Evening star., 1921-07-11
CREDIT MEN URGED
TO AID TAX LIFT.
Movement to Reform Present
Federal Levies by Ma
tional Association.

tl0ndl Association.
Calling upon the $4,000 manufactu-
rers, wholesalers and bankers COM
prising the membership Of the Ma
tional Association of Credit Men to
petition their congressman to formu-
Trsgoe. secretary-treasurer. has is
sued a message urging government
economy to reduce the burden now
borne by the taxpayers of the coun-
try.
EVERY member of the National AS
sociation of Credit Men should do his
share toward securing needed gov
ernment economies and should write
his representatives in both the House
and Senate and urge immediate action
in the formulation of a new and rea-
sonable taxation law" reads Mr.. Tre-
goes message.
The present federal tax laws
should be reformed at the earliest
possible moment. Business must be
encouraged and not depressed. Busi-
ness must have a fair share of the
nations burden, but must be granted
proper freedom for development and
relief from everything that will
tend to hinder it's development.
Association on Record.
THE National Association of Credit
Men at its twenty-eighth annual
convention in San Francisco last
month went on record as being in
favor of immediate action by Con-
gress in formulating new taxation
system which will manifest the good
faith of the government and evil
dence its intention to econOmiZe and
to do its share in the recuperation
of business. This call must be heed
ed. To neglect the call would prove
unfortunate and cause an uneasiness
and impatience in the nation which
by all means Congress should avoid.
I'VE suspect the subject of federal
taxation has not received the study
1t should. and for the reason largely
that up until 1917 the income of the
nation was derived largely from GUS
toms and excise duties and the di-
rect cost of the government fell but
lightly on the people. The present
burdens of taxation, however, are
causing a great deal of concern. and
we submit very frankly the belief
that more study should be given to
the subject and a clearer grasp of it
acquired by Congress.
Fervor Of Patriotism.
"The government expenditures of
1920 exceeded the expenditures from
1r91 to 1865, inclusive, a period OF
seventy five years. The fervor of our
patriotism brooked no interference
with the expenditures that tended to
the success of our efforts to defeat
the central empires. Without dwell
ing upon the waste caused by our un-
preparedness. We must dwell very
forcibly on the need of economy in
governmental expenditures and a re-
lief of people from the heavy burdens
of our present taxation.
I'VE believe most earnestly that the
exercise of prudence and common
sense in the operating costs of rSe
government would bring the ledger
within three and half billions for
1921. and we feel it should be done.
Furthermore, the present tax law
should be reformed. and Immediately.
The business of the country demands
teas a necessary feature of our read
justment and our return to prosper
Gus conditions.
A. 1. b. Convention Schedule.
The itinerary of the trip to be taken
by members of the local chapter of
the American Institute of Banking to
Minneapolis. where the nineteenth an
nual convention Of the national or
ganization will be held from July 19
to 22, Is as follows. Leave Washing
ton 1:35 Saturday afternoon over the
Baltimore and Ohio railroad. arriving
in Chicago 1O:45 Sunday morning. The
X
Chicago. Milwaukee and st: Paul rail-
road at 11:15 Sunday morning and
arrive In Milwaukee at 1:15. Remain
ing in Milwaukee until 1885 Monday
morning. they then leave for Minne-
apolis, arriving there at 11:30 am.
The return trip will be made over
the northern route. The party Will
leave Minneapolis Friday night. July
%, at IL o'clock, over the Northern
Pacific railroad. and come by the way
of Duluth. thence by the way or
the Great Lakes Transport Company
to Houshton. Sault Ste. Marie. Mack
inac Island. Detroit. Cleveland. Buffa- :
lo,'' Niagara Falls. Philadelphia and
Baltimore, arriving in Washington
Friday morning, July 20.
Maryland Bonds.
The state of Maryland will receive
bids up to August Is. 1921. for $780,
900 Az per cent certificates of in
debtedness. known as bridge loan of
1920. and 100000 Az per cent GER
tificates of Indebtedness, known as
construction loan of 1920. Both are
exempt from federal, state, county and
municipal taxation.
e Attend Meeting in seaplane.
Charles H. Pietsch, Washington dis
trict sales manager Of the r. L. Dol
with local offices at 72S 18th street.
accompanied by E. J. Newcomer,
Iagsrstown district sales manager.
and q. C. Grubbs. Baltimore district
sales manager, attended business
conference on the eastern shore of
Maryland. going there by hydroplane.
The party left Baltimore at 9:15, ar
irving at the offices Of the r. L. Dol
lipgs Company on the eastern shore at
1915. returning, leaving the eastern
shore at 12:40 by hydroplane and ar
riving at Baltimore at 1875.
Features OF Trading.
Trading in Lanston Monotype and
Washington Railway and Electric
preferred. together with the disposal
of $4,000 worth Cof the latter COM
pany's bonds, featured the activities
on the local stock exchange today.
Twenty-one shares of Lanston. in
small lots. sold at prices ranging
from 1914 to TAX, while five shares
of the railway preferred stock
changed hands at 57h and ten shares
at 57b.
Ten Of the railway company's gen.
eral 6 per cent bonds all of $1,000 de-
nomination. brought 93A. and two of
$1,000 each sold at 90. There were also
two of the company's $1,000 a sold
at 611a.