Evening star., 1923-03-03
REVENUE MEASURE
READY FOR SIGNING
Senate WithdraWs Amend
ments to Bill Aimed at
Checking of Tax Dodging.

The Senate has withdrawn all of its
amendments to the bill amending the
revenue laws in respect to exchanges
of property. adopted the conference
report and the measure now goes to
the President
Hereafter stocks and bonds may not
be exchanged for other securities
without the realization of taxable in
come. except in those cases where the
exchange is in connection with the
reorganization or merger OF one or
more corporations.
Taxpayers owing securities which
have appreciated IN value have been
exchanging them for other securities
and at the same time receiving a cash
consideration without the realization
of taxable income. but if the securi-
ties decreased in value since acquisi-
tion they sold them. and in com putting
ret income deducted the amount of
the loss on the sale.
This result the Treasury Depart
ment held to be manifestly unfair and
destructive of the revenues. The bill.
which now has been agreed to by both
houses. will put a stop to this practice
after January l, 1923.
Wrizard Products Election.
At a recent meeting of the Wizard
Products Corporation Of Delaware.
the control of which was acquired
by group OF Washington men,
headed by Jean Paul Muller. the fol-
lowing were elected directors: Jean
Paul Muller and NJ. V. Cookerow OF
this city and o. w Severns of Chi
cago. The directors Immediately
elected Mr.. Severns president. Mr..
Muller vice president and trea surer
and Mr.. Cookerow secretary.
The present management OF the
business will continue as heretofore
additional factory on the eastern
seaboard.
Caste Company Election.
At the shareholders meeting of
the Columbia Caster Company, Inc,
in tho Munsey building Wednesday
the following were elected as di-
rectors to serve for the ensuing year:
William p. Ames, Herman L. Bonney.
Walter w. Burdette, J. Frank Butts,
Robert A. Guerrant. William NJ. Mat
tingly and Harry J. Mulligan.
The board organized and elected
J. Frank Butts president. William P.
Guerrant second vice president, Wal
ter w. Burdette secretary and Harry
j. Mulligan treasurer.
The company Is incorporated under
the laws Of the District of Columbia
and is engaged in the manufacture
,, and sale of the Butts bearing
furniture caster.
Made Local Representative.
The International Bank. s07 10th
street, has been made local repre-
sentative OF the American Bond and
Mortgage Company of New York and
Chicago, according to announcement
/ made yesterday. The bank will han
ole all of the company's first mort
gage real estate bonds in Washing
ton.
c. II. Durston of the company ar
rived here recently. to attend to sew
eral new issues. in connection with
the officers of the bank. Among these
is the Cosmopolitan ONCE Building
and Theater per cent first mort.
gage real estate gold bonds. Abou,
100000 remaining of the original Is.
sue of s4.200,000 Walker Hotel first
mortgage Z per cent bonds also is
tionaI Bank.
Bankers Pick Atlantic City.
Atlantic City has been selected as
tho place for the annual convention
of the American Bankers Associa-
tion, which will be held on September
"a, 25, rs and 81, according to an
nouncement made yesterday by Fred
~. SuGpHcTu, cASCullNc HAHAScF OF
the organization. Headquarters will
be at the Hotel Traymore. where the
various committee meetings will take
place. The main session of the gen.
eral convention will be held on the
million-dollar pier.
The selection of Atlantic City is a
bit OF news particularly pleasing to
local member banks. Last year the
convention was held in New York
city and the year previous at Los
Angeles, both Of which drew a good
percentage Of local members. Inas.
much as this years meeting place is
already the haven for tired Washing
ton bankers, 1t Is safe to assume tina,
an exceptional representation from
the National Capital will be on hand
Branch to Open Soon.
The new branch Of the Franklin
National Bank. I'LL Connecticut ave.
nue., will begin functioning in abou,
ten days. or surely by tho 18th Of the
month, officials declared yesterday
Tho contractor is now installing the
last fixtures, It was said, while the
grill work has already been com.
| pleted.
A ladies' compartment for fair Gus.
toners will be installed on the fmme.
diate inside on the left, next to which
will be tho office of the manager
which will be followed by the tellers
department. The branch has a sixty.
foot depth.
-.- r~~ xxy~ A-A~ n uvA~1e.