OCR Text |
Show TARIFF AS REVISED Many Changes Have Been Made in the Existing Schedules. VICTORY FOR PUBLISHERS. Secure Lower Duties on Wood Rulp Hides to Be Admitted Free Slight Increase in Rates on Hosiery. Washington. Revision of the tariff as provided for by the new measur" is substantially as follows: Beginning with a decrease in the rate on iron ore from 40 to 15 cents a ton, there is a general reduction thrjKWgTTouVthat part of the bill, pig 'Tron going down from $4 to $2.50 a ton , and scrap iron from four to one dol- sS lar. Rough lumber goes down from ?2 to $1.25 per 1,000 feet, with corresponding cor-responding reductions in the differential differen-tial on dressed lumber. Sugar and tobacco duties remain substantially as they are under the Dingley law. Structural steel, fitted for use. comes in the basket clause at 45 per cent, ad valorem. In the lumber schedule the only increases in-creases were those on shingles, from 30 cents to 50 cents a thousand, and on briar wood and laurel wood for the use of pipe makers, from the free list to 15 per cent, ad valorem. The rate on sawed lumber was decreased from $2 a thousand to $1.25 a thousand feet. In other agricultural products broom , . corn was taken from the free list and made duitable at $3 a ton. Hops are increased from 12 to 16 cents a pound. Cotton hosiery, valued at not more k. than $1 a dozen pairs, is increased from 50 to 70 cents a dozen pairs; that worth more than $1 and less than $1.50 a dozen pairs from 60 to 85 cents a dozen pairs, that valued above $1.50 and not above $2, from 70 to 90 cents a dozen pairs. The remaining rates on stockings are the same as under the present law. Hemp is increased from $20 to $22.50 per ton and heckle hemp from $40 to $45 a ton. There was a general reduction in carpets and mats. A reduction from 20 to 15 cents is made in hydraulic hose. Oil cloth, including linoleum, was reduced about a third. Mechanically ground wool pulp was exempted from duty and placed on the free list, with a provision for countervailing counter-vailing duty against Canada. The lower grade of printing paper was reduced re-duced from $6 to $3.75 a ton and the higher grade from $8 to $3.75. Bituminous coal goes from 67 to 45 cents a ton and there are reductions on gunpowder, matches and cartridges. cartrid-ges. Agricultural implements are cut from 20 to 15 per cent, ad valorem. Every corporation, joint stock company com-pany or association organized for profit and every insurance company is required to pay annually an excise tax of one per cent, upon its entire net income over and above $5,000. It is estimated that from $20,000,000 to $30,000,000 a year will be collected under un-der this new form of federal taxation. The secretary of the treasury is authorized to issue Panama canal bonds to the amount of $290,569,000, which sum, together with that already expended, equals the estimated cost of the Panama canal. It is not intend ed that the bonds shall be issued except ex-cept as needed to provide money to carry on the construction. The bonds are to be payable 50 years from the date of issue, and will bear interest at a rate not exceeding three per cent. Hides were placed on the free list, while the rate on hand and sole leather leath-er is reduced from 20 per cent, to five per cent, ad valorem, that on dressed leather from 20 to 10 per cent, and boots and shoes from 25 to 10 per cent. Petroleum, crude and refined, including in-cluding kerosene, gasoline, naphtha, benzine and similar products, is made free of duty and left even without a countervailing duty. The Dingley rates on women's and children's gloves are allowed to stand. The only change is a reduction on "schmaschem" gloves not over 14 inches long on which the rate is made $1.25 a dozen pairs instead of $1.75. The maximum and minimum provision provi-sion prescribes duties in accordance with the rates named in the dutiable list until March 31, 1910, when 25 per cent, ad valorem is to be added automatically auto-matically as the maximum duty. The president is authorized to apply the minimum rates, however, to imports frond a country which gives its best rates to the products of the United States and is made the judge as to whether a foreign country accords tr the United States treatment which it reciprocal and equivalent. The president is empowered also to abrogate reciprocity treaties which can be terminated by diplomatic action. |