Evening star., 1922-04-28
:TAX-FREE ISSUES
SHOULD Do BETTER
Intangible Tax Now Before
Court on LegaIity-Local
Securities Firm.
BY I. A. FLEMING.

BH 1. A. FLEMlNO.
General opinion. while extremely
dissatisfied with the proposed taxa
tion program as outlined by the con-
ference committee of the Senate and
House, in all it's features, is unit in
the belief that, if enacted. the recon-
mendations win have favorable el-
feet. so far as Washington is con-
cerned. on public utility and other
cecurities that are free from the
workings of the intangible tax law
all local shares, but not the bonds OF
public utility and other corporations
The added intangible tax feature OF
the recommendations is also bitterly
opposed, but some consolation Is
found in the fact that there are promi-
nent lawyers who hold that there is
chance for this tax to be held illegal
Indeed, case is now pending before
the courts to test its legality.
George Z. Hamilton is the attorney
for the complainants in t'se suit.
The intangible tax, 5~ao of ! per
cent, as proposed, will - oXacted by
every one advancing mo"cy on mort
cages and will further handicap the
real estate business, ciogged as It VIII
be, if the conference report Is adopt
ed. by the so per cent increase IN
taxation on assessed value.
However that it may be. the cause
of some ultimate transfer OF invest
ments from realty. to non-taxable
sation. IL any, for the damage such
legislation would do to the commun-
ity at large.
Local Securities.
Action on the local security market
today did not in any manner reflect
and sentiment incident to the in
creased tax proposals.
70 foJ nnpnad QS1. and
sold to 9S: Railroad preferred brought
SSL. neither being subjected to in
tangible taxation.
=. Potomac consolidated IS. according
sold at 95
washington Gas ~ per cent notes
brought 10o.
Grnphophone Dividends.
A dividend Of per cent has been de-
clared on the preferred stock of the
Columbia Graphophone Factories Cor
poration of Maryland.
Columbia Graphophone Company. and
owns the large plant erected in Balti-
more.
Dividends and interest on funded
debt are guaranteed by the parent
company The dividend is payable
May 1.
At the same time the preferred
shareholders Of the parent company
shares "preferred as to dividends and
assets"-are not receiving cent OF
dividend.
AS originally planned in the days
Of great prosperity. the big Balti-
more plant was to employ 5000 per-
sons. Baltimore hopes that radio ac-
tivities may bring about the opening
Of the big plant for the first time
Personal Mention.
Messrs. Dillon. Read & Co. of New
,,,;1l hai hrQnCh
office from 734 18th street northwest
TO suite 3eO-3O1 in the new Edmonds
building Immediately.
Leon Shore is the manager OF the
local office.
Executive Council Meets To-day.
The executive council of the D. B.
A. will meet this afternoon for final
action in connection with the budget
for proposed housing plans of the
organization for itself and for the
A. I. B. chapter of this city.
Expect to Repent Program.
With an extra day at the conven-
ton. the entertainment committee
expects to repeat the program of en-
tertainment given at the While Sui
pher gathering. with the added fea-
ture Of a formal evening party and.
perhaps, an evening at bridge. The
usual golf and tennis tournaments
will be staged.
Chapter Activities.
Nominations for officers in the Wash
ington Chapter, A. /. B., election to be
held Thursday, May IL, 1922:
For president, w. A. Dexter. Riggs
National Bank; vice presidents. H. w.
Burnside, Farmers and Mechanics Ma
tional Bank. and James c. Dulin. jr..
American Security and Trust Com
Security Savings and Commercial
Bank, and E. Meyer. Franklin Ma
tional Bank; for treasurer. James G.
Dulin. jr.. American Security and
Federal National Bank. and r. Jesse
CLANCY. Commercial National Bank;
for chief consul, James A. Soper. Lin
coin National Bank: for board of gov
ernors, w. j: Waller. p. ]. McQuade,
Charles D. Boyer, c. Louis Eckloff,
per, A. B. Carter, P. NJ Garnett. Keith
I. Small and H. w. Burnside.
For delegates elected to the ma
tional convention of the American
Institute Of Banking. to be held at
Portland. Ore. July 1920. 1922. the
following have been nominated: F. G.
Addison, jr.; C. Louis Eckloff, J. =.
Mallery, James c. Dulin, jr.; N Il.
Towson, George A. Herman. T. Hunton
Miss Lois White. a. NJ. Nevius, Jo-
seph d. Yerkes. Miss Florence =.
senge. E. ]. McQuade. Keith I. Small.
Louis Pimper, F. w. Pimper. Miss
Mildred c. Woodcock. William Rea.
Miss Edna BOIL. Ellsworth Meyer,
Alfred W. Sherman, w. A. Dexter. X.
8. Ferguson, T. B. Smith. Ross Pol
lock. Charles D. Boyer. P. NJ. Garnett;
III. w. Burnside, Fred Hanks and
H. F. Kimball.
Chapter Boys Busy.
Graduates of the Washington Chap
tar. American Institute of Banking,
are doing much educationary work for
others these days. Yesterday Charles
ID. Boyer addressed the third class,
Navy Supply Corps, on Protests
Nav Al Flather will talk to the
Same class on Functions of a Trust
Company" and on May 3 Howard
Moran will speak on Real Estate"
For another month former members
Of the chapter will continue the good
work, The young men have assimi-
lated the information in actual prac-
tice and at chapter lectures and they
are passing it on.
The Northwest.
This is tho the title of a publication
issued monthly by the Northwest
Savings Bank, and like the bank it.
salt il devoted to the interests of the
Northwest in general and that special
neighborhood known as Mount Pleas
ant, centering at 18th and Columbia
road northwest.
In the May number the editor has
birhlv comnlimented Harry Ward