Show N SECURITIES or OF TiES CITIES COUNTIES 6 f TOv TOWNS S SARE ARE FP FREE OF TAXATION TAXAT The law which made municipal securities exempt from taxation has not worked out exactly as was originally expected Securities of cities clUes counties towns and securities of I j government go are exempt from taxa tax tax- a tion The arguments which are put forth for their exemption are that It enables the municipalities to borrow money at t rates lower than corporations But does such exemption Against this argument I the cities lose taxes which might be imposed on such personal property In the earl early days It was thought the less favored classes of people seeking safe investments would purchase tax exempt municipal bonds with their surplus funds The reverse ere has worked People I of or small means rush for fol speculative j lathe securities at high rates and andi j tho the rich purchase those securities which are free of or taxes lax's and hear bear a alow I low rate late of interest I Cop Copyright Associated Editors Edi- Edi 1 tors tots Inc I |