The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1920-09-21

and Pacific coast industrial centers
with special emphasis on the erection
Of workmen's homes.
In no sections Of the country did
the investigators find sentiment In IA
vor of government ownership Of the
railroads and everywhere better trans
portation conditions are reported.
+, Agriculture is generally recognized
as the backbone of the country, and
the farming situation is excellent
From no section has an unfavorable
report been received. Our farmers ap
pear to be in too happy a mood to per.
NIT the cynicism, The farmer is al.
ways grumbling." They are well sup.
piled with funds from the sale of this
years crop, but they are wise in that
they know that more favorable mar.
keting conditions can be created. -
The recent drop in grain prices is
reported to have had no effect except
in the Rocky Mountain states. Farm
ers OF Illinois, Indiana, Michigan, Wis.
consin and other Central, states are
Withholding grain.
. In the financial field money is
tight. That may mean several things:
First, that the people want money bad.
ly to put into producing activities;
second, that the banks attempt to get
whatever traffic will bear ghearing
close to the skin; third. that there is
an adequate supply of money, or,
fourth, that those who have money
lack confidence. There are other rea
sons, no doubt, and among them that
the dollar now buys less than hereto
| fore. People with money wish to
charge more for the service than mon
ey gives. No one can accurately say
which of these causes is the most i'm.
portant factor, but probably all con-
tribute to the present situation.
The telegraphic reports from every
section of the country state that the
banks are well loaned up, although
money is available in the East and
Central districts at from six to eight
per cent interest. The Southwest,
Rocky Mountain and Pacific states re-
port the highest interest rates averag-
| ing from to 10 per cent, and in the
Mountain district as high as IL per
cent There is great encouragement,
| however, to be drawn from the fact
that in only one of the nine geograph'
| ical divisions, the Rocky Mountain, has
there been a decrease in bank depos'
its during the last six months, while
the general increase includes corpora
ton deposits. Individual savings &C
counts show a more marked improve
ment everywhere. This seems to show
clearly that the orgy of spending and
extravaganza is over. Discounting Of
bills by industrial concerns is univer.
sally reported.
Except in the Middle Atlantic,
Southwestern and Pacific coast states,
manufacturers appear to be carrying
large amounts of customers paper.
The country does not like the present
taxation system. The excess profits
tax is in bad favor everywhere. Opin.
ion is divided, however, as to sub
stitute. In the East and Central West
sentiment runs strongly for sales tax,
but elsewhere opinion as to q substi
tute is divided. We are not yet mas
tiers of the art of distribution of prod
uct. The fact that the farmers uni
formly report a desire for some CO
| operative method by which their prod
ucts can be brought to consumers
means that this problem is Of the
greatest Importance. But it is not
for the farmers benefit, primarily,
that such a movement must quickly
eliminate in action. The consumer
feels that somewhere between the
farmer and himself too much is taken
for a service of comparative insignifi
canoe in contrast with that which the
producer himself renders. The farm.
ers apparently are not alone in desir-
| ing cooperative action. The survey
shows movements only in the New
England and Pacific coast districts
| Sentiment is divided in Ohio, Illinois
and the other North Central and West
ern states, but favorable in the Mid
die Atlantic, the South Central and
the Southern states.
| Politically, the replies indicate that
| it is too early to tell what the out
come of the November election will
be. Three months ago there was a
stronger Republican sentiment than
there appears to be now. The trend
has been and is Republican; what it
will be in November, these gentlemen
do not prophesy. The large outstand
| ing fact developed by the Fidelity AMI
Deposity company seems to be that the
greatest issue in the public mind is
overlooked by the campaigners-the
high cost of living. l think this con
clusion will be justified, but the blame
should not be cast upon the producer.
and certainly the farmer has not re.
ceived his share of the wealth which
he creates. The cost of living and for.
eign relations seem to be the main is.
sues. Taxation and industrial relations
also occupy a space in the general po-
litical thought. Least interest appears
to be shown in the railroad policy Of
.la praaapf administration radical