The Lakeland evening telegram. (Lakeland, Fla.) 1911-1922, 1921-12-13
New York. Dec. 10. 1921.

New York, Dec. 10, 1921.
Events during the past week. both
nationally and internationally speak
ing. have been of first class impor-
lance, not only from their political,
Lut from their general economic point
CT view The settlement of the Irish
question, the partial agreement TO re-
adjust the German reparations plan.
the approach of the Arms Conference
II a settlement of some at least of
the issues by which it has been con-
lrOnted, and the presidents outspOken
nd constructive position on impor-
ant business questions in his mes
sage to congress have all furnished
helpful factors which have tended to
stabilize business and investments.
Taxation and Public Finance
The report of Secretary of the
Treasury Mellon. taken in conjunc-
ton with the more guarded language
used by President Harding, seems to
make it clear that in the compare
lively early future further revision o.
the tax laws will be demanded. The
secretary of the treasury forcefully
calls attention to the harm wrought
by present surtaX rates and by other
phases of existing taxation, and puts
to flight the idea that these measures
can be considered as weighing with
special force upon the Weather ele-
ments in the population. They in fact
work against the average man far
more strongly than they do against
the person upon whom they are tech
nically levied. There is no assurance
as to when congress will be induced
20 revise its work upon this score, but
such action cannot be Indefinitely de-
layed. AS to the president proposals
respecting the suspension of the issue
of tax exempt bonds. they are in line
with the policy already favored by
careful students of the situation
Their influence is undoubtedly toward
the raising of the values of outstand-
ing Liberty bonds, although it must
of course be in any case good while
Lefore constitutional amendment OF
the kinds advocated by the president
Ncould be advocated. and it may be
doubted whether the right of the fed
eral government to tax municipal and
local securities will ever be sane.
llOneu. secretary MelIOH > ucIhdllus
for economical and careful manage
ment also point to a better state of
things in national finance, while the
budget message which President
Harding has submitted to congress in
dictates that decided progress has al
ready been made toward a reduction
Of outlay, and gives promise of still
stronger conditions.
Economic Policies and the Market
The presidents announcement that
he intends to bring forward a vigor-
us plan for the encouragement of the
merchant marine has Undoubtedly
had its effect upon such stocks as In
'ernational Mercantile Merine and
other shipping issues. Postponement
of the railroad funding bill. which has
evidently become necessary, has been
regrettable from the standpoint of the
roads and the holders of their secur-
ties, but this does not mean that its
adoption is impossible. A fresh quar-
Jerly declaration of dividends by the
Hill roads is further evidence Of the
confidence felt by railroad managers
in the improving character of the out
ook-a confidence which is appar-
emily warranted by the % per cent
improvement in net railroad income
over the same month last year
amounting to $1O5, 100000. which is
now definitely shown in the final Oc-