Evening star., 1950-10-05
Session on DC. Taxes
To Be New Feature
OF AU Institute
By Donald B. HodIev

~S'St0 hf9elSy
A session devoted to District OF
Columbia taxes will be a new fea-
ture of American University's sixth
annual Institute on Federal Taxes
at Brookings Institute October
1928.
10 Morgan. president of the Dis
trict Bar Association; George Up
degraff. assistant corporation
counsel of the District, and John
w. Ahern of Nash. Ahern & Abel
will be speakers at the session.
First of the series of eight ses-
sion will be devoted to a moot
tax court trial. Other sessions
will present cases in which the
Government is considering Grim
inal prosecution for fraud. con-
trolling tax avoidance. dividing
corporate business, revenue legis-
lation in 1850. marital deductions
alimony and separate maintenance
In a session on the organiZa-
tion Of the Bureau of Internal
Revenue and bureau rulings
Charles Oliphant. chief counsel
and Edward I. McLarney. deputy
commissioner of the bureau, and
Herman c. Biegel of Lee, Toomey
and Kent. will be speakers.
DR.. F. K. Mann, chairman oi
the department of economics and
professor of public finance at the
university, is director of the in
stitute.
Area Sales Far Above 1949.
Sales of around 400 independent
retail stores in the Washington
Metropolitan Area during August
were 8 per cent above the previous
month and % per cent above
August, 1949. the Census Bureau
reports today. In the first eight
months of this year, sales were
per cent above year earlier.
Sales of food stores were even
with year earlier in both Au-
gust and the eight months
Volumes at eating and drinking
places were down ! per cent in
August and off 4 per cent in the
eight months, compared with 1949
August and eight months per-
centage changes in some of the
other store groups: Apparel, r IA
and -6; furniture household
radio, +56 and IA; lumber
building hardware, SO and + 80;
automotive, +38 and +25; fuel
dealers, -+-46 and +13: gasoline
filling stations. : IL and a; drug
stores. -+3 and II; jewelry stores,
Il and Ill.
ID. c. Store Stocks Top 1949.
inventories of Washington de-
partment stores on August 81 were
ii per cent above year ago, the
Federal Reserve Bank of Rich
mond reported. The entire Fifth
Reserve District also had a gain
IL per cent while the national
average was up IL per cent from
q year ago.
Outstanding orders of the Wash
tngton stores on August 81 were
SO per cent above year earlier
Collections on open accounts in
August amounted to 48 per cent
of August l receivables while COL
lections on instalment accounts
were 19 per cent of August l re-
eeivables. Both of the collection
percentages were the same as in
August, 1949. Ts ks ~ ga
Cotton mills are leading the rise
in industrial activity in the 5th
Federal Reserve District, which in.
cludes Washington, the Richmond
bank also reported. A further rise
IN textile production was predicted
between now and next spring.
ALB Plans Open House.
Washington Chapter, American
Institute of Banking, is sending
out invitations to open house in
the chapters new headquarters at
1850 N street NV, from to
pm. on Wednesday, October IL.
Thomas Trevvett. analyst and
investment counselor of Auchin-
Gloss, Parker & Redpath, will con-
duct q 10 weeks course on Invest
ments for Women at the YWCA
on Monday evenings.
Heads Furniture Club.
Simon Block, furniture buyer
for the Hecht Co., was elected
president Of the Furniture Club OF
Washington at the annual meet
ing of the club at Hotel Cont
mental last night.
Sy Wolf, Serta Division o1
American Wholesalers, was elected
vice president; David H. Segal o1
Broyhill Furniture Factories, secre-
tary; Malcolm Scates, president oi
Malcolm Scates, Inc, treasurer.
Caution Advised in Market.
Commenting on the stock mar
ket, Hemphill, Noyes, Graham,
Parsons & Co. advises retention
or accumulation of cash reserves
Despite favorable long-term out
look, present uncertainties indi-
cate the advisability of caution,
the brokerage firm reports.
In a review OF oil we'll equip
ment companies, Bache g. Co.
reports that oil drilling activity
in the United States and Canada
reached a new 1850 high in the
week ended September 25. Busi-
ness for the equipment companies
is expected to continue at high
levels.
Increased industrial building
was the outstanding feature of
construction activity in Septem-
ber, according to the Bureau OF
Labor Statistics. New construc-
ton in the month totaled $2.e
billion. gain of l per cent from
the previous month and 26 per
cent above year earlier.
kl VII %>xx--