Prophets

This is the time when "leaders of business" are heard from in regard to the probable course of affairs during the new year. Editors of "annual financial reviews" here rushed about collecting opinions with great assiduity.

Practically all the gentlemen who sign these annual opinions (most of them are actually written by professional publicity men) mainly desire to appear cheerful, resolute and yet noncommittal. As literature, the reports are colorless and a trifle tedious as a rule; as prophecy, often ludicrous.

This year the business Nestors have said much concerning the Mellon tax plan; every capable publicity man by this time knows the stock arguments in favor of it, and thus a great unanimity of opinion has resulted. The topic of European recovery was worn threadbare during 1919-23 by prominent bankers and manufacturers, and it has been a genuine relief for their secretaries to write of the more practical and vital topic of taxes.

The net result which the reader of these annual homilies upon business deduces is that while 1924 should be prosperous, still we must not expect a boom or borrow too heavily at the bank.