Omaha daily bee., 1921-11-18

entail In persusding investors 10 make
enlarged purchases OF securities and es-
TAXATION. il would not cause surprise
" u u observed within . few days that
the public 10 psfsusdsd into ths socar-
Ties market. not 30 much with spseuls-
stocks ss we'll as seeds. stock. bsins
favored because market quotations even
for the best OF them are low.
Effects Of Conference.
There seems 10 be doubt. however.
about q svffIeieney OF security issues 10
meet the demand which investors are
likely 10 make. for the opinion Ia held
that so rapidly and easily have the Sc
epritios which have already been issued.
AZ least bonds and short time notes. been
securities OF this Kind are finding them
selves In situation somewhat similar
10 that which eharaeteriz~A certain bust
ness lines whose shelves are almost bare
OF stocks or commodities
Just At present ths financial effect of
tho Washington conference, even though
tho American proposal bo not accepted
In fuii, seems 10 have greater weight
than tho moral effect. Il Ia OF course
reeonglxed that ultimately II tho limi-
tatlon or armament goes 30 far a. TO se-
cure large economies and the upbuildtng
OF nations financially. then the moral
and and humanity effect OF the conference
ference be terminated with the American
proposition In whole or even In part ac-
eepted In It's main features. then thers
Gems 10 be no doubt that tho world ex-
changes, especially those of Europe In
Guiding even Germany. will bs most fav-
orably affected. This will enhance the
value. market and appraised. OF Esropeas
bonds.
Britain to Pay Interest.
Probably tho worldwide concentration
upon the Washington conference has
caused for the moment the promise of
Great Britain TO pay the interest upon
the debt which that country owes ths
United states to ba overlooked II pub
lie attention had not been absorbed by
tho Washington conference this pledge
which was made few days ago off
olally by Great Britain to begin pay
ment OF interest on the debt II owes the
United States wouli be the leading fl
naneisl topic. 1t cans that Great Bril-
tain VIII forward % the United States
treasury, within reasonable time. all
of which are soon to be paid. or course
this viii tend TO enhance the credit Of
Great Britain and It viii put an end to
the occasional suggestion that the United
states VIII pass TO the nations which are
our debtors a receipt in full.
II only the entire interest upon the
debt that other nations owe the United
States were being regularly paid this
one-half Of the interest charges upon
our own war debt.
President Hariing's Addresses.
The two addresses which were made
By President Harding last week have
on the whole received sincere and ear
nest commendation. Some who have been
In the habit OF making careful study OF
the style which President Harding EN-
pioys and who believe they have dis
covered certain ecccntricites not obser- |
yable by the public but only by students,
which they say are characteristic OF the |
nrpSlIppfsg a61rpg4RQ fai
cover one of these eccentrctties In the |
address which was delivered at the OPEN |
Ing OF the conference. The freedom |
from strained rhetoric or a disposition
to epigrammatic phrase making which has
Characterized all Of the presidents ad-
dresses is also noticed in these two lat |
est, but he does seem to be fond Of using
occasionally an unusual word. The infer
ence is that he has been reader OF /
various expert reports and has discov-
cred in them certain words technically
used which appeal to him. This eccen-
tricity was first observed when he used
the unaccustomed word "normalcy." In |
other of his addresses are to be found |
unaccustomed Words. One OF them was
detected In this sentence OF his latest
address: mo pride need be humbled, |
no nationality submerged. but 1 would |
have a mergence of minds committing |
all Of us to less preparation for war and
more enjoyment of peace
The word mergence Is an unaccustomed |
one 1t is sometimes used In technical |
1t is almost exactly synonymous |
with the familiar word merger, although |
1t is possible that President Harding |
found slight difference In meaning !
or exactly the shade Of meaning which |
he needed to express his idea In the |
word mergence as DISTINGUISHED from
merger. All who have studied the presi-- !
dents addresses agree in the statement |
that aside from this characteristic &c |
centricity the addresses written in |
admirable English, free from strained /
effort to produce effect by rhetorical |
phrase.