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If the sales value of the stock exceeds its basis, the stockowner owes tax on the capital gain.

You see, I got Kennedy to influence a big stockowner for me.

Then follow a couple of toasts, the stockowner’s and auctioneer’s—usually short—and an adjournment takes place—if it be stock, to the yards; if corn, the cloth is cleared of all but the wine, and the sale proceeds there and then.

This, of course, would be a heavy loss to the stockowner, but a still heavier one to the meat consumer; because, if there were fewer animals for sale, the price of meat would ascend, in obedience to the law of supply and demand.

Regulations were established and enforced which favored the settler rather than the large stockowner.