New-York tribune., 1897-01-25
MONEY AND BUSINESS.

Nearly eighteen years ago there began an
increase of 76 per cent in the volume OF busi-
ness within three years. But there was shown
for months the same impatient humor which
prompts children to pull up their plants every
day to see il the roots have sprouted yet and
which, in these days prompts dscontented men
to sell things and change their plans because
the expected does not come quickly enough
THE Financial Chronicle" began its leading
editorial March s. 1879, follows:
We have now entered upon our third month
since the resumption of specie payments
Where is the prosperity The Chronicle prom
ised with that event." is the question fire.
auently coming up to us from certain points of
the interior. Wheat is no higher, tobacco is
mo higher. Cotton is no higher. There is no
money in any 6f the earihs products. Where
sis your promised prosperity?'
That journal then went on to answer such
questions, even men have been answering
similar inquiries Of late:
But not in a day or in month or in many
months is all this to he realized. The
assumption that there is no Improvement yet
observable is unquestionably incorrect. Ever
since resumption was assured there has been
progress Beyond doubt. general bus-
ness is decidedly improving enterprise is re-
viving. and the outlook il. as every one ad-
mits. by far more favorable than year ago.
In fact. 10 US just now there seems to be
greater probability OF too rapid and specu-
The results went far to justify this suggestion.
The average Of railway stocks rose from S33 per
share at the end of 1873 to S6j before the end Of
1879 and to S92 II in 1881. Investment stocks
rose ~ per cent in three years. manufacturing
stocks 45 per cent and bank stocks 20 per cent.
Yet long after specie resumption had been ac-
complished when months had elapsed after its
success was demonstrated. there were heard
complaints because the full measure OF pros
perity had not yet been reached. BY the month
Of May the increase in volume OF business COM
pared with the previous year had become 4O6
per cent. and the earnings OF railroads had be-
gun that expansion from Si9O 600 in 1878 to
S725, 100000 in 1881 which brought for so many
handsome dividends instead Of bankruptcy.
Every day the impatience and discomfort which
were considerable early In Isl? are again
displayed. Yet the evidences OF gradual In
crease in business accumulate and are irresst
IDLY convincing but people are not satisfied be-
cause the improvement is gradual Apparently
they desire another season OF crazy imitation of
values. which ought to be prevented If possible.
and are dspleased because the Republican tariff
policy does not begin to produce fruits before
the bill has even been introduced. Last week
people sold out. Burlington, Rock Island
and Reading declined 81 or more. and 81. Paul.
Nashville and Atchison 81 or more About n
third Of the sales were of four Trust stocks, a
little over third Of the eight most active rail-
road stocks. and the entire operations covered
but little over a million shares which fairly
indicates the character Of the market.
There was not room for booming" wheat last
week. and the actual change was another de-