm prices. Few grades
of steers brought $7.25 to $40. Re-
ceipts were 700. Veals continued sta
tionary, selling at $40 down. With
activity limited in the lamb market
most prices remained unchanged.
Few native lambs sold at 1878 down,
while throwouts brought $3.50 to So.
Receipts were 1900.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-08
BIG REFUNDINC
DEAL PROPOSED
BY SWIFT & CO.
Packers Aim New $43,000,-
600 Bond Issue for Sale
to Public.
BIZ Times Special

CHICAGO. March 9-Applica-
ton for the registration of a new
S43, 900 900 issue of bonds has been
filed with the Securities and Ex-
change Commission by Swift 81 Co..
one of the nations leading packers.
1t was announced here today. This
represents the largest flotation of
bonds to be arranged by a domestic
corporation since the SEC was Gre
ated and tends to break the lam
which has existed in the new capital
market for months.
The issue will consist of 15-vear
394 per cent first mortgage sinking
fund bonds to refund outstanding
first mortgage per cent sinking
fund bonds due July l, 1914. and
10-year 5 per cent notes due Sept.
l, 1910, Of approximately $43, 900 900.
II registration becomes effective
at the end of the 20 days which must
intervene under the act. the COM
pany announced, it is planned to
offer the bonds for public sale at
par through Solomon Brothers 81
Hutzler, as agents, subject to the ap-
prevail of proposed new mortgage.
Such a refunding would accom-
pIlSh material saving in interest
charges during the uneXpired terms
of the outstanding issues and would
extend the maturities at the lower
rate to the year 1850.
1t is proposed to call a special
stockholders meeting for the pur-
pose of authorizing a new mortgage
OF $50,000,000 against existing prop
critics under which bonds for S43,-
100000 would be dated May IS and
issued about June IS. The remain
ing 100000 of the bonds to be Gre
ated under this arrangement would
be authorized to be issued in the flu
ture as required for the purposes
of the business.
AT the close of last year Swift 81
Co. had outstanding $25 1893, 500 in
lO-year 5 per cent notes, which we're
sold publicly at par in the amount
Of $3O,OOO,OOO in August, 1890, and
$20,589, 500 of first mortgage 5 per
cent sinking fund bonds due July
l, 1914, issued in 1914, out of a total
authorization of $5O,OOO,OOO.
Under this refunding arrange
ment the company will show an an
nual interest saving of $317,4 on
the per cent notes and a saving
OF $257,368 on the per cent first
mortgage bonds.
After announcement of the filing
of the application, Joseph B. Ken
nedy, chairman of the Securities
Exchange Commission, declared that
the action of Swift & Co. indicted a
thawing of the frozen capital mar
ket.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-08
STOCK VALUES
RISE FRACTIONS
TO z POINTS
Recovery Extends to All
Groups Despite Dull
Trading Range.
BIZ United Press

NEW YORK, March s.-The stock
market gained fractions to almost
two points today in dull trading.
The signs of f1rmness which came
into the market just before the close
yesterday carried over into initial
transactions today and every group
shared in the recovery. Utilities
came back under the impetus of
a strong showing in American Tele-
phone, which climbed Ia to 107%
a new high for the year. Consoli-
dated Gas was Il point higher at
171a.
Rails generally maintained frac-
tional gains, although Chesapeake
& Ohio continued to dip, dropping
p to 1872, new low for the year.
American Can gained point to
118, Dupont % to 925s, Eastman
Kodak 2 points to 1904 and Proctor
& Gamble IA to 4914. Kelsey Hayes
Wheel advanced ~ points to 8, a
new high for the year.
Elimination of the dividend on
the participating and founders
shares of New York shipbuilding,
resulted in the common stock drop
ping 21a points to year's low of T..
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-08
M'LELLAN HAS LOSS
January Report Shows Deficit of
S143145 Before Charges.
By Times Special

NEW YORK, March 8.-McLellan
Stores Corp. had loss of $14,145 be-
fore depreciation, amortization and
homecoming charges in January,
according to a report submitted on
behalf of the trustee.
Al the close Of the month quick
assets were $4,363,171, of which ST.
895,596 was in cash and $2,449, 1913
in merchandise inventories.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-08
CLEVELAND. March -Butter-Market
BUS TRAFFIC IMPROVES
Increase of Is Per Cent Is Shown in
Employment.


NEW YORK, March 8.-Marked
improvement in the financial con-
dition of the motor bus industry in
the United States during 1894 and
an increase of about IL per cent in
employment is reported by Bus
Transportation as a result of an
analysis of reports submitted by 1877
motor carriers representing a cross
section of the entire industry.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-08
WHEAT PRICES DIP
IN CHICAGO BOARD
Other Grains Unsettled in
Inactive Trading.
BIZ United Press

By United Press
CHICAGO, March 8.-Easiness at
Liverpool brought about a price re-
cession in wheat futures today on
the Chicago Board of Trade. Other
grains were unsettled.
The principal cereal opened I'M
changed to as cent lower, corn was
% cent lower to % cent higher. Oats
were up u to 4 cent and rye was
unchanged to off q.
Broomhall said the British mar
ket was quiet and easier because of
cheaper Argentine shippers G. I. F.
offers. Larger Australian shipments
also induced selling. Chicagos mar
ket was not particularly active.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-08
DIVIDEND is DECLARED
By Times Special

NEW YORK, March 8.-Directors
of the Tri-Continental Corp. have
declared a regular quarterly divi-
dend of $3.50 share on the Sc Gu
mulative preferred stock, payable
April to stockholders of record
March 16, it was learned today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-08
Chicago Stocks
Produce Markets

Delivered in indianapolis prices; Heavy
ored springers, lSc; heavy. stays &c: Leg
feathered and fat. SC; ali classes of
guineas, 15c; No. strictly fresh country
run eggs, loss of: TIC. Each full case must
weigh SIS lbs. gross, a deduction Of 10c q
pound for each pound under SIS lbs. will
be made. Butter-No / 34G35c; butter
fat. soc. quoted by the Wadley Co.
(By United Press
CHICAGO, March g. Eggs = Market
22hc; fresh graded f1rsts, 2112c; current
receipts, 20Ac; dirties, 1824c; checks, 10 4c.
exIa Tsts m sc FsSepaSS g oc tuos
score 81 29a 2s1ac; seconds C885s7la Score,
28@251ac; specials, 3O24@31Ac; standards,
trucks, l car due; springers, zoe; broil-
ers, 22i2 0231ac; capons, & to Z lbs, 23c;
old, roosters. l31a@141ac; ducks, 17@ 2lc;
SFksysf ry ig@ ISL g2sSe hsns oi2 sSsg
Leghorns, TIC Cheese-Tw1ns, 1874 q TIC;
DAISIES, 17@17Ac; Longhorns 1712 q 17s4c.
mand and trading slow; market steady.
Wisconsin Round Whites, late sales Thurs
day, Use; early sales Friday, 70@ Toe; com;
Russets, 721ac. Idaho Russets, $1.5212q
ington Russets, Burbapks. Sis, New
STOCK, supply mOQerdJei demand anu VI O-
ing slow. market dull; sales to jobbers
bushel crates Florida Bliss Triumphs,
washed. S1.80. Arrivals, 81; on track, 249;
shipments, 847.
CLEVELAND, March -Butter-Market,
firm; extras SAC; standards, 34c. Eggs
Market, weak; extra white, 21c; current
receipts, 2012c. Poultry-Market, steady;
zoe; ducks young, 24G Csc; ducks old. zoe.
Potatoes-Maine, S1@110 100-lb. bag;
Ohio mostly 70d75c a 100-lb. bag; Florida,
81 9062 a bushel
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-08
Wall St.
Baby Bond Sales
Results Are Not
Deterninable.
by RALPH HENDERSHOT-
Tines Special Writer

NEW YORK. fdsrch s.-The
y government has placed its
baby bonds" on sale in all post
Offices throughout the United
States. AS was 20 be expected.
there was no sensational rush TO
buy them. There was no need 70
rush. for the bonds will be on sale
for several months az least. Con-
seouently IL will be impossible 70
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-08
Other livestock
BY United Press

by United Press
LAFAYETTE March s-Market 50 3se
lover. 1O0-2so lbs. So 50 Q leo 256-soO
lss ~ So S. 1915 20 lbs ssas So So
i40-iss iss. So S0Ts7 IS. isO-isO lbs. Sc q
as 1910 lbs, 81 50 a7.7s. loo-i2o lbs.
ss-5 ). As regghs. Sc down, Calves
down
T. WAYNE March s-Hogs-25c
louer: soo-7so lbs s. 50. 2so-soo BIS
$40. iso-fs0 lbs sc 50, iso-iso rs ss75.
if0-Iso lbs IS IS. isO-i4o lbs IS l2o-Iso
lbs. $50. ioo-l10 lbs So. roughs. S..
Itags. ISIS. cslvss-S9so. LA@ss-Ss. 80.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-08
BOSTON EDISON REPORT
By Times Special

q Aitt Sptcfll
BOSTON. March 8-The Edison
Co. Of Boston reported 1884 net in
come S5,lS7.790. equal TO 1910 q
share on capital stock against S.
366.67l, or Sl0O3 a share in 1888, il
was learned today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-08

pass Judgment on
the success OF the
venture for some
time.
II would seem,
h o v e er, a s
though the secur-
titles should find
ready buyers and
IL Is fitting and
proper that they
should be placed
on sale. Many
investors are still
hesitant & bout
putin z their
money 70 work.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-08
SEAT SELLS AT $4,000

By Times Special
CHICAGO, March 8.-Sale Of a
membership on the Chicago Board
of Trade at $4,000, a decrease Of
5000 from the previous sale, was an
nounced here today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-08

WASHINGTON, March 8.-Government
expenses and receipts for the current fiscal
year to March s, compared with the cor
responding period of the previous fiscal
year:
This year. Last year.
Expenses. $4.647.813,e17.4 S4,354, AZ, 923. o.
Receipts 2,342, 438, 1885 1855, 289, 721 20
Deficit -. 2,3O5, 375, 62913 1895, 1873, POI "a
Cash bal. 2,049. 143, 918.68 1851 ,905, 807 .o4
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-08

and they can find no more suitable
place. from the standpoint Of both
income and safety. than in these
bonds.
The government will benefit in
that il will be afforded a much
wider distribution Of its securities.
At the present time its obligations
are held primarily by banks and
insurance companies. The hold
ings Of these institutions are con-
sidered much too large, for the rea-
son that should they desire 10 sell
in large amounts at any one time
the price Of the bonds. and. conse-
quently the credit Of the govern
ment, might suffer.
TNASMUCH as the bonds are Of
Il the discount variety and will
have a definite stated cash value at
all times, purchasers will not get il
a jam they found themselves in
with the Liberty bonds when those
securities broke sharply in price a
few years after they we're sold.
But there is no point in trying to
dodge the fact that the value OF
these bonds may be adversely
affected at some future date by in
fiation. Other bonds will be in the
same boat. however. and so will
bank accounts: so from an investors
point OF view this factor Is not
necessarily a barrier.
MOST bankers in Wall Street are
WI wondering these days what
ever prompted trainers of the new
bank bill now before Congress TO
insert the provision permitting
commercial banks to make long
term loans on real estate. They
grant. OF course. that real estate
mortgages should be made more
marketable. but they contend that
the government Is counting a real
danger If II permits commercial
UdllkE 10 ulhhE 4QdAAo dEaAAAot NAANAAA.
A commercial bank must be ready
at all times to meet the withdrawal
demands Of its depOsitOrs. II can
not do this if much of its money Is
tied up in real estate, which is not
easily liqUidated. 1t Is true, OF
course. that the bill provides that
these mortgages can be discounted
at the Federal Reserve Banks, but
even those banks are hardly capa-
bic Of carrying too heavy a load Of
real estate mortgages in addition to
their business paper.
II is conceivable under such a
situation that the Federal Reserve
Banks might some day be found IN
the real estate business. Another
Florida land crash, for instance,
could cause plenty of trouble.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-08
SURTAX BOOST
HELD NEED TO
LIFT REVENUES
Good of All Depends on
Heavier Burden on
Wealthy, 1t Is Said.
BIZ Times Special

BIZ Times Special
NEW YORK, March That sur
taxes on incomes in excess of $780,
600 always have been inadequate is
the contention Of George A. Horne,
consulting engineer, who today de-
clared that, because Of favoritism
shown a few thousand ultra
wealthy" the government is being
deprived of billions annually in rev.
enue. But for its inconsistent"
taxation methods, Mr.. Horne COR
tended. the Treasury would not be
faced with an almost insurmounta-
bic debt"
The inadequacy of surtaX rates"
Mr.. Horne explained, is illustrated
by figures from the Revenue De-
partment. Incomes of more than
100000 reported from 1916 TO 1880,
inclusive. totaled about S26,960,000,-
O00 while the tax paid was only So
000 1920 900 900 a ratio Of 22.3 per
cent. Assuming that the law did
not provide loopholes, an actual tax
of so per cent would have yielded
sl6.l76,000,000, or approximately
$4,000, 5000 more than was paid.
This item, incidentally, repre-
sents about one-third Of the ma
tional debt today. The maximum
number of persons involved in these
larger incomes was 1887 in 1928.
This is slightly more than Ito of
per cent of the population. The
surtax rate in 1894 reaches so per
cent of net income of 100000, and
it is. therefore, apps rent that an
average of 90 per cent would have
worked no hardship on the larger
incomes during the last fifteen
wears"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-08
Other livestock
BY United Pressl

CHICAGO. March -Hogs-Receipts.
II 900. including 1000 directs; mostly safe
s IReE ro sin TO ehoice iso24o bs Top
go desirable packing sows. ss.50ds:
ligh, lights. l40-I60 lbs. good and choice.
meda nH' w ssis 5So5sS lbs Sood
and choice. 50 asa 975, heavy weights $50
$50 lbs. good and choice. Ss.5O0e70;
packing sows, 275-55o los. medium and
lbs. good ana choice. S725Gs Cattle
Receipts 5000. calves. receipts. 1000. gen.
eTsl market slow. steady 10 weak; trade
shot through with numerous soft spots
ana occasional sc down compared with
Thursdays very active trading, no choice
steers here: best Sass. bulk SEAL: only
and better. oeef COWS as much as Csc
lower n instances. same true Of better
grsce hsifels selling al SEA so; not much
and vsslers. steady. Slaughter cattle and
vealerS- Steers 550-900 lbs. good and
choice, SO asa 50; soo-llo0 lbs. good
and choice. $40 soGl4; lIoo-isoo lbs, good
and choice. sll 25Gl4lo: i3ool50o lbs,
good and choice. ST IS a l4i0; 55o-isoC
rs oommon and medium. SEA II 4 2 3;
az: common and medium. s5.5OGs ais;
COWS. good, s7.S09io. common ard me-
dun. s5G75o. low cutter and cutter.
Ss.7S.GS, bulls tyearlinss excluded 5000
medium. 81 25l S. vea1rs. good anc
choice. s7-5OGe7 IS: medium. ssG Z so: eul
ss a1 a s'ssrs ssoeiuso i6si. good snd
choice Se75Ge. common and medium
SIS soar. Sheep-Receipts. IA 900. fat
lambs. opening SLOW. bids and sales
around steady 10 i5c lower: sheep and
feeding lambs. little changed: good Z
choice fed lambs Ss75Ge. best held
higher. slaughter sheep and lambs. lambs
90 lbs down. good and choice ss.l5G SIS,
common and medium. S6.75Gs IS. 9o-eS
lis. good and choice. s7756 e.i5. ewes
e0-is1 lbs good and choice So 5 so; al
weights common and medium. sSGs IS,
feeding lambs. 50-75 lbs. good and choice
se75GTs0
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-08
Payments Only l6%

To illustrate the "inconsisle ncy'
of the Revenue Act in 1928, Mr.
Horne asserted that 99.9 per cent Of
the population was adversely af-
fected, including 99.6 per cent of the
individual income taxpayers.
For example" he said, lin that
year there were only 1887 individu-
ais reporting incomes of 100000 and
more out of an excess of 100000
returns, or about 4-10 of l per cent
This small group reported a total
net income of S4,4O0,0O0,000 ano
paid total tax of S714,00O,0OO, or
about Is per cent. A go per cent tax
would have yielded approximately
$3.50, 100000. It is thus apparent
that, had such a tax policy been
pursued, the government would not
today be faced with an almost in
surmountable debt.
"Of still greater significance is the
fact that the enormous discrepancy
in the distribution of the total
wealth would have been avoided" he
added. Perhaps no one single item
more clearly illustrates the per-
niciouS result of the pyramiding of
wealth in the decade of 10000
than what is known officially as
brokers loans which amounted to
more than s9,O0O,OOOOOO in 1929
This enormous sum, of course, was
largely furnished by the increased
deposits Of the wealthiest. The aft
ermath is a matter of history"
AssaiIs Estate Taxes
To Mr.. Horne, the most striking
example of the favoritiSm shown
the ultra wealthy is the Coolidge
1926 Revenue Act, wherein, he ex-
planned, the maximum surtax was
reduced to 20 per cent. At the same
time, he said, no reduction was Sc
cured for taxpayers with incomes
under $4,000 Likewise, he main
tanned. the Federal inheritance tax
es also are unScientific and made
quate"
All the inheritance tax laws tc
date" Mr.. Horne pointed out,
reach a maximum percentage fol-
calculating the government tax
The maximum rate under the pres
ent act is As per cent on estates OF
S10O00,000 or more. This obviously
greatly favors all estates in excess
of S1O,O00OO0 with increasing fav-
oritism in proportion TO the size OF
the estate
AS there have been several es-
tateS of s2O0OOO,0OO and more ir
recent years. and as it it is vel
known that the estates of certain
individuals who are living are
much larger than that. the gov
eminent is depriving itself of legit-
innate income in falling to provide
a sliding scale which increases
continuously, reaching the highest
percentage when the largest ex-
listing estates have been covered.