Evening star., 1943-12-09
Underwriters Warned
Power 10 Tax Is
Power 10 DESTROY
BY EDWARD c. STONE.

ReCalllnS tne opinion OF Chle'
Justice John Marshall in 1919 tina
the power to tax is the power tt
destroy" Julian S. Myrick, seconc
vice president of the Mutual Lif.
Insurance Co. of New York, warnee
200 members of the District Life
Underwriters Association at tn.
Willard Hotel this noon that cur.
rent income and estate tax condi.
tions must not be allowed to set g
precedent for the future.
The speaker who is chairman Of
the board of the. American College
OF Life Underwriters, called upon al
taxpayers to start talking with Their
legislator friends right now so there
may be no tax misunderstanding
whatever when this war is over.
Pointing out that under today.
income and estate tax laws a mar
must earn $85,000 a year and live
on $4,000 Of it to leave a net estate
of 100000 for the security of his
family 10 years from now, Mr.. NV.
rick added:
II we are to have the Four Free
domS outlined in the Atlantic Char
ter, we must have a fifth and basic
freedom-freedom of enterprise-thf
God-glVen right to work, to save, tc
provide for ones family and fol-
ones self.
There can be no freedom of en-.
terprlse, however, under an on.
presslve tax policy which, in effect
kills the initiative and incentive
which freedom of enterprise in.
spires he asserted.
Association President Charles w
ODonnell presided at the luncheon
and Fred Holderman, jr., Bond Com.
mittee chairman, presented certifi-
Gates OF merit to Eugene G. Adams
OF Acacia and Ross S. Gleason
travellers, for outstanding sales per-
formances.
commerce Votes $3.50 Extra.
directors of the Bank of Com
merce u Savings have voted the
regular quarterly dividend of S25
per share and an extra dividend of
SIo0 per share, both payable De-
cember 81 to stockholders of record
December 20, 1943, according to an
nouncement by Thomas J. Groom
president.
These distributions make a total
nlVldend payment of $40 per share
1or the year l943. which is in line
with the banks dividend policy in
eHect for number of years.
Mr.. Groom also announced that q
bonus equal to one months salary
nao been voted to the members of
the operating staff in the employ of
the bank prior to July |, l943 and
smaller amounts for those emploved
since that date.
Baird to Address Auditors.
Bruce Baird. president of the
NaIlonal Savings e. Trust Co, and
second vice president of the District
Bankers Association, will address
the monthly meeting of the auditors
secCloh OF the association this eve
nlng at dinner meeting at the Lee
sheraton Hotel. His subject will he
How Many Shadows Do You Cast o.
Section Chairman James C, Elpin
Will preside.
ID. {. Sales Manager Named.
A. G. Wood, sales agent in the
Chlcago Office of the American Car
~ Founory Co.. has been appointed
oistrlct sales manager in the Wash
lngton office, it was announced to-
oay. He has been with the COMPANY
SINCE 1917, is member of the Union
League Club of Chicago and the
western Railway Club of Chicago
HIS promotion is already in effect,
Loan Leader Given High Post
Henry P. Irr, newly elected sec.
ono vice president of the United
states Savings & Loan League has
peen executive officer of the Bal