Arizona republican., 1921-04-04
FORMER SECRETARY OF TREASURY w ANALYZING SURVEY DECLARES BIG NATIONAL QUESTION IS TAX ATION WITH PEACE SETTLEMENT
 AND INTERNATIONAL TRADE NEXT
Republican A. p. Leased WireJ

BALTIMORE, April 3.-David F. Houston, former secretary of the treasury, in analysing country wide survey of industrial financial, agricultural and other economic con ditions, declares that "the big nation al question is taxation, with peace settlement and interna tional trade next''
 The survey, made in all of the geo graphical divisions of the United States by field agents of the Fidelity and Deposit company of this city. consisted of answers to 36 questions by farmers, bankers, manufacturers and public officials. An interesting feature of the statistics is that in every section except New England and the Rocky mountain states build ing operations show a marked in crease General transportation con ditions in every state were reported good" and raw materials plcxtifuL Savings accounts, the survey showed increased in IS states.
 Police officials of 27 states said there have been a noticeabl increase in crime over last September but decrease was reported in Massachu- setts, Maine, New Hampshire, Yer mont. Rhode Island, Connecticut, New York, New Jersey, Pennsylvania, Delaware, Maryland, District of Co.,
 
 North Carolina, South Carolina Georgia, Florida, Kentucky, Tennes- see, Alabama and Mississippi In every state the consensus of opinion was that the farmers have not disposed of all their last seasons crops. Low prices and shortage of money and labor are said to have caused a reduction in acreage in all states except Illinois, Iowa, Kansas. Missouri, Nebraska and the Pacific coast states The crop outlook for 1921, however, in every case, was re- ported fair or good.
 ''The survey indicates that the | business world is still feeling it's way, | but with increasing confidence and with the conviction that the worst i has passed" said former Secretary Houston. The country has success fully borne the strain caused by a most notable drop in prices, particu- ] larly of a vast volume of raw mate | rials, and has weathered a trying pe- riod of liquidation.
 | The demand for finished products has not developed to the point where our factories feel justified in taking raw materials to furnish the neces- sary relief to their producers; but there are some indications of a change in this direction
 | This survey does point to certain favorable domestic condition The cost of living has appreciably dinin- ished- Building operations in a num- Der of districts tend to increase. There have recently been no strikes of consequence Greater productivity of labor per man is reported from all districts. Raw materials are plenti- full, and physical transportation con Idiuons are good. There have been no business failures of moment. The tcrop outlook is satisfactory; and the ibanking situation has improved.
 The country Is better off today than 1t was three months ago. and manufacturers in growing numbers lare planning definite production lschedules. Information from other tquarters than this survey indicates lthat the automobile industry and
 some textile lines are picking up now. lBut the public is still restricting its
 buying and probably will continue to purchase cautiously until retail price reductions become more nearly equal Ito the reduction in manufacturers and wholesalers prices.
 -'The maintenance by retailers of a relatively high price level has been perhaps the chief stumbling block to lquickened industrial activity. The great cut in producers and whole !, salers' prices last summer and fall Twas followed by proportionate reduc- tions in the prices to consumers It lis apparent that we are approaching the point where many manufacturers Jean get materials at prices they can