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Business and Finances
By W. S. Cousin», Editor American Benker Ne«' ' next two in g ovon dcrtaWon. form By W. S. Cousin», the I. Feb. 21.—During ,nth s the heaviest projects 11( n t financing must be up „,1, while it is now possible approximate estimate of •. .merits of the Treasury to the the war ppriod, business men are problem^ these «II 1 .":' titular fields The sum t nue tax «>' six bilhon ; that a sinn coming from .tbe Secretary a some very perplexing apply» 1 « the details of nents to their own par tal of the new war reve he slightly in excess of lollars, and it is expected In amount will be forth fifth war loan. The the Treasury is, of settle on the details y Ion m, but it is current , its maturity will be any outstanding issue, rate will be but slightly, . (1 beyond the rate of th e Secretary Glass is per < course, m of the Viet' ■ opinion t" •" shorter th' ! ^nd that it any. adva i- St iV b nf rt tV 'Conviction that public Hmeiit will ultimately swing to his S - J tint patriotism and public duty prominent factor in the i t, Inn .if till loan than any appeal ,1Ztrv'ivr yield on the bonds. L as it t "ec4ary to interest all chases in the country and as the first Ii/, ftax ■ veinft) have remained at near 1"' while the other issues wc shrunk 'from 5 to 7 points below that fWur. a probable conclusion hit nart of the next issue may be in he form of 3". per cent tax-exempt bond and th. remainder at 4yi or 4% f e„t. subject to the income tax. The New Revenue Law. ___ As to the new revenue law. econfir mists who have given it critical ex amination aurec that its chief defect Ii rs in the hrt thnt the bulk of Hie taxes «ill "'"1er its operation be ex tracted from a relatively small busi ness cla=s, adding one more burden and handicap to the many under which many lines of business have been con ducted during the past two years. After deducting from the whole amount the acraregate yield oif the minor tmxes which wage-earners of all classes will have to pay, it is estimated that from 25 to 30 per cent of the en tire income of the "business class" for the year 1018 will be required to meet the impositions of the new tax law; (or the mon successful or prosperous, as hi eh as 40 per cent may he called for. For some this will cut into capi tal accumulations which have come as the fruits of industry in the past and for s larire number it will absolutely prevent the enlargement or expansion of their facilities in preparation for ,a larger volume of business to come. As pointed out by the National City Bank in discussing this subject re cently the odds against a business man or an investor are very heavy under the taxation plan as nidopted by the new law. Should he buy goods, or build or hire labor for an enter prise? If developments arc against him and he loses the loss is all his own: if he is successful the govern ment may claim 50 or 60 or 80 per \cent of the profits. The critics of business may say that_ what is left is fair and sufficient. It might be if / AllSmoJumpToAaccos are Flavored Your NoseKnows" The Encyclopaedia Britannica says about the manufacture of smoking tobacco, M ... on the Continent and in America certain 'sauces' are employed . . . the use of the 'sauces' is to improve the flavour and burning qualities of the leaves." Your smoke-enjoyment de pends as much upon the Quality and kind of flavoring used as upon the Quality and aging of the tobacco. Tux ^dotobaccousesthepurest, most wholesome and delicious of all flavorings— chocolate ! That flavoring, added to the finest of carefully aged and blended hurley tobacco, produces Tuxedo ~~the perfect tobacco— "Your No*« Know*. " **NTCCD TO ! * y 0UW HONEY Try This Test! Rub a little Tuxedo briskly In the palm of your hand to bring out its full aroma. Then smell it deep—its delicious, pur® fragrance will convince you. Try this test with any other tobacco and we will let Tuxedo stand or fall on your judg ment— "Vont Noue Knows»" Çîuooedo Parket Tobacco far Pip« »nd Cigtr.lU Wot/ there were no losses, but there are no allowances for possible losses. It is not easy to keep gains above losses in the business world without any taxa tion, but who would dare to move outside of the most cautious policies with such odds as present taxation puts against him? Ordinary business in established routine may go on, but the courage which undertakes new en terprises has very hea'vy odds against The time has come when it is not to be considered unpatriotic for busi ness men to inquire as to the method of expending the vast sums of money which the treasury department has been gathering in during the past two years. It is the general impression that the appropriation bills of recent years have been filled with needless and extravagant expenditures and that government war money has been laid out with a lavishness that is little sholrt of criminal. Politicians and favored contractors have grown rich with the spoils of the war period and scores of new millionaires have been created. If it is the duty of the peo ple to provide, directly or indirectly, funds for the National Treasury, it is their privilege to demand that these funds be expended wisely and judici ously. Poor Record of Congress. The second, or short session of con gress will come to a close in little over a week, with practically all of its work undone. With a heavy list of regular and special jobs on hand, in cluding appropriation measures and much-needed legislation, congress has chosen to fritter away its time in use less and wearrisome debate, leaving for the last crowded hours all consid eration of matters necessary for the conduct of public business. Its only accomplishment thus far has been the passage of the revenue bill, but this was a legacy of the previous session and should have been completed and adopted not later than December of last year Each congress is entitled to hold two sessions, the "long session,' which is unlimited in duration, and the "short session," which by law cannot evceed three months and usually con venes from December until March of the following year. If often happens that a special session is called by the President and in most instances this short session immediately precedes the long session. Th e long session of the sixty-fifth was in existence most of last year, and, after giving most of its attention to the revenue bill, was un able to complete that measure. It adjourned, leaving the important mat ter of the next Var's taxation unset tled. It was only by a mighty effort that the succeeding "short session" completed this measure and that is all it has done. This is the poorest legislative record that any congress has been guilty of and one which it is hoped none other will duplicate. No such record, we are told, has been made by any congress within the memory of men advanced in life. Instead of attending to the to l'or far of its is has a at of business of the country congress has catered only to its own desire for use less loquacity, the only effect of which hjis been to fill up more pages in the Congressional Record. it was an unwritten rule in the days gone by that Congressmen who insist ed upon the exercise of their preroga tive for "much speaking" must do so only during the long session, leaving to the short session a fair opportunity l'or the transaction of business. How far this rule has been disregarded in these days is evident from the failure of the present congress to depart from its useless talking, even at the very close of its most important session. For most Congressmen the big ques tion centers about their own welfare with their constituents and their "chances" at the next election This is subservient to all public interest ;*nd to the progress of matters of Na tional importance. The war congress has been the biggest offender in this respect. Financial Features. Trading on the principal stock ex changes has been brisk, with an Ap preciable increase in the volume of business, and for the most part, with a tendency toward financial legislation at Washington, with the possibility of substituting short-term notes sales at intervals for the usual and expected Liberty bond campaign, has not met with a favorable response in the finan cial district. If the "notes" are sisted upon, they are most likelv to find lodgement in the banking institu tions rather than in the strctig-Koxri of private investors, rind to that ex tent reduce their facilities for com mercial and speculative loaning. Sentiment toward railroad s-curiti- 1 appears to be more confident on th< constructive side because of furthc cogitation over occurrences at Wash ington. The certainty that the present congress will not trv to work out roernm has reacted in something of a feeling that events will shape them selves for the return of carriers to th'-ir stockholders without much more pressure toward a prolongation government control. Daniel Willard's presentation of argument against the five-year control period and govern ment ownership before the senate committee is looked upon as in reality summary of all that hns been said heretofore in favor of legislation for giving the carriers back to private management. There has been no material change in the money market. Monev is of fered in limited supplv .for time loan at 5'/2 per cent for all periods up to six months. The demand is not a great as it was a few weeks ago and this position is expected to be hold until a broader stock market makes it appearance. The call loan rate ran from S to 5'/2 per cent, the renewal rate being 5 per cent. The market may still be characterized as a govern ment market, as its fluctuations de pend largely upon the withdrawal and replacement of government funds with the banks. * WASHINGTON CHAT * Handing It to Houston. Washington, Feb. 25.—Great inter est in official circles as well as among the farmers of the country, is shown the charge made by Dr. W. J Spillman, former chief of the office of Farm Management, Department cf Agriculture, that Secretary Houston delayed investigations of cost of pro duction of farm crops and even went so far as to declare that farmers should not have information regarding costs erf production. The controversy between Dr. Spill man and Secretary Houston, over the former's investigation of food pro duction and distribution to determine costs at various stages and to ascer tain whether unfair practices prevailed in the trades based cn food products is set forth in detail in a speech which Dr. Spillman recently made before the Annual Conference of the National Board of Farm Organizations Washington, D. C. Dr. Spillman points out that by the summer of 1917, after ten years of study the office of Farm Management felt that it had worked out satisfactory methods for determining the cost of producing practically all kinds of farm products. What seemed to he most needed to enable the experts to arrive at current costs was a knowledge of current wages and prices of materials. "It happened that iust at this time." said the former chief, "the President directed the Federal Trade Commis sion to undertake certain studies of food production and distribution with lew to determining costs at various stages and of ascertaining whether un fair practices prevailed in the trades based on food products." Dr. Spill man then stated that arrangements were made for the office of Farm Management to have charge of this work, and that h,> requested letters of authorization for the purpose of send ing 13 experts to the field to collect the necessarv data This was in Oc tober, 1017. Secretary Houston re fused to grant these letters, according to Dr. Spillman, and called the Doctor to his office for consultation. In re ferring to this conference, Secretary Houston stated in a letter to the sen ate in November, 1918: "I indicated to him (Spillmanï my desire that care ful consideration be given the whole matter and that a system of inquiry and interpretation be devised which would be regarded by competent stu dents of farm economics as sound and which would furnish results reason abiv reliable and creditable to the de partment." "Every won! of that statement is a deliberate falsehood." says Dr. Spill man. "Secretary Houston made no such suggestion to me at that or any other time." After stating that the secretary had made what he called a thorough investigation of the subject of cost of production, bv interrogat ing a cousin of his on a farm in North Carolina and stating that there "is nothing to it." the secretary was re ported as saying: "The farmer is not entitled to anv information on the stibiect of cost of production. His business is to produce." Publicity Monev Under a resolution submitted bv Representative Gould, of New York, on of Help Your Digestion When acid-distressed, relieve the Indigestion with K mioid S Dissolve eaaj-7 on longrue—as pleasant to trke as candy. Keep your stomach sweet, try Fi- molds made rrr scotv at rows MAKERS CP C-TTTS i~*ULB!ON the President will be called upon to furnish the house with an. itemized statement showing the expenditure of the $50,000,000 appropriation which was authorized in the sundry civil act. This act was approved July 1, 1918, and provided for the expenditure of this money by the President at his dis cretion for the national security and defense. Easy Money. Representative John Jacob Rogers, Republican, of Massachusetts, per formed a valuable public service re cently by calling attention to the fact that a deserving Democrat has been drawing down a salary for the past two years as minister from the United States to one of the Pan American Republics but has spent the ;-ntire two years enjoying life at his home in North Carolina Democrats in congress disputed the statement and one of them was so sure of his posi tion that he said that if the facts were as stated, th e officials responsible for the payment of the salary should be impeached. Later, Democrats were forced to admit the correctness of th e statements made by Mr. Rogers, but no impeachment procedings have been begun. The $10,000 a year salary is so small compared with innumerable other wastes of public funds that the loss will receive little attention. But the incident uncovered by Mr. Rogers gives the public an illustration pf Democratic methods. A Poisonous Brest. In spite of the reassuring reports of the war department as to the im proved conditions of the debarkation camp at Brest most disquieting stories continue to be heard of the deplorable situation at that point. Col. Hayward of th e famous 369th colored infantry regiment, just returned from overseas, says that his organization had been free from sickness until they reached Brest, where, in three weeks, they lost more men than in all the months in the field. Although Secretary Baker has re peatedly assured the country that be lated payments of the men in the service had all been taken care of, Col Hayward says that some of his men had not been paid for as long as eight months. a INCOME TAX DUE ON OR BEFORE MARCH 151 Returns Must Be Filed On or Before That Date—Bill Provides Heavy Penalties. Washington, D. C. Feb. 25.—Work on the collection of $6,000,000,000 has been begun by the Bureau of Internal Revenue. This is the estimated yield of the new revenue bill. The income tax provisions of the act reach the pocketbook of every single person in the United States whose net income for 1918 was $1,000, or more, and of every married person whose net in come was $2,000 or more. Persons whose net income equalled or exceed ed these amount, according to their martial status, must file a return of income with the collector of internal revenue for the district in which they live on or before March 15. Here is what will happen to them if they don't: for failure to file a return on time, a fine of not more than $1,000 and additional assessment of 25 per cent of the amount of tax due. For "willfully refusing" to make a return on time, a fine not exceeding $10,000, or not exceeding one years imprisonment, or both. For making a false or fraudulent re turn, a fine of not more than $10,000, R.-A-C-I-N-E AUTO TIRES Are Guaranteed. COMPTONS Eighth and Main. Basement FARMERS We are equipped t»o clean your Seed Grain while you wait,. Also, we have a stock of good FIELD SEEDS HOLT SEED CO. PHONE 25 or imprisonment for not more than one year, or both, together with an ad-1 ditiona.l assessment of 50 per cent of the amount of tax evaded. For failure to pay the tax on time, a fine of not more than $1,00<> and an additional assessment of 5 per cent of the amount of tax unpaid, plus 1 per cent interest for each full month dur ing which it remains unpaid. In addition to the $1,000 and $2,000 personal exemptions, taxpayers are allowed an exemption of $200 for each person dependent upon them for chief support if such person is under 18 years of age and incapable of self support. Under the 1917 act, this ex emption was allowed only for each de pendent "child." The head of a fami ly—who supports one or more persons clasely connected with him by blood relationship, relationship by marriage, or by adoption—is entitled to all ex emptions allowed a married person. The normal rate of tax under the new act is 6 per cent of the first $4,000 of net income above the exemptions, and 12 per cent of the net income in excess of $4,000. Incomes in excess of $5,000 are subject also to a surtax ranging from 1 per cent of the amount of the net income between $5,000 and $6,000 to 65 per cent of the net income hove $1,000,000. Payment of the tax may be made in full at the time of filing return or in four installments, on or before March 15, on or before June 15, on or before September 15, and on or before De cember 15. Revenue officers will visit every county in the United States to aid tax payers in making out their returns. The date of their arrival and the loca tion of their offices may be ascer tained by inquiring at offices of col lectors of internal revenue, postoffices and banks. Failure to see these offi however, does not relieve the I taxpayers of his obligation to file his return and pav his tax within the time specified by law. In this case tax payers must seek the government, not the government tl^e taxpayer. That Horrible Headache. Do you have periodic attacks of headache accompanied by sickness of the stomach or vomiting, a sallow skin and dull eyes? If so, you can get quick relief by taking Chamberlain's Tablets as directed for biliousness, and you may be able to avoid these attacks if you observe the directions with each package.—Adv. Bill says to the Doctor sez ze if a "There may be some plugs that look bigger—but it's the good taste of genu ine Real Gravely and the way it stays with you that counts." Good taste, smaller chew, longer life is what makes Genuine Grave ly cost less to chew than ordinary plug. Write to:— Genuine Gravely DANVILLE. VA. /or booklet oh chewing plug Peyton Brand REAL CHEWING PLUG Plug packed in pouch BINFORD F URNITURE-U NDERT AKING CO Funeral Chapel, Licensed Embalmers Service at all Hours, Dav Phone 24. Auto Hearse Night Phones 751—22. Weekly Health Talks A KORO ABOUT THE KIDNEYS BT DOCTOR WATSON. People are easily frightened when they think something is the matter with their lungs or heart, and well they may be; but few people understand the dangers of diseased kidneys. These organs fcave a duty of vital importance to perform, and if they are diseased, there is no telling how or where the Bymptoms may appear. The kidneys are filters, and when they are healthy they remove the poisons from the blood and purify it. When the kidneys are diseased, the poisons are spread every where, and one of these poisons is uric acid. The uric acid is carried all through the system and ^deposited iu various places, in the form of urate salts — in the feet, ankles, wrists and back — often forming bags under the ;yes. Sometimes the resulting trouble is called rheumatism, lumbago, sciatica und backache. Finally, come stone in the bladder, diabetes and Bright'# disease. Dr. Pierce, of Buffalo, N. Y., in recent years, discovered that a certain com bination of remedies would dissolve uric acid (urate salts) in the system. He found this combination to be harmless, so that he made it up in tablets, of double strength, and called them Anuric Tablets. They dissolve uric acid in the human system as hot coffee dissolves sugar. If you have uric acid troubles, don't delay in taking Anuric Tablets, which can be secured in the drugstores. You can write Dr. Pierce, I too, and he will tell you what to eat and how to live so that more uric acid will not form in your system. Dr. Pierce will not charge for this advice. • Fur and Hide House. Moved. C. S. Davis has moved his fur and hide house to the Milliner warehouse on lower Main street, where he will be pleased to see new and old custo mers. 2-21 Paul Stratton, the 11 months old son of Mr. and Mrs. A. C. Stratton, living west of Caldwell, died February 21st. The funeral services were held Sunday.