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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 19, 1913
Page
5
The document outlines the currency and banking reform act detailing notes limits, bond exchanges, and the ending of circulating privileges. It sets reserve requirements for national banks, examiner rules, and penalties for officer gains from loans. It also covers stockholder liability and foreign branch authorization for large banks.
In Chicago on June 18 bankers surveyed the Owen-Glass-McAdoo reform to be introduced in Congress. They largely approve the bill as relief for the system though some provisions draw diverse opinions. David R. Forgan of National City Bank endorses its scientific basis and notes it reduces banker control compared with the Aldrich plan.
Senate Finance Committee members revised all tariff schedules as House-passed with income tax and admin sections kept separate. A major change removed a countervailing duty on cattle and meats and increased glove duties while cutting photographic film duties. An error in the sugar schedule led to a corrective amendment that limits refined sugar duties to confectionery only. A 7 million annual revenue gain was authorized by repealing a 1900s exemption for manufacturer grape wine fortifications. Senator Saulsbury pushed a traveler tax-free limit rise from 100 to 350 dollars.
Washington reports work will begin on a foundation for a fountain honoring Major Archibald W. Butt and artist Francis Miller who perished in the tank disaster. The memorial will sit behind the White House grounds with ceremonies planned at dedication. Government provided the site by act of Congress.
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