Evening star., 1918-01-11
WORKING TO PREVENT
q REPEAL Of RULE 26O9
BY I. A. FLEMING.

BY I. A. FLEMING.
Daniel Roper, commissioner of internal
revenue, has asked an opinion from the
Attorney General on Treasury decision
sse9
This is the ruling made some time age
to the effect that dealers might inventory
their securities at cost or market value
that merchants might inventory stocks OF
goods at cost or market value.
1t will be recalled that the attorney OF
the Investment Bankers Association, VINO
has been especially active in all questions
relating to the various phases OF the IN
come tax, urged members OF the asso-
citation not to inventory on market vaiue
for the reason that there would probably
be such an advance in values during 1913
that the income tax would be heavily in
creased thereby.
Many of the investment bankers.
however, take a different view of the
matter, and scores of kilograms have
been received in the last day or Two
protesting against the repeal of this
ruling Some of these wires urge
that the bankers and brokers gave SO
much of their time in the second SIX
months of 1917 to the government IN
forwarding the sale of liberty bonds
and Treasury certificates that they
were unable to make disposition .of
securities. while the large government
financing was. in itself. a bar to the
disposition of other bonds and Sc
curities.
The ruling when made was distinct
help to the bond market. and also heip,
ed other securities If repealed 1t Will
be a keen disappointment to the in
vestment bankers of the United States
No ruling defining a dealer VIII De
made until after the opinion of the At
torney General is filed.
Stock Dividend Ruling.
The commissioner of internal rev
enue has expressed it as his OPINION
that stock dividends are taxable uhder
the act of 1917. The Supreme Court
handed down a decision January to
the effect that stock dividend de-
clared January 2. 1914. was not prop
erly income under the law of 1918.
The Wall Street Journal of the 10Th
instant claims that the Language of the
court was evidently broad enough to
cover all cases under the present laws
From this 1t would seem probable that
the matter will again reach the nigh
court, in the event of collection OF taxes
on stock dividends.
This, too despite the fact that the
income tax law of September ), 1915.
provides for the taxing of stock divi-
accrued since March l, 1913.
Tax Schedules Ready.
Income tax schedules. covering net in
come up to $4,000 tForm 1040 Al. which
may also be used for larger incomes.
provided the taxable income is not IN
excess of $S,000 are ready for delivery.
The forms are very complete ana
readily understandable. in themselves
distinct help to any one. in furnish
ing the needed information for COM
piling the schedule
z. ]. McQuade Honored. |
E. J. McQua.le, treasurer of the Lib
erty Savings Bank. was chosen last
night as chief consul of the Washing
ton Chapter. American Institute OF
Banking. :.
In his new office Mr.. McQuade will
work for new members and advocate
the interests of the organization when
ever and wherever opportunity offers.
Gives Institute Credit.
The service flag of the American In
stitute of Banking has over 1.0Oo stars
and the members are working IN va
rious ways for the government
Frank A Vanderlip. chairman of the
national war savings committee. III
urging the members of the institute to
work for the success of the war saw
There is no body of men more COM
petent or more willing to undertake
the responsibility of assisting in the
conduct Of this great campaign"
Preparing for Third Liberty Loan.
Local banks received inquiries from
Richmond this morning that indicates
plainly the start of preparations for the
third liberty loan campaign.
The regional federal reserve bank in
quired concerning total resources of
each bank, total deposits, ETC., and also
regarding the population of the city,
evidently with intent to apportion the
Districts quota for the next loan.
Central Savings Bank.
e. ]: Ayres was elected president of the
Central Savings Bank at its meeting last
night in the bank building 1t Ith and |
streets: E. W. Bradford. first vice pfesi-
dent Chancellor King, second vice presi-
fent Thomas E. Moore, cashier: Ralph E.
Burgess, assistant cashier: b. Edward
Clarke, general counsel. and Louis Losen-
berg. treasurer.
On the Local Stock Exchange.
Limited investment buying was again
In order on the local stock exchange.
with bond sales confined to Capital
Traction SIS at sSh, Potomac Console
at 10.
Capital Traction shares were firmer
with sales at 7sA.
Dividend Declared.
, Directors of the Washington Loan
and Trust Company have declared the
regular quarterly dividend of 2 per cent
and the usual extra distribution at this
time. also per cent. payable February
l. to shareholders of record January 81