for last week or the same time last year.
United States stocks (in ports and interior towns) reached a total of 5,472,000 bales, a decrease of 69,000 bales from last week but an increase Of 1,984,000, bales from last year.
The world's visible supply was listed at 9,151,000 bales, a decrease of 16,000 bales from last week but an increase of 1623000 bales from last year, American contributions amounted to 7,228,000 bales.
American cotton forwarded to mills of the world since September 1 (excluding linters) was listed at 8,179,- 000 bales, an increase of 267,000 bales over last week but a decrease of 1,577,000 bales from last year—Reuter, Undistributed Profits Tax Washington, Mar. 24.
Acting directly opposite to recommendations of the Administration, the Senate Finance Committee to-day eliminated the undistributed profits tax from the Tax Revision Bill now under consideration.
The Committee, however, substi-futed a flat tax of 18 per cent. on Corporate income for the proposed tax. According to Senator Pat Har-risen, Chairman of the Committee, this tax would produce an annual income of $948,000,000 for the Government as compared with the anticipated income of $851,000,000 under the undistributed profits tax.
The Committee also considerably eased the Capital Gains tax by instituting a flat tax of 15 per cent, on capital gains as compared with the present sliding scale.
The Committee also defeated a rider to the Tax Bill, providing for new processing taxes. It was sponsored by Senator James P. Pope, Democrat of Idaho. Another rider for a tax on war profits, sponsored by Senator Tom Connolly, Democrat of Texas, also was eliminated—United Press, New York Sugar Market New York, Mar. 25.
Tired long liquidation with producer selling on easiness of the spot market characterized trading in the New York sugar market during the past week.
Prices for raw sugar declined to the lowest level for the past three years, due to accumulation of unsold nearby supplies and indifferent demand from refiners.
This week's sales comprised 68,000 bags of Porto Rican, 2,500 bags of Cuban and 90,000 bags of Philippine sugar.
Until the demand for refined sugar improves, or the season's increased consumption makes itself felt, the market will probably continue to remain unsettled, Furthermore, with the prospective supply sufficient to take care of requirements, unless consumption shows a marked expansion, few operators look for any substantial upturn, although better prices are expected as the season advances.—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.