Show I CI 1 vents vents' C to t KS 1 Dominate the Stock Market t Hands Poincare His First Rebuff President Coolidge's Cool Cool- idge's Message Wall Wa l Streets Street's Spirits I By Major AlvaLee Lee Manager Bond Department J. J A. A Hogle Hogie Co aJ aI events event At home and abroad Un l to dominate the stock and alb market In Jn Great Britain Ime Baldwins Baldwin's failure to ink ta-ink mandate from the country policy has created lUn political crisis of ot the e. e S Poincare has lIas received his from parliament since he ho came premier a ermany late lato dispatches In lI- lI La at it the cabinet is about to re reI re- re an street the presidents president's mese mes- mes Ce teWo e I Ian 0 congress is considered the st business factor of the Although tho the message me was dis- dis nt In III the market a a. week or two to for It was wa read to lo congress its rpt On b by the country has been so favorable that It has strengthen both stock and lid hd prices anal of ot this document eal eai aU th the president as a keen stu atu- t t of f economics and a statesman rear real rea mer t The Th country is to be besia si-a si d on having a II man of ot oth h r to guide Its destiny at ate Ime e Economists statisticians entire business world are ted teltI in t i lr support of ot the mesI mes- mes P I ji II oHm Ism pu published bUshed so so far farda ds da o 0 e additional strength to tor r mini mini- traitor s program Such m comes from a a. few misguided l nt of or regular party on ad d from radicals of ot eVery pd id d. olor antl ind degree In case casei is a. a u boost i WITH H S S SI I n the administrations administration's el the president n has ed l h i rIf I t ir definitely fl ere and I the conservatives As Ashe he will receive the hostility of radicals radical and nod should receive the active support of ot all conservatives It ItIs ItI I Is becoming e more or and more apparent tta lr YS ef h that the issues u between e the old parties parties par par- ties have disappeared Not ot- ot only In ii tm e L of ot practically c all nations a o of the tho world l f the dividing line ln Is being se drawn between between be be- tWE tween en conservatism and radicalism In our own congress the two old parties are overwhelmingly conserva conserva- tive The radical element enjoys a certain amount of ot power only be because because because be- be cause of the traditional opposition existing between the Republicans and the Democrats Were Vere it not for the tho fact that a a. congressman elected as a Democrat feels he must as a matter of principle oppose any and all measures measures measures mea mea- advocated by Republicans and the converse it would be a II simple matter to amalgamate the entire conservative conservatIve conservative con con- vote and eliminate the radical radical rad rad- ical element as an Important factor But unfortunately the conservatives will on 00 party lines Unes leaving the tha radicals holding the balance of power Such procedure is nothing less than rank stupidity I Of Ot the various arIOus matters advocated by the h P president none 0 will liha appeal more r to o the business ne man al than the unqualified support of the Mellon proposal for tax reduction and his attitude toward the bonus These tow i patters are arc irrevocably bound together Sen Senator tor Johnson notwithstanding standing It may be accepted as as' an established fact that we can have substantial tax t- t induction i and no bonus bo bo- bo- bo flu nus or we can have havo a bonus with no reduction and a possible increase ot o of taxation We Ve Cannot cat eat our c cake calce and have It it too HIS RAIL PROPOSALS The proposal for tax lax reduction re Is admirable from flom every standpoint and practically defies intelligent criticism since it combines to a a. rare degree sound economics constructive states states- m and obvious fairness It is orri much h t to be be-b be hoped d that favorable ac ac action tion Uon will be forced by public sentiment sentiment sentiment senti senti- ment and so hasten better times I II It these proposals for tax reduction are not acted upon substantially as outlined outlined out out- lined It can be only because the mental capacity of ot our statesmen is deficient or that selfish and petty political considerations are put above e national welfare The plan n nU outlined U for railroad consolidation consolidation con con- so d nI I Is sound and If carried d dInto Into effect will benefit both boh shippers and carriers A constitutional amendment that prohibiting the tile Issuance of tax tat exempt exempt ex ex- empt securities should appeal to practically all classes of voters and do much to restore capital to active business channels The positive announcement concerning concerning concerning con con- allied debts comes at a most roost opportune time timo and should do much to persuade certain of ot the allied statesmen that hope of eventual cancellation cancellation cancellation can can- Is not to be thought of or All in iii au all the message is constructive construct construct- ive ile In each feature Many economists economists economists mists would argue that inasmuch as our industries are re re now giants Instead in instead instead In- In stead of infants and as we are now nowa a a. creditor nation with an enormous normous gold surplus Instead of ot a a. debtor nation natiOn na rot- tion with ft e. small reserve that it would be he sound economics to gradually grad grad- u lIy reduce our tariff However it itS S will bo be admitted even by the frea free traders that the readjustment to a lower tariff would be a II painful process process process proc proc- ess regardless Of the ultimate It is questionable if It the time timo is opportune to undertake this tills action Other than this stand on the tariff it Is doubtful if It there thera i is 19 a single element of the message that students of ot economics will wili criticize and on the tariff opinion S will be e evenly divided The administrations administration's program ns its outlined by bv this message should do much to allay the fear of radical legislation leg les and nd will go far toward en engenderIng engendering engendering en- en gendering a n. feeling of confidence and optimism In the business world ItIs It Itis Itis is a bullish factor In both tho the stock and the tho bond market |