Evening star., 1922-02-09
FORDNEY PROPOSAL
|SL|TTLE Favored
Financiers Resent Transfer
Tax Suggestion for Ex-
Soldiers Bonus. ....

lax suggestion TOT Ex'
Soldiers Bonus. .,,
Suggestion by Chairman Fordney Of
the House ways and means committee
that an easy way to raise bonus funds
for the ex-soldiers is to levy a tax Of
one-f1fth of / per cent on stock and
bond transfers, thus collecting ap-
proximately $l90.000.00O a year, has
met with little favor In financial cir
cles here.
Bankers are vigorously opposed to
the proposed tax on transfer Of securi-
ties. 1t is pointed out that the new
! tax bill will add $50 to the present
cost of buying block Of 100 shares.
This increase. it Is said. will drive a
Great deal OF business away from the
United States into London and Cana
dian markets.
A prominent banker said: "Such a
tax IS obviously entirely unfair and
unsound. A. general tax on sales
would have some justification, but to
discriminate against security holders
and dealers In securities seems to be
based merely on the policy of taking
money wherever 1t is accessible"
Seahoard Income Larger.
With. gross operating revenues about
$7,00O.o00 less than in the preceding
year the Seaboard Air Line Railway
Company last year was able to show
operating income after taxes Of $780,
1SS. as against $942,90S in 1920. Total
gross operating revenues for the year
were $42.S75,257. as against $40,2S5, ,03O
the preceding year, but 1920 showed an
increase in gross of about $S.O0O.0 900
1919.
DecemDer gross revenues were S3.731.-
600. as compared with $4,059. 900 for
December Of the previous year. which
was smaller proportionate decrease
than was reported by most carriers for
the month. Operating income for De-
cember was $523.525. as compared WITH
$s62.1i1 in December Of the previous
year.
The stocks and securities Of the Sea-
board Air Line showed some signs of
Improvement on the New York Stock
Exchange yesterday following the pub
lica ton Of the figures for the year. The
gains were fractional. but these issues
have been almost inactive for several
weeks and when sold have inclined to
sag. =
Mellon Calls Victory Notes.
Announcement was made by Secre-
tary of the Treasury Mellon last
night that the, $40O.00O.000 oulstana-
ing of tax-exempt. 34 per cent vic
tory notes had been called for re-
| that the conversion privilege of vic
tory notes would be suspended he
ginning today. This action was
taken. he explained. in connection
with the Treasury's program for re-
financing the six and one-half billion
ing.
Beneficial Loan Society.
, The general board Of the Beneficial
Loan Society has declared per cent
profit sharing for the year 1921, pay
able tomorrow, to holders of 4 per
cent gold debenture bonds. Holders
of these bonds. dated January l, 1914,
are entitled to at least one-third OF
the net profits sin addition to the 6
per cent bond interest. sccordins to
the company's announcement.
Profit sharing heretofore paid vIs
II per cent for 1914. 2 per cent for
1915. and 5 per cent for 1915, and
each year since a total OF IL per
cent annually.
Bank to Entertaia Force.
Capt. Julius l. .Peyser. president of
Bank. announced today that dinner
would be rendered the officers. direc-
tors and employees Of the institution
Monday night at the Racquet Club.
The woman members Of tie bank
will be entertained tomorrow night
at Polls Theater. where boxes have
been reserved for them.
Trust Company Conference.
The third midwinter conference OF
the trust companies OF the United
States will be held at the Waldorf
Astoria Hotel. New York, next Thurs
day, according to an announcement
issued today by the trust company
division Of the American Bankers AS
sociation.
The first session will begin at 10
o'clock in the morning and close at
l pm, after which there will be
start at ESQ and continue until 4
O'Clock.
Theodore G. Smith, first vice presi-
dent Of the trust company division
and vice president of the Central
Union Trust Company of New York.
will preside at both meetings. No
reports of committees will be admit
ted, the entire day being given over
to the discussion Of problems which
trust companies meet from day to
day in the organization. maintenance
and development Of their work.
The eleventh annual banquet Of the
division will be held that night at the
same hotel.
Announcement was made yesterday
by the Lanston Monotype Machine
had declared a quarterly dividend Of
III per cent on the capital stock Of the
company, payable February %, 1922,
to stockholders Of record at the close
of business February Is. 1922.