Considering these simple facts, plus the increase in the population of the United States, the rise in prices during the period is adequately explained without looking for any other reason. Indeed, the results that are on record would have been impossible had not the nature of our production been changed. In 1913 we might not have been able to let foreign countries take 8 per cent of our production, but in 1920, with curtailment of our building construction and the tonnage of raw materials especially pertaining to it and coincidentally increased tonnages of other things we could permit it, but naturally got high prices for what we sold.
Approaching the subject of the division of the in- come, it will be helpful to take up first the position of the corporations. The business of production is now conducted in all but entirety under the corporate form. Transportation is wholly organized in that way. So is banking. Even in merchandizing—in the final distribution of goods—corporate organization has attained large proportions. Corporate statistics constitute therefore a very good index of the business position.
The prevalent idea has been, and still is, that the corporations of the United States waxed greatly during the war. They are regarded as comprising the quintessence of profiteering. Taxation has been directed especially toward them. Let us therefore try to ascertain what are the facts. Fortunately there are some statistics that unveil them in part, but there is a part which remains shrouded in uncertainty and about which there is bound to be misunderstanding and controversy.
With regard to the dividends actually paid to stock-
