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Show NEWS REVIEW OF ) CURRENT EVENTS i Reduction of Income Tax by One Per Cent Proposed by the Administration. By EDWARD W. PICKARD IF CONGRESS is agreeable, and it almost certainly will be, our Income tares for this year will be reduced by about $160,000,000. This is the plan of the administration, the announcement announce-ment of which was made in advance of the President's budget message to congress In the hope that It would serve to ameliorate the stock market situation. i Secretary of the Treasury Mellon, Undersecretary Ogden Mills aud Roy Toung, governor of the federal reserve board, conferred with Mr. Hoover, and Mr. Mellon then Issued a statement which said in part: "While the final detailed estimates of revenues and expenditures for the fiscal year 1930 and 1931 have not been completed, the secretary of the treasury considers the estimates have reached the point where tax reduction reduc-tion should be recommended to the congress at the coming sessions. "The indications are that business profits, dividends, interest, and wage payments in 1929 will considerably exceed ex-ceed those of the year 1923. Our estimates es-timates indicate that the government should close both the fiscal years 1930 and 1931 with a surplus. Taking all factors into consideration, the secretary secre-tary of the treasury, with the approval ap-proval of the President, will recommend recom-mend tax reduction 'o the congress. "The form of relief to the taxpayers vhlch the treasury's recommendations will probably take will be a 1 per cent reduction of the normal tax on the Incomes of Individuals and corporations cor-porations applicable to 1929 Incomes and payable in the calendar year 1930. The, total reduction of taxes to be collected during the calendar year 1930 will amount, It Is estimated, to approximately $160,000,000. "The reduction. It is hoped, will take the form of a joint resolution of congress, thus permitting prompt action ac-tion by butb houses by avoiding a general gen-eral revision of the revenue law. "The proposal has been discussed with the Republican and Democratic leaders of both bouses of congress, who have tentatively approved the proposed pro-posed recommendation." It was believed In Washington that enactment of the necessary legislation legisla-tion will come early In the regular session af congress, which opens on December 2. COMMENT on the stock market situation sit-uation seems superfluous, for very one In the country has been reading the financial columns with avidity If not with dismay. Day after Jay prices continued their downward way and it seemed as If the market had no bottom. Even the bears were surprised, and one ol their leaders, Jesse Llvermore, was quoted as saying say-ing that prices of many of the good stocks had fallen too low. But the amateur speculators were panlc-atrLcken panlc-atrLcken and refused to listen to reason. rea-son. Many of the highest-priced Industrials In-dustrials fell to new low records for the year, and lots of bargain hunters of the previous week were caught In the Jam. The New York Slock Exchange Ex-change on Wednesday took steps to ferret out the undercover selling that rind foiled alt efforts to stabilize the market livery member was called on to give at once the following Information: Informa-tion: A list of stocks borrowed and from whom nnd for whose account; a list of tiUikf loaned and to whom; lntra-oflice borrowings and for whose accounts; a lint of nil mocks which th'-y luive failed to deliver, and for whnse account. This action, together with the tax reduction news, brought on a flood of buying orders, and prices began to move upward. I) I (ESI DENT HOOVER'S Armistice day address at Arlington National cemetery was hailed In America and F.urope a., one of the most Important Statements ever made by hlin, and It was given general approval. Briefly, he challenged the other powers to a radical reduction of naval armaments, declaring that the United States would reduce its naval strength in proportion propor-tion to any other, that It remained for the others to say how low they would go and that "it cannot be too low for us." He suggested the exemption ex-emption of merchant ships, carrying food exclusively, from seizure by belligerents bel-ligerents as the first step In solving the problem of the freedom of the seas. He proposed amplification of the Kellogg anti-war pact by provision of automatic machinery for Investigation Investiga-tion of disputes Involved In violation of the pact, subjecting the aggressor to the "searchlight of public opinion." And he suggested the need of additional addi-tional arbitration treaties and of an authoritative system of International raw. Throughout his address Mr. Hoover revealed himself as an ardent advocate advo-cate of world peace and the reduction of preparations for war, but asserted the latter must be by agreement only. "I have no faith In the reduction of armaments by example alone," said the President. "Until such time as the nations can build the agencies of pacific settlement on stronger foundations; foun-dations; until fear, the most dangerous danger-ous of all national emotions, has been proved groundless by long proof of international honesty, until the power of world public opinion as a restraint of aggression has had many years of test, there will not have been established estab-lished that confidence which warrants the abandonment of preparedness for defense among nations. To do so may invite war. "I am for adequate preparedness as a guaranty that no foreign soldier shall ever step upon the soil of our country." It should be noted that Mr. Hoover said his suggestion concerning food ships In war times would not be discussed dis-cussed at the London naval reduction conference. ONE of the many Interesting events on Armistice day was the dedication dedica-tion of the Ambassador bridge, the first to be built across the Detroit river to Canada. It Is the longest bridge of Its type In the world and cost $20,000,000. its free span Is 1,850 feet long and Its total length Is one and eight-tenths miles. The ceremonies Included military parades In both Detroit and Canada and ad dresses lauding the structure as an old In perpetuating the 114 years of peace between the United States and the Dominion. CIK RONALD LINDSAY, British nn- der secretary of state for foreign affairs, has been selectee" as ambassador ambassa-dor to Washington to succeed Sir Esme Howard, who retires from the diplomatic service early next year. Sir Ronald Is well known In this country and his wife Is an American, a daughter of the late Colgnte Hoyt of New York. Nelson Johnson, assistant secretary of state In charge of far eastern affairs, was appointed by President Hoover to be minister to China to succeed John Von A. MacMurrny, resigned. re-signed. He Is a "career" diplomat who tins served In China and Is remarkably re-markably well posted on the entire far eastern situation. William Phillips has resigned the post of American minister to Canada, to the deep regret of President Hoover and the State department. He was offered nnnther diplomatic post, but wished to return to the United States on account of his children. SENATOR BINGHAM'S theory that the senate lobby committee was packed ngnlnst the Republican tariff bill received a measure of subHlunllu-tlon subHlunllu-tlon when lis chairman, Senator Caraway, Cara-way, tiKHcrlcd that Ms Inborn would soon be concluded. For of all the lobbies operating In Washington, little or no attention has been pale by the committee to any others than those whose concern Is the tariff. Joseph It. Grundy, veteran lobbyist for I'enti-sylvanla I'enti-sylvanla IntcrcsfH. was recalled by the committee last week and Mr. arawny demanded that he name the senators from "backward" slates who, he contended, con-tended, have too piii'-h voice In fixing the policies nt the nation. Mr. Grundy said that on rctlccHtm he had decided de-cided this wculd be Improper nnd unbecoming, un-becoming, nd Mr. Caraway called i him a welsher and yellow. But a moment mo-ment later the senator retracted this, shook Mr. Grundy's hand and said that, after all, be liked hi in. In a report to the senate. Chairman Caraway Cara-way dealt with the testimony given by William Burgess of New Jersey, representative of pottery and other Interests. The senator flatly accused Burgess of perjury and slander and said he was a pajd lobblst wh-i had "no regard whatever for his reputation." repu-tation." DELEGATES to the conference to establish the new Bank of International Inter-national Relations signed the statutes, charter and trust agreements of the Institution and departed from Baden Baden. The statutes, as published immediately, im-mediately, fix Basel, Switzerland, as ' the seat of the bank and describe Its purposes as : "To promote co-operation of the central banks, provide additional facilities fa-cilities for International financial operations oper-ations and to act as trustee or agent in regard to the International financial finan-cial settlements entrusted to it." So long as the Toung reparations plan Is operative the bank will not only "observe provisions of the plan in administration of operations of tb bank," but also will "conduct Its affairs af-fairs with a view to facilitating execution ex-ecution of the plan." During the Young plan's operation the bank Is vested with the functions of receiving and distributing the German Ger-man reparations and supervising and assisting In commercialization and mobilization of certain parts of the German annuities. j NADIR SHAH, the new king of Afghanistan, has Issued a proclamation proc-lamation saying that strict prohibition prohibi-tion Is to be enforced In that country. I The rights of the people are to be equal, with no distinctions as to nationality, na-tionality, caste or birth excepting those prescribed by the Sharlut sacred sa-cred law. A recognized national army has been established and equipped with the latest Implements of war. A military school Is to be founded at Kabul, the capital, where officer will be trained In modern scientific warfare. war-fare. King Nadir also says he hopes to conclude a trade treaty with the United States. REDUCED to poverty and without desire to live longer, the former Princess Victoria, eldest sister of the ex-kaiser of Germany, died In a hospital hos-pital In Bonn at the age of sixty-three years. Wllbelm was estranged from her when she married Alexander Soub-koff, Soub-koff, a Russian refugee, and gave her no assistance when she was forced to sacrifice all her possessions to pay her husbnnd's debts. She had applied for divorce from the dissolute Soubkoff, who wns expelled from Germany and hns been working as a waiter la Luxemburg. Other deaths were those of James A. Robb, finance minister of Cnnnda; Dr. E. A. Allen, chief of the experiment experi-ment stations of the Department of Agriculture; Dr. Frederick Mousen of California, eminent anthropologist, and James J. Itlordan, New York banker and close friend of AI 8mlth, who committed suicide. WHAT Is believed to be the Inrg-est Inrg-est embezzlement In the nation's history was revealed by a statement of the officers of the Union Industrial bank of Flint, Mich. It shows that within the last few months ten or more of the bank's employees hnve stolen from It money nnd securities to the amount of $:i.:,!2.0(H). Chnrleg S. Mott, president of the Institution, has deposited cash enough from his private fortune to guarantee the depositors de-positors against lofs. SOCIETY along the Atlantic seaboard sea-board was provided with ti sensation sensa-tion when It was learned that William Wil-liam W. Wlllock, Jr., of New York bail married Adelaide Iugebert, a recent Immigrant from Norway who had been his mother's chambermaid. The youti': groom Is the son of W. W. Wlllock of the social rcjrlslcr and former vice-president vice-president of the Jones At t.nurhlln Sleel company, and ItlH mot nor was Hie daughter of the late I!. F. .Tones. The family fortune Is reputed to tip mote than one hundred million dollars, but how much the son will get In questionable. ques-tionable. He and bis bride were found In a $ n week room In Oyster liny. (03. 1130, Wintm NiWiliapll UoloD. |