davidaulloa/AmericanStories huggingface dataset:
Evening star., 1940-05-03

ments by a 10-cent tax on each
square foot of sign surface.
Lake Worth has prohibited all bill
boards within 200 feet of the street
unless they are attached to a build
ing of stable construction to with
stand high winds. This ordinance,
legally based on considerations of
public safety, has forced down a large
proportion OF billboards in the city.
Evening star., 1940-05-03
Mrs. H. D. Payson
EntertainS

Mrs. Harold Dabney Payson was
hostess last evening at buffet sup
per in honor of Nine. Marguerite
Spiridovitch, concert artist, and
Prince Burhaneddin, who is visiting
here.
Among the guests were Senator
and Mrs. James A. Mead, the Agri-
cultural Attache of the Spanish En-
bassy and Sonora de Echegaray, Mr..
and Mrs. Walter r. Tuckerman, Mrs.
Guy w. Castel and her son, Mr.. Guy
Castle; 1t. and Mrs. John Nolan,
Countess Heiden, Miss Edith Miller,
Nine. Marie Boborikine, Mr.. Sven
Lundgren and Miss Alice Disbrow.
Evening star., 1940-05-03
Suburban
Notes
Mrs. Shannon Is
Bridge Hostess at
Arlington Village

Mrs. Nelson Shannon was lunch
con and bridge hostess today in
her home in Arlington Village, Va
Her guests were Mrs. Eugene Head,
Mrs. William Reinhart, Mrs. Audrey
Edey, ST.; Mrs Audrey Edey, jr;
Mrs. William Burns, Mrs. Alfred
GraSner, Mrs. Frank Oliver, Mrs.
Charles Olmstead, Mrs. Wilbur
Olmstead, Mrs John Powell, Mrs.
Richard Graettum and Mrs. Will
liam Hubbard.
Mr.. and Mrs. H. L. Simcoe of
Aurora Hills, Arlington, Va, and
Mr.. and Mrs. Herbert William en-
tertained "a guests last evening at
dinner party at the Manor Coun-
try Club. Following the dinner,
motion pictures were shown that
were taken last year, when the hosts
and their guests were on a South
American tour.
Mr.. George M. Herman of South
Orange, N. j., and Mr.. Eugene
Sheridan of Maplewood, N. j., are
week end guests in Fairfax, Va,
of Miss Evelyn Chiles.
Mrs. Charles Jones of Silver
Spring, Md. was hostess at lunch
con and bridge yesterday.
Mrs. William Beckwith of Chi
cago has returned to her home fol-
lowing a fortnight's visit as the
guest of Mrs. Anna Boal Wickes of
Buenos Ayres Villa, Mount Ver-
non, Va. Mrs Carlton Lee Stark
weather, who accompanied Mrs.
Wickes on a South American tour
last winter and who is now spend
ing some time as Mrs. Wickes'
guest. will open her home, Hillcrest,
in Occoquan, Va, the latter part
of the month.
Miss Margaret Ford and Miss
Mary Hopkins of Norfolk will ar
rive today to be the week end
guests of Mr.. and Mrs. Joseph E
Beard in Fairfax, Va. Tomorrow
evening Mr.. and Mrs Beard will
entertain at a small bridge party
In compliment to their guests.
Mrs. J. Walter Dudley of Takoma
Park, Md, who is planning to leave
shortly on a cruise to Hawaii, was
given a bon voyage luncheon yes
terday at the Columbia Country
Club by group of her friends.
The Rev. John Kurtin Runkle, re-
Gently instituted rector of historic
Pohick Church in Fairfax County,
Va. and Mrs Runkle, with their
young sons, Peter and John, are now
settled in the rectory.
The Runkles former home was in
Eastville, Va, where Mr.. Runkle was
rector of Hungar Parish.
Prof. R. Deane Shure, noted COM
poser, and Mrs. Shure, were hosts
at their home in Takoma Park,
Md, Wednesday night, entertaining
members OF the washington Com
posers' Club.
Mrs. John Price of Grand View on
the Potomac, Mount Vernon, Va,
wife of Judge Price, has returned
from New York, where she visited
her son, Mr.. Hugh Kabler.
Miss Marjorie May Clapp, daugh-
ter of Mrs. Harvey S. Clapp of
Mount Vernon, Va, has been elected
editor of the Bullet, the school paper
of Mary Washington College in
Fredericksburg, Va, Miss Clapp will
enter her Junior year next fall
Mr.. and Mrs A. B. Cox of Cape
Charles, Va, are visiting their SON.
ln-law and daughter, Mr.. and Mrs
Paul K. Stenger, in Vienna, Va.
Evening star., 1940-05-03
Miss Marcus Married

Mr.. and Mrs. Henry Marcus of
911 Decatur street announce the
marriage of their daughter, Miss
Abel, son of Mrs. Milton S. Abel of
3403 M street. The ceremony took
place Tuesday in the rectory of the
Rev. Louis Novick in Washington,
who offiCiated.
Evening star., 1940-05-03
Two Florida Cities
RiqidIy Control SIGNS

Two Florida cities have taken un-
usual steps toward the elimination
OF billboards, the International City
Managers Association reports.
The city of Fort Myers has virtual
ly eliminated the outdoor advertise
Evening star., 1940-05-03
Over 40' MEETING Cancelled

The meeting of Americans Over
40 organization has been called OF
for tonight, Or. william Downes,
president Of the group, announced.
The quarterly business meeting will
be held at 8 pm. next Friday at
Epiphany Church Parish Hall, 1900
block Of G street NV.
Evening star., 1940-09-03

considered as new. If the amount
Of invested capital is later reduced,
the reduced figure would become the
measure of new capital.
Invested Capital Formula.
Here Is an example of the use
Of the invested capital formula. On
January 1, 1910, the beginning Of the
first taxable year, corporation x,
on a calendar year basis, had an
invested capital Of 100000. In 1914
1t added $4,000 to its invested Ap-
ital. This $4,000 addition would be
considered as new capital, and al
lowed a return of 10 per cent. In
1912 the corporation reports an in
vested capital of $4,000. or $4,000
less than in 1941, but still $4,000
great cr than in 1910. However, this
$4,000 would still be treated as new
capital for the reason that it is
above the 1910 level.
If in l943 the corporation reduced
Its capital to $4,000 this amount
would be used thereafter as the
yardstick for measuring new capital
In other words. arv invested capital
in, excess of $4,000 for the years
after 1943 will b. treated as new
capital until new loan is estab-
lished.
The 5000 exemption will be
granted to all corporations under
both plans. A further assistance to
small corporations is the provision
exempting from the proposed profits
tax 7 per cent of the first S5OO,O0O
OF invested capital. 4 corporation
capitalized at $4,000, therefore
would have an exemption of II per
cent before the excess profits levy
will apply.
Evening star., 1940-09-03
Gibson Becomes Mayor
Of Falls Church Toniqhf
By a Staff Correspondent OF The Star.


FALLS CHURCH, Va, Sept. s.
Mayor L. p. Daniels 10-year tenure
Of office ends tonight when Burns
N. Gibson, his successor, will be
sworn In at the organization meet
ing of the new Town Council.
In the only Council change, Mrs.
Earl p. Fowler, president of the
Parent Teacher Association, will sue
ceed Clarence L. Shotwell, who, like
Mayor Daniel, did not run for re-
election last June because of the
Hatch Act.
There will be no other changes
in Council personnel, Brig Gen.
Ralph S. Keyser and J. H. Mccarthy
having been reelected to new two
year terms las. June, and Charles
Kellogg, Charles Pendleton and
Lawrence Laing being hold-over
members.
In other changes in the town
government the Council is expected
tonight to appoint Edwin Schied,
Evening star., 1940-09-03

vested capital for such year which
its earnings during the base period
bear to the invested capital for the
base period. This percentage must
not be more than 10, or less than S.
For the first $500,0O0 of invested
capital, the minimum percentage is
Z instead of s. These minimum
| percentages establish floor with
corporations with low earnings dur
ing the base period, thus allowing
such corporations a reasonable re-
turn on their invested capital before
becoming subject to the excess
profits tax" the House Ways and
Means Committee explained In its
report. I'm addition, corporations,
under this method, are allowed
10 per cent tax-free return on new
capital, to the extent that 1t does
not cause the invested capital to
exceed $500,000 and per cent on
new capital in excess of that figure"
Corporations established after
1899, or which were in existence
during only part of the base period,
cd in computing their taxes. These
are large and important groups.
Companies organized after the close
of the base period will be allowed
a credit equal to 10 per cent Of the
first S500000 of their invested cap
ital for the taxable year and per
cent of such capital in excess of
$500, 900.
In computing their excess profits,
corporations in existence during only
part of the base period will be
granted an invested capital for the
years when they were non-existent,
equal to the amount Of their capital
at the beginning of the 1910 tax
year. They will be considered to
have. earned 10 per cent on the
first $500,000 of invested capital and
8 per cent of the amount In excess
of s50o,000.
The Average Earnings Formula.
If the average earnings method
is used, the excess profits credit
for the taxable year is the total of
earnings for all the taxable years in
the base period divided by the total
number of those years. Though a
deficit for one year will not be used
to reduce the total earnings for
the other years, if a company has
gone into the red more than one
year in the base period, the aggre-
gate earnings for the other years
will be reduced by all such. deficits
except the one for the year in which
the largest loss was recorded.
To illustrate: In 1886, corporation
B earned 100000, and in 1887 its
books showed profit of 100000
In 1888 and 1889, it had deficits
respectively of $15O,0O0 and S100, 900.
For tax purposes its earnings for
the base period therefore will be
100000; that is, 100000 plus $780,
600 minus $100 900, the greatest def
icit. $50, 900, being disregarded Un-
der this rule of thumb calculation.
the average earnings of the corpo-
ration for the base period would be
100000, or 100000 divided by the
number of years in the base period.
If the second method, that of
invested capital is used. the invested
capital for no year can be eliminated
from the calculations. Additions to
invested capital not exceeding $780,
000 will be permitted a tax-free
return of 10 per cent, with an allow
ance Of 8 per cent on new capital
above S500,00O. Capital obtained at
any time after the beginning Of the
taxpayers first taxable year will be
Evening star., 1940-09-03
Handwriting Expert
Riqht, but He Paid

By the Associated Press.
MEMPHIS, Tenn.-"You shouldn't
be an automobile salesman" said
the handwriting expert to Frank
Tapp. You have a penetrating
mind. You should be a detective" 4"
Tapp blinked in surprise. Never
theless, he grabbed the expert by the
arm and hustled out g.
You're under arrest for telling
fortunes without a license" Tapp
explained. II am a detective"
Evening star., 1940-09-03
By OLIVER MCKEE.

: Though the proposed excess profits
levy will apply to corporations,
whether or not they are engaged in
the production of war materials, the
number of firms paying the tax will
be comparatively small The bill
provides a specific exemption of
$1,000. over and above normal
earnings, an exemption particularly
advantageous to small companies. Of
the 100000 corporations in the
United States, about 10000 will be
subject to the tax, according to esti-
mates of the House Ways and Means
Committee. Corporations with net
incomes less than the exemption will
hot be required to file returns.
Under the bill all corporations
will be subject to the excess profits
tax except the following: Corpora
tions exempt from the income tax,
personal holding companies. foreign
personal holding companies, mu-
tual investment companies, diversi-
fed investment companies regis
tered with the Securities and Ex-
SOllllillSoiOll. 5Ild 1OI
companies not engaged in trade or
business and not having an Office
or place of business in the United
States. A personal service company
may be relieved from the excess
profits bill for any given year by
electing to have its income for that
year taxed in the hands of the
et,ornhNlInrc G,
income is actually distributed to
them.
Base Period Established.
To provide yardstick for meas
uring the previous earnings of cor
porations, the bill proposes a base
period covering the years 1936-1939,
inclusive. Corporations in existence
during this base period may choose
either the average earnings or the
invested capital method in comput-
ing their tax liabilities.
If the average earnings method is
chosen, the taxpayer measures his
excess profits by a comparison of the
earnings for the taxable year with
the average earnings for the base
period. For purposes of the COM
parison, the average earnings are
increased by 3 per cent of the net
additions to capital occurring after
the start of the fiscal taxable year
under the bill or decreased by per
cent of the net reductions in capital
during the same period. The amount
thus reached constitutes the tax
payers excess profits credit. This
credit, when deducted from the
earnings for the taxable year. deter
mines the excess profits or that por-
ton of the income which, after de-
ducting the $1,000 exemption, will
be subject to the excess profits levy.
Flexibility on Invested Capital
Under the invested capital for
f1ula the taxable income is deter
mined by deducting from the earn
ings of the taxpayer an amount
equal to the percentage of the in
Evening star., 1940-09-03

deputy clerk, to the Office Of town
clerk, succeeding Mr.. Gibson, and
Police Officer w. H. Glenn to be-
come town sergeant, succeeding Ben
Runyon, who recently told the
Council he did not wish to continue
i'll that Office.
Evening star., 1940-09-03
Excess Profits Levy
Expected 10 Affect
,000Corporations
Earning Exemptions
Are Provided Under
Formulas in Bill

This is the third OF q series OF
articles nnalysing the proposed
ssrcess profits and tar dmorttzu-
stton legislation, explaining its re-
s1dtionshtp to the national defense
program and describing ho,D 1t
t,DiH apply to business.
Evening star., 1940-09-03
Snakes in Radio

VENICE, FLA farmer brought
his radio to John Calvert to COM
plain about noisy reception. Inside
Calvert found two rattlesnakes.
Evening star., 1940-09-03

Gifts for Government
Many people who paid their in
come taxes In Doncaster, England,
this year left gifts of money, one
being $3.50, for the government.
The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1940-01-18
CEILING HEIGHT
IS IMPORTANT

The height of ceilings in the
home is not merely matter of
taste but a problem which involves
the important factors of heating
and ventilation.
In homes built during the Vic
torian period, rooms usually had
elevations of 10 or IL feet. These
extreme heights were thought to
aid in keeping the rooms cool dur
ing warm weather. Actually, un-
less the warm air was properly
carried off, it only served to in
crease the temperatures by stor-
ing up masses of warm air. Any
sensation of GOODNESS noted was
due to the mental reaction of the
residents. Most experts now agree
that any space more than II
inches above the heads of win
dows, unless ventilated thorough
ly. is of no value in cooling the
room.
The modern trend is toward
lower ceiling heights and adequate
ventilation. When this principle
of planning is followed there is a
saving in construction costs with
out loss of INABILITY. Also, be-
cause the area of the rooms with
lower ceilings is less than that of
those with greater elevations, heat
ing costs are less.
The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1940-01-18
MIR. AND mrs. 0DLIN
WILL RETURN FRIDAY

Reno odlin. president of the
Puget Sound National bank of
Tacoma. accompanied by Mrs.
odlin left for San Francisco yes
terday. He will attend the first
meeting of the year OF the Federal
Reserve Bank of San Francisco Of
which he is board member. Odlin
ordinarily attends these meetings
each month but due to his recent
illness he was forced to be absent
at the last session. Mr.. and Mrs
odlin viii return TO Tacoma Fri
day.
The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1940-01-18

who would extend, alter or kill the
program.
Related Conclusions
They point to but two related
conclusions: that public housing Is
tremendously expensive under
taking justifiable only by the
need. and that, while a public
housing program of the USHA
variety may be the best that the
U. 8. has yet produced. 1t still
leaves much to be desired. Some
essential improvements can be
made now. Others Of still greater
Importance may result from stud.
les which should be undertaken
promptly.
"Since police power Is necessary
to the forced demolition, mod
ernization or closing of dwellings,
slum clearance at present Ia legally
impossible unless in the hands of
government agency. Since 1t
has been adequately demonstrated
that sufficiently low rents cannot
be obtained without tremendous
subsidies. lower rent housing at
present is physically impossible
without the participation OF gov
eminent.
THUS, II the u. S. Is to make
inroads on its vast stun and low
housing problem. government must
help"
The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1940-01-18
FORECLOSURES
HIT new Low

xorsayn, real estate foreclosures
have reached a i2-year low with
American home owners setting a
higher standard in meeting pay
ments on their mortgages than was
true even in the prosperous years
Of 1927 10 1880, officials OF the
federal home loan bank board de-
clare.
The 1874 foreclosures in october
were below the figure for the aver
age month for any Of the last IL
wears. This was a decrease of soS
from September and 1927 from
October last year, according 10 the
boards division Of research and
statistics. An estimated SIS per
cent OF the foreclosures are on
homes. the rest on commercial
properties.
The so, T27 foreclosures in the
first 10 months Of this year were
los per cent under the same Pc
Rod of 1888 and established a new
low January-October record for
the last nine years. The board S
figures cover foreclosures by all
types of home-mortgage institu-
tons.
The improvement is attributed
to increased employment, as well
as lower interest rates and long
term amortized loans popularized
by the HOLC, the FILA, and the
home loan bank system.
The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1940-01-18

the completed property as deter
mined by the lending institution
or, az an alternative, the house
may be built on leased land wher
the borrower has an investment OF
5 per cent in the completed prop.
erty or puts up cash In an amount
equal TO 5 per cent.
Loans may be obtained up Il
! $500, or in an amount covering
the complete cost of construction
whichever is less. Maximum fl
nancing charges include 41a pei
cent interest, an annual service
charge of one-half of / per cent
and a mortgage insurance pre-
MUM of one-half of per cent on
the original principal. Loans are
repaid In equal monthly install
ments.
New Plan Has Same Benefits
Homes financed under the new
regulations will have the benefit
of the same minimum construction
requirements and property stand.
ards which have proved such q
valuable safeguard in the case Of
homes built under Title II. They
will also be subjected to the same
location requirements.
The FILA will make at least
three inspections during the course
Of construction of these homes in
order to assure sound construction
and to provide further protec.
ton for the home buyer.
Announcement by Jones
The announcement by Federal
Loan Administrators Jones follows
THE federal housing admins
tration has issued revised regula.
tons covering insurance of Class
3, Title ] loans up to $4,000, tn,
proceeds OF which are to be usec
to finance the erection of new
homes.
"rhe RFC Mortgage Co. will
until further notice, purchase these
Class 3, Title I loans bearing AZ
per cent interest and a service
charge of one-half OF / per cent
where the entire proceeds are used
TO finance new homes the con
struction of which is started after
Jan. !. 1910.
/ These mortgages win only bt
bought from originators of the
loans which establish to the salts
faction OF the RFC Mortgage Co
sufficient financial responsibility
and their qualifications TO service
the loans and which provide an
FILA insurance reserve equal to 10
per cent Of the original principal
amount Of the loan. and whose Of
flee or branch thereof satisfac-
tory TO the RFC Mortgage Co. is
situated within 100 miles of the
mortgaged property"
The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1940-01-18

financing the construction Of new
homes.
Jones stated that the RFc Mort
gage Co. is now ready to purchase
these loans from approved lending
institutions, thereby establishing a
market outlet for this type Of
paper and enabling a greater num-
Der of institutions to consider
making loans Of this kind.
Organizations VIII Participate
The establishment OF this sec
ondary market Is expected to prove
a big factor In the success Of the
ADMINISTRATORS small home pro-
gram. Many private financial and
industrial organizations have al
ready announced their intention to
participate theoretically in the
program.
Purchasing arrangements simi-
lar to the new one have been in
existence for some time in con-
nection with mortgage loans in
sured by the FILA under Title II
of the national housing act. This
secondary outlet for Title II in
sured mortgages has proved in
valuable in stimulating residential
construction and has enabled many
banks and other lending institu-
tons to go into the long-term
home financing field.
The RFC Mortgage Co. has been
buying Title II loans on existing
properties, and the Federal Ma
tional Mortgage association, an
other subsidiary of the RFC, pur-
chases Title II loans covering new
residential construction.
FLA Program More Flexible
The new provisions under Title l
of the national housing act are
designed primarily to make home
financing under the FLA program
more flexible.
These loans may run for terms
up TO 10 years. Borrowers under
the plan need only own a lot free
and clear, representing at least B
| per cent of the appraised value of
The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1940-01-18
MILLIONS AIDED
BY FILA SET-UP

As modernization-loan insurance
proceeds at the rate of approx
mately 1900 cases every business
day, with a minimum of two or
three men being put to work d.
rectly on each project, the contri-
buttons to employment being made
by the Federal Housing Admins
trations determination Credit Plan
are enormous. it has been pointed
out by Administrator Stewart Nc
Donald.
More than 100000 American
families and small businessmen
have been enabled to modernize
and improve their properties with
loans insured by the FLA under
Title I of the National Housing
Act. The number of these loans
crossed the two million mark in
the early part of summer and has
continued its increase. The loans
represent advances by qualified
private lending institutions for
undermining, repairing, altering
or otherwise improving properties.
IF we take into consideration
the number of workers removed
from relief rolls through these ac-
tivities, along with taxes paid into
the treasury by business stimulat-
ed thereby, it seems to me the
small loss record represents an
excellent investment on the part
of the government" Mr.. Mcdonald
said.
The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1940-01-18
Census To Provide
Much Information
Inventory of Shelter Facilities
Is Awaited by Building Industry

Among anticipated developments
Of this year. few are awaited with
more interest on the part Of the
building industry than the results
of the 1910 census, which, 1t is
hoped, win provide the United
States with its first complete in
ventory Of shelter facilities.
This factual information, which
would supplant meager figures
compiled occasionally in local sec
tions. would serve as a yardstick
TO measure supply and demand and
The Tacoma times. [volume] (Tacoma, Wash.) 1903-1949, 1940-01-18
Building and Financing of
LOav>COSt Homes Stimulated

A new move designed to stimu-
late further the construction and
financing Of low cost homes, in
which the facilities of both the
federal housing administration and
the Reconstruction Finance cor
poration will be engaged, has just
been announced by Jesse Jones,
federal loan administrator.
Stewart Mcdonald. federal hous-
ing administrator. had previously
announced the revision of FILA
regulations, effective Jan. /, cover
ing insurance of Glass 8, Title ]
loans up to $500. to be used In