Business: Iowa Way

To 3,000 oilmen who attended the 17th annual meeting of the American Petroleum Institute in Chicago last week there appeared a notable paradox. For while speakers lambasted Oil's perennial incubus of Taxation with might & main, many an oilman was ready to concede that in one instance, at least, Taxation had done the oil business good. The wonder worker was a particularly painful chain store tax which went into effect in Iowa in June 1935. Upon oil companies owning retail outlets it piled a new levy graduated steeply upward both on gross receipts...

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