Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-08-26
CAUTION ADVISED
ON NEW TAX SLASH
Treasury Officials inclined to
Defer Action and Cut
National Debt.

tude on possible tax reduction In 1929
than was taken by Martin b. Madden
chairman Of the House committees on
appropriations. during his visit yes.
terday to President Coolidge at white
Pine Camp.
While the country Is enjoying such
healthy prosperity, 1t is wiser to think
about reducing the huge national debt
than to figure too closely on when
taxes may be reduced tho next time, in
the opinion of some Treasury experts.
While there Is no disposition at the
Treasury to think that there may be
any let-up In the present prosperity.
or g. recession In the Industrial and
commercial activity which Is prevalent
now, 1t was thought that the better
part Of wisdom would be to wait until
the future unfolded itself a little fur
Their and the possible revenues under
the present law become actual. before
beginning TO count definitely on tax
reduction.
Treasury officials have been cautious
concerning expressions of opinion "a
to when the next tax cut could be
made ever since the passage of the
1926 revenue law. which has been
bringing in more taxes than first eSti-
mates indicated. Mr.. Madden thought
there might be a tax cut by 1928. but
not before.
Mellon to Return Soon.
Secretary Of the Treasury Mellon
will probably return from his vacation
trip to Europe some time between Sep
TENDER and September 20, according
to latest indications at the Treasury.
Adrian p. Fisher of Oxen Hill. Nd.
was elected a member of the board Of
directors Of the Clinton Bank. at Gin
ton. Md, at a recent meeting of the
board of directors. Mr.. Fisher suC-
ceeds the late Wallace w. Pyles. The
new board member is the son of John
r. Fisher. clerk to the county com
missioners, Prince Georges County,
Md. He graduated from the National
University Law School in 1921 and
now is a member of the bar. In all
probability, it was learned today. Mr.
Fisher will be appointed counsel for
the bank.
The Clinton Bank recently installed
new fixtures and rearranGed the int
rior and is now regarded one OF the
attractive banking institutions i'll
southern Maryland. The president Of
the bank Is W. Gilbert Dent of the
local real estate finn Of Gardiner K
Dent.
Prices Firm on Change.
Prices were firm on the Washing
ton Stock Exchange during fairly
active trading.
Washington Gas Ga sold In the
amount of $4,000 at l04ia, the only
bond transaction of the day.
Capital Traction was strong. sales
opening at 104ia. rising to 104S4 on
a turnover of five shares, and drop
ping again to 1O4ha after call on one
share. Mergenthaler went at 101,
Potomac Electric preferred at 107. and
FIVE shares of National Bank of
Washington at 27S. Washington
Railway preferred sold I'm several lots
totaling 100 shares at from S9& to 80.
Dollars and Sense.
Four issues of Dollars and Sense
the official magazine of the Washing
ton Chapter, American Institute of
Banking, will be issued this year, it
was decided at a conference Of the
newly appointed staff. headed hy
Aubrey q. Dooley, editor. The issues
will appear in september. DecemneI.
February and May. The new staff
expects to increase both the size and
scope of the magazine. II is the hope
of the staff, according to an Ofticia
announcement, that the personnel OF
the local banks will cooperate to
make this possible by submitting
Surplus of the Southern Railway
| for the seven months of 1926 amount.
| ed to Sill 800 900, equal after per cent
preferred dividends to SSH a share
on the common stock, against $lO.O3o,'
900 or $3.50 share, on the common
| In the corresponding period of 1929.
July surplus was S2.iUi 900 against
81 ,695 900 i'll July ida, year.
Quarterly dIvIuenu Ell ~ per share
\ Il Il
4 Ohio common, payanie October /, te
shareholders of record september 3.
The directors al the Iioking Val
ley declared the quarterly 81 dividend
payable September 80 to sharehold
ers of record September 8, 1926.
c. and o. Income Gains.
A gain Of more than 100000 in
net operating income for July is re-
ported by the Chesapeake 4 Ohio
| $3,585,453 against S3,00S,262 In july
last year. Net operating income fol
| the seven months this year rose ID
SIS 1881, 156 from $1,954,505.
| July gross sales of the United
Drug in the United States alone were
$7.100, 900, an increase of Sl,000.00t
! over July last year, which had beer
the previous record July. The sew
enth months sales this year reached
| SOC, 100. 600, a gain of $685., 900. OF
| about Is per cent over the first sever
months of 1925.
Invited to Business Meeting.
Invitations were received in Wash
| ington today by those asked to at
tend the thirteenth annual nationa.
| business conference at Babson Park
Mass, September IL to- 10, which vii
| be addressed by several prominent au
| thorities, including Roger W. Ba BISON
Edsel Ford, G.. Francis Jenkins OF THU
| city, the radio expert: Samuel Il
Winslow, chairman of the new Rail
way Mediation Board; DIR. G. G.. Abboi
| of the Smithsonian Institution, ant
| others, including officers of leadini
banks. and insurance companies ant
professors of Yale and Harvard.
| Personal Mention.
Peter A. Drury, president of thu
Merchants Bank & Trust Co., accord
| ing to the latest letters received from
| him here, Is now in Ireland, durini
| his extended European tour. Mr.
| Drury expects to return to Washing
| ton about October |.
F.. II. Cox, assistant cashier of thu
Commercial National Bank, has "a
| turned from vacation.
| II. d. MCNxuduc' VIC pItSiueilI OI JiN
| Liberty National Bank, will retur1
shortly from a vacation through thu
| White Mountains and at Bay Head
| n. J.
J. William Roberts, cashier Of thu
Central Savings Bank. is motoring Il
| Blue Ridge Summit. Pa. where j,
| will visit a few days with relatives
Mr.. Gidlin of the Standard Co. In
vestment house. has returned from (
business trip to New York City.
HUPP SALES HEAVIER.