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than Federal tax. The tax on unearned moneys is
6%. Md. Industrial corporations bonds are untaxable.

All organizations should band together to form
a non partisan com. to investigate the Co. & State
structure. The Co. Com. recommend paying of
60% of maturing Co. debt this yr. The best way to cut taxes
about 20% is for Co. to refund all bonds & he suggested
a non partisan com. to handle this.

Mr. English thanked Mr. Casey for the organ.

The new members were asked to rise as their
names were called and we were glad to welcome
them into the organization.

Adj.
M.B.B.