Evening star., 1937-11-09

months as permissible extreme.
Terms for used cars are to be from 80
per cent to 40 per cent minimum down
payment and Is months as maximum
time
Minimum down payments and max
tmum number of months for repay
ment for other articles commonly sold
on the installment plan were agreed
upon by the banks as follows: Me-
chanical refrigerators, 10 per cent to
20 per cent down, for "a to Sc months;
radios and monographs, 10 per cent
to 20 per cent down, for not more than
IL months; stoves, 10 per cent to 20
per cent down, to run Is to "a months;
washing machines, 10 per cent to 20
per cent down, for not more than Is
months; oil burners and stokers, 10
per cent down, to run "a to So months.
rockingham /. B. A. Chief.
Francis E. rockingham, newly
elected president of the Investment
Bankers Associa ton, is engaged in the
investment business in Boston. He
has rendered able service to the asso-
citation. In accepting the office at
White Sulphur Springs, he declared
that investment bankers must be more
active in the future in protecting in
vestors and should CO operate as far
as possible with the aims of the Sc
curities and Exchange Commission.
Z. Jefferson Coolidge, former Under
secretary of the Treasury and one of
concluding speakers at the same con-
ventlon, said that the corporate in
come tax rate should be reduced and
q broader individual income tax levied
to make up the loss in revenue. He
added that the country's finance would
be sounder if individual income taxes
at reasonable rates were to cover a
greater number of citizens.
Ellsworth c. Alvord, WASHINGTON
attorney, presented program dealing
with taxes and designed to improve
business conditions. Among other
things he recommended a constitu-
tional amendment permitting taxation
OF taX-exempt securities; reduction in
individual surtaxes; repeal of the cap
1tal stock and excess profits taxes:
changes in the capital gains tax. He
urged that right after the convening
OF this months special session the I'M
distributed profits tax be amended so
as to exempt all funds spent during
1887 or any subsequent year in ex-
pansion, replacement, additions, bet
terments or developments.
Reilly Addresses Credit Men
Fundamental problems involved in
extension of bank credit were pre-
sented to Associated Retail Credit
Men at the November meeting this
noon by John A. Reilly, president of
the Second National Bank, and a
member of the speakers unit of the
District Bankers Association. Mr..
Reilly discussed the theory of credit
and the practical application of the
science of credit. He said in part:
Few people understand the funda-
mentals of credit or the magnitude of
Its various services. Credit makes
possible the enjoyment of the best
the earth affords and is plentiful for
those who understand the simple laws
eiidI govern ltS acquisition.
The credit of the Nation is lust
as important as that of the modest
wage Garner who seeks to purchase
one OF the necessities of life from
you retailers on his promise to pav
In the future. The only way this
government may expect to maintain
the credit that it once enjoyed is to
allow the industrial and financial
geniuses so to manage economic units
OF this country that they will be
able to operate profitably-create
wealth. and pay fair part of that
wealth in the form of taxes.
Credit is the very life blood of anv
bank. Without it a banks useful
ness to a community would imme-
diately cease"
Underwriters AnaIyze Taxes.
At the regular monthly meeting of
the District of Columbia Chapter.
Chartered Life Underwriters. last
night an open forum discussion of
the new District of Columbia taxes
was led by Joseph A. Mari. general
agent of Penn Mutual Life Insurance
Co, who is also instructor for wills
trusts and estates of the District of
Columbia Life Insurance Institute.
Ihe Chief item of the discussion was
the new inheritance tax, passed bv
the last Congress, which affects large
number OF estates in Washington. The
maximum exemption under the law
is $4,000 and the minimum exemp-
tion is $1,000.
Members stated that Clients are
deeply interested in the new Inherit
ance tax as it will affect the admin
istration of their estates by increased
taxes. The business privilege tax was
also covered in the discussion. be-
cause OF its effect on earnings and
the consequent problem of continuing
business operation under estate man
agement. The meeting followed a
dinner at the Cosmos Club.
Today's Trading on Exchange.
washington Gas Light preferred
STOCK was strong on the Washington
exchange today, selling at 9912.
Riggs National Bank preferred ap-
peared on the board, opening at
10las, dropping to 1914 and closing
at l0l Is. all smail-lot sales.
Anacostia g. Potomac Railroad SIS
came out today on 1000 transaction
at so.
Notices have been placed in the
local board rooms stating that the
New York Stock Exchange will be
closed Thursday. Armistice Day.
j. w. Roderick, district manager of
the Western Auto Supply Co., will
preside at a meeting of the personnel
in this territory tonight at the Hay
Adams House. Besides the four local
stores, there will be representatives
from the seven stores in nearby
Maryland and Virginia. w. T. WAL
lace. from the home Office in Kansas
City, will be the chief speaker.