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Show HEARD Supreunt Capital Rational " nav nlan for lit wv e I for financially sick bills Just by made iMb'.e iritb the approval of the FT-I- n in both house anu ben l t Till I llll 111 I 11 ki foul"'""' . ..,Ptnrfl and government Originally. .:OA Al Ul'UVJ intprest. last year, dispatches rTui these to have the government f '";.. in the interest and principal bondthe concession by JJ ..neurit flr rrf nrin- - rail-H,S- Hf ' 11 CT1 .i..i ,, wi Tli interest rate of , . I o of this rai-intln- . in tiio method of j ,,UfOKea, i.i B an- - ,.q ltirwli nn1n some economic -- Li, there is really there are that admitted U ft few which are simply beyond tt rM, economically. tie proposea .H bonds, iegimuu u regardless of their at the market price. There- - regards the amount paid as a debt of the RFC and charges the rail-- i tbe RFC 3 !4 bonds - - Tl t " l regular nrv- - the jj era .nln taic. Tlilo ruta cent net 4 per enable the probably jtii would rr to Eet anywhere with the sltuwere it not for another law the books, the new bankrupt- Dot section a oi uie H. federal court may direct 'irtllnz down of all classes of gecur- of the lrf any railroad If s den of each class of bonds and prenaim-icyactan- y Under two-third- stocks approve. it not for the bankruptcy act a kail rroup of bondholders, by refus- rred Were at what had been market aell to ii either prevent anything being done or force the governor the railroad company to buy might rices, m jjt lem off. por cent railroad bond but the plan !5 per cent on holders Insisted the v being paid It. Many a railroad merger In the sst has been blocked by such attempt- holdups, and ninny another has been because the promoters frercapitalized bid too much to minorities. 5 Urns be selling for 0, s!d not be applied because tt kj Sharpshooters 'lit Tie new proposal strikes hard at sharpshooters. It would like this: The New ft Cripple Creek, to take an imagi- 7 name, Is a fairly sound railroad, ueept that It Is overcapitalized. It naot possibly pay the coupons on its neral mortgage 7 per cent bonds, or 5 So per cent first mortgage bonds. at for the time being the bondholders pse wouiu-'o- ort re e something getting nothing. result, the first mortgage 5s sell wn to 40, and the general mortgage cms sell down to 20. If the railroad rnnnany could buy in all those bonds, As a those prices, It 4 per cent, t with money borrowed it could then emerge receivership, and earn enough to :y the 4 per cent. Assuming a total $100,000,000 on each bond issue, the "terest on the general mortgage bonds ran tonld 1 be $7,0on,ooo a year, and on the year a total of Whereas, the interest 4 per cent on the market value of bonds would be only $2,100,000 a Itsb $5,000,000 a year. a ear, So to the bondholders of plan. If will consent, the RFC will buy bonds. They will get something 'ted of nothing in the way of inter-st- , and from s to of principal at maturity Instead of bly nothing. Not only that, but j act promptly, they will get prac-government bonds, so that y they need not worry In tbe ? about whether their railroad f money or not For another sec-of the bill authorizes'-th- e RFC to ange its own bonds, which In ef-- " w government bonds, for the ' appeal Is made agree on this two-third- s one-fift- h two-fifth- m ac-Mlfu-:r- m se-iti- so taken. Whlch 13 Sit JJolders 8 vt'ry ;:?. T, inttlllgen ,u.u,.rrs But here u the atout this minority imm-- view. the court Wuuld r..',- -' tv right of the govem.m-,"t"t.- . terms of Iir!va.tf C(jIjI::i,;, Chang, ,he terms ..f , lt T D Events in the Lives bl)!,;s of Little Mat j !.';:. t:.i ill-'- Mrs. Hardface was trailing diuiinutlve husband round th ,' store shook his head. "No, my dear," be replied miser- ably. "I think It's a shade too dear." Betrayed Bagshaw was pouring out bis experience to his friend at the club. "And what caused you to leave before the meeting was overt" asked the latrer. Bagshaw looked uncomfortable, he summered, "the lecturer stated that one's shady char acter Is denoted on the lower part of the face." "Well, what ot that?" asked the other. The dejected one lowered bit "VY'-wel- voice. "Why," be murmured, "I I've goi a double chin." CwTrlrhr, W. V. r '" i. 5s. " . FINNEY OF THE FORCE By Ted O'LougWin 0 WtsUm Swtppr Unlet AW f&Z This MRS. swapp Vez MoaJ HER. Reciprocity Treaties HAVE" S? ( f 'INK cup RP RALlABLP KMovJrJ Quite awhile 2 Protracted delay in obtaining the reciprocity treaties that were to liven up American exports and permit entry Into this country at lower tariff duties of goods, which would not do very much harm to American workers. References AM' TRUSTWORTHY S mi y .' . ? r A Pi INDEED VESr Good Bag Jones came along the street looking wet and unhappy. "Hello." said his neighbor: "When have you been?" "Fishing," replied Jones mournfully. "Catch much?" was the question. "A lot," Jones replied. "Flrsl train there ; first train back. Caught In a thunder storm; caught a cold t "And" an "I shall catch It when I get home." after-though- NOTHING DOING HER WiTM t!f rI my mr,:Mrv. a TririTw niPI1! Ef U ii ai ELL-TH- NOW S FOINE BUT COULD SHE in i BE AMVING eD vaHTH VALUABLE ? p pjz ; ? oh my) what is our. 7 Police Force coming- to 7 LOOK AT THAT OFFICETR- i YUN NiNtr" riwvt NO AT TR-S'T- V v I - "You've got a cold, old man." Don't know how I caught It, hut lt Recms "Now, look here. I know a sun cure that Is, If you take It right away." "No use. Seven men have madi me promise to try theirs first and 1 can't take yours right away, so It won't be any good at all. Sorry. "Yes. A FEMALE- GANGSTER. . . ouptj Good-by.- " solve the problem. The Spanish negotiators say, with some point, that cheap they call them imitation sherries are produced in many countries, notably Italy, Portugal and Australia, not to mention South America. They are willing to reduce duties on American goods, which would result In a very fair increase In our exports, indeed, according to experts, but only if this country makes a special concession to sherry produced in Spain only. Which the "most favored nation" clause makes it impossible to do, as our situaDepartment of State views the tion. , Just a Suggettioa Mrs. Jowles With feet the size of yours, you should get a Job with th Mmr Mil cgL?. Wr 3 THE FEATHERHEADS UM PARPO- BEG" I W- A II government. Mr. Jowles What doing? Mrs. Jowles Oh, stamping out for est fires, perhaps. Hm-- m Positive Answer YoU W PAMCY Defendant (being the stand) I've been truth from infancy I Prosecutor Is the from this statement now a widower? ! questioned oa wedded to tba court to Imply that yon art Every Time Wife Man is the stately ship; woman the little tugboat at Its side. Hubby Sure ; It's the ship that always gets torpedoed, not the tug. WNU-- W 6-- 40 ' IS? cC,ent vISeeTsT mnp- Por-tug- y slm-nl'- e . BEEN ? Iffll 1 13 mTilinMlfll IK Iflll y- IIK 1 oh and vt You i0lSTlLLepARM5s-- j R Z T I " pro-titln- f big wllL lie tled the matter! What gives that worried look to the treasury tax experts, trying to figure out the next taxes to be advocated toward the end of this session, Is not the difliculty of devi.-in- g taxes which will raise the money in the least painful manner, but the hli.,s.vncra ies as they see them of senators and members of the house on this point. Kor instance, when the sales tax was proposed there was a huilahalloo about taxing the poor man's groceries. Whereupon food and clothing were promptly eliminated. Hut there has hardly been a peep about the processing taxes, designed to aid agriculture, though these touch ttie poor man's groceries, Phirts and clothing, carefully skipping over most of the luxuries! such things as the United States of America. Homer S. Cum- m Jnmped But they do not say that to the State from No. 10 to No. 1 seems to be a sort of most cricized cabinet department. It twl. since other he argued before the gentlemen's agreement among the world that not even the court the of countries constitutionality of advantage of any one of dDe abUt for the selfish Sam old them may that one tip off Uncle of effects the lest on, is going i'erannM,0"17 belng criticized by to what all. them on. recoil Xw n de the ministration, but that tinning off ' er But just as an Illustration of what Ane crlcisni, Qsuallv . trade Is being done. Britain has special and hose both Spain wh0 thl MbTT he did not agreements with In those agreements, curiously ng enoK. and those !o thinVk ne made It tnn . for Spain, and enough, sherry figures The agreement with the latter rortugal. for ffJ viewpoint, a port 'Prominent that no diplomat, at a recent aspect to sherry Is so drawn conn-trother f; Lwas asked what he sherry type wine from any the done by Is It affected. the effet if the Su- Is as far ru 6 aSain8t tne expedient of defining sherry,are con-d- . ernment. agreement that of as the terms Xeros as wine produced In the BritSwtu?!' aBk that uestlon to and exported of Spain faatic fa.1, 1 T Degan- - In true dlD- - district of Cadiz I " ' DUt then' "elng . . suddenly, ain from the port the CCt "out" In the agreement with Portugal "claimed: Un. Is followed, the district same technique and the u"niiDgs tnat it of Portugal being specified, meB Chaos-Imi u , port of Oporto. "most favored And jet Britain has k'01ll!ratw U7 the kln1 of talk the or Nuciaii, , does not want going on. nation" clauses In her treaties. doos anywhere not believe the nation gotten Not .,1 discrimination in,! Lerse decision would be agalnrt this rhln of a, chaog. Spain or Por favor in against her of tawta.tlVe ,mPortant flnan- tl'CaL In Washington has Just OopjrHtWM"vlo j U oobe hi John?" Jtorney General 2 against lamp-shad- Would be precisely zero. Foreign holders of sue!, ,IllK hlivv. ever, would not be subject to having their gold commandeered at the old price, to that the net effect, assinnin-a- ll foreign holders demanded and r ceived g.dd at the old rate for their bonds, would cost the government, it is estimated, less than S.i;o,(s),fMj. Not so good, but hardly chaos. Hut there are other complications to minimize even thi.. For instance, the Hague court decision that the action of the American government had set- Is being widely criticized, especially in view of the high hopes with which fleorge I'eek and Secretary of State Hull embarked on the enterprise. The chief, If not the whole, trouble has been the "most favored nation" clause existing In nearly all American treaties with other countries. Which means to say that If America reduces the tariff on brandy, as a concession to France, for example, America would also have to admit Italian, Spanish, Greek and South America brandies at the same reduced rates. Whereas, none of these other countries might be malting appropriate concessions to take more American goods. At the present moment negotiations with Spain have virtually bogged down. The whole trouble Is that it has been found next to impossible to define sherry wine In such a way that only Spanish sherry would be meant. Merely to reduce the duty on sherry would not much bar After purchasing several artlclea he paused and looked pensive. "Ah," she said at last, "I rememe ber. We want a for the drawing room light" Presently the article In question caught her eye, 1 There's the very lamp-shad- e wanted!" she cried. "It's tws guineas. Don't you think It will da, aP' t0 IndDce the Causes Mirth and as only Ail of which, however, Is causing need approve to have a court f we plan iD of laughter in most of the forgales effect the tn t0 They say, very prichancelleries. ynhation on a sound basis has at eign no nation In the that vately, of course, smoothed. world Is so utterly squeamish about Wmings Spot rxjTT err SHADOW OF DOUBT rule this wav CuSIS'i'mT i the results. Th have to i,av . i r..- - .. bonds on maturity. !:ut tl, v,,r, ,. e court has upheld the .',v right ernment to wmmandeer gV.d at tho'd Price. So that h , anvi,e h.ddins bond could demand the gold, nve've it and then have it taken right awav l,v the government at the old prh-''rh! net effect of which, so far as America holders of the ho,ls are concerned to approve, on Funny -- ' Ui J , ""'. u. ,,ftmi Just Supposing i.r the ourt , ' il On the rp OUR COMIC SECTION l m-.- . - irtnaily 'n lllc D Jt sTOv- - i m ZT: - I 1 LEHI FREE PRESS. LEHI, UTAH couioleted a of prominent i who have been ; fore the of the outco.,. A ;n veri Jorit, thought the curt w,"... the gOTtrnnnt, What - |