Supreme Court declares income tax law unconstitutional
The United States Supreme Court rules the income tax act unconstitutional after a five to four decision. Justices Harlan White Brown and Jackson dissented, with Jackson delivering a notable opinion from notes after his return. The ruling orders ceasing all income tax work and outlines that sections 27 to 87 of the 1894 tariff act relating to income tax are invalid. Estimates of lost revenue loom as officials plan refunds and possible subsequent congressional action.
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Congress
Wheat Advances Signal Prosperity in May Market
The May 18 report from New York notes a strong wheat rally with prices up over 2 cents per bushel and close near the top. Traders describe a broad awakening of speculative energy across cotton, oil, and stocks, with brokers busy and private wires hot as July wheat briefly moved in a volatile pattern.
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Befors
Northern Pacific Plan Of Reorganization Agreed In Berlin
United States news item notes Ed Adams of Deutsch Bank securing approval to reorganize Northern Pacific. Foreclosure of old company, new $10 million stock and up to $200 million gold bonds, mortgage-backed system, and Morgan Deutsch Bank syndicate financing. Also mentions Great Northern endorsement, bond guarantees, and potential rate increases.
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Deutsch Bank
North Dakota News Roundup Signals Local Developments
Valley City reports a 70 year old bicycle rider. Fargo hosts the North Dakota Dental Society meeting. Stutsman County forms a Wool Growers association. Rail inspectors begin July 3. Lloyd’s Bank in Jamestown expects a 15 percent creditor dividend by June 15. Jamestown council rejects a 25 year electric light franchise. Memorial Day address to be delivered in Jamestown by R N Stevens of the Bismarck Tribune. North Dakota Sportsmen plan first annual tournament at Fargo June 13 and 14. Jamestown sued for 10,000 dollars over defective sidewalks. Michigan City elects T J Lamb as youngest mayor in the state. Grandin elevator at Alton burns, 10,000 bushels wheat and two cars. value 12,000. Milwaukee may extend north from Edgeley to Turtle Mountains via Harvey. Currie elected vice chair of National Organization of Railroad Commissioners. Valley City Fair to hold June meet with trotting and bicycle races. Grand Forks Fargo telephone line surveyed with stakes set. Duluth and North Dakota railroad active. grading to begin between Drayton and St Thomas next week. Cando forms 20,000 capital association to breed and train fast horses. Missouri division of Northern Pacific to remove over 20 bridges and fill overs. Pargo opposes loiterers with meal plan. 200 residents expected to sign. George Purvis named agent of Greer Rosse for lands. developments noted amid local land activity.
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Ked
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Eta
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