Show II I Tax Exempt Securities II Just at present the whole world is bidding bidding bid bid- ding dingo for money and some unusual ex expedients expedients ex- ex are aro being adopted to attract funds funds The state of affairs has called forth some rather sharp protests against the growing tendency of the United States government or government r or rather some of its Is administrative administrative ad ad- agencies agencies to to issue lesue tax exempt exempt ex ex- empt securities in order to tempt Investors in investors In- In vectors says says W. W J. J Cos Cos Review No one could find fault with this policy as a war wa measure measure As a practice in peace peacetimes peacetimes peacetimes times it may be setting a troublesome precedent and also interfere with private initiative which after all conducts moSt molt of the great enterprises Attention has been called caned to the fact that our government has Issued in one form for or another a total of I several billions of which are either partly party or entirely tax free Proposals have been made to add largely to the tax tx exempt sues Issues Among the now under consideration Is one for car trust securities ties a as an aid to the United States rail rail- ralI ral- I I way administration It I also will wi be r re recalled r called caled that the war finance board las lu April Issued of bonds on the holders will wi not be obliged to pa taxes The total which the board I 1 authorized to issue Is boar It I looks as if I many projects project of benefi benefito to the community might be worthy of financing In this manner I has been proposed for Instance to real estate mortgages to the extent o 0 The bonds of the federal lam lane banks and allied aled institutions are alread already exempt A protest from the Philadelphia Philadelphia of Trade calls attention to the disadvantage vantage under which the industrial requirements requirements re reo of the country will wl labor i I. I they are compelled In their financing operations op 01 to compete with securities offered of free of tax It I is also urged that thaI this offers an avenue whereby the wealth investor may escape taxation and thus thu nullify the effect of the statue embodying the Income tax system Altogether the protest appears to be I timely one and it probably will 1 result Ir checking tn I use s of a 1 1 which should be employed only under circumstances cir of the greatest urgency Th The principle is one to be adopted only In a case cae of or admitted emergency and should not be caled called into force as a a catch penny device merely to make a a task easier 0 o I |