Evening star., 1937-12-03
BANK FAITH HELD
BARRIER TO PANIC
Disney Addresses Mining
CongreSs-ForecaSts Eas-
ing of Protested Tax.

The American public's refusal to
become panic stricken at the recent
market slump prevented recurrence OF
1.-The Black Friday of October, 1929"
Representative Disney of Oklahoma
told the luncheon meeting of Ameri-
can Mining Congress at the Mayflower
Hotel yesterday.
In his speech, which featured the
second session of the three-day meet
ing Mr.. Disney attributed the public's
confidence to Federal insurance of
bank deposits. The withdrawal of large
sums of foreign money from the mar
ket due to war scares played a large
part in the slump, Mr.. Disney de-
clared
Predicts Tax Changes.
Mr.. Disney indicated that there
probably would be a general modiflca-
ton of some of the taxes to which
business has objected most strenuous
ly. However, he termed it "humanly
impossible to bring out well-rounded
tax bill in the special session"
When revision of the undistributed
profits tax does come, he said, it will
almost certainly follow the plan out
lined recently by Representative Vim
son of Kentucky, chairman of the
Ways and Means Committee This
would exempt corporations with an
income Of $4,000 or less, imposing
instead fat income tax. The rate
for corporations reporting incomes
above this amount would be lowered,
with the maximum levy at 20 per
cent, he said
No legal barrier, he pointed out,
exists to making the new scale retro
active to January /, 1887. An effort
probably will be made, he said, to
make the capital gains tax more
equitable in its application by reduc-
ing the time limit for a profit turn
over, in order to obtain the minimum
rate of 80 per cent, from 10 to years.
Predicts Other Increases.
He pointed out, however, that to
keep the tax revenue constant every
reduction must be accompanied by a
corresponding increase at some other
place in the tax structure.
afternoon approved a declaration of
policy submitted by its Resolutions
Committee calling for, in part: /,
immediate repeal of the undistributed
. profits tax and substantial modifica-
tion of the capital gains and losses
tax, with return to the flate-rate
corporate income tax; 2, the retire.
ment of the Government from busi-
ness and production in competition
with its citizens; 3, corrective legisla-
ton to halt the accrual of huge
reserve fund under the present Social
Security Act; 4, simplification of re-
quirements and acceleration of ad-
ministration under the Securities and
Exchange Commission; S, Endorsement
of the efforts to increase international
trade so long as no basic American
industry is sacrificed 6, condemns-
tion Of the Wagner Labor Relations
Act and demand for equal respon-
sibility of employer and employe Or
ganization in labor contracts; 7. dis
approval of governmental prohibition
OF the development of valuable mineral
areas in the national game preserves
and of the withdrawal of public lands
from mineral entry.
The 18th birthday of James F. Call.
breath of this city was observed al
the luncheon. Mr.. Callbreath, who
founded the congress, was presented
with silver loving cup as a mark OF
the organizations esteem.
The congress will close with meet
ngs of the coal operators division
this morning and afternoon.