The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-08-15
HARDING s STAND
|SENCOURAG|NC
PzESDENT BOLDLY ADVOCATES
FAn AMp POSITIVE EKDUC-
TON OF TAXATION
MWfSt Acting Fatr1y We'll Considering
the FoUt ID HAS w1th1eood


Now York, Aug 1L-One Of the most
encouraging developments OF the week
was President Hardlngs stand on the
tax question. IN which he boldly advo-
Gated fair and positive reduction or
both taxes and expenses. Reform IN
these directions will not only DO
relief to business but also an important
factor in the revival OF confidence.
Trade news has better color and tho
prospects for autumn business in many
lines continued to DO increasingly hope
full. There has bsen an important I'M
provement in tho credit situation dur
ing the past month. and this with what
had preceded Il makes q notable change
for the better within Q short period. The
Administrations plans to help business
especially the carriers and Ats progress
with disarma ment plans, are lonG-ranse
factors that promise much for the
future. Payment OF principal and In
teres, on the foreign def including
German reparation. is Also al element
OF serious consideration. Foreign eN-
change has been much disturbed by
the unsettlement connected with these
transactions. the effect being 10 hamper
our foreign trade. especially exports
which show q continued heavy din1nu-
ton. Imports suffer likewise, and some
means are necessary b which our pur-
chaseS abroad can be facilitated. since
our foreign debtors will be much better
able TO pay us in goods than In dollars.
lrarfet Ontaook
Considering this weeks severe test
the market has had TO withstand. It is
not acting badly. Tho passing OF the
sugar dividend which has been paid
regularly for so many years the ad-
vance In money rates. and the prooa-
bility that congress will adjourn until
next September without acting on the
railroad relief bin, are all contribu-
tory causes and sufficient in themselves
10 diminish the buying power OF tho
outside public which admittedly Is
already very small. The fact however.
hat daily sales are not running more
han a half million shares II proof that
no nquida ton OF consequence Is taking
r.ace and without this the professional
clement, who are still bearish, will have
difficulty in bringing about any materla'
Grrlin". The market has already DIS
counted tho passing OF dividends ana
should n'w take look TO the future
which viii mean restorations in mum
her OF instances To be sure this will!
require scm" little time but II trade
and other authoritative reports arc to
be relied upon there would seem TO hc
no doubt tina, business Is on the mend
Even In the steel and iron branch. where
orders have fallen OF 30 tremendously.
those In q position 10 know do not hest
tate to say tina: tho outlook Is much
brighter. and SO far as the railroad
relief measure Is concerned II Is dis
appointing OF course that there should
be any delay. but after all. 1t only
means a postponement of thirty days
when congress will reconvenc. There Is
no hope OF course Of any marked recov-
cry that would stick AT the present
time: on tho other hand. t. IS rot we'll
to be 700 hcarish with prices down to
the present low levels.