Evening star., 1937-08-20
AXSTUDY PUSHED
BY j. s. CHAMBER
Major Changes in Profits
Levy Among Proposals
Urged SO Far.
BY HAROLD B. ROGERS.

1AnoLD NooLAtos
Making several critical observations
on the administration tax program,
the Chamber of Commerce of the
United States is going forward with
It's own general tax revision study,
md will be prepared to offer a con
,tructive program" for consideration
If the next Congress.
In making known this stand, the
'lational chamber says it has pointed
nut already important changes"
which should be made in the surtaX
N undistributed corporate profits If
his uneven tax is to be retained.
ALSO" statement from the
"hamber declares" it has proposed
evision of the capital gains and
i)sses provisions, and has suggested
commentators whereby taxable in
1ms may be made to correspond
lore closely to true income as well
S proposing other important
hanges.'
The pending tax loophole bill is
characterized by the Chamber of
Commerce as growing out of the
uror over tax avoidance" and de-
igned to put pressure on personal
olding companies to distribute their
lcome or else to withstand pro-
libitory tax.
Some concern is expressed" the
hamber points out, lest the loophole
losing bill, in broadening the def
,ition of personal holding companies,
nay impose hardships upon ordinary
peratlng companies, particularly the
many small and medium-sized cor
Horations which are of the family
ype and in which the stock is mainly
eld by those engaged in the busi-
hess"
Meantime much interest is being
oppressed in local financial circles in
he whole tax situation, as it shapes
lp for consideration for the next ses-
ion of Congress. From official
quarters have come indications that
higher surtaxes on individuals may
oe considered.
Experts of the Government, how
ever, are known to be looking over
The whole tax field, with view to
general tax revision.
Dividend Is Declared.
The Board of Directors of the Lin
coin Service Corp. has declared the
regular quarterly dividend of "a per
sent on the 7 per cent preferred stock
Of the corporation, and 25-cent divi-
dend distribution on the company's
common stock. Both are payable Sep
tember % to stockholders of record
as of August 81, 1887.
Further progress made by the COM
pany during the first six-month period
of this year was noted The company
opened two new subsidiary Offices dur
ing the month of June, the Old Do
ninion Small Loan Corp. of Newport
News, at Newport News, Va, and the
Martinsburg Loan Corp, Martinsburg,
W. Va.
Bank Marks Anniversary.
Today marks the third anniversary
of the Industrial Bank of Washington,
Eleventh and streets, under direction
of Jesse H. Mitchell, president. This
institution, according to its report of
condition, has enjoyed steady growth,
its deposits increasing from S255, ,79l .48
in December. 1884. to S537, 7,449.30 on
June 80, 1887. Other officers include
Isaac S. Mason, vice president; B.
Doyle Mitchell, cashier, and H. B.
Jordan, assistant cashier. The first
dividend of 2 per cent on its stock
Of $40 par value was paid January IL.
Trade Gains Hailed.
Economic conditions in the United
States showed moderate improvement
in July, according to the monthly
review of domestic business conditions
by H. E. Hansen in the current issue
Of The Annalist.
Largely because of less labor un-
rest, industrial production turned up
ward" said Mr.. Hansen. Retail trade
continued to increase, rural regions
making better showing than urban
areas. For the first time in many
months there was no gain in the cost
OF living, although wholesale COM
modify prices increased. Construction
demand continued to increase, but the
index remains at a comparatively low
level. The outstanding unfavorable
development was an absence of gains
in employment and pay rolls, the
indices showing insignificant de-
creases."
Advertisers to Meet.
Advance reservations for delega-
ton from Washington to the four-day
session of the Financial Advertisers
Association at Syracuse, N. Y, Sep
tember 1916, show 80 per cent in
crease over last year, according to
Eliot H. Thomson of Washington Loan
& Trust Co. Among the unusual
courses to be offered will be a daily
class on Methods of Molding Public
Opinion" conducted by DR.. H. w.
Hepner, professor of psychology at
Syracuse University.
The Treasury Department has Of
fered two series of Treasury bills in
the amount of about $1O0 ,O0O,O ,OOO Both
will be dated August 24-one series
will mature on December 20, 1897,
and the other May Is, 1888. They will
be sold on discount basis to the
highest bidders.
Fall upturn in business loans is seen
in the report of New York City banks
for the week ended August 49, Com
mercial, industrial and agricultural
loans OF the New York reporting banks
now stand at $l,788, 100000, a recov-
cry high, and S52,oO0,O0O above the
level Of three weeks ago. This weeks
gain was S29,00O,00O.
Personal Mention.
w. T. Vandoren, vice president and
cashier of Liberty National Bank,
leaves tomorrow on a motor trip. Mrs.
Martha Ashford of the same bank has
returned from vacation in Virginia.
Roger Whiteford, general counsel for
the Hamilton National Bank, is on
vacation in New York State and plans
to visit w. w. Spaid of w. B. Hibbs
& Co., and family, at Saranac Lake.