New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-09-02
THE RECORD or PROSPERITY.

The record which business makes for ltSclr
by payments through banks and their clearing
houses has the advantage that II cannon De
suspected of manipulation TO serve any specula
tive or partisan PURPOSE At seventy or more
cities the exchanges are recorded every Day
and the aggregates teegraphcd from each with
ont any means OF knowing what other clt'es
are reporting whether larger or smaller busi-
ness than I'm previous years. Such reports are
wired on Thursday night TO some journals Tor
the previous week. on Saturday night TO others
and mt the end of each month to many. so mat
no deception or trickcry could pass witholt de-
lection II anybody had n motive for attempting
IT, The reports thus obtained. also. do not rep
resent transactions in one branch OF pnsinesS
or % few. leaving It an open question whether
similar conditions exist in hundreds or o'her
branches. They show the payments actually
made through the settlements OF each bank
with every other in the same city, ana All sn'h
payments in every kind of business. Specula-
ton contributes rs share rs we'll as manu-
features. farming or transportation. or the
transactions between this and other countries
Not ali tho reports for August have yet been
compiled. but enough have been to establish the
general result beyond question. The cities re-
porting already returned for August last year
exchanges amounting TO $tIlI.oD.OoO. while all
cities then reported exchanges amounting tn
about 81 NI .NDpO But tho Increase over last
year NJ Tho cities now reported for the month
i 1911 per ccn;. and l. Is obvious that tho gain
~ all the cities taken together cannot DO In
materially different proportion. since less than
q thrilcth pnrt in volume Of business remains
This gain over last year Is tho more interesting
because the full exchanges in August. 1921
were larger than in August Of any previous
year. even In the years OF greatest general
prospcrfy Tho excess over exchanges Of
August 1892. was then 500. o0onoo. or $50
pcr cent The returns for this year therefore
surpass those Of August. 1899. by 231l per
cent For every 500 ~ business done In that
month Of the most prosperous year Of all past
history, 1923 II was transacted this year. The
aciupl increase already Is more than 81 032 Oco
ooo for the month, or Si3 20 per month for
every inhnhltant.
II Is recognized. Of course. that the volume of
speculation adds 70 these payments. and that n
has been greater this year than In 1892 hut II
is a mistake 10 suppose. IA some do that the
payments amounting 10 S3.5ll ,7fS,0Ii this
year against S2936 @5G9GO last year nj
Ncw-York alone, represent speculative trans
actions chiefly ON the contrary but fraction
Of them, though not n fraction exactly dcfna
bic. is due TO such transactions Moreover. they
doubtless contributed much loss TO clcarines
through banks than In 1892 In proportion 10
their magnitude. because the Stock Exchange
now clears great part Of IT. operations
through clearing house Of It's own not In
cuded with bank returns. and similar organlza-
tons exist in connection with grain and other
operations which did not exist at all or were
doing scarcely any part Of the business six
years ago But without attempting 10 estimate
the share OF Ncw-Yor,, exchanges Dire 10 such
operations It is quite enough that the trans
actions AZ cities outside NcwYork show n gain
over last year OF 81 per cent.
The vast body Of business transacted repre-.
SCENTS the payment Of wages. and the dlstrbu-
ton Of wages through purchases Of supplies by
wagccarncra. with the movement OF products
mainly for their consumption from the farms
and the mills. II Is In he main the body of
workers whose earnings md expenditures make
business large or small. The constant and clear
perception OF this fact lies Mt the bottom of
The Republican National policy. Make the occu-
patton and earnings of labor larger II main
talns. and Of necessity the volume OF all legltI-
matc business Is rendered larger. the gain cx-
tending TO every branch and even to The activity
Of banking and speculative operations Thir-
teen months ngo the revival In principle OF tho
Mckinley tariff gave back to tho country that
stlmnlus TO Industry which had made 1892 the
most prosperous Of It's previous years. Now.
after only years experience. and In spite OF
n war involving much delay and uncertainty
in business Of many kinds. the prosperity Of
tho country has so far increased that the actual
settlements In business which record them
selves through exchanges are c311 per cent
greater than in 1892. The old prosperity hos
been restored. and more.
The British colonies ripht IN nth ,bo,,