Coral Gables Riviera

Federal Tax Doubled in Year 1941

New York, (Special)—A federal tax bill more than double that of any previous year; state tax collections topping all previous highs as a result of booming industry and trade; local tax revenues approaching the peak year of 1930; and a swelling demand for reduction of nonessential, no n-defense expenditures were major developments in the field of taxation during 1941. On September 20, President Roosevelt signed one of the most extensive revenue measures ever adopted by Congress, a tax bill designed to raise between 3 and 4 billion dollars in additional revenue. Most significant change was the lowering of personal exemptions in the income tax, bringing into the federal tax fold millions of persons never before subject to direct taxation by the national government. Despite this broadening of the tax base, however, imposts were increased all along the line with surtaxes lifted and extended, corporation and excess profits rates raised sharply, and a host of new excises and so-called nuisance taxes levied. Even so, because of the tremendous sums necessary for national defense, lend-lease, and the conduct of the war, federal revenue continued to fall short of expenditures. The year 1941 saw the federal debt pass 50 billions, well within sight of the recently established statutory limit of 65 billions. While federal tax collections for the fiscal year ending June 1942 are expected to exceed 12.6 billions, expenditures for the same period will approach 25 billions, of which approximately 18 billions will be allocated for war purposes. The near future will doubtless bring budget expenditures of between 37 and 50 billions annually, for during 1941 alone, approximately 67 billions were appropriated for war and defense expenditures, much of this for lend-lease purposes. Increase Inevitable Further sharp increases in federal taxes seem inevitable for 1942, both to raise revenue and to discourage purchases of articles that compete for materials with war production. Possibilities include a new withholding tax on payrolls and stiffer profits to bring in the additional 4 to 5 billions the Treasury is reported to be seeking. Of major significance for 1942 will be the efforts of taxpayers and legislators to eliminate nonessential, n o n-defense expenditures headed by Dr. Henry M. Wriston, President of Brown University, and the appointment of the Joint Congressional Committee on Non-defense Expenditures of which Senator Harry F. Byrd is chairman. Budget Director Harold Smith has indicated where savings of as much as 2 billions can be made on non-essential federal governmental costs, and there promises to be strong taxpayer sentiment for the elimination of any and all spending not necessary to the war effort or to the maintenance of needed services.

ANNOUNCEMENT We Have Moved to 246 Giralda Avenue

We will remain open every Wednesday evening from 6 until 10 o'clock for the benefit of those who wish to learn to knit for the National Defense. (Instruction Will Be Given Free) MARION'S YARN SHOP

"The Male Animal" Tonight, Sat. & Sun. Eves. at 8:30—Mat. Sun. at 3 OPENING WEDNESDAY, JANUARY 14th

Katharine Hepburn's Brilliant New York Stage Hit "THE PHILADELPHIA STORY" By PHILIP BARRY Featuring BARBARA PARMLEY Prices: Evenings, $1.65, $1:10, .55; Matinees, $1.10, .55 Theatre of the Fifteen DOUGLAS ENTRANCE, CORAL GABLES Telephone 4-0226

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Fifteen Score in 'Male Animal'

If the handling of the "Philadelphia Story", next attempt of the Theatre of the Fifteen, comes anything near to the perfection of their current production, "The Male Animal", Coral Gables theatre goers are in for an extremely entertaining evening. If possible, the past summer has added polish to the acting of the company, and Willard Thompson, who plays Tommy Turner, a young college professor, seems to have particularly benefited from the added experience. Thompson, in our estimation, turned in one of the best performances we have ever seen him give, and we've witnessed all of his local ones. From the opening curtain, he seemed to catch the spirit of the play and carry it through to the end. Barbara Parmley, as his wife, who has her maternal serenity upset by the return of an old suitor for homecoming plus the fact that her husband is being accused of "red" tendencies by the college board of trustees, turns in her usual good performance. James Crow excels in a tailor-made role of Ed Keller, the trustee who thinks a stadium is more important than an education. Frank Rollinger, as the patterned old grad, does an excellent portrayal, as does Vaughan Baggarly as the editor of the school literary magazine, whose editorial points the finger of accusation at the young professor. The season's opener also brought to light two more talented actors in Robroy Farquhar, who plays the elderly dean and Janet Cole, the ingenue. Others turning in typical "Fifteen" performances were Elizabeth Cole, Hugh Miller, Dorothy Beyer, Phyllis Salter, a University Players veteran, and Sheldon Courshon. Miss Parmley will play the leading role of Tracy Lord, made famous on stage and screen by Katharine Hepburn, in "The Philadelphia Story", opening Wednesday. Willard Thompson plays the young journalist, Rollinger Tracy's ex-husband and Vaughan Baggarly her husband-to-be. To be seen for the first time will be C'Mari de Schipper playing the role of the resourceful young photographer who accompanies Thompson to the Main Line home.

Biltmore Briefs

By MILTON CHAPMAN .There's always a great deal of satisfaction in knowing that you've done a job well done, and employes of the Miami Biltmore can now enjoy such satisfaction with the knowledge that the hotel was given 100 percent rating by the State Hotel Commission this week. Following a thorough inspection, made annually at every hotel in the state, the Miami Biltmore was given a perfect rating by J. F. McNamara in spected our premises, literally from top to bottom, spending an entire day going over such details as safety measures, elevators, lighting, sanitary conditions, kitchen, dining room, refrigeration, dish washing facilities, cleanliness in employees' quarters and multitudinous other items. It is due only to the painstaking work of each of our department heads, and the employes under them, that the Miami Biltmore can acquire such a fine rating. It must make them proud, and I know it gives me great personal satisfaction in a job well done. Visiting in our midst this week were vacationists from the Hollywood colony, Mrs. John S. Detlie and her husband. Mrs. Detlie is better known to movie fans as Veronica Lake, the star of "I Wanted Wings". She is still better known to Miamians and Coral Gabelites as Miss Constance Keane. Veronica was not paying her first visit to us, because as an undergraduate at Ponce de Leon High school and later at Miami High, she frequented the Biltmore Pools. She and her husband, who is a Hollywood technician, were on vacation. They came here from Sun Valley, Idaho, where they met my good friend, Steve Hannagan, who handles the publicity there. Miss Lake left here to return to her home in Beverly Hills. Our tennis professional, Miss Elizabeth Ryan, was among those who sent a message of welcome to Winston Churchill on his visit to this country. The winner of 19 Wimbledon championships, Miss Ryan had met the British prime minister many times, is very friendly with Mrs. Churchill. This week she received a very kind acknowledgement from Mr. Churchill's temporary quarters in the White House.

Ponce P.-T. A. Hears About Blackout

Ponce de Leon Parent-Teacher association enjoyed a talk on the "Blackout" methods, to be used, Tuesday night, by James Hoffman at their regular monthly meeting Wednesday afternoon in the Little Theatre of the school. A board meeting preceded the meeting. Little Tanya Ranseyer, seven year old singing prodigy, and pupil of Arlene de Filippi, was presented in several numbers. She was accompanied by Mr. Jack DeNiese. Mrs. Jack Harding was named membership chairman in place of Mrs. Ernestine Tylee, resigned. Mrs. Wylly Keck and her committee served tea during the social hour following the program.

Mrs. Fawcett To Be February Hostess

Mrs. George Fawcett, 2616 Granada Boulevard, will be the hostess for the next Feb. 2 meeting of the King Arthur chapter, Daughters of the British Empire. Installation of the new officers took place at the January meeting. They are: president, Mrs. John Moore; first, second and third vice-presidents, Mrs. Mary Rowley, Mrs. R. W. Harrison, Mrs. Edward Critchley; recording secretary, Mrs. A. J. Maxwell; corresponding secretary and publicity, Miss Elizabeth Hutchinson; treasurer, Mrs. Leslie Marfleet; historian, Mrs. Edward Moore; delegates and alternates to state convention, Mrs. Leslie Coombes and Mrs. Marfleet.

MRS. HELENE WIGMAN ENTERTAINS TONIGHT

Mrs. Helene Wigman of Ye Little Wood will entertain at a birthday and bridge party, tonight, honoring Harold Martin's birthday anniversary. Guests will include Mr. and Mrs. Martin, Mr. and Mrs. Burton L. Gale Nahant, Mass; Mr. and Mrs. George P. Carver of Beverly, Mass.; Capt. W. H. Ellery and Mrs. Clayton Berrian.

HANDBAGS $1.00

Our assortment at this price is very complete DIANNE 246 CORAL WAY CORAL GABLES

DOLLARS and SENSE

By Romeyn W. Smith It makes no difference by what appelation we designate the source of expert and unbiased investment advice. We would just as soon get good advice from investment bankers or brokers or statistical organizations, if they could give it. The name makes the adviser no more than clothes make the man. What you and we are interested in is the advice—investment advice. We know that it is not unbiased if the authors of that advice are paid by influences which pull against our own financial wellbeing. In a very costly and little heard of way, the investment council or consultant movement originated in 1919, but little progress was made in the field up to 1930. The public needed a lesson in investment management. They got it in 1929. By developing the professional practice of investment management, the sinister influence of profit or commission from the sale of securities was removed from this source of investment advice. Only professional men, such as those paid to doctors, lawyers and accountants, are paid to the authentic investment manager. We have seen that the investment banker is influenced by his commission on the sale of securities, in addition to his representation of the borrower. The banks, to the extent that they are still in the investment business, and the brokers, must fight against this self-interest. The statistical organization gets it, too, indirectly, in its commercial or statistics department, filling the popular demand for short swing prophecies. The investment trust, where investment management is under the control of those whose chief interest is driving lines and securities sales, also must struggle against the inclination to manage the trust so that it will appeal to the misconceptions of prospective clients. The sellers, that is, manage it in the best interests of the purchase capital already is in the fund. By the simple device of placing their compensation on a basis where they are paid for competence in managing money, rather than for competence in making sales, investment counsel, or investment managers, or investment consultants, or whatever you may wish to call them, have eliminated the greatest handicap to successful investment managements. In seeking, therefore, a source of investment advice, depend upon salesmanship, then naturally that salesman will patronize that source. If, however, the sales factor is eliminated and financial success depends upon the record of investment management, then able investment managers will patronize that source. It remains for the public to demand a record of successful investment accomplishments. Billions of dollars are now under investment counsel management or subject to their advice. Here's another example of how easily selling commissions may dominate the seller of securities, if he is not careful:—Several months ago an investment counsellor was asked by a client we had offered for sale some municipal bonds. We asked him what he thought about them. His eyes lighted up and he replied: "I would do no managing about it. You ought to be. We all ought to be. But it is so hard to explain, and the public is so avid for municipals, tax exempt, that trouble we are just going along with the tide, offering what the public wants to buy, instead of having nerve enough to tell them what they ought to have and proving it to them." But let us warn you here that the mere designation of an individual or a firm or a corporation that they are investment managers or investment counsellors, will not, in itself, make them investment experts. The public alters the seeming with good salesmen turned "investment counsellors" overnight, to meet the growing investor consciousness that sales and investment management do not go hand in hand. Other organizations, dominatingly commercial, have set up dummy "investment management corporations" to lend the appearance of unbiased investment management. But such "investment management corporations" really are under the thumb of the sales managers and still pursue investment policies calculated chiefly to appeal to the misconceptions of the unskilled investor.

SERMON TOPIC ANNOUNCED

"The Price of the Best" is the subject of the sermon to be delivered by the Rev. Carlock Hawk at the 11 o'clock service Sunday at the Methodist Church. Sunday School is at 9:45 and the three departments of the Epworth League at 7:30 p.m.

Program for Race Conclave Is Announced

Although the annual Winter convention of the National Association of State Racing Commissioners will be held in Miami after the conclusion of the first Tropical Park's two meetings of the 1941-42 racing season, the popular Coral Gables plant will be the scene of at least one of the conclave's sessions. Thomas R. Underwood, secretary-treasurer of the Commissioners' association, in a letter written to the Tropical Park management from his home in Lexington, Ky., has outlined a tentative schedule for the convention. It follows. Wednesday night, January 21—Registration of delegates. Thursday, January 22—Formal opening of convention in the Miami Biltmore Hotel, Coral Gables, with address by the president, Beverly Broun, Chairman of the West Virginia State Racing Commission, of Charleston, W. Va.; talks by John Graver, trainer of the Greentree Stable; Bryan Field, president of the American Trainers' Association; Thomas Piatt of the Thoroughbred Club of America; Judge Joseph A. Murphy, veteran racing official; Bryan Field, racing reporter for the New York Times and radio racing commentator, and an address of welcome to the delegates by Alex Balfe, Chairman of the Florida State Racing Commission. Friday morning, January 23—The convention will meet at Tropical Park, where it will be addressed by Herbert Bayard Swope, Chairman of the New York State Racing Commission, and Chairman of the Board of Directors of the Gables Racing Association, Inc., which operates the course, and by Walter Donovan, resident manager and former president of the National Association of State Racing Commissioners. Luncheon will be served at the track. During the day, several mechanical devices in aid to racing, and intended for such use, are to be demonstrated. Among these, is a novel instrument described as a "detector" of nerved horses. This is to be demonstrated by George P. Mahoney of the Maryland State Racing Commission. Others who are to address the three-day convention are Fred J. E. Klees, registrar of The Jockey Club, New York; Wayne Dinsmore of the Horse and Mule Association of America, and Hubert Phipps, editor of The Eastman Breeder, of Warrenton, Virginia.

REGISTERED AT ANTILLA

Recent guests registered for seasonal stays at the Antilla Hotel include, Mr. and Mrs. W. L. Lentz, of Detroit; Miss Sarah Stenson of Boston; Mr. and Mrs. R. L. Rodgers of Clearwater; and Mrs. V. D. Sparkle of Chicago. From Philadelphia are Mr. and Mrs. Thomas McGrerry; Mr. and Mrs. Gordon Henley are from Daytona Beach; R. L. Saunders, N.Y.C.; Miss Betty Phillips, Scarsdale; Mr. and Mrs. Fred Harding, Duquesne, Pa.; Mr. and Mrs. E. V. Mitchell, Durham, N.C.; Mr. and Mrs. W. L. Lord, Baltimore; and Mr. and Mrs. M. C. Peterson of Ashville.

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Housekeepers Club to Hear About Aviation

Arthur E. Curtis, public relations officer of the Pan American Airways, will speak before the Housekeepers club at 3 p.m. Thursday. His subject will follow the club's theme, "World Civilization is Threatened", In this crisis, "What is Aviation Doing?". Mrs. Athene Foster, superintendent of the Lighthouse for the Blind, will present Shelley Hair as tenor and Louise Jones, violinist. There also will be an exhibit of the Seeing Eye Dog. This program was scheduled before but cancelled because of illness. Hostesses for the day are Mrs. J. E. Auld, Mrs. W. M. Mecke and Mrs. Merle Lee.

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