Evening star., 1921-04-17
RAIL SECURITY HOLDERS TO
HAVE VOICE IN MANAGEMENT
For the First Time in Years-Market Re-
spends Sharply to Good News-Urges
Sales Tax Leeislation-Comment.

7 the best interests Of the country at
heart. The excess profits tax must
be repealed for two indisputable rea-
, sons:
'First-It win not yield ADEQUATE
funds. and
..Second-Because II has been and
| continues to be responsible for a
great deal of hardship. in that il
is an inca lculahle amount until after
profits have been determined.
According to my view. there arc
four essential considerations that
should motivate the advocate OF a
revenue measure:
Il. Its productivity.
- lis equity.
80. The case of calculations and
| collection.
-. Its simplicity and difficulty Of
evasion.
obviously a tax on sales must he
| productive and the measure of its
productivity is dependent solely on
the percentage imposed. A per
! cent tax which in the course of four
the producer OF the raw material
To the final sale of the finished ar
J ticle to the consumer has been es-
f, timated to amount to total tax on
, the consumer of less than per cent
| of the final sale price Of the COM
modify. The revenue yield has been
estimated at from one and onc-halr
to three and even more billions Of
| dollars.
"Concededly. every ono who enjoys
the protection of the government
should pay toward its support. 4
turnover tax on commodities will
Secure payment from every con-
sumner of a share OF the tax burden.
II VIII in effect he a tax on eX-
penditures and will tend TO promote
thrift The small consumer will pay
less than the large consumer, oh
viously from the fact that his pur-
chases of consumablcs are less
John T.. Edwards & Co.
May John l.. Edwards e. Co., will
Fmove into their new building on II
street, formerly occupied by Moore
| head & Elmore.
This will materially add to the i'm
portance of II street in that par
ticular block as a financial center
Three live. active private wire
houses with New York connections,
one a member the exchange, and
two branch hos of members will
make this loeatfon desirable as
brokerage district.
Local Securities.
Practically the entire security list
| on the local stock exchange has been
firm all week, especially the few
stocks. which have absorbed the
business. the public utilities and the
typesetters.
Somehow the belief in an ultimate
merger OF the street railways seems
to be g-ainning ground.
The fact that the utility commits
sion has the power to deflate fares
on either or both roads is considered
as likely to be exercised in the event
of failure of the companies to get
together in mutual understanding.
Lanston has taken a big jump dur
ing the week-perhaps on a misun
derstanding- and perhaps on the
basis of actual value. A corporation
without bonds. with high grade
credit. earnings averaging 26 to 2S
per cent last year, and with business
keeping up good so far this year. is
something of wonder for days like
these, when big inventories and small
sales are sending many corporations
out of the dividend-paying class.
Bonds have been decidedly firm.
Give Trust Companies Representation
A national bank president. taking
stand against the -admittance of trust
companies to the Washington Clear
ing House Association. declared that
they should at least be given repre-
sentation by commktee or otherwise
in the event of action in any way af-
fecting. directly or Indirectly. their
interests.
Thus in the matter of uniform clos
ing hours much friction might have
been avoided had the trust compa-
nies been given an opportunity to
make plain their views before final
action was taken. A reversal would
probably not have been necessary.
He declared that the trust compa-
MES with their capital, surplus. de-
posits and enormous volume of trusts,
are too important to be ignored.
The same conditions as to reserves
maintained in Richmond would not
maintain to trust companies or
clearing methods.