New York Banker
Says Revision of
Tax Laws Needed
Otto Kahn Tells Cougressiou
al Committee That Business
Of Country Need Aid
Immediately.
Washington, DecNil. Business of
the country is demanding and must
have revision of the tax laws if it is
to continue a healthy growth, Otto
H. Kahn, New York banker, told
i the house ways and means commit
tee today in the course of a state
ment in which he denounced eco
nomic aspects of the treaty of Ver-
ii t a t - .
sanies ana aeciarea lor a continua
tion of income surtaxes. ;
The excess profit tax "must go,"
Mr. Kahn said, adding that while it
was theoretically sound, its disad
vantages outbalanced its advantages.
Urges Surtax Be Kept.
Continuation 'of the inco?he sur
taxes, Mr. Kahn explained, was a
social and, economic necessity, but
he warned against excessive levies
on the higher incomes on the ground
that they did not produce the maxi
mum of revenue for which they were
designed. He said also that-he op
posed arty exemption under income
tax provisions.
Before Mr. Kahn was '.called,
Chairman Fordney stated that - he
and other members of the commit
tee were in favor of "some kind" of
a sales tax as one of the, means, of
raising the $4,000,000,000 of revenue
needed annually by the government.
Scores Peace Pact
Mr. Kahn was asked during the
eourse of hte statement whether he
thought the signing of the treaty of
Versailles would obviate any of the
difficulties, industrial and financial,
now confronting' the country. He
replied that the Versailles peace . was
"as equally devastating as the "war
in its disregard of economic" as
pects." v
Mr. Kahn blamed "the present
financial turmoil" for the psedica
ment in which the farmers find
themselves. He said their condition
was not due to financial deflation
because "there has not . been any
financial deflation so far."'
Taxes Killed Market.
Taxation, according to Mr. Kahn,
was one of the factors bringing
about a collapse in the market. He
declared it was necessary "that we
retrace our steps and re-establish a
saner and fairer sysjtem of taxation
without any undue" tenderness to
capital." ' ...
Asked regarding recent proposals
- ' .
Honest x
Sayings -on
Used
Pianos
- -
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$169
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$475
" This Hobart M. Cable, reg
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$295
A standard reliable . Piano
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Come in and See Our Line
W Will Sava You Money.
Dealings"
lo tax bank deposit, the witness
said such a step "would be almost
calamitous in its effect.
Questioned as to the statement
of W. G. McAdoo, former secretary
of, the treasury, that deflation had
been carried too far and that federal
reserve banks should be allowed to
reduce interest rates end member
hanks encouraged to extend more
liberal credits, Mr. Kahn said
smilingly that "with all due respect
to Mr. McAdoo and his ability, I
think that statement was made with
an eye to 1924 rather than to 192!."
Woman Causes Arrest of
Hubby on Bigamy Charge
North Platte, Neb.. Dec. 21.
(Special Telegram.) Harold Mc
Cord, about 26, was arrested - here
today ona charge of bigamy and
taken to Gering by the sheriff of
Scotts Bluff county. McCord for
merly lived here, but has been em
ployed at Gering for some time. He
is alleged to have married several
years ago in Kansas and to have
had a wife and two children there
when he married a Miss Moore of
Gering three 'months ago.
;On December 2. 1920. he is said
to have received word that his for
mer wife had secured a divorce.
He came hefe to visit his parents
and wife No. 2 found the letter and
caused his arrest, officers allege.
Body of Superior Soldier
Arrives 'at Hoboken, N. J.
Superior Neb.. Dec. 21. Soecial
Telegram.) The body of Taylor
Lewis, who died while serving' with
the United States army iit France,
has arrived at Hoboken. N.-L. ac
cording to word received here. The
body, will be that of the first over
seas soldier to be returned to' this
county: The American Legion will
have charge of the funeral.
Fire Destroys Fisheries
; Of Former Beatrice Man
Beatrice. Neb.. Dec. 21. fSoe-
ciaL) Word has been received here
that fire destroyed the fisheries of
R. A. Nicftell, formerly of this city,
at Long Beach, Cal. Mr. Nickell
was formerly engaged in the bank
ing business here and at one time
was owner of the. Paddock hotel
which was destroyed by fire more
than two years ago. ,
Base Ball Player Charged -
With Jumping Board Bill
Beatrice. Neb.. Dec. 21. (Soe
cial.) A complaint has been filed
in Judge Craters court bv Lou
Bloodgood of this city, charging
George Guinot, a ball olaver who
spent last summer in Beatrice, with
jumping a board bill amounting to
$75. It is said that Guinot was
working in Lincoln when last hear,d
from.
22 Nations Sign
Protocol for
League Court
Ratification Necessary Before
International Body Becomes
Operative Want U. S.
To Enter.
FINAL CLOSING-OUT SALE
Discount '25 to 50 Per cent.
M. D. FRANKS
; JEWELER
': 201 So. 15th St.
Room Vacated January lit.
By The Anaoclated Yten. "
Geneva, Dec, 21. Twenty-two na
tions today signed the protocol giv
ing executive approval to the league
plan for an international court of
justice. Four countries, Portugal,
Switzerland, Denmark and Salvador,
tgreed to compulsory arbitration.
When the parliaments of the signa
tory nations ratify the protocol the
court will immediately become oper
ative.
Inasmuch as the -majority of the
nations, 'which signed, did so only
after consultation with the govern
ments and parties, the league offi
cials believe that the approval ; of
the parliaments soon will follow, Jtne
delegates1 who signed expressed the
hope that the United States would
at least give executive approvaUnot
withstanding the fact that it is x not
a member of the league..
Thev ooint out that such action
by the United States would mater
ially strengthen the courts cnances
of success and encourage all nations
to adhere to the court The Amer
ican Kovernmt nt .it is added, will give
.consent by sending a representative
to ueneva to sign ine protocol, men
Restrictions on
Russia Removed
-
Trade and Communication
WithSoviet Permitted at
Traders' Risk.
West Point Catholic Body..
Elects Officers for Year
. West iPoint, Neb., Dec. 21. (Spe
cial.) The Catholic Knights; of
America elected the following of-
place the matter before the senate for Lficers for the enduing year at a meet-
final arrmtance.
The countries and the order in
which they signed follow: .: '
Portugal, Greece, Paraguay.Japan,
Uruguay, Siam, Sweden, Switzer
land, Salvador, South Africa, China,
Poland, Brazil, New Zealand, Nor
wav, Denmark, Holland, India,
Italy, France Great Britain and
Panama.
CADILLAC
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PERMANENCY
of
VALUE
J. H. Hansen Cadillac Go.
Omaha . Lincoln.
Washington, Dec. 21. Restric
lions oriy exportation of coin, bul
lion and currency to soviet , Rus
sia, on dealings or exchange
transactions in Russian, rubles, and
on credit or exchange transactions
withv. 6oviet Russia were removed
today hy the treasury and federal
reserve board, acting with the ap
proval of the State department.
The treasury and federal reserve
board in announcing removal of the
restrictions said ' the action was
taken "to give force and effect" to
the decision7 of the Statt department,
as , announced seral months ago,
to remove barriers in the way of
trade and communicajion with soviet
Russia, v
, Removal of the final restrictions
on trade with soviet Russia, treas
ury officials explained,- in no way
means government sanction of com
mercial relations with that country,
but merely gives full- effect to the
State departments announcement of
July 7, that trade would be permit
ted at the trader's risk.
ine held yesterday : President, Mon
signor Joseph Ruesing; vice presi
dent, Frank Scharfcn; recording
secretary, John H. Lindale; finan
cial secretary, Ferdinand Walter;
treasurer, Frank Rezac; truseees,
Frank Scharfen, Anton Risse and
H. F. Grewe.
Laiinch Fight tOi
Control Policy
Of Bis Smelters
Legal Action Started by
Ousted Officer to Wrest
1 Control From Guggen-
' heim Interests. .
New York, Dec. 20. The first step
in a legal action seeking to take con
trol of, the American Smelting and
Refining company out of the hands
of the Guggenheim interests was in
stituted today by Karl 'Eilers, former
vice president of the company, who
holds 3,538 shares of the company's
stock. Mr. Eilers filed a petition in
the supreme court asking a writ of
mandamus to compel the transfer
agent, David A. Crockett, to permit
him to inspect the stock lists of the
company and take the names of the
19.000 stockholders. The case is set
for argument tomorrow.
"The purpose for which I desire
to inspect the books and make ex
tracts." Eilers' petition said, "is to
enable me to communicate with other
stockholders of said corporation in
order to consult with them relative
to" a change in the management of
the affairs of the corporation by the
election at the next annual meeting
of a new board of directors for said
corporation."
Petition charges that the company
has sustainedMosses running into
the millions through gambling in
copper due to thesale of futures on
a rising market and the witholdinjs
of a large quantity of copper from
sale during the last year wheirthe
market was falling. The charge also
is made that the Guggenheim con
trol kept the corporation from sev
eral profitable mining ventures in
cluding one in Bolivia, which it al
leges, the Guggenheims took up as
personal ventures.
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A se'veri weeks' cruise, including a week's stay
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Subterranean Still
Disclosed by Blaze
Sioux Falls. S. Dec. 21. (Spe
cial Ttlegram.) A subterranean still
is the latest development in the cam
paign being waged against makers of
A dwelling house in the eastern
section of the city which had been
suspected as a rendezvous for dispen
sers of liquor was destroyed by fire.
While inspecting the ashes of a shed
at the rear, federal prohibition offi
cers discovered a ladder leading to
underground regions. Descending
they found a room 16 feet under the
ground, completely walled up, which
had been utilized as a distillery.
Seven barrels' of corn mash attest
ed to the purpose for which the room
had jeen used. The still, however,
had disappeared. No arrests have
been made ,thus far. -. I
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