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But so long as the tax is not actually withheld from the dividends, or the dividends are not reduced in consequence of the tax, the stockholder's current income is not affected. The imposition of the tax might indeed affect his prospective income and might depreciate the value of his stocks.
It is hardly likely, however, that such effects will be perceptible, at least as regards the stocks of railroads and other large corporations. If, however, it be considered that income consisting of dividends pays the tax, it follows that the stockholder's income is taxed no matter how small it may be. No minimum is left exempt.
It is perhaps a question whether under these conditions income which consists of dividends should be considered as subject to the normal tax or as exempt. It may be contended that a tax upon the net earnings of corporations is virtually a tax on the stockholder's income, and in theory this is true.
It is, that no novels shall be given out on the application of minors; and that only one novel in three months may be taken out in any one stockholder's name. December 1st, 1931. The presidential address at the annual meeting of the Intercontinental Scientific Congress, this year held at Melbourne, Australia, has just been published.
I am tired of the dull dinners, and of mamma's peevish complaints about Ann Woolper's ascendancy downstairs; and of Mr. Sheldon's perpetual newspapers, that crackle, crackle, crackle all the evening through; and such papers! Money Market Monitor, Stockholder's Vade-Mecum, and all sorts of dreadful things of that kind, with not so much as an interesting advertisement in one of them.
The approaching annual stockholder's meeting which hitherto had been a one-man affair and a formality, his father doing all the voting, would be now a combination of voters, his brother presiding, his sisters very likely represented by their husbands, and he not there at all.
Indeed, whenever a stockholder's meeting occurs he votes practically all the stock, for it has been my policy to hide my hand by having the men who hold stock for me, give him their proxies as a blind. "Now, what I propose is, that you shall manage somehow to get hold of a little block of the stock three shares will be enough to give me the majority, but I'd rather make it four or five shares.
Then I would descend upon the main office of the company, exhibit my stock and claim my stockholder's right to look over the list of stockholders and bondholders of record; also, the board of directors and the minutes of the previous meetings.
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