The herald. [volume], June 14, 1917, Page 10, Image 10

About The herald. [volume] (New Orleans, La.) 1905-1953

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3 CANATL TURZRT.
SHUW SHALL W a
PAY FOR THE WAR?,'
in
A Constructive Criticism on the
House Revenue Bill
LOANS BETTER THAN TAXES
as
Five Reasons Why Excessive Taxes at tl,
the Outset of War Are Disadvantage. m
ous--Great Britain Example Worthy It
of Emulation-How the Taxes Should
Be Apportioned.
By EDWIN R. A. SELIGMAN, of
McVtikar 'zofeh-o)r of P[olit, at E lon
c vny. , lun tia 1 " rll,'rI t . tit
On May 23. 1917, the House of Iten di
resentatives i:psd an al act "to provide tl
revenuellI to defry wa:r expenses anil t
for othr purp is.." It the ,ri'ilnal sl
bill as preenrted by the Commiulttee of i
WiIyV4 and Means. the' additional ree- tr.
title ti bei derived was Cstillatel at .l,- Ia
'l.A12i0,00). lThe amendment to thelii- di
ctnme tax, whlh as tacked oil to the C'
bill during tihe dis. usslon in tihe House., al
was etxpected to yield anllother $40,II!),
00 N) or $54)1MM),4N15. tit
In discussing the House bill, two at
problems arise: In
1. how titl,'h should 1 be raised by w
taxation? n11
II. In what mlanner shoutlb tlhis su el
be raised?
I. How Much Should Be Raised by
Taxation? 'I'
how was the tlhlre of $1 ,.n's, ,Inn Iº
arrived at? The answer is s.iml,le. W\\hiiI ti
the Secretary of the l'reastry canme to 1::
estimate the additional war expens.es t
for the year 1917-1.. he calculated that IB
they would amlount to some t.lll.
000,000, of which $3.!.A5.)k)0l.ItI was to el
be allotted to the allies, and $:3.0I tii
000,410 was to be utilized for the do- 1
mestic purposes. Tlhinking that it
would be a fair proposition to divide w
this latter sum between loans and st
taxes, he concluded that the amount at
to be raised by taxes was $1,),00,000,.- hi
000. ti
There are two extreme theories, each tl
of which may be dismissed with scant
V, courtesy. The one is that all war ex- r
K penditures should be defrayed by loans, C)
and the other is that all war expendi- ."
tures should be defrayed by taxes. *
Each theory is untenable. 4<
It Is indeed true that the burdens of si
the war should be borne by the pres
ent rather than the future generation; di
but this does not mean that they should C)
be borne by this year's taxation. fn
Meeting all war expenses by taxation di
makes the taxpayers In one or two h,
years bear the burden of benefits that
ought to be distributed at least over a
decade within the same generation. n
In the second place, when expendi- ul
tures approach the gigantic sums of
present-day warfare, the tax-only pol- it
Icy would require more than the total
surplus of social income. Were this at
absolutely necessary, the ensuing hav
oc in the economic life of the communl- h
ty would have to be endured. But
where the disasters are so great and u
at the same time so unnecessary, the n
tax-only policy may be declared Im
practicable. it
Secretary McAdoo had the right in- r,
stinct and highly commendable cour
age in deciding that a substantial por- sa
tion, at least, of the revenues should
be derived from taxation. But when h
he hit upon the plan of 50-50 per cent.,
that is, of raising one-half of all do- t
mestic war expenditures by taxes, the n
question arises whether he did not go t,
too far.
The relative proportion of loans to
taxes is after all a purely business r
proposition. Not to rely to a large ex-.
tent on loans at the outset of a war is
a mistake.
Disadvantages of Excessive Taxes. a
The disadvantages of excessive taxes a
at the outset of the war are as follows: i
1. Excessive taxes on consumption a
will cause popular resentment. b
2. Excessive taxes on industry will z
disarrange business, damp enthusiasm
and restrict the spirit of enterprise at a
the very time when the opposite is $
needed.
3. Excessive taxes on Incomes will de- I
plete the surplus available for invest- o
ments and Interfere with the placing of
the enormous loans which will be neces- r
sary In any event. t
4. Excessive taxes on wealth will c
cause a serious diminution of the in- t
comes which are at present largely 0
drawn upon for the support of educa
tional and philanthropic enterprises. o
Moreover, these sources of support
would be dried up precisely at the time
when the need would be greatest. a
5. Excessive taxation at the outset of I
the war will reduce the elasticity avail- t
able for the increasing demands that 0
are soon to come. t
Great Britain's Policy.
Take Great Britain as an example. a
During the first year of the war she t
increased taxes only slightly, in order c
to keep industries going at top notch. a
During the second year she raised by i
new taxes only 9 per cent. of her war r
expenditures. During the third year
she levied by additional taxes (over t
and above the pre-war level) only e
slightly more than 17 per cent. of her v
war expenses.
If we should attempt to do as much d
in the tirst year of the war as Great
Britain did in the third year it would
suffice to raise by taxation $1.250.000.- .
000. If, in order to be absolutely on
Sthe safe side, it seemed advisable to ,
increase the sum to $1,500,000.000, this a
a should, in our opinion, be the mal- .
mum.
"What a Comfort"
An Electric Iron saves so much
discomfort these hot days.
SOUTH IEW ORLEANS IGHT TRACTION CO.
222 Elmira Ave., Algiers, La. Phone Alas. 151
In considelin t, it. ,, lrlent or
the extraordinary tlr: ll n! taxes toin
war tines certain , .-eni'. principles
arte delinitl% estal.i lotl:
How Taxes Should Be Apportioned.
(1) The ritl'denl 'if ta:l r must be
spread as flr as posshil.e over the
whole omninmunity s as to 'a1se each
indlividual to shar5 e in the sncr.tices ac
cordln: to his al;liry to Jpay and sc
cordinsg to his share in the lotetnmeLnt.
(2') 'Taxes on Consumptlll)lion, which are
necessarily borne by the community at
large, should lIe nlposed as far as pos
sible on articles of quasi-luxury rather
than on thlse of necessity.
(3) Excies should be imposed as far
as possible upon comminuities in the
hands of the filnal c('nsuner rather
than upon the articles which sere pri
marily as raw nlaterial for further
product ion.
(4) Taxes upon bustiness should be
imposed as far ais possible upon net
earnihlgs rather than upon gross re
ceipts or capital invested.
(5t Taxes upon inotie which will
necessarily he ..evere should I.e bothli
differeutiatcl d iatl grahltedl. That is.
there shouhl he a di.tifli bet 'tween
earned and tuearnred in in-es atnd there
shouli he a higher rateo uplon the larger
i)uriesi . It i, e-sential. however, not
to maki the in'olue rate 14o exc'essive
as to leal tI el\ si n, administrative
difftlolti.'s, or to the 11 ,re fulllnlmenltal
olje'ctions. whici have Lbeen urged
t;) The excess profits which are due
to tilt, ':r iln.tithubt lthi tiost ohviout
and reas- :,lth!e source of reventlue dur
ing war tin-, l itut the prinilple upon
which these ni r aprofit taxes are laid
nmust he eqluitahble i theory and easily
calculable iIn practice.
The Proposed Income Tax.
The addlitional inome tax as paused
hby the 11.-e runs upt to a rate of t9')
per cent. Thi' is a stint unhelard of in
tlhe history of civillizd ,s'city. It must
he remembered that It was only after
the tirst year of the war that Great
Britain illncreasedl her income tax to the
mn:xitniiiu ,of :mI per cent., and that
even now in the fourth year of the war
the income tax dies not exceed 4212.
per cenlt.
It could easily le slhown that a tax
with rates on nmoderate iltnmes sub
stant:tlly less that in (;reat Britain.
-iand on the larger l'omes about as
high. would yield oitly slightly less thant
the $b::2.,ni,.4tN originally e.timated in
the ltouse hill.
It is to ble holeed that the Senate will
reduce the total rate onl the highest in
comes to 31 per cent. or at most to 44
per cent. and that at the same time it
will redluce the rate on the smaller in
comes derived fromn personal or plrofes
sional earnings.
If the war continues we shall have to
depend more and more upon the in
come tax. By imposing excessive rates
now we are not only endangering the
future, but are inviting all manner of
difficulties which even Great Britain
has been able to escape.
Conclusion.
The louse bill contains other funda
mental defects which may be summed
up as follows:
(1) It pursues an erroneous principle
In imposing retroactive taxes.
(2t It selects an unjust aitd unwork
able criterion for the excess-profits tax.
(3) It proceeds to an unheard-of
height in the income tax.
(4) It imposes unwarranted burdens
upon the consuimltion af the commu
nity.
(5) It is calculated to throw business
into confusion by levying taxes on gross
receipts instead of upon commodities.
(6) It falls to make a proper use of
stamp taxes.
(7) It follows an unscientific system
in its flat rate on imports.
(8) It includes a multiplicity of pet
ty and unlucrative taxes, the vexatious
ness of which is out of all proportion to
the revenue they produce.
The fundamental lines on which the
House bill should be modifled are sum
med up herewith:
(1) The amount of new taxation
should be limited to $1,2).,000.0(00-or
at the outset to $1.5~),000,000. To do
more than this would be as unwise as
it is unnecessary. To do even this
would be to do more than has ever
been done by any civilized Govern
ment in time of stress.
(2) The excess-profits tax based upon
a sound system ought to yield about
1$500,00,000.
(3) The income-tax schedule ought to
be revised with a lowering of the rates
on earned incomes below $10,000, and
with an analogous lowering of the
rates on the higher incomes, so as not
t6 exceed 34 per cent. A careful cal
I culation shows that an income tax of
this kind would yield some $450,000,.
000 additional.
(4) Thc tax on whisky and tobacco
ought to remain approximately as it is.
with a yield of about $'230.,000,000.
These three taxes, together with the
stamp tax at even the low rate of the
SHouse bill, and with an improved ay
tomobile tax, will yield over $1.250,
000,000, which is the amount of money
thought desirable.
The above program would be in har
mony with an approved scientific sys
tem. It will do away with almost all
of the complaints that are being urged
against the present. It will refrain
from taxing the consumption of the
poor.
It will throw a far heavier burden
upon the rich, but will not go to the
extremes of contscation. It will ob
viate interference with business and
will keep unimlpnired the social pro
ductivity of the community.
It will establlish a just balance be
tween loans and taxes and will not
succumb to the danger of approaching
either the tax-only policy or the loan
only policy. Above all, It will keep an
nndisturted elastic margin. which
must te more and more heavily drawi
uaon as the war proceeds.
- CHARTER 7t
lo (iF \\EsTSIDE TRANSPORTATION COM- }ru
PANS , IN(. "
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aN a a't.h I:nI ,apitml i ls" of thci cn rparation Ir
'. . se rIgrees-Tl t a t-ir. o hundred and to N
if't. ( ral Ite-e tI, hr'e pr valte tf ot e '"
t- h .:n-n dil lar-p :it-tr ea ,ch. The saidro
s N. c a til -.*ck. t . Aliall: i. e pa- f-, r i. i cash or I
1 .,'.:er ptoerty , ei !arw " directors anu n
t et1 ' l !:r srr, ne at c twu hi cr and lite it uhr
a s :nit-: . ad-' ater it i',ri Ca i t the suait
"t e r a ,, ,c , ie t.',, a eny the Bodard of tIt
t cir::,e;, satall at tull. paim and non-asseh ,I
he r:.le i.hen pile i ahl la t.he senpited byf
ihert:, :e. anl shall ie per1anal property e
N atrans , r ot ca pital ml t tcik shll rle atindin to
LOu aice with rr charte in. ti-laws and rnd M
"do tn shal .e ianad- a," td i all the frrc on :'
ate powers thereofl . except as restrictea by il
law -,call hbe vated , a nd ata eercisetl r
his a a-r,! i .f f a'r 4h .,aretdrs, to 1r a elect al
pe fr'en.anin itsa st.ckoioaers, a majority of lt
s, h-en. wheui -er present in persat ar repe y
-ceitcl i.y pranx, shall c rnstitte a qonprm ta
ir the trani. ctiitn of all bhusiness. nd I
U of th-is orporataion shall l. e coi.pise or:
n i. V. Ingalls, Jr., wh ,ie post 0ylc ad reIss
to st..,e t office, addre.ss as New Orlean
iiii-.ai: lihn I.. .I cm.id. whose pi
ate ofti e a.drels is New Orleeans Loeriseian
bud ar-i i. Tr. flanard. whse post r o bce addreed
is Nr.is o ileamits. LoLahuhtea with W. a a. Int
galls. 31- . presthierte. ;eirge ie-t, vice pres
ot denti. a'l Jaho hl. Richmontlt, secretary-'
Ar,-e V.-The rfiirictrr ,alr eorrecor tl,
o the firs oreeating ohf bckh oler ors uo:
)their puc-tC irse are elected, qualified and
O Jminart. l11~.o anal annually thereafter on .t
is ihe se eand Tles day in January in each year,
a ietii.g i. f the stockholders p of this car-s
Hariiato. shall ie held at it, lmicile for the
the pure f electIr ig directirs for the ensuing kti
the sear A falitre from any cause whatsoever T
to rld the aITnual meeting of stockholders .
or thie f-s lre to elect irectors thereat shall in
0 inat ii-alie this corporation. but the direc- I.
to. .s aiiIn officers then in office shall remain at
lee in oC i .-ntit their suess ios shall havea tr
anuary.L ICH . a annuallyd th erf o. t
S at--i thic caaatal stock of this corpora
tall titn als l increased or decreasel. or this T
;a .rp.. ,iat may e ae disiilvei in the method n n
t ' ai. i faiiter provided lay law.
Article tX.-Na steckhol et r of this clr
ulhe fir tle contracts or faitrs of this carts
inP laarati..n in any fortrater sum ttan the unpaidre
ot iriianc ontl stock th r which e shas sur i
ithe or eal. nor shall ay mere infsormality in
amter tii nlh or of exposig a stockhaolder to
ind I iahndity ntiter titan as alaie proaied.
ro Article X'.-Ni sthack older may sell, as
sign, or traisfer his siock in this corporation
wtiai't giving to i e t he coepany through its
be. searetirne tirty dais' pridhr notice in writing
AOrti of sch sitentoo, ckhold er otherf this cor-d
ers, shall have the li-st privilege of pr- n
tg chasing, the osaid stok atr to a theik value p
notite, after a ich thirty lays' notice the u a
ich lin the event that other stockholders oer a
to riuV more stick than is offered for sale, ti
. entitled to htvy the offetred stock in the
ratio, of their then st ockholdings in this comrpora
rThus 'al.n anti passed, inr duplicate, tin myt
oiffice at the City of New Orleans, Louisiana,t hod
in the day, month and year first heret nau
nesses, who hereunto sign their names wath
ensaid appearero and me, notary, after due
n eaditg of the whole.i f e ois
may 24t31 jayne7 1421 a
INC.. NrCean he rec . O . -
United States of America, Statre of r isi.
ana, Parish of Orleans, City of New a
Be it known that on this eighth day of
the month of May, in tl e year of Our Lord,
o ne thousand, nine hundre d seventeen, a
and ofited the Independen e ofr the United States
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dor f the rlrei: s rof der:ne this charier null, orat
:,,pie I c ",,::g v to tof lquideti to any liability
e or I, ,el 1'.I : :,n i ad Ite e o duc e toni tl e stiack
Jand "y 'lee bye them.
Ia t :r: t Ie ..II --RThe n.,:.e a1 d y nt-office ad
seryc. ei the odr by New rI thelase articles
ttonl ; :n. u r l h lt: er or'i the numlthen of sft.es
or- Olows: a lrams J. O'toulke. c3 Dumame inel
r .,- S e. s La., r she ree ; nt h Et e . Porter.
"n be ' in ':.; Ezra L Rineha!rt. 212 aR eley St.,
alars, N. , l,. La.. a share: Edwardt Wetz, - 2. .
. i th e tis, e Ave.. h. e , a. ,ie shares m e.
one Article III-dThe annual meeting of the
5.tly rock:1iC:I rr of this c 'rpor etio n fgr the telc
tilnn t .n if directoyrs shall ne hld on ther e first
and aIe :a ei o tfne of eacha year the bfirst metiet
-.fthe iisilve atock ite aairs l:quidated, byiah
one sgti e the r on th rhe outst nrand " og Jucai
saiiel- il4 . int.l waich tap e the offeingr ad: c dkrhl
ct orn : - ,rame in this charter shall cntrrnue
may : r tie, or unti their s recation l i havet been
such T . - elected and uchl er e td ay Pbli
r ,es to t:, he und-All d rll hcdance d of tile tges
suell ofi Ac'n Y h r of Ortuisiaitla Lega tue fateor
mVIint and T-uitne and pae i incrr mayo tofti ac
Ndrs 11. Ir the nLt af Ne t rlean Lar of nt ae
ifl praelwc: es J. M essrs. EgarD D.ahn
neAtres 540 y hv he rigen inne theil r naes
STHOn o A. a. ls ltare Notat Porte r.
N ethd ra w h T it, ad a eru a r. . Lan me
u il Lite:4 Eraf a ri n gr. 1 wh. lle tile
and t F aie s, Ae . O. ia e s rsc rIon
, Ariicle rin.l--Th is o a urle eetin of hew
o on ek , itn or t ,i thi. or this taeneie-on.
tye (layi g , gmnei of eanih a ir the oirgtn sub
r ,,totu e Lord on thoueand ofre hundrayof ane.
Ier- si~ entil ,d a th trse tie leren of dthlea -
t ,ile amtedS e ing Amh calte, h ni n h oti-ne
su ng d ., t ye. ,r kterl r ne. .t Aorce a l
h it e , ae l) noar y pA.S ,IiI Notr Pummisic.ed
rshsaln an ferd thaepnf id in afned rl t ae r of
"ird- rlean nda s rint e r ptice ohat the wt ea
have tnl,, h ,ere h iler nac hd. wad mt ntll ray ndl
Ne ,, r o. R la May 10lan1t . . f h
arke t.,k M Norbert Je o . ret.of Ra eand Lurin
c tor-ne -hall heNT TOven thear CHAeTE
ot K!er h f a i t vckheprs"id et a n fcr t,:arey
sponl Ot r Tarer oA te Val. M. ToPups Incorpo. r
enler Utmitei Steirs torf unleria Stlacto ntiice ts
B ii tkaed tha n o s on- ti twn t ih
d oftlhe mnTh i ofartieArinl in teu e aen of
er Ao O d thr e ai do sanrd s r oec'a rea hany
led. drpnen, and onf the airs of thisda theb
tnan dfyi rsi, tA-thd,, before me. us-taeA. iam
i a as,,,a notary opuc, deleti n dofmiasio fd
r-i swernr s anlld othired in rpentie f orthe prishich
S of thi¢. charter . I Boo 1195, fol 1. held
hud rlan, t hn ihe prckodeisn of thida ar
Ie p rtone a unl tcae ard aporarce M thr. tFran s
halln aod ha f the of i saoeand Leousi sate fd
arket Mr . Tor upll t I.or. oinf Rpacesand i. wsi
oe r ana. reilen. ic e a nthe secr eary.
sal thre ur of nth a.e M. Toups, Inc. o ai .
S the of the ofesaid orpartaio fu m a ahe
co • Andrer wthe said appearer. decan-d that
hea t, he, a Ine taC. d i. T S. oIc, In corpor
tI o aprl earers af u rer c lawste of this sai
aamn e nament of repchanse ti nmecit o the
y d cpiite aoi n toh Ci o this N toreatIns, wiah
ana, of the o na o Atd paseberi the n-s o
ell -o Jafl Lare one thousand nine hundred anl
t tde* a meth ing a s of the dersaid c or- ret.
porat(riona St ed 3rd da of Arl o 191n 7 tuha
ll of ther m embers and sti ockhtove ou . aidn
resol vedto anderined Arile Ior of the cehsart
ES, thenamn eo and sad the p orporteins frtae V
The a..,, ppererf rther der l atre that saield
ame ndmfregnt afte ca ngeopfrnam of then
srai co ration to C dna." was thl. da uy
rae ,de end tny ofptaed ny e unsn''k10 vote
Ss A. fro thre ,of te ofa idi caolo s. setting
, . n: v a andcidae
, S., ule Colne l
HI o lhe tThe, " eay
Because `t ,s the
and High-Grade Courses
SAr SPENCER BSINSSS CO
By materig the (.I rT .i. !, ' I N "HOITh- I
pra ti dl TW'ENTIETI Ii -:i I': I h F .I b and the
up to date m eth s of p m ., ::. " .aton o
t and busine It s t
fMAIN 108 7 ' i '1,ON .TREET.
DEN IAJE'I A A IPO-DATI[ W
HoFine Wofines Liquors f roughne
CORNER OF T lIX and thBE fA
VALLETTE STREETS Pen
:! 1 : . 1 ,.r a I - .. . .) . -
I 1 ;
, : . ce x a te !y .s *> .:: t .:g .1
·,. i ¢o;:l ,e c ,,"r ra·..n
. t "" ) ý ' ,.. |~-d n : Mi n," : '. a: New
r;. "l::, i). m, l'hl and year t:;: - 'a ,c e
II. :. e E a J Le... .. rc npe
: I w : e. -, w! . h v e c:g! I w;th the ;
- . ", *i~, , a,"er . *..- " ag
- ,ia::. 9.S "nedt IF: a:k 1. Ilake,. k:ch- ,
: - i" !'a ker. IT J F e:,"
lne e ev l..e 11 T: ar 1. E i d :o
lit S A. I.L.MIITAS, N Pat.
I. :'r un leraigned :ec 'der ot m rt.gages,
San- fr the Pari.ah .f i :ean.. 5:te of
. a:,- 1a. d. . h'r"y certify tha trie abie \'
. d fore-g ,. Act , Inc'"praton a of th
.V enrl:en- VI: M1 To'tpi. Inc)rp rea'ed, a.,
• . d 'y re - led n mt y oi ,.e - n n h ,k "
1j , folia 71.
1w1":11 ' .':-. M ay 2. 1l17
, -:,aj F1,,, EMIL- I. IEONAlRD, I)y R
di A true c)py.
-"I t A. L.LAMBIAS, N PuI'a
'r '.y i') 17 2"4 i 1.^ne 7 14
.t n 10. 10: .
CHARTER
SIi L!' kIRI" SERVI(CE -M'.\\1Y, I\
an (R '( )RRATEI).
re. -.,,- r:-c- . Sta'e L u, .a 1 " -
a I., -i. Pa tr~ea:-, 1 ::) . Nt w .\ 1
it ," ku ,c"". :tat ,,u :i . "' t, 'ut. ,l.v a 1
e ' ,,' M ,f .1 1s. irn :.ye ear'i r o uf - I1.· rd, a.
"'le-, i ,,.t "'1 1i re 'l:i 1a e I andI sevenl tee r p
",',17 ý t , --re :ne. I'har;ea "rh,." ,e tr tarke . t e
ce ; d . ry pu'. ::. , 'ly c nln ,.ti .:rd ar:d q:2.il- "
a :'.. :n :r.: t ,: a -! * city and thle l'ar of t: ,
Sa-. :1', ' :', re.:d ng, anl in :'e pre-- P-rp
e e ,.r- "w *-ane-,ew, *crc:naiter niuirl and
a C t e - l'-:e n e I P c r-i ) :t; ll y ,  :n e a~ , I a p ps.ter e d o f
|g I 1- sever sl per-on: whlo-e nao:me. a'e hlere- T
St:; s ,-: e:''ed, awho ,everally d,-clt.real that, wel
h ,'tllilb tle ielt-ve of the ben"tira and pro- rule
ct vc -. , " .f :'e " .,rc :-;ttuti:n of the S'ate of an
all . ,' a a and of the laws of sa;,i Sta:e l
avel t,.. ," Flte ,rg e.i atta t , t 7 iltatraat i:, s, I a
' -,1 par": e tl)'y ,f the pr, l.,ion- if Act No. 1 a
ck '',7 , 1' ; I; w .t" t ! A,-en',vy of the S.:ate , the
ii..1. ,-: a. f ,r "he ye.ar 1914. they hive un ed p!a.
ad- a / v:1 " '. :i leh e prevent. , formal and
cle ,rg i:e :.:e u.t've-. a- wti ll a all ichi other t
;re--.,i. - a. :tay here'tten jo:i ir 1,Cc en gag.
.aes - l , :.1 N ::i !:I1':1 r er th -r - 'i.M)r, riti n
li a t ,k 4c"p :" fI r t1he ijectst n, pu I .1
te ,n -e, .t:1 l ,e: t i c iienAl . stipulationi ne,4
t. tnd ag-re-'t:e , tl!awr:g. t)-awit: bt
t Art c:e I -The n at e .aInd i :tle of thi. car- T'
2 i pir :i an -hall e Electric Service (',o:npany, st,:
I.' r e, and utider and by saidt name. ,r
theun e. .'er dii.ed a 'i accordiance with plr
le - law andl th:- ca r'rterr. It shall exut andl con- A
rst t.I'oe, atnd i : ii .rie and etijy arp-irate aI ,
eet c Ir teni e a  ,r 'ui .c-e i n f lr a lperid of ft ,:
• ,.netty-note 14'1 year- from aul after the l',u
ttiei
l. ,e ' ,:"1 t'n . a 1t. It :av lhave. -all,. rece re,i
:e ~"c le,,n , e : -lange, : -qu e hv grant, ge;
e t or p itrchate. , evi-e r beque.t, sell, vL
tfierlate, d:.p.-e , c,:lve . !ease, pledge. no:
foTr : e. lyp:I i e, I' C e-ci n': er -or m-rtgage titi
fter 'i>pe'rty of any kJ L:; 5hather rte., pIersonal Ar'
:n- n ixed, c rp,rral r in-i rpireal.. movalble in
,a r n:mrl vallel all -ahject to .such li'nitattons pan
a is :lay e pre.,rn iet, !,y l:aw. It Illnty make,
the . a-'e an'I e lndl,-re  nd- or notes and other aff.t
all ev :aen-e. af de:. It :may accept iortgages, f:il
ned pledges or other f rn oft se :ur:ty ftar n)ney tar
'e.i ed - . )he- dlebat. It lly contract, sue 'a'
t ail 'h .:T-aeal. p.1. l , or le inpleadel by its er
- - ,rp rate at r1;e 1:1 any , air t f c,-tipetent A
j1ri:-,l:,a-:n. : may :rake. adl)pt and use he
ded, i cittprate -ea! andl alter the same at pleas- par
m tirev . t : mit ay V la-l I :-o,.k :- other c irporationc t,
by ', it- c tp:*..l ,to, k i ta y e -sied for ap- l w
cap- ;:~ t st.'k !· 'ter c-,rp tra: nr.. It may the
old- '.t:;e. appo,, n arid eanp! ,y sueic managers. g:vt
ich Irer ' :-. o-lacer . agent . t and !other em:pla, yes del:
ISx hit ,l ',):-ine.s and convenience may at
reultllre. a',I :nlty fix their ctllltripenIat:atin, hav- :i
are Ing due relard ta the nat 're, charact 'r a l ,t ta e
trms vl.le of tleIr t erv.'. " . It may make ani A
for e-tabhli.h hy-latw . rules awl regula'ia na not he
tnconsistent with tht- charter or any exi-t- tla,
;ng law, tiu r:g or aterin-.g tie naiiageament .ay
of- it- prIperty. the regulati ia a:nd gverni- the
on reatt if it, atfitrs. and the manrier of the h:in
ten, c tII ,! aind3 regitrat',rn of tit- v',k. It gar
ahn ray wina t ip t t,- da ,lIe iteiIs. or !e wound c.a
wt p . -t'l d:-- led in the nrainner peacrihed tat
e-S. 1.) :.;ia . I. :JV cnt-lat hlt-inicS in this ten i
m .'" e. ,, :re" Staite. - he Federal I)a-tricta A
S the lea-it -iea a lI i.r- , of tie United '"e
e st :, ... . and c an) t a. , a, ntr . It gener. .11.
ato h ly .hll; p"I . e;, all tihe p I wer-, T gitts. ,
i pr .ilege and intrnni:tie, w','lh c.rpira- e -I
to a! are Aendi may hert'afitr he al. llrized a-ee
so I ... e rndter -th, '.,n.ti, ' a , Law i, Me
u ' ,tb. tht; Sit ti . .:,1 plla :t- l ly undaier At )r!
ains . - 2'7 of the A t. t n the i;tenei A-i-'hl y ih:t
on- f he Stite of I [ u;.ianl f)r the year 1914; w
and it .h:l l tl e t' le a , l - t. irln e-t It1 1 (1
) . ai I of .,rector wish all of its c rp rate n ,"
o e n tlred i ,, : rtr.
'en r II The ;" a .,f hi c r
ily atl . i I': i-,." e : 'v -f N wiv Orlean-, I'a- A
1. , of Ire t, St:tae o, L um-:ana, a',I all '
cetati n. or other legal pr -, e.; ha.l bhe ' a
R 'ervelI ,' it-i -esident, ,r in the eve-t of
li: at i':l'e. up)onl tit' lar-t vice pre.i ,lIn'.
Bc or in the event ,f -hie ahe'ce of b :: of \'
o tf l t,nrer-, up,:t thi a e rea : - r
A!tt c, III--The ,,bje t anl p ,rI, ·r- f r
alled ·: a :iit .ad tr tn·t . ,t:I ;n z- r  "I ,
"1l v i, le i ' tpp!' ,  "t s l, . a t s I . t t r ' t:r
Sr" . , ,tt('r:,- a',I ,,:': er erlec'r',-.,! iT:;,r '[ti -
h ,w . ne."il, ii t lar ie la:l . . l3 or
L . l¢ e It . v 'hta e clc ti " ,k ,f ta'. a"
thi , ,!Ct I-,e r t.r a-' *i. r -.:I . txia
and h re. . i o ltt-, taav a,! :r te
Ulmi 1.itreI em l fari (i4- a . a-et,ac 1' aye- p 1I
C e d , v t e o ,f t w e - t y - : . v e $ J· 2 < , '. H ,r - - ! .. : f
a h ry ale ,al ( i ha l rizt capi : ct at ,i k a i .- !- a
aLt t' aitc-tive autr a-a ($ - a a , . it:*.. -a i
$1-- ret'ei ei . t ,,'k, a "a l -I ,- a :ta re- l ac-a
that tallt : eac , a anl :v:t " tit ei ve h
, lr Tari l v$ 2 a d .!a la r -. - .l ',i" a c n - n a . i ! "
($1'".rt ' l t I s!!ar , nt :s:! ,r eei ', f, t
th a t th e i c re 'ls e o r e 'r e a se ,,f t rei c a p ', : l .k
Sora- :a: he c,)!nd, b 1re :t rto " rlan, e w I: i t'.
tate, lay. ,f t!Ua State. "
itate Itat the pirefenrred vuaI c, ran i-k iai
u lh i've te Iar oit ing .r)i tn ii 'a e . ,
Sof if ,rocer' anal it all eli-e t:, req .r 'a ti
tand v"O stak. Th- c a-rpir !;an a - s c
rffice mt', tcfe, as -nira- a rive' th e:. si I
held -$a., ,lilarn ,f it catiatt .t-,k - !ta ti',"
cr aeei sua:t,' e-e I f i. aiIl ne. 1, ": e ,f
i The - atoa k . tall li be pail i. -ah a' the ae
arter of - icr;pt:,:.n, ar the i.i:e may i,. au - el
at . a t n eg "han par. In payaae-t or ex ri-ia ti"
al fair property or right, act-tally rece vei l
rpo: puarcha.ed by uan carporatvin, or the same
m:.y ae itaued, full paid. far money aidvatc-d I
said and for such other valuable con.tleratin
the or serviyes al the board of dtrectorI of sall!
wa corporation may determine; provaded. that I
vote no stock shall be issued until the consider
will ation therefor has been received by the saId
tract cerporatton.
tlug The preferred stock shall be entitled, out aU
preference ><! I
Sany 4d ty .
." year. '
" ' " -u')ject to terr
pre" erred ,l
e -p rate
e vested ia n
Siatry of wPlt
t.a.d direct or
.. . :e second T7 ,
r : the fuqt
. "- w!:O shall
- Tuesday ind
all be held bye I
Soffce of the aid
Slpervision of t s
-ned by the u
d " ' 'r "on shall be lin,
' i.cr. per sonally
ie pas5 fic
and at al
cA share of stock a
S ,",! t,: ,ksl of t'he cfflt
. >" ii rb' by his watto 
t ' s.af ie tes cat Ishall
p .)c:aerring among theh~
' ': atian or otherwise it
t' ': r r the remainder
t"lttg directors "
t eet directors a0 tel h
,I ,, ':' ,a;l not dissolve td
:'";,.a:r its corporate
t:, ,;rectrs the n in roate
. . . • : t t. .. :nil their ncc sj u
. ,.i1 al:tiej.
I'"- ! , f directors shall elect ht
r - ,:: : ,r a president and a s
I '.. l, .. shi all also elect a i s
, ti er, or one person w id
. ": ' w.m nmay or may
S .'c ,art. They skhall haves
a: r: v frrn time to time, to
i a; alsuchofficers, agents oW
Th ay be deemed aeeum ry
"iI lbusiiess of the OMpsrp
...-' !,,eve ,wer to fix the m,
,f '  le:i.r e eduties of every -i1
e' , ..ir all officers and employemd
"i A, :"ie ri nd employment at the pl
IThe .,,r,d may make and ehll
t, we!l a .a.ter and amend, any and ll.hb
i rules .trl regulations necessary d al
if ! it, I:t lgiieient fr the cind-at, sn
e nmaagerint I.f the business and aliin
s. :d crp,,,ratuon. At all teetings d
o l".ard if drectars each director shall i
t!h r:llit t, eaploint a proxy to act is
p!a,'e ali hread.
Tl e h. ,-i -hall have full power sald
r lty i t I " ,r:ow money, to executeah
i g res a:d to create liens; to ijae iy
 ,e- a,- i other obligations, and
.. 'hinags reasonable, coeatrvue
is ,es- ,:) y ir the proper carrying n da
0,31":lr~. ii tile corporation.
r lihe 'i rn may issue full paid sde d
, st k f,'r cash or in payment of lahed
,lr lcrty actually received by adil
1- Artr:le VI.-Whenever this calrp
tr "asv e dicalved, either by limitalia
f fr:1 .nn at'ier cause, its afain idh
t !:':ial.a:t'i ',y three commissionn, tons b
e,i lI e,I ir,:l amongst the stockbddes 1t
t, g'ira; l n'itet!ng of the stocldntdrs
I, ve'!,d fr u,-h purpose, of which
e. nlare .hall le given in the masseml
St:'e ia r ,viled for stockholders' geia
ai Art le VII f this charter, and ms'sth
le ai . it:ll t of the capital stock of aidoI
ts 'as, -ihall be requisite to elect Said,
r, n:i--:,:ers shall remain in o6ic unsil
rr aff.r, "f said corporation shal hal hkm
s, filly :iydated. In case of death of
y c:re .r saiI commissioners, the p
e slai l. ie tilled by the surviving semise
s er-.
it Ar' 'e 'VII.-This act of ineemperiata
e he In .l::ied, changed or altered, w thir
5 pr at in may be dissolved, or the cil
is t e,,k k :-ly be altered, in accrd s
- :law, at ai meeting of stockholder
I the p'urp, ie, after notice shall
.' :ven by written notice to each
ds del:verer t him personally or shilibL
ty at the p ,: office address, desigaedl0i,
v- :t writing at least fifteen (15) daya par
A the late of meeting.
i Ar', li VIII.-No stockholder t d A
it he held liable or responsible Ir
t r traits fault or debts of said
it iy further sum than the unpald
1- the i rl:.atio on shares of stac
le hin. i nr sthall any mere in
It gatii7it: in have the effect of
il char', nuall or of exposing
it to .i-v !,ability beyond the tadi
is rerln , g due on his stock,
, Ar: "!e IX -Stephen M. .A0y,
'd ::r,'. New Orleans. Clyde t Isall
r- .Meure -', reet, New Orlean,s 
. :a. '..7l S.uth Franklin
a- lei, lf) ,l J. Mackillop1 IdI
'i tee -',e-t, Atlanta, Georgia,
i: Mel, er. I.,. 2.icX Annunciaties
it Ilr!l' . " iavre been chosen aid
y ti,t ,' a-t of directors of thi
0; w ' ,r s :1, Stephen M.. Peuse
ts I l.I' 1R. Randalll, vice.president
):n .," ic' ,:t FIrance J. Sc ..l
y irc.ai:lr, t ' serve as such atil
T'1" .t i May,. 1918, or latil
us . Il !,ave been elected Ml
A" cl!e S.-The suhsce t'ri5 r i
-' f th s r )rpo ration are : - -
cI" ," am. -fy c immn shares;
. . f:fv cumin shares; 1I
S. h ' e preferred shale.
h ,. :-.: prcferred shares,
o \,.!.. i r' . ,1 e preferred s -
, ,,., - ,. I ~l I:, 0li0i. shares fully
, '! he issued to
I. ; , . . .. t".le R. Randall,
'". . ,,t:d-ratlon wsbel
a t.. . .. t'. ,--i '' , and Clyd .
av - .:v a partnet'
. .,e cinducted hi
xl s ai . i,( L r.', and tha
S further co'.lds 5
, ..,ir ,he liabilt-.
. i...I assets and i
P " ", ..... made LW" it
: t"A," to I
' -H it orfaten bwel.l i
-at Ahy s si 0r -
S i ~ , ·· ·· ·d, att-d
, . -a'.en in thewl Cm
,. "''"I Ja-chr A. S -..ll~j
, . 'n ter. .
e . ,,' i wlln · A. $fra. l
, ,. :- l? R,,, .n shre ; "
5 a-' lae e k..IncI
e ',' ct of IC -
EMILE J LEOn
.td A ruc copYC. STAI_ *
mnt y 17 24 31 jine 7 14 .