election show the rural districts going all the way from sixty to one in favor of the candidates committed to their program and the cities going seven and eight to one the other way. They carried the elections in the primaries by fifteen or sixteen thousand plurality. In the general election following that, they carried by seventeen or eighteen thousand majority out of one hundred thousand votes in the state. In this election we only know that the proposition has a preponderance of votes of the Non-Partisan League. Some contend there has been a falling-off, while others say there has not. We will know the 26th of June, next week.

MR. WHITNEY: Is there an active campaign in progress now?

MR. STEELE: Both by the league element and the anti-league.

A. H. DALRYMPLE OF MASSACHUSETTS: Did I understand a bond issue was contemplated?

MR. STEELE: A bond issue of $17,000,000 is authorized by statute and is not attacked.

MR. DALRYMPLE: Will you sell them around the state or out of the state, or both?

MR. STEELE: They are to sell them without the state. Two millions of those bonds are to furnish the capital of the state owned bank; five millions are to finance a state-owned warehouse, terminal elevators and flour mills and ten millions to finance the loaning of money through a building and loan scheme, for buying farms for those who are not otherwise able to buy them, and for building their buildings. We expect, after this information, that many of you will come to North Dakota to get a home.

CHAIRMAN BAILEY: If there is nothing further this completes the program. I want to say to you that I am more than pleased with the result of this conference. I have been attending these meetings now for six years and I have watched the growth of the organization with pleasure. I remember real well a short time back, down at Indianapolis, the very splendid treatment

we received there, and again a year ago at Atlanta, whose people certainly received us royally and gave us a good reception. I am only mentioning this to tell you that Salt Lake is going to outdo even them when you come out there.

I think it would be proper that we have a report from the resolutions committee at this time, if they are prepared. As the chairman of the resolutions committee is not present, we will defer the report of this committee, until after the meeting of the association which will now be held.

MEETING OF THE NATIONAL TAX ASSOCIATION

At the meeting of the National Tax Association then held, the report of the Secretary and Treasurer was read and the annual election of officers and members of the Executive Committee was held, resulting as follows:

President, Nils P. Haugen of Wisconsin, Chairman Wisconsin Tax Commission.

Vice-President, Zenas W. Bliss of Rhode Island, Chairman Board of State Tax Commissioners.

Secretary and Treasurer, Alfred E. Holcomb of New York, Assistant Secretary American Telephone and Telegraph Co.

Members of the Executive Committee:

John Edgerton of Montana, Executive Assistant State
Board of Equalization, succeeding William Bailey of
Utah.

Frank B. Jess of New Jersey, President State Board of
Taxes and Assessment, succeeding Oscar Leser of
Maryland.

George Vaughan of Arkansas, succeeding Zenas W. Bliss.

President Haugen read a telegram from the St. Paul Association of Commerce, extending an invitation to the Association to hold its next conference in that city, which was referred to the Executive Committee.-SECRETARY.

(MEETING OF THE CONFERENCE RESUMED)

PERMANENT CHAIRMAN ARMSON: Is the committee on resolutions ready to report.

A. B. PECKINPAUGH OF OHIO, CHAIRMAN: Your committee on resolutions has had under consideration and recommends for adoption the following resolutions:

"That the Committee on Inheritance Taxation be continued with such additional members as the president may appoint and with power to act, subject to the approval of the executive committee."

[Adopted.]

MR. PECKINPAUGH: "That the conference extends to the chairman and members of the committee on Model System of State and Local Taxation a vote of thanks and wishes to express to them its appreciation of their efforts in preparing the report of the committee for the consideration of the conference."

[Adopted by rising vote.]

MR. PECKINPAUGH: "The Conference learns with deep regret that impaired eyesight is responsible for the non-attendance of Allen Ripley Foote, Esquire, the honored founder and first president of the National Tax Association. Mr. Foote holds the unique record of having participated in each one of the eleven conferences held up to this time.

"The delegates of this Conference therefore take occasion to extend to Mr. Foote fraternal greetings and to make formal record of their hope that his health may soon be completely restored and that his present absence may prove to be but a temporary interruption in his long series of attendances."

[Adopted.]

MR. PECKINPAUGH: There is another resolution upon which a sub-committee was appointed, and I will ask Mr. Thomas of Louisiana to read that resolution.

L. E. THOMAS OF LOUISIANA: There was a special committee appointed by the resolutions committee this morning on the question which is embodied in this preamble, and resolution:

"Whereas there should exist the closest cooperation and mutual helpfulness between the taxing authorities of the federal and the various state governments, in the interest of uniform, fair and just assessments, therefore,

"Be it Resolved, That the president and executive committee of the National Tax Association be requested to seek such legislation through congress and the state legislatures as will enable and authorize the various taxing and valuation boards of each, to impart to the other, any information they may have and which may be desired by the other with reference to income taxes, both general and special, inheritance taxes and the general valuation of property that may fall under their respective jurisdictions, the same to be duly safeguarded from general publicity."

That is the resolution which we present for adoption; I move its adoption.

CHAIRMAN ARMSON: Are there any remarks on the resolution?

T. S. ADAMS: I might read a substitute resolution that appeals to me somewhat.

"Resolved that the conference requests the executive committee of the National Tax Association to take such steps as may be necessary and expedient, looking towards cooperation and interchange of information between state and federal officials charged with the administration of substantially similar taxes, under due safeguards against general publicity."

I think this is a subject which needs in a particular way, all the wisdom we have. I fancy that probably ninety-five per cent of the people here would say that the wholesome and theoretically sound and proper attitude towards this subject, was one of widespread publicity at some time in the future. Eventually these facts should be known, should be available. I was quite early on this ground and chanced, as I said, to have written the provision of the federal law, dealing with the

subject at the present time, which says the income tax returns shall be public records and on the request of the governor, under regulations to be prescribed by the secretary of the treasury and approved by the president of the United States, shall be available to state officials with respect to corporations. I believe that some day in the far future complete publicity is going to be a wholesome thing and the best thing. I think most of us believe that. But we have to recognize two other great practical facts. The first of these facts is this, that specific items of information will be used by incompetent and careless officials in a destructive way. The second is that a careful state tax commission, wise, discreet, fair, and similarly federal officials can, during long years of careful effort, build up confidential and wholesome relations between themselves and the taxpayers that are infinitely valuable, and which we must not destroy. We have here one of those curious difficult problems of growth. Twenty years from now, this discussion will be laughable, but until that twenty-year period is reached, we are in danger of doing a very harmful thing, and we have to proceed with caution and with the discretion that befits men who have worked in this tangled, difficult, complex subject for years. Under the circumstances, what seems to be the hub of this whole suggestion is that the executive committee, having years and discretion, want to go as fast as we can safely go and may perhaps be better trusted to take those steps than if we act through a resolution framed hastily at this particular time. I want to see more and more publicity but I don't want to see it come too rapidly so that that thing, above anything else, in my opinion, that the federal government is trying to build up-the absolute confidence of the people-may not be destroyed by what may happen. I am sorry that it may happen; but occasionally a very enthusiastic official, angered at some particular company, overlooking for the moment the widespread under-assessment of property generally, may single out some particular individual or corporation for punishment, utilizing as his principal weapon, information given under entirely different circumstances and designed to be used in an entirely different spirit. These problems are not strange. We have them in our family