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, estimates
 $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 alcoholic
 drink were it not for prohibition, to other
classes of commodities and to savings. Place whatever
 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 instruments,
 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 replied
 that prohibition had aided individual productivity,
 while less than half a dozen concerns claimed
prohibition to have decreased productivity. This is
somewhat surprising, because many executives had