Evening star., 1918-08-11
FINANCIAL AND OTHERWISE

Of the banks of the country have
loyalty supported the government in
every measure for the welfare of the
national Treasury in financing the
war.
Washington banks have been to the
fore especially in bond sales, certifi-
Gates and war savings stamps sales
in all endeayors-anda as a rule have
lived up to expectations. plus.
1t is nothing more than right that
they should. and they must continue
along the same lines. Essentially must
hold is too small to obey Hoover; no
making loans.
AS one writer puts It, mo house
hold 10 too small to obey Hoover: no
bank is so little or remote as to be
exempt from the common cause"
Paul Warburg Retires.
The retirement of Paul Warburg,
the ablest banker on the Federal Re.
serve Board, now an accomplished
fact, is looked upon by members of
the banking fraternity as a serious
matter and there Is every probability
that the President deeply regrets cir
cumstances that unfortunately exist.
Gasmakers' Claims Recognized.
The claims of gas companies have
been recognized wherever demands
hoNS oCSh iIiduc nlkuSI Ial6S-ln
thirty cases all told-and in seven
cases added charges were authorized
on conditions.
The Peoples Gas Company Of Chi
cago. an immense concern, was ar-
thorized to make q big advance, but
the presence on the records of an in
junction against more than IS cents
for gas, issued by Judge long since
dead, prevents enforcemtnt of the
increase.
Investors Show Nervousness.
Investors in American railroad Sc
curities are becoming daily more nerv-
Gus as to their interests. now that the
government is in control. They un-
derstand that contract is nearly
ready for submission to their repre-
there is chance for still higher and
retroactive wage changes, which do
not promise to increase or maintain
their proportion of returns.
New England investors are the most
worried and they have the greatest
cause.
The millions lost through the prac-
tical collapse of New Haven, Boston
and Maine and the Boston Elevated
and their allied subsidiaries shook
even to old Plymouth Rock.
And now the American Telephone
anu 4ctckTbpu company, oV per cent
Of the stock being held in New Eng
land. has been placed under Govern
ment control. Wage increases have
been withheld for a time. but local
bankers look for them.
Proposed Tax Legislation.
The expert of the Equitable Trust
Company Of New York city has the
following to say on the tax legisla-
ton suggested by the hearings before
the ways and means committee Of the
House and the plans considered as
to effect, the nature Of the impost, etc:
Under this theory Of taxation-British
war profits plan-an average of prewar
profits would be taken. for instance. Of
the two best years out Of the period from
1911 to 1913, inclusive. This amount is
exempt. A further exemption IL allowed
Of certain percentage g per cent
has been suggested) of the capital
subsequently, invested In the busi-
ness. The amount Of income above
the exemption would be taxed at q
heavy rate, probably between 70 per
cent and so per cent On top of this
there has been talk Of raising the
income tax on corporations to IL per
cant, with probably an additional g
per cent upon ouch part Of the net