The watchman and southron. (Sumter, S.C.) 1881-1930, November 01, 1913, Image 8
INCOME TU RULES.
tki \^t iiY i>kiv\ht>li:nt ISSl'KS
lU(il L\TIONS poll DKDIC
item \ i soi hck.
One IVr Out. Will Ho Odlcctcd
I pnn All Interest Upon llomls,
Mori-tu'.rs, i ortlltcalos, F.t<c.
i -
Washington, Oct. 28.?Tho Treasury
I>epartinent has Issued tho finally ro
vleed regulations for deduction of tho
new Income tax at tho source of In?
terest maturing on bonds, notes and
similar obligations of corporation*.
Joint stock companies, classed by the
department under the general term
of "debtor" for the collection pur?
poses.
The regulations embody various
forms of certitlcates as to ownership,
exemption, partnership, etc, and are
technical In terms. Hvcauso of the
short time all? wed for the interpre?
tation of the law and the issuance of
tnese regulations, bringing the date
so near November 1. when the deduc?
tion must begin, it Is temporarily pro?
vided that on November 1, and for
IS days thereafter, interest coupons
presented to a debtor need be ac?
companied only by temporary inform?
al cert'.lcates.
A tax of 1 per cent, will be deduct?
ed at the sourer, beginning next Sat?
urday, from all Incomes accruing and
payable to evi'v United States citizen
residing at home or abroad and to
?very person residing In the United
States, although not a citizen, which
Income may be derived from interest
upon bonds and mortgages or deeds
of trust or other similar obligations,
Including equipment trusts, trust
agreements and receivers* certitlcates
of corporations. Joint stock companies
ss associations and Insurance compa?
nies. Government obligations being
excepted. Certificates claiming ex?
emption may be filed by bond-holding
Individuals.
for the purpose of collecting this
tax on all coupons and registered In?
terest, originating, or payable In, the
United States, the source shall be
the debtor or Its paying agent in the
United States, which shall deduct the
tax when same is to be withheld, and
no other bank, trust company, bank?
ing firm or individual taking coupons
for collection, or otherwise, shall with?
hold the tax thereon; provided that
all such coupons or orders for regis?
tered Interest are accompanied by rer
tlflcates of ownership signed by the
owners of the bonds from which the
coupons were detached.
If, however, the coupons are not ac?
companied by certificates as pre?
scribed above, the first bank, trust
company, banking firm or Individual
or collecting agency receiving the
coupons for collection or otherwise,
shall deduct and withhold the tax
and shall attach to such coupons Its
own certificate, giving the nume and
address of the owner of, or the per?
son presenting such coupon If IBS
owner Is not known, with a descrip?
tion of the coupons, also setting forth
the fact that they are withholding the
tax upon hum; whereuiM r. the debtor
shall not again withhold tho tax on
said coupons, but In lieu thereof ?hall
deliver to the Government the cer?
tificate of mich bank, trust company,
etc., whleh is withholding su< h tax
money.
Oehtors whang I".rids may be reg?
istered gin ' d-'lu- i the normal
Si 1 per SSnt from |hg a?<ruing in?
terest on all Ponds hOfOfl Bonding
out fhofkH for the interest to r? g iM ? ? r -
ed owners or before paying such in?
terest upon tnf-rest orders until prop
?T certificates claiming exemption are
fl ed with th< dchtoi or it* Iis. a] agent
The tax shall not he withheld, the
regulations provide, on OOnpOM or
nglster.-d interest maturing und pay
aide heh.re Mar? h 1. l'.O:;, although
later presented for payment.
All persons, firms or corporations
tniPrt.ik.ng for ,,, sngSJM I it log Ol
profit (this includes handling either
by way of purchase or by SOlleotlon)
the collection of Coupons, checks or
bills ..r exchange f?-r Of in pa \ nn-nt
of Interest upon bonds issued in for?
eign countries ami upon foreign mort
K (,r like obligations. and for
sny dividends upon stock or Interest
upon oldlgatlons of foreign corpora?
tions, associations or Insurance COnV
panles engaged In business in foreign
countries. m? required by law t<? ?d>
taln a license fr??in the Commission'-!
of Intern, il Hevenur ami to give
b??nd In such amount and under such
conditions us the Commissioner of In?
terns! Itevenue mav pi?*scrtbSi
All person* NeejSjged shall keep
their record* in SOCS. manner as to
show from whom everv su? h Item has
??een received and s i< b records shall
be f pen at all times to ihr mspe ii<>ti
of Internal lte\enue oitl. ers.
Fai'ure |n obtain llssnas Of ??? Sonv
plv with regulations Is punishable by
m nne n??t eteeeillr.g ||,ggg, or km
prinonm?*nt n??t exceeding one \ set,
??r both, in th*? discretion ?>l the ? ??urt
Such Ik SSJSI shall continue Ig force
until revoked.
If sny person for the purp??se ?.f
obtaining anv sllownncs <>r reduction
by virtue of I ?luim for exempt.an
either f<?r himself or for gny ether.
mf.mhf.Ks OF sf.xatf. BANKING
OOMMflTUU UNABLE to
AGREE ON BdUBKBi
live Republicans an<| One Democrat
for Central Rostr\o Hank ami Six
IH*ni4M*rutH Against Plan?Dead?
lock Threatened.
Washington, Oot 28.?A threatened
fl?jdlOCli in the senate hanking ana
currency committee over the proposal
to substitute a government owned
eentral bank for the regional reserve
bank plan in the administration cur?
rency today became apparent when
the committee began executive con?
sideration of the measure. Discus?
sion was confined to the central re?
serve bank scheme, and whllo no vote
was taken the debate disclosed six
senators for the government controll
j ed central bank and six for the ad?
ministration regional system.
The five Republicans on tho com
, mittee?Senators Weeks, McLean,
Nelson, Crawford and Pristow ?ar
! gued for the central bunk scheme.
They v ere joined by Senator Hitch
I cock, one of tho Democrats who has
opposed the administration bill in
many of its provisions. Senators Heed
and O'Gorman, who had expressed
themselves in favor of the central
bank plan, swung into line with the
other Democrats for the administra?
tion plan.
The vote was delayed until tomor?
row and Chairman Owen at the close
of this evening s session said that he
believed that the administration plan
finally would be adopted.
MUHET POUND guilty.
Hans Schmidt's Dentist Friend
Convicted.
New York, Oct. 28.?Dr. Ernest
Muret. friend of Hans Schmidt, con?
fessed slayer of Anna Aumuller, who
has been on trial in the federal court
for counterfeiting, was found guilty
late today.
On two counts of making and pos?
sessing counterfeiting apparatus,
Muret was held to be guilty but the
Jury decided he was not guilty of
conspiracy with Schmidt to counter
felt United States gold certificates.
The jury deliberated four hours fol?
lowing rather a story session of the
court during which Schmidt, who was
a witness, shouted that he and not
Muret was the counterfeiter. Schmld:
also declared Muret knew nothing
About the murder of Anna Aumuller.
Muret was remanded until tomor?
row for sentence.
Items of Interest From Rcmbcrt.
Rembert, Oct. 28.?People are
planting small grain, particularly
r\ \ vetch, etc. A lot are going in
for cover crops.
Some folks* corn is disappointing
to them while others are pleased. Dr.
Algio Alston is one of the latter.
From the beginning he was thorough?
going, never doing things, by hilvus,
He assured the writer his crop ouhl
sately average fifty bushels. If \u
is not one of I'nele Josh Hayaead'i
boys, he is i elose first cousin. Hut
some fellow will laugh at this mat be9
cauee he has not wad the papers and
so does not know "Yore Uncle Josh."
I had rather be kin to t'nele Josh
than to a lot of other folks.
Hobt. B, Atkinson paid a hasty
\isit to Columbia last week.
Young Bd Mobley visited relatives
at I ?aUell on Saturday, October 2f,th.
Mrs. J. L. Jackson is with her son,
Bush, who is undergoing treatment
for appendicitis in Columbia.
Mr. Archie Shaw, who hai been
working In Uta store of Mr. Bllerbeei
hat accepted! a poaltk n with the A,
C. E* Railway in Darlington.
"Hagood."
knowingly makes a false statement or
false or fraudulent representation, he
is liable under tbe act to severe pen*
al ties.
W here coupons presented for pay*
meat are fron? bonds owned l?> I
partnership, though not taxable
againat the partnership as such, the
certificate of ownership may he sign'
ed in the linn name by a member of
the firm, Inatead of by the Indivlduul
mem ben of the partnership, and ehall
?how their reepecttve Interest In said
bonda and the normal la\ shall be
withheld by the debtor with reepect
to the Income represented b) said In*
inest, except to the extent thai aald
partners may claim in tin- proper ' ???
llflcate the benefit of exemptlom a*
Individual*.
This tax win not be deducted from
the income which may be derived
from interest rm bonda, mortgages,
equipment trusts, receivers' certltV
es tee or oilier similar obligations ol
which the bonaftde owners are < hi
/.os ?,r foreign countries residing In
foreign countrlea, Provided, that,
when auch interest coupons or, In
of wholly regletered bonds the
orders for the payment of auch in?
tens' sh ?11 be accompanied by duls
ertlHed certificates hereinafter pro
rlded r..t to cover the < ases of foreign
nnd .i realdent ownora nf bond* and
other s? curltlee,
DO YOU KNOW
WHY WE DO THE LARGEST TAILORING
BUSINESS IN THE WORLD?
Selling Direct from Mill to
Man. Why our Phenom?
enal Success? Honest
Methods. Truthful Adver?
tising, Giving Values Nev?
er Equalled by any Con?
cern.
Gan You Afford to
Place Orders Else?
where ?
Selling you direct from Mill to Man, eliminating the middleman's
profiit, enables us through the volume of business to guarantee the quality
of our goods to be equal to any $25 to $40 value made elsewhere. ANY
COLOR OR FABRIC. Consuming output of mills! How could your
little tailor compete with us? Let us prove our guarantee?Perfect Sat?
isfaction, Saving You Half or Refund Your Money.
U. S. Woolen Mills Co.
41 N. Main Street St.
Sumter, S. C
WILL ADOPT U. S. POLICY.
GREAT BRITAIN, BTIANCE AM)
GERMANY WILL AGREE TO
AMERICAN PROPOSAL.
Bettered That Pressure <>r Four fca
||om Would l?e Enougll to Force
Huerta From hla Seat Without No
oeeelty of Actual Intervention ?
Announcement of Foreign Coun?
tries' Action Made b.v Mr. Bryan.
Washington, Oct. 28.?Three Eu?
ropean nations, Great Hrituin, Ger?
many and France, have agreed to
adept no new polit y toward Mexico
until the government of the United
states can present for their consid?
eration a tp finite plan for the future
treatment of the revolution-torn re
public In Central America.
That a request of the powers to
await a proposal regarding Mexico
from this government had been mad<
and that the three great European
nations had yielded to the request was
announced late today by Secretary
Bryan. Prealdent Wilson was en route
to Washington from the South when
the announcement was made and the
secretary of state did not indicate
What would be the nature of the con?
templated negotiations with the for
elgn governments. The president ar?
rived late tonight and planned to con?
fer early tomorrow with Mr. Bryan.
When the note to tin- powers is to
be presented has not been determined
but the belief prevails that reasonable
time will be given for the announce?
ment from the Huerta government In
.Mexico of the result of last Sunday's
election for fl new government.
That this announcement ill be that
the election of a new president had
railed because of the insufficiency of
the VOte still Ii the expectation o,'
officials here and it '-; believed Presi?
dent Wilson and his advisers are pro?
ceeding on the theory that some con
e? rt? d effort must be made by all
the governments Interested In Mexico
to rid that nation of the domination
of Gen. Huerta.
Though interest in ibis development
overshadows all elae In official dr?
eien lure, the lliuht of Gen, Feli\
|)|u* from Ver.i Cruz to refuge in
the American gunboat Wheeling was
much discussed, and tonight Ueur
Admiral Flett her was notified t>v Bee?
rt tai y Br) an t hat polII leal 1 el ugeen
can be shielded only temporarily.
Admiral Fletcher, who is in com?
mand of the Amerlcai ships in Mexi?
can waters, notified the Washington
government early in the day that I ha/,
with two Mexican companions ann an
American newspaper man, had been
grated the right of asylum on the
Wheeling after pleading that their
lives were endangered. The admiral
asked for instructions as to their dis?
position.
The state department first instruct?
ed him to Inquire of Mexican refugees
where they wished to go. Later the
department notified the admiral thai
witlvn a tensonabto time they must
la* i isferred from the American war
vessel.
They may he placed aboard a com?
mercial liner hound for Uahana or
New York a:* they chose.
It is believed here tonight that Diaz
and his friends would ask to he placed
aboard an American bound ship and
that until luch disposition could he
made of them Admiral Fletcher
would permit them to remain aboard
one of United states ships in Mexican
waters.
As to the future treatment of Mex- 1
Ico by the United states ami other
nations, there has been much discus
slon both here and abroad since the
election Sunday under supervision o(
the Huerta provisional government.
President Wilson in two public
speeches has outlined a general pol?
icy of international cooperation with
all Latin-American nations and from j
Prance and England have come as- \
suraces of a desire to cooperate w'th
the United States upon some concerted
action to restore peace and good gov?
ernment in Mexico. Germany which
recently sent a warship to Mexican
waters, now has signified a desire to
enter such a cooperative peacemak?
ing enterprise.
That all the foreign nations arc
looking to the United States to take
ti4? lliil ative is certain and the situa?
tion presented makes it imperative
that this government submit a plan.
There is much speculation as to
what is to he proposed but it is de?
clared to he certain that whatever
the plan, it will demand the elimina?
tion of Huerta and the government
which rose after tin; revolt against
Madero and provide lor a general
election wich can be recognized by
the United States.
With (lit at Britain, Germany ami
Prance Joining the United state.- in ;i
demand for Huerta's resignation and
for a free and lair election( it haJ
been asserted confidently by high of?
ficials here, that Huerta would yield
and that a new government could be
established without intervention.
This would necessitate a cessation
of all hostilities and cooperath n on.
the part of Mexican revolutionists.
i
An evidence <>f the sincerity of
Prance in the proposed cooperative!
Mexican policy came today in a re?
quest by that government that the
United States send a warship to pro?
tect her interests in San Ignacio, Sin
aloa, on the Pacific coast of Mexico.
The state department received the re?
quest late in the day and tonight was
making plans to accede to it.
John Barrett, director general of
the Pan-American Union, tonight
telegraphed the president that the
Latin-American diplomats at the
S ?Uth?rn Commercial congress had
been profoundly impressed by his
Mobile speech. Mr. Barrett suggest?
ed that the full text of the address be
Bent to all legations and embassies in
Central and South America by the
state department.
Mistrial in Liquor Case.
Two alleged liquor dealers were up
before Recorder Bee Monday after?
noon for trial, Solomon Ballard and
John Raeford, the former for trans?
porting whiskey for au unlawful pur?
pose and the latter for storing whis
key for an unlawful purpose. Mr.
Qeo, !>. Levy represented the defend?
ants and Mr. J. H. Clifton appeared
for the city .
After hearing the evid"nce !n the
case the jury failed to agree and a
mistrial was ordered by the record?
er.
The Commercial and Savings Bank
Opens For Business on Saturday, November
First, at Nine A. M. at 45 South Main St.
We Cordially invite both your Commercial and Savings Banking Business
We propose unceasing diligence and the most liberal treatment, consistcn
with sound and progressive banking.
DIRECTORS :
k. M. IMcrwin,
Henry I*. Momn,
?l. 1'llitton llrogilon,
I?. m. 1'imiMt,
<'. J. Lcmmon,
?I, k. CroNswcll,
I" M. Brown,
J. II My vs.
,i. /.. llcMinm,
it. Do/.lor l.c<\
T. It. Jenkins,
II. \. EWreator,
It. \. Rmdhajn.
OFFICERS:
A. L. Lesesne, Fies. J. K. Cromwell, V-Pres. R. \. Bradham, Cashier