The Birmingham age-herald., 1924-12-09
Men And Markets
 By ?. F. B.
By ?. F. B.

Secretary Mellon urges congress to ! act at once in reforming our present | tax laws, placing special emphasis for revision on excessive surtax rates, "con- fiscatory." state tax rates, the gift tax, and the publicity provision in the rev. enue law. His recommendations is that the maximum surtaX rate be fixed be- tween 15 and 25 per cent which, with normal tax rate of 6 per cent, would make the maximum tax between 21 and 31 per cent instead of 46 per cent as at present. "The inevitable result of un- economic taxation is to raise the price level so that S7 per cent of the people of the country, who pay no income tax directly, must make their payments in directly in what they buy" Much has already been accomplished through the establishment of the bureau of the bud get and the cooperation of the govern ment departments so that the national expenditures have been reduced 46 per cent since 1920. In 1920 federal taxes collected amounted to $54 per capita and next year they should be but $27, cut of exactly one-half. The report with it's sound recommendations in en- couraging. What we must now have is more state and town budgeted expenses for it is small consolation to hand over to others what the federal government has saved for us.
 | Employees stock investment plans are slowly increasing, as well as becoming more practical. A large progressive company has recently announced an employees savings and stock investment plan. Under the stock investment plan cumulative debenture stock at S92 a employees may subscribe to 6 per cent share, payable in while or monthly in stallment subscriptions being limited tc 20 per cent of employees annual salary and not to exceed ten shares per year ! Subscribers will receive regular divi- dends plus s a share for five years ! after full payment has been made Twenty-three per cent of the company's employees are stockholders. Progressive companies and progressive employees arc
 both realizing the advantages of em
 ployes' stock ownership.
 Cigarette production in this country increased 10 per cent for the first ter | months of this year over the similal period of 1923, and 32 per cent over 1922 On the other hand cigar production fol the same period was per cent smaller than in 1923; while manufactured to-
 bacco stood about the same. In the firs
 ten months of 1922 cigarettes were | 1-3 cigarettes; and in 1924, 10A cigar
 cites. With prosperous times ahead perhaps we can smoke more cigars.
 A million electric lamps day or foul hundred million for the year 1924, will
 be the record breaking production 1T | the United States; an increase of l; per cent over 1923. And all the while the cost of light is decreasing due tc the greater efficiency of the lamps ant l the wider use of electricity. It is ex pected that 2,500,000 new customers vii
 be added to the electric lines of th'
 United States in 1924, making the tota for the country 100000 customers What an addition this makes to tho fund of personal efficiency and cheer | fulness! | Untitled steel orders November 30 ar,
 estimated as at least 100000 tons ovel | October, according to statement iron the United States Steel corporation. Thi
 increase brings the corporations book
 ings as of December 1 to 3,S25,000 tons the highest since April of this year. Thi
 is but one more indication that we ma!
 expect improved business during thu
 next few months.
 Argentina floats a lon of $30,000, ,00,
 in this country, the entire issue selling | within a few hours. These bonds wer
 sold to yield 6.35 per cent and will b,
 used to pay off maturing short tern
 obligations of the Argentina govern
 ment in the American market. The to
 tai of public financing for foreign ac
 counts this year amounts to S1,176,506,
 900, a figure which sets a record fo
 any one year in the American invest
 ment market.
 Large rail buying for 1925 has al
 ready commenced. One large railroad
 has placed an order for 100000 tons which at the current market price would
 have a value of almost $4,500,000. An