NEWS WORTH REMEMBERING
News Worth Remembering A WEEK of typical summer weather in America has brought destructive and unusual floods in the lower Missouri Valley, but otherwise there has been nothing memorable in the...
...better than last year,—winter wheat two per cent...
...Myer for the army, and are making their usual favorable impression...
...Glenn H. Curtiss, of Hammondsport, N. Y., in a machine of his own, won a prize last week offered by the Aero Club of America, in a test in which he flew five-eighths of a mile around a circular track...
...Senator Culberson asserted that the Standard Oil Company has its cans made abroad and gets a drawback when it re-exports them filled with oil, thus getting free cans for its exported oil...
...As this magazine has compared the figures with those of the local press in several cities and found them under rather than over the facts as locally reported, we are safe in assuming that the estimate is probably too low...
...The patriots of Persia seem to have been spurred to action by this invasion, and a union formed of the forces of the Bakhtiara tribesmen and the constitutionalists or "nationalists"—presumably the Persian faction corresponding to the "Young Turks" in Turkey, and supporters of a constitutional form of government...
...Of course," said he, "many will object to the centralizing tendency of a national law authorizing the formation of corporations to carry on interstate business, but such a law seems to me to be the inevitable result of economic conditions...
...On the 9th "Sumner" in writing from Washington to the Record-Herald says: "President Taft has served notice on Senate Leader Aldrich that he will not sanction the amendment (the Clapp amendment) to the corporation tax feature of the tariff measure which was pressed by insurgents and accepted by the Finance committee in his (Taft's) absence...
...The amendment as brought in would tax the "net" in the hands of the subsidiary company, but exempt the sum after payment to the holding company...
...On July 6, the press dispatches reported that the nationalists had completely invested Teheran, the capital...
...better, spring wheat about three per cent...
...Aldrich refused any concession, however, in the interests of the American manufacturers of tin-plate...
...On the 8th this report was qualified by news that the tribesmen under Sadar-Assad, and the nationalists under Shipidar-Je were about to attack the city, and that the Shah would take refuge in the legation of some of the powers if Teheran should be taken...
...La Follette presented the case of the National Association of Clothiers against the bill— the protest of 97 per cent...
...of the clothing manufacturers of the country with an output of $600,000,000 per annum...
...Messrs...
...At last accounts a force of 4,000 men was about to move in steamers against the rebels at Barranquilla...
...News Worth Remembering A WEEK of typical summer weather in America has brought destructive and unusual floods in the lower Missouri Valley, but otherwise there has been nothing memorable in the natural phenomena of the week in America...
...Vice President Holguin, acting president in the absence of Reyes, declared martial law...
...It is probable that we may never know what became of the money paid by this government for the French rights...
...So of the Steel Trust and all the great railway corporations...
...At this writing Russian forces of Cossacks are reported under march to flank the revolutionary forces, and fighting seems inevitable...
...Nevertheless the casualties of the Fourth are this year not quite up to the standard of the mortality of a first class battle...
...better, and oats, rye and barley all slightly better...
...It will be remembered that when this amendment came into the Senate after White House conferences, it provided that holding companies may deduct from their gross income all dividends on stock of subsidiary corporations which they may possess, in computing the "net" income...
...That form of patriotism which blows off in noise cost us up to the morning of the 6th only 64 deaths, 2,557 injuries, and fire losses aggregating $813,965—according to the figures of the Chicago Record-Herald...
...A Quiet Fourth of July The casualties of the Fourth were less than in many former years...
...At the last moment he made an attempt to read out of the party all Republican Senators who should dare vote against it, but nevertheless, ten Republicans did so—Beveridge of Indiana, Bristow of Kansas, Brown and Burkett of Nebraska, Clapp and Nelson of Minnesota, Crawford of South Dakota, Cummins and Dolliver of Iowa, and La Follette of Wisconsin...
...John D. Rockefeller has given $10,000,000 more to the general education board, making $52,000,000 in all...
...The Republicans appointed by Cannon as members of the Conference Committee are Payne of New York, Dalzell of Pennsylvania, McCall of Massachusetts, Boutel of Illinois, Calderhead of Kansas and Ford-ney of Michigan...
...Senator Beveridge agreed with this...
...At Cincinnati, on the 2nd, the Western Union Telegraph Company was indicted for aiding and abetting the criminal operations of a bucket-shop keeper...
...This amendment removed the exemption which was to apply to holding companies, and imposes the tax on such companies as well as upon the earnings of the subsidiary companies...
...Clark of Missouri, Griggs of Georgia, and Underwood of Alabama are the Democratic members...
...McEnery of Louisiana voted with Aldrich, though a nominal Democrat...
...They asserted that the passage of the bill will mean an increase in price or a lowering in quality of from 20 to 25 per cent...
...Revolutionary Shocks Also The regions affected by the earthquake have been trembling under the successive shocks of revolution also...
...Just what the President's real position is on this matter has not at this time been made public by him...
...Mandamus proceedings are threatened by the Illinois Tax Reform Association against the International Harvester Company to put on the tax list of Cook County property, now untaxed, of the value of $100,000,000...
...Hogs are selling 15 cents higher than a week ago, the choicest touching $8.17 1/2, and the sales averaged the very high price of $7.88 on July 9 in Chicago—for which point all these prices are given...
...On the 5th, Senator Rayner attacked the customs court provisions of the bill, declaring them unconstitutional...
...In Persia the Shah has been harrassed for a long time by problems similar to those which deposed Abdul Hamid in Turkey,—the new aspirations toward democracy which seem to be entering powerfully into the thought of the Mohammedan world...
...It was plain from the debate that insurgency has increased rather than diminished in the Cannon wing of the Capitol since the Payne bill went over to be converted into the Aldrich bill, Eighteen Republicans voted with the Democrats against the special rule sending the bill to conference...
...December corn is off about a cent from last week, selling at around 56 cents...
...The revolt seems to have grown out of dissatisfaction with the settlement made by the government when the republic of Panama seceded from Colombia—and may therefore be said to be one of the results of the proceedings connected with the building of the Panama canal.— Another echo of the same intricate matter is the report that the attorneys from this country now in France to collect evidence relating to the so-called Panama libel cases are experiencing difficulty in getting the consent of the French government to go into the affairs of the old French canal company...
...The bulk of sales of cattle are at prices about a dime lower than a week ago, the best bringing from $6.60 to $7.40, and the poorest from $2.25 to $3.25...
...He has also taken such action so that the trustees may by two-thirds vote distribute the principal of the funds...
...A New Richmond in the Field The Wright Brothers are engaged in making tests of aeroplanes at Ft...
...The News of Trustland On July 7, Attorney-General George W. Wickersham addressed the State Bar Association of Kentucky, at Paducah, taking for his subject the state control of corporations doing an interstate business...
...Although even Senator Root declared that he had not favored this court, Aldrich conceded nothing save the exemption of criminal cases from the jurisdiction of the court...
...In Western Asia sharp earthquake shocks have been experienced...
...This action is for the purpose of providing for unseen contingencies in the future which may make the whole scheme obsolete, and to guard against the keeping up of the fund after the need for it shall have ceased to exist...
...The price of July wheat is at this writing a cent or two higher than last week, owing, it is said, to reports of unfavorable harvest weather...
...For instance, the Standard Oil Company consists of one great corporation and some seventy-odd subsidiary corporations...
...That they are not the only aeronef navigators in the air, however, is proven by the fact that Mr...
...Valencia disavowed any connection with the affair...
...It will be recalled that the exemption was claimed by Aldrich to have been made for the purpose of avoiding "double taxation," and that Senator Dolliver pointed out the fact that the tax is not an income tax but an excise due for the privilege of doing business in corporate form, and that that privilege is as important to the holding as to the subsidiary corporation...
...Aldrich Jams His Bill Through On the 8th, by a vote of 45 to 34 Aldrich passed the tariff bill...
...The De Les-seps company scandal once brought France to the verge of revolution, and the government is shy of reopening it...
...The company is assessed this year at $8,925,000...
...As has been the case throughout the debate, the Aldrich forces had the votes when they needed them...
...An Isthmian Canal Revolution in Colombia A Bogota (Colombia) dispatch says that on the 7th a portion of the Colombian army took up arms against the government, and proclaimed one Gonzalez Valencia president, in place of Reyes, the actual president...
...The insurrectionists took possession of the important towns of Barnanquilla and Cartagena, and several steamers on the Magdalena river...
...He declared that Congress should organize United States corporations to carry on interstate commerce, because of the difficulty of regulating such corporations under the present order of things...
...He suggested that states may do much in this line by enacting laws vacating the licenses of corporations to do business in the state whenever more than 50 per cent...
...His statement will be awaited with intense interest by the whole country...
...At the same time it was said that Shipidar-Je had issued a statement that the Russians must leave Persia and a new and more liberal ministry formed...
...This was regarded as a distinct victory for the anti-trust forces...
...On the eve of the vote, Mr...
...It is asserted on standpat authority that the conference committee is made up to put the bill through quickly along Aldrich lines...
...The conference committee of the Senate was appointed contrary to custom before the House had refused to concur, and consists of Aldrich of Rhode Island, Hale of Maine, Burrows of Michigan, Penrose of Pennsylvania, and Cul-lom of Illinois, Republicans, and Daniel of Virginia, Bailey of Texas, and Money of Mississippi, Democrats...
...Crops Better Than Last Year The government crop report for July 1 shows crops about five per cent...
...Under the assaults of Clapp of Minnesota and the other Progressives, Aldrich yielded and allowed the amendment to be amended so as to tax the net income of corporations whether derived from merged and "held" corporations or not...
...to the consumers of wool...
...September and December wheat are about as last week, from $1.09 to $1.10, and from $1.06 1/2 to $1.08 respectively...
...Reports of it will probably have reached the reader before this account...
...The price is from $1.15 to $1.17 1/2...
...It is asserted that the company's own statement shows it to have assets to the amount of $157,608,000, of which $25,000,000 is in farmers' and agents' notes, $34,000,000 in factories and warehouses, and $16,500,000 in surplus...
...A New Development in the Corporation Tax A startling development in the matter of the Taft-Aldrich amendment to the Payne bill for the taxing of the net income of corporations has transpired within the last day or so, according to the well-known correspondent "Sumner...
...He also asserted that such a law is the logical result of the Taft measure for the taxing of the net income of corporations...
...of its stock should be owned by any other company...
...Some weeks ago the entrance of Russian troops into Persian territory, under an Anglo-Russian agreement, was chronicled...
...The House Receives Aldrich's Work On the 9th, the Senate bill went to the House, where after a spirited debate, it was sent to conference...
...If such be really the case, and the personnel of the committee adds color of probability to the statement—the bill will soon go to the President, and the country will then know what he meant last fall by "revision downward...
Vol. 1 • July 1909 • No. 28
