Evening star., 1918-06-16
EVANGELICAL AND OTHERWISE
BY I. A. FLEMING.

NohAo0 hoS oCl q paw al ShS AA's@s
ter of banking that it would be well
for American banks to follow, and
nowhere to better advantage than in
this city.
Canadian banks have started sys->
tenn Of closing at Q o'clock in the
afternoon, and find that it is every
way as satisfactory as an hour
later, and that it permits the clerical
force of a bank to finish the work
of the day as to details. ETC., in time
to leave the bank reasonably early
in the evening.
In washington today bank clerks
In some Of the largest institutions
rarely finish their work for the day
until after 6 o'clock, and frequently
are detained until later hours, and
in the rush of liberty loan work to
all hours Of the night, imposing on
the banks added cost for dinners,
lights. etc.
On Saturdays the banks are open
until noon, and the volume OF bust.
ness transacted Is just as large as II
not larger than, the business OF other
days In the week, when 3 o'clock Is
the closing hour.
The various departments and bu-
reaus Of the government service are
closed to the public at o'clock In
order to give the clerks time to close
up the records Of the day.
The public can transact Its banking
business in five hours . day without
the slightest Inconvenience.
In speaking of this proposition
one national bank president said:
the transaction Of the banking bust
ness, while five hours, from o'clock
in, the morning to 2 o'clock In the
afternoon, is great abundance OF
time. Usually the morning hours are
used to check out and the afternoon
to make deposits of money. Closing
an hour sooner would be q move-
ment in the right direction and l
should like to see the matter acted
on BY the District Bankers Associa-
relieve the labor situation with
banks"
On Income Tax Matters.
| The suggestions Of a higher normal
income tax, particularly on unearned
incomes with higher surtaxes on In
comes Of $4,000 to 100000, and .
profits or prof1teering tax on the En-
glish plan. adapted to American con-
ditions. Is said to be crystallising
ordinated systematical war income
and profits tax, with full allowances
and exemptions to avoid harosnipe
and business reaction, and which Will
take the bulk of large incomes and
war profits for war needs.
Though conservatively expressed,
this is taken to be the idea Of bust
ness interests and especially OF the
Investment Bankers Association OF
America, which Is closely following
all hearings and discussions on tax
This organization holds that the
great need of the country ts to sup
ply without stint. everything that can
be given out of current surplus while
ductivity. of the country. both for
war service and to meet the demands
of reconstruction and competitive
trade conditions after the war.
Upon this viewpoint the effort will be
to treat the Individual as the actual and
ultimate beneficiary Of all normal in
come, corporate and otherwise, and,
in so far as possible, to tax his war
income on a war basis. As a corollary
to this. tax business income and prof.
its to a normal basis, with due re-
gard to war needs and conditions.
Excess earnings above normal would
be taxed heavily as war profits. but
normal earned income. Will not be
taxed except as a part OF the other
income.
undistributed corporate income to the
Individual, as his income, 1t Is in
sisted that he should not be taxed be-
yond his ability to pay as represented
by the appreciation in his stock
which represents his present possible
benefit and actual ability. otherwise
this tax might exceed the total value
OF the stock.
There are several classes Of stock, |
and the shares which would get a div !
tdend from profits now, IL now de-
clared, will never get 1t or the value
of 1t, If the undistributed earnings
some bankers hold that while the
problem is war question today and
vided corporate income above a mini |
mum percentage be taxed. the ques-
tion whether such income should be
retained in the business as capital
untaxed, would be determined by the |
certificate of the Capital Issues Com |
II in the opinion Of that committee
the money is needed as capital then it