Outlook for 1923 Exceptionally Bright
“It is our opinion that the outlook for 1923 is exceptionally bright. From our observation of the appropriations that have been made by the various cities in the different parts of the country, there is every indication that the fire hose purchases this next year will be of good volume and we are laying our plans for the coming year with this idea in mind.
“During 1922 we have enjoyed a most satisfactory increase in our volume of municipal fire hose business. While it is rather difficult for us to draw a line between our municipal and our regular industrial fire hose business, I might state that the departmental production on this item showed an increase of approximately 115 per cent. over the largest previous year and approximately 150 per cent. over last year.
“As regards the proposed legislation to eliminate the tax exemption feature of municipal securities, it is our personal feeling that this is a wise measure as there seems to be too many bonds and securities being offered today free from tax and with the present financial condition of the country it seems to us that every bond or security should carry the tax to enable us to meet some of our war obligations. You, of course, appreciate that we are answering this question simply in one broad answer. As far as we can see, the only feature of advantage in offering a tax exempt security is to promote a sale and as most of these securities are taken up by local option, it is our belief that the securities could be as easily disposed of with the tax as without.”—Empire Tire & Rubber Corporation, makers of fire hose, Trenton, N. J.