BRADTEY TUMBER C().

WARREN OF ARKANSAS : . ARKANSAS

C. M. Chrk, Reprerentative Los Angelec Chicago Ltrmber Co. of Warh. San Fnncicco

Griswold Back From

Graham Griswold of the Griswold

Ore., has returned from a business made the trip by automobile, going

California

Lumber Co., Portland, trip to California. He as far south as Tulare.

Loading Record

The loading of 604,000 feet of lumber in 7l hours on thb British steamer Buchaness at the Eastern & Western I\{ill, Portland, October 27, is said to be a record.

Allan Turner Going East

Allan Turner, sales manag'er of the Gerlinger Lumber Co., Portland, has resigned his position. Mr. Turner's resignation will take effect December 1, when he rvill be associated with the John P. Wilkes Co., Grand Rapids, Mich.

Freeno, Cdifornia

October 17, 1925

California Lumber Merchant, 318 Central Bldg., Loe Angeler, Calif.

Gentlemen:

Jurt received your iuue of the 15th. Second page ineide ir rtrrely fine. If thir page ie grati! on the part of your magazine, I rurely want to thank vou a thourand timec. I know you are doing errerything to help put tihir Convention over.

Then on page 6 the finc article by Jack ir not only a booot for the Convention but rhould act ar a rtick of TNT urderneat[ rome of theee rlow poker who have been waitins and waiting, expecting to join but not putting up the feer and rigning on the dotted line.

I have been identificd more or lerl in boosting a$ociation work in the agricultural line herc in rabinr, peacher, figr, etc. I think for this rearon that I cen more fully appreciate the etrenglh of Jack'r article on the Shte A$ociation. If I can poeribly get time, I am going to write him a note Monday expreuing my perronal appreciation of thir article.

Sincerely yours,

FDP:OH

F. DEAN PRESCOTT

..THE CAPITAL STOCK TAX SHOULD BE ELIMINATED''

Washington, Nov. 3.-Appearing before the Ways and Means Committee in opposition to the corporation capital' stock tax, Wilson Compton, Secretary of the National Lumber Manufacturers' Association, said in part: l'The capital stock tax originally was based upon the aggregate value of the shares of stock; while the present law as applied in practice bases the tax upon either value of net assets, value of shares, capitalized net earnings or an 'estimate of fair value.' It is inherently incapable of just and equitable application. The revenue bureau is not bound by the facts returned by the taxpayers, no matter how honestly and accurately made. It may reject or ignore any criterion of value which the taxpayer may report.

"The capital stock tax is in fact a property tax, not levied on other forms of business. Although the direct imposition of a property tax as such is not within the constitutional porver of Congress. It is in no lvay related to income."

William Sherman Addresses Hoo Hoo Club No. 9

C. Harry Whlte Elected Vice President

Frank H. Harris Elected Dlrector

C. H. Whue

' William Sherman, President of the State Board of Harbor Commissioners, gave an excellent talk on the San Francisco Waterfront at the regular Hoo-Hoo Club No. 9 luncheon held at the Palace Hotel on October 22. Mr. Sherman gave a short resume of conditions on the waterfront, discussing the many problems the Harbor Board has to administer, and he also spoke on their present equipment for handling freight cargo. In speaking of the harbor fees charged, he stated that they are cheaper than any other place in the world, the fee of 5 cents per ton has never changed or been increased, yet the harbor equipment for handling freight is strictly modern and up-to-date. Mr. Sherman said that the San Francisco waterfront is a big business proposition, that it has its many problems, among' which is that wages of their efficient force should be increased and the city and the large tributary country which is giowing fast will necessitate more wharves for the proper