Evening Star Newspaper, May 27, 1931, Page 12

"A—12 - w2 THE EVENING STAR. WASHINGTON, Dy ot WEDNESDAY, MAY, 27, 1931. SENATORS OPPOSE | MELLON TAX PLAN Louzens and Borah Take ‘Raps at Suggestions to End All Exemptions. BY JOHN F. SINCLAIR. | NEW YORK, May 27 (N.AN.A).— Secretary of the Treasury Mellon wants more people to pay Federal taxes. In a siiord, he wants income tax exemptions dropped so that even people earning Moderzte incomes will pay something. This maneuver has drawn protests from certain members of the Senate. Senator Couzens of Michigan, the tichest man in the Senate, says: “The whole statement of the Secretary is an ©bvious attempt to sustain the intention of the administration not to raise taxes until the next session of Congress. However, the speech is an argument for &, tax increase!” The Senator demands that gift and inheritance taxes be levied to meet the Government's needs. Senator Borah, the fighting Idahoan, makes a sharp thrust with these words: “The lowering of exemptions to tax smaller incomes is the same principle as lowering wages,” and then points out that this is contrary to the expressed stand of the administration on wage cuts. Much will be made of Secretary Mel- | lon's statement that out of 120,000,000 people in the United States only about 380,000 pay 97 per cent of the income taxes. His opponents are certain to point out that of these 120,000,000 people about 96 per cent receive less than 10 per cent of the national in- come. They will further demand that 1f he wants to broaden the tax base he ~will have to do it by heavier taxes on the 4 per cent who receive 90 per cent of the national income. | Following closely on the heels of the Australian financial crisis another lbud and ominous creak in the British Empire’s economic structure echoed through the money marts yesterday. This time it is Newfoundland. which is on the verge of defaulting on bond gbligations. . The only salvation appears to be financial first ald from Great Britain at once. Since Monday the officials of this smallest of the British do- mhinions have been feverishly rushing from one conference to another and keeping the cables to London hot with pleas for assistance. . A loan for $8,000,000 at 5 per cent, untaxable, closing date for tenders May 22, found not a single bidder. In response to frantic calls from the minister of finance bankers in London, Montreal and New York replied that not a genny in offers had been re- ceived by them. H . The government account with the Bank of Montreal had been overdrawn for about $1,250,000 and no govern- ment checks are being accepted. Sir Richard Squires, premier, immediately stopped all issue of government checks. Newfoundland is faced with a tre- mendous relative deficit. Her estimated revenue is about $11,000,000 and the deficit is $3,000,000. The economic and public works projects have been pushed -somewhat in the same hasty fashion as in Australia. The depression has sand-bagged Newfoundland’s fiscal golh:y with de- clining revenues. With a population of 265,000, her national debt stands at $90,315,000, or about $345 capita! Unless money is supplied from some- where very quickly she will certainly defnul;o on interest payments due June 30. Some say she will sell Labrador to e cash. But right now that sounds antastic. \ For the first time in many weeks, the bulls fought back yesterday with de- termination and spirit, although United States Steel was just able to hold its own. At closing it rose to slightly above opening prices after sinking almost 3/ points. Other market leaders, however, added on an average of 2 points in the general counter-attack. ‘The whole movement had all the ear- marks of an organized drive against the domination of the bears. Many in Wall Street seem to feel that the dis- tribution of a questionnaire to Stock | Exchange members in an attempt to ferret out the short sellers had the effect of restraining the bears, But it | really had little effect. Yesterday, et least, the bombardment of blue chip stocks was halted abruptly. In the lull, these stocks advanced, some as much as four points. Trading was | fairly small and narrow, but llmost‘ every one felt bettr at seeing the mar- ket take on a rather bullish character. ‘The question is asked: Will it hold? Nobody knows. Wall Street has been jarred too oft’n of late with the re- peated landslides of stock prices, after brief technical rallies. The traders know there is still plenty of room under the bottom of the present market, unless| there is some permanent improvement ' 1n business outside the Stock Exchange. In Plainsboro, Pa., is a central office where Henry W. Jeffers, an efficient-looking young chap, directs the cperations of a 3,000-acre agricultural “plant.” With its charts, reports and generally business-like atmosphere, one might easily imagine it to be an indus- tr‘;;l rather than a farming organiza- “The policy of uniting science, business | end sound labor relations followed by Mr. Jeflers has ylelded a fine crop of profits. Nothing is done here by hand | that can be done as well or better by | machines. One of the ouistanding fea- | tures is a dehvdrator. It looks like a | huge tube. The damp, green alfalfa, | or corn, goes in cne end, 1s roasted, and ;nm-zs out at the other as ary, chopped | ay. | Every possible service is supplied by | s staff of experts. Soil fertility, agri- cultural economics, nutrition, genetics, bacteriology, medical and veterinary control are all checked by members of this stafl. It is very likely that the in- dustrialized farm being perfected by young Mr. Jeffers points the way to “corporate farming.” “Our silage corn costs only about half what it did under the old system.” Mr. Jeffers told O. M. Kile, for the Na- tions Business. “Our aifalfa hay Is produced for considerably less than we | can buy good Western hay E. H. Zimmerman, Missouri banker, | who was asked a year ago by the Mis sourl Bankers' Association to head a | committee to study the stabilization of ! the money standard, made his report| on May 13. It is one of the most com- plete reports ever made on the subject. | What the committee attempted was | to study how greater stability in the purchasing power of the world's money units could be brought about. The re-| port intimates that it may be necessary to create new institutions ‘“competent to deal constructively with all the fac- | tors involved and with all of the agen- cies which tend to influence them.” ter saying a good word for the work being carried on by the Stable Money Association, the report quotes Sir Charles Addis, leading English banker, who said recently: “World sta- bilization of commodity prices, through stabilization of the money markets of the world, is one of the essentials| needed to end the existing dcpnu‘on."‘ (Copyright, 1931. by N ican News- th Am paper Alliance Buyers' Orders Decline. NEW YORK, May 27 (#).—While' the average size of commitments was | package. Re-elected - THOMPSON AGAIN TO HEAD STOCK EXCHANGES. EUGENE E. THOMPSON. By the Assoctated Press BUFFALO, N. Y. May 27—Eugene E. Thompscn, former president of the Washington, D. C. Stock Exchange, was re-elected president of the Associated Stock Exchanges at the business ses- sion of the 1931 convention. ‘Two cther officers of the organiza- | tion, which is composed of 12 stock ex- changes, were re-elected. They are Wil- liam E. Lcuderman, St. Louls, vice presi- dent, end Clark C. Wickey, Detroit, sec- retary-treasurer. Neil P. McKinnon of Minneapolis, whcse term es member of the governing committee -has expired, was re-elected for two years. ‘The organization was fcunded five years ago, after a movement had been started by the Detroit Stock Exchinge. AUTO PATENT CASE | Motion Filed to Have Suit Involving General Motors | Reviewed by Court. | PHILADELPHIA, May 27 () .—A! motion for leave to file a bill of re-| | view in the United States Disrict Court j H of New Jersey in the patent infringe- | j ment suit of William P. Deppe and | Deppe Motors Corporation of New York | | against the General Motors Corporation | was filed in the United States Circuit Court of Appeals yesterday. Oral arguments in support of the motion were made by Atlee Pomerene, former United States Senator of Ohio, and Newton A. Burgess, New York, of counsel for Deppe, to which Melville | Church, Washington, of counsel for the General Motors, responded. The argu- ments were heard by the full bench of the Circuit Court. Involves 1920 Patent. The action concerns patents obtained by Deppe in 1920 covering the produc- tion and use of a dry homogeneous fuel mixture for automobile operation. In 1924 Deppe filed & patent in- fringement suit in the United States District Court of New Jersey against General Motors. The trial lasted five weeks and after two years’' study of the trial record, Judge Runyon handed down his opinion in favor of Deppe. General Motors took an appeal to the Circuit Court of Appeals in 1927 and | Judge Buffington reversed the decision |* of the District Court. The Supreme Court later denied Deppe a petition for | a writ of certiorari. Follows Experiments. ‘The motion to reopen the case was based on the results of experiments made by the United States Bureau of Standards with Deppe's patent. These results counsel for Deppe contend, | ghow the manner in which General Mo- tors uses fuel mixture apparatus is in violation of the patents. Counsel for General Motors filed their briefs after conclusion of the oral ar- | gument and each side was given one week in which to file answer to the briefs. | PORT FREIGHT UNITY DECLARED NECESSARY By the Associated Press. NEW YORK, May 27—Testimony as to the necessity of maintaining the rate | unity of the port of New York and co! tinuing the practice of floating freigh: without charge to the shipper was added to the record of the Interstate | Commerce Commission hearing in the New Jersey lighterage case yesterday. | C. B. Kellogg, vice president in charge of traffic of the Munson Steam- | ship Line, said the effect of abolition of | free lighterage would be to give the | New York Central Railroad, which h a direct rail connection with Manha tan, a_competitive advantage over the trunk lines which end in New Jersey The effect on the port would be * asterous,” the witness sald. Steamship lines, he testified, would divert much of their traffic elsewhere. His own lin he added, would depend more heavily on the port of Baltimore. MINING SUSPENDED. NEW YORK, May 27 (#).—At the! annual meeting of Park Utah Con-| solidated Mining Co. a letter from | George W. Lambourne, president, was | read stating that output now is confined to treatment of ore from development work and that mining of ore has been discontinued because of low prices pre- vailing for metals produced by the| | company. The development work is progressing favorably, he said, with encouraging results. | The Daily Use of | ALLEN'S FOOT-EASE | will stop the pain of corns and bunions. 1t takes the friction from the shoes, is | antiseptic and healing. It gives rest | and comfort to sore, tired, aching, sweating, tender feet and makes walk- | | ing, dancing, tennis or golf a real joy | without thought of shoes that pinch, Allen’s Foot « Ease is now sold every- where in the new Shaker Top Tins, | | or the regular envelope old style | For free sample package | and a FooteEase walking doll address ALLEN’S FOOT#EASE, Le Roy, N.Y. Dizzy Start thorough bowel actio; ‘when you feel dizzy, headachy. bilious. Teke NATURE'S '—NR Tablets, It's mild, sate, purely vegetable, and far better than ordi- TO-NIGHT dccidedly smaller than in recent weeks, mail OI'LH received at the opening of ithe week by resident buyers in New York, were described as numerous. To- tal volume, however, is falling off, due both to weather conditions and the ad- yanes of the season from a Ylmlum lu‘mfinL " S AGAN REOPEND | At “3” Sears’ Washington Stores Sears’ Retail Dept. Store Bladensburg Road at 15th and H Sts. N.E. Open Until 9 P.M. Thursday and Friday Closed This Saturday, Memorial Day Sears’ New Retail Store 3140 M St. N.W. Georgetown Sears’ New Retail Store’ = { 1825 14th St. Northwest ged 8,000,000 | EVERYBODY who had an automobile had tires for it in 1926. And everybody thought his tires were pretty good. Then along came ALLSTATE . . . In five years more than 8,000,000 motorists have changed their oldtime tire preference. The swing has been to ALLSTATE at such a rate that today—a tire un- known five years ago—is the choice of one out of every nine motorists who buy tires for replace- ment (and there are more than 150 brands to choose from). This surge of ALLSTATE popularity has swept the entire tire industry before it. It has brought about a new standard of value. In 1926 you paid $20.30 for a 29x4.40 tire—now you pay $4.98 for a 29x4.40 ALLSTATE balloon. It is an achievement unmatched in the tire world; unapproached in few lines of industry. Naturally there is a reason for it. The talk of motor car users everywhere is the extra miles of service, the incomparable stamina they find in ALLSTATE. We deliberately set about to make ALLSTATE the best money’s worth on the tire market. The country’s foremost engineers and tire designers were called in to help us. Then we went to the world’s most successful tire manufacturer and had him make ALLSTATE for us with the same manufacturing skill and the same consistent at- tention to details that go into his own tire. Sears method of distribution did the rest. It brought ALLSTATE directly to you from the fac- tory for a full twenty-five per cent less than any tire worthy of comparison. 29 x 4.40 BALLOON 80 Rim | Each Size 29x4.40-21 29x4.50-20 30x4.50-21 28x4.75-19 | 29x%4.75-20 30x4.75-21 29x5.00-19 30x5.00-20 ["Each | Pair | Size _ Rim | Each | Pair | $4.98 $ 9.60( 28x5.25-18 |$ 7.90{$15.30 5.60 10.90 30x5.25-20 | 8 z T11.10f 31x5.25-21 12.90| 29x5.50-19 | 11.20 11.45] 11.50 13.50| 31x6.00-19 | 13,60 32x6.00-20 _ 13.80| 33x6.00-21 | 11.6! 14.30] 32x6.75-20 | 15.35| Tubes at correspondingly low prices COMPLETE TIRE MOUNTING SERVICE. NO CHARGE OPEN UNTIL 9 P.M. THURSDAY and FRIDAY —CLOSED SATURDAY— —a nation-wide event planned to emphasize tifé superb styles, va< rieties and values of the world's largest retailer of shoes. Women'’s Shoes New models in Sears’ celebrated Francine shoes—smart seasand or white kid one- straps. They will be $4 after Shoe Week. Friday the Last Day. Men’s Shoes These are Sears’ fa- mous Dick Foster $4 shoes. A blucher ox- ford of black calf and a white elk oxford with black calf trim. Children’s Shoes It's easy to keep the chil- dren in shoes when full lined sports oxfords of tan and beige elk cost so little. Krinkle rubber soles; 8V, to 2. Also patent leather. Plenty of free parking space. No danger for children. Tailored as You Like It and Priced 7" ThatWay At Sears 1r's Only If you’d ordered this lingerie special- ly made, it couldn’t suit you better, for it's of good quality rayon, run-resistant, of course; full cut for comfort and long life; well sewn, daintily adorned. C om binations . . , chemise . . . step-ins v« « bloomers™, ... panties. Bloomers and pan- ties in extra sizes at no extra and These Smart Suits Cost Only $398 They’re all-wool worst- ed, in one-piece style. Men’s in navy, maroon, or royal. Sizes 36 to 46. Women’s in red, navy, jade green, or peacock blue; sizes 34 to 46. Bathing Caps pehg. gt moire fin- ished rub- ber. Bathing Slippers To complete your en- semble, for they 45C match the caps. SEARS, ROEBUCK ano CO. L_JVE GUARANTEE SATISFACTION OR YOUR MOMEY BACK | Bait rod of solid / steel, octagonal shape, with the off- set cast aluminum handle, double cork grip, crystal ides and Level winding reel, with jeweled end bearings; is heavily chromi- um plated. Black hard braided silk casting line spe- cially water« \ proofed. 18 Ib. test. Your choice of four new models of “lures” under- water and surface types. Sporting goods also sold at our new stores, 1825 14th N.W,, 3140 M BLADENSBURG ROAD AT 15th AND ¥, STS. N.E. |NW. Dy