Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-04-06
THINGS ARE LOOKING UP

TNllERE is little food for pcssimists in the
l. report of the survey of the industrial.
financial and agricultural conditions Of the
country mndc by the agents of the Fidelity
and Deposit Company of Maryland
The report indicates what every one knew
namely. that buying Is restricted that retail
prices have not been reduced in the same
proportion aS wholesale prices, that the cost
of living has appreciably decreased since
September, that there are few strikes, and
that general transportation conditions are
good. In short. 1t shows that business men
arc playing safe while they wait for a more
complete rcadjustmcnt of affairs nut out of
joint by the war.
But trends are wholesome. For example.
the productivity Of labor per man has in
creased since last fall. This has n direct
effect upon the cost OF commodities and IL
one of the causes for the reduction in prices
over which every ono is rejoicing
The banks have ample funds for all de-
mnnds, though the interest rate is still high
Their deposits have decreased. however,
probably because of the stagnation in busi-
ness Savings bank deposits, on the other
hand, have increased everywhere save in
the South and in the Mountain States. This
TACT. considered in connection with the in =
creased productivity of labor, indicates thnt
the workingmcn have been practicing the
same kind of caution which has been lead
ing business men to buy only what they
actually need or what they can readily SELL
No man has known how long he will keep
his job and every man has been seeking to
make himself as useful as possible, and has
been laying aside a part of his earnings in
order to tide him over a possible period Of
unemployment. The era of reckless e1-
pcndlture and indifference to the amount of
work done has come to an end
The sentiment of the nation on the prob =
lem that has the greatest bearing on national
prosperity is unanimous. In every region
II is agreed that taxation stands first Until
we know what rcadjustment is TO be made
in the federal tax laws business men will
hesitate about riSking their money in any
ventures from which they cannot see nm
immediate return.
Next to taxation, New York and the
Mountain States place the settlement of the
thrift question as of the greatest Importance.
The south puts the peace question second
hut the rest of the country insists that until
the railroad problem is settled and the new
taxes are known business will play Il wait
ing game.
Without the information supplied by this
survey many persons would have concluded
that Pennsylvania and Now England at
least would have insisted that the rradjust-
H'hl vi tnc IarlH 10 meet the new world
conditions was of equal importance with the
problem of domestic taxation. But relief
from oppressive internal taxes seems to be
what tn" whole country is hoping for in the
near future. and it is willing to let tho
tariff wait even until the railroad problem
is settled.
There IS absolute unanmity on the de-
STABILITY of nbolishing the excess profit tax
and equal unanimity in favor of the sub
Stitution for it of n sales tax. The signf-
cane" of the demand for the sales tax will
not be lost on Congress. even though infiu-
rntial men hero and there are raising oh.
jcctons to making any extended experiment
with this method of raising revenue
Prospects for improvement in the housing
conditions ar" indicated by an increase in
building operations everywhere save in New
England and in the Mountain States A
reduction in the price of raw materials and
an increased productivity of labor, together
with available capital ut rates which arC not
prohlbitiv", encourage the belief that in a
year or 50 man can find house for his
family At a reasonable rent or can buy one
for price within his means
1t begins to look as if we had passed the
lowest point and begun to ascend the grade
toward the normal level of national pros
perity.