Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1920-04-27
The Business Trend
r every effort to discern the trend of
the country's economic conditions it

the country's economic conditions it
should be borne in mind that they are
In a state of tranSition-fOr the better it
may be- or for worse but certainly chang
ing. The fact is, as. Vice President SisSon of
the Guaranty Trust Company of New York,
recently observed in a public address, bust
ness is never at a standstill. cit is either
rising falling" he said, and by way of
evidence recalled the notable fluctuations of
American business since 1878. In that year
there was distressful financial panic, fol-
lowed by a business ebb to 1879 For
the next two or three years business i'm
proved but in 1883 and 1884 it went down.
ward again, and in 1885 it was pronouncedly
low. Then, from 1886 to 1890, it assembled
and reached a high level. But from 1890 to
1896 it suffered an appreciable decline, only
to recover and wax prosperous from 1897 to
1902. During the next few years there were
only slight changes, 1906 marking a gener
ally vigorous condition. But in 1907 and
1908 reverses were felt, after which came a
slightly upward curve Down again went the
scales in 1910 and 1911, and the ensuing
two years were low Then came the war;
shock, soon succeeded by exceptionally slim
ulating conditions. From 1914 to 1920 Amer
lean business has moved upward with giant
strides. But what of the present and the flu
ture?
Is this transitional stage to eventuate in
times more satisfactory, or less so? Today
we are keenIy aware of high living costs,
scarcity of necessaries, high production
costs, restricted credits and heavy taxes The
first two Of these conditions prices and
: supplies. are obviously connected, and both
are affected. of course, by the rate and the
cnstzof production. This does not mean that
every instance of burdensome prices is thus
to be accounted for; it does not exclude the
idea of prof1teering and certainly not the
fact of extravaganza. But it does admonish
us to study each problem of this nature in
the light of reason and realities rather than
impatience and misinformation, we are all
too prone to do. 1t IS proper, tOo to observe
that the so-called "excess profits tax i'll
contrived as it is now generally acknowledged
to be, bears heavily upon the rank and file
and adds considerably to the cost of living
Some authorities argue, indeed, that the in
come tax system itself must be revised if
impairment of industrial vigor and fruitful
ness are to be avoided.
AS to production, a most potent factor in
business tendencies as well as in prices, it is
plain that whatever restricts or retards its
normal processes is bad for the country's
common interests. Some retardments are be-
yond human control, as when untoward
weather conditions prevent the planting or
maturing of wheat cotton and other basic
crops. Others, one would think, assuredly
could be averted by the exercise of common
sense and fair-play. The recent railroad strike
is estimated to have cost the roads alone
the public will have to make up, besides
enormous losses, direct and indirect, to BUSH
ness at large. One authority has reckoned
that the strikes of 1919, many if not most
of which were unauthorized by responsible
leadership, imposed an aggregate loss of sew
en- hundr2d and twenty-five million dollars
upon labor, in the item of wages, and one
and a quarter billion dollars upon industry.
The loss to the general public was lncalcu-
liable. Whatever their cause or nature, re-
straints and interferences in production are
peculiarly unfortunate at time when the
worlds stock of needments has been de-
pleted by the most wearing and wasteful
war of history. Energy skill, thrift, stability
and the spirit Of cooperation were never
more valuable, either to the individual or to
the world than in the stressful present
All these conditions must be taken into &C
count if would get fair idea OF the
business trend and prospect. By bringing to
bear upon each of them as best we may the
counsels of common sense, neighborliness
and patriotism. we shall be doing much to
unravel the perplexities of the day and to-
secure prosperous future. Whatever the
temporary turn of the scales and swing of
the pendulum may be, we have the assur-
ance of land singularly blest in all the fun
damentals of good fortune. We have, more
over, the safeguards of the soundest bank
ing and currency system the nation has ever
possessed-a system that virtually precludes
the possibility of financial panics. Thus for
tilted the people of America need have no
misgivings for the business future if they
will but make the most of their bountiful OPP
nortunities and stand true to their oblga-
lions.