176 The Stock Market Crash—dAnd After 
question that prohibition is making America more 
productive.” 
Dr. Paul H. Nystrom, Professor of Marketing of 
the School of Business in Columbia University, esti- 
mates $5,000,000,000 gained through prohibition, 
simply by diverting production from a narcotic drug 
to more legitimate goods. Addressing the National 
Retail Dry Goods Association in New York City, 
February 8, 1929, Dr. Nystrom said: 
“Prohibition, with all its arguments pro and con, 
undoubtedly is diverting not less than $5,000,000,000 
a year, which would normally be expended on alco- 
holic drink were it not for prohibition, to other 
classes of commodities and to savings. Place what- 
ever estimate you like on the amount of bootleg 
liquor sold in this country, and I am sure you will 
admit, as I have been forced to admit, that a return 
to the liquor consumption of the pre-Volstead days 
would mean several billions of dollars less business 
in home furnishings, automobiles, musical instru- 
ments, radio, travel, amusements, jewelry, insurance, 
education, books and magazines.” 
Testimony by Employers 
Professor Feldman says: 
“Taking into account, also, the concerns which 
the writer visited, a majority of the total number re- 
plied that prohibition had aided individual produc- 
tivity, while less than half a dozen concerns claimed 
prohibition to have decreased productivity. This is 
somewhat surprising, because many executives had