Summer Work

Announcement, last week, that there would be a current surplus of about $100,000,000 in the U. S. Treasury on June 30 made it safe to prophesy without peradventure that there would be further tax reduction in 1926. Mr. Mellon will probably leave the initiative to the Ways and Means Committee of the House, headed by Congressman William R. Greene of Iowa, thereby giving the Committeemen something to do in late summer and early fall and appeasing their pride--the pride of Congress which,a year ago, refused to swallow the "Mellon Bill," ready-made by the Treasury Department.