TAXATION: Repeal, Capital Stock & Profits

Repeal rounded the two-thirds mark without a break in its stride last week when Washington became the 24th State to approve the 21st Amendment. Voting by legislative districts, the State chose 95 Wet delegates, four Dry ones to its ratification convention in October. The popular vote was two-to-one.

Washington's result prompted Postmaster General Farley to repeat, with more emphasis than ever, his prediction that the 18th Amendment would be out of the Constitution by Jan. 1. Many a corporate taxpayer which was last week figuring out what it owed the Government and how...

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