The silver state. [volume] (Winnemucca, Nev.) 1909-1925, 1919-10-04
OPTIMISTIC REPORT
Of BUSINESS MEN

ssss
Two and a half years more of pros
perity lie ahead, according to a re-
port on business conditions issued by
Harris, Winthrop & Co., compiled
from 1879 replies received to a ques-
tionnaire.
Inquiries related to supply of
money, growth of savings banks de-
posits, abundance or insufficiency of
labor, tenacity with which liberty
bonds are held. crop outlook and So
cial and industrial unrest.
Questions were asked about the
League of Nations and relative popn-
larity of the presidential plan and the
senatorial policy. The QUESTIONABLE
also included inquiries as to the effect
of imitation, probable duration of
present prosperity, operation of rail-
roads by the government, reconstruc-
ton loans to Europe, and alleged
existence there of some organized
opposition to the extension of United
States foreign trade.
In a letter which accompanies their
tabular summaries of replies, Harris,
Winthrop & Co. say that: Generally
speaking and in a peculiarly literal
sense the report may be regarded as
a counsel of optimism.
Credit is in abundant supply, saw
ings banks deposits are increasing de-
spite the high cost of living and al
legged insuficiency of wages. Business
is prosperous almost everywhere. Mer-
chants stocks are not abnormally
large. Crops are, on the whole, above
the average and will be readily sold at
present prices. Liberty bonds bought
by the people are being generally held,
except where smaller investors have
found it necessary to sell them; and
in at least two cases out of three the
returning soldiers are going cheerfully
to work as employment is offered.
This, we submit, is a remarkable
report, coming only eight months af-
ter the end of a war that has diverted
the entire nation from paths of peace,
disorganized our economic machinery
and profoundly affected our habits of
thought. AS against the cheerfulness
it inspires there is to be noted only
a general deficiency Of labor, an I'M
willingness to accept the further adj
vance in freight rates that seems in
e~vitable. and the general prevalence
of prosperity. with the higher prices
that are its concomitant and conse-
quence.
By a very large majority the
people seem in favor of a League of
Nations, but they are about evenly
divided as to whether it shall be the
Presidents or the Senate's league.
But few seem to feel that creation
of such a league would affect their
business unfavorably. and there an
pears to be no general consciousness
OF any sinister foreign influence op-
posed to American business abroad.
Opinion appears evenly divided as to
permanence or impremanence of pres
ent prosperity and the high prices and
wages incident to it, and out of 1857
who have answered the question there
are 1924 who believe it will be an
average of at least two and a half
years before we get any serious re-
action. Presumably a condition that
remains relatively static for two and
a half years in this changing country
is regarded as about as ner perma-
nent as we may ever get in our bust
ness experience-at all events. it
gives us time to make our calculations
deliberately.
AS to taxation, the answers are
both informing and surprising. Most
correspondents belong to what is
sometimes described as the Capitals
tic class 1t is therefore surprising
that by a large majority they favor
the American policy of imposing what
is an almost c~onfiscatory tax on large
incomes in preference to the English
method. The vote is. however, almost
exactly reversed upon the question of
direct taxation, as opposed to indirect
taxation. a majority of nearly two
thirds being in favor OF the latter.
The wide range of public taste as to
the things that shall be subject to
indirect taxation is indicated by the
ngures opposite each proposition. A
! few -resnondan hama an1a..aa