The Washington times., 1916-08-03

handles the District budget, the temper
OF the House 10 believed to be strongly
In favor Of the Sterling amendment
Urge More Consideration.
f,sat the proposed legislation should
have been given more consideration
than that accorded II was argued by
Washington bankers today. SO unex-
pected was the action OF the Senate
that many OF the bankers could hard
ly believe the report.
II am surprised that the Senate has
taken such action" said William ID.
Hoover, president OF the National Saw
inss and Trust Company; The House
gible personal property. but did not
know that the Senate had become In
oculated with the same virus.
The effect Of the amendment can.
will result in the Withdrawal Of many
bank deposits from Washington In
munity. It's residents should Be given
some compensation for the loss Of
the ballot. and their taxes are already
heavy enough. There Is no injustice
and safpPsas ,h. rG Ss
Stnate, realizing that the people here
are at the mercy Of Congress, has
taken this hurried action"
the District National Bank, said: "
II have Just heard of the amend
ment, and have received a call to at
tend a meeting Of the Legislative com
this afternoon. believe the commit
tee will be heard from on this legis-
1ation. but / do not know yet what
can be DONE"
Terms Tax Unnecessary.
John Joy Edison, president Of the
Washington Loan and Trust Company.
said:
I'm the first place such tax Is I'M
necessary. The volume of District
revenue is already larger than 1t
should be at q fair assessment and
taxation. In my opinion the taxation
of intangible property is wrong in
an amendment should have been APP
proved by the Senate"
&C; H. Pope. vice president of The
Munsey Trust Company. said:
II share the fear. that this legislation
in the National Capital. It hits the man
with bank balance and the owner of
stocks and bonds. Additional take APP
pear to be piling up constantly on bank
Colin II. Livingstone, vice president
OF the American National Bank, looked
Up from q copy of the Congressional
This means back to the stocking
movement for many person. It will
tend toward shrinkage Of bank de-
posits in Washington and represents a
heavy special tax on Intangible prop
erty. The man who has money at in
terest in a bank at per cent will have
this amount reduced by a special tax Of
four.tenths per cent. There is no tell
Ing how much money value will be az
fected."
Poole Deprecates Fact.
John Poole. president Of the Federal
National Bank. deprecated the fact that
the Senate had acted without giving the
people Of Washington an opportunity to
tax levy.
THE prospect is" said Mr.. Poole,
that many persons In order to escape
rsfsr the fss,r an unjust tax viii
bonds and stocks elsewhere. The unex-
pected action of the Senate will come
as 2 surprise to Washingtonians- gen.
as a.. sapssS the that O under t ths
circumstances 1t will be difficult to
check this injurious legislation at the
s sSyt e hour 10 .v,.T heavy tag and is
and without extending to the persons
70 be taxed an opportunity to be heard"
Ernest =. Herrell. cashier Of the Mer-
chants Bank. said: " y
The Senate has been regarded a.
. safety valve In legislation injuriously
Affecting the residents Of the District Of
Columbia am surprised that 1t has
approved such an amendment"
Fears Tax Dodging.
Joshua Evans( IT,. cashier Of the Riggs
National Bank. said:
''Such legislation encourages tax dodg-
ing. It IL q difficult tax to collect. and
various subterfuges are adopted in the
few States that have such a levy. The
assumption IL that II will tend to re-
duce bank balances here. especially
about the time for making returns"
Corcoran Thorn. vice president of the
American Security and Trust Company,
said he would attend the bankers meet
Ing this afternoon, but had not had time
to form an opinion regarding the scope
OF the proposed legislation or what
steps should be taken regarding II.