New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-09-29
IMPROVEMENT ~ BUSINESS.

=. l., s,o,,r n fovoritp theory In the markets.
,,ou romor,s ble Improvement in business or
rise in prices that reaction Is que IL II ""s''
upon the correct Wea that natural ana ias''nS
Improvement Is necessarily gradual, since II can
not 20 further without reaction IMAM IL IN S"S'
tanned by expansion in the consuming power
and Improvement In the condition OF tne p'opic
os whole. and such changes affecting the CIT
cumstances Of seventy-ive millions OF people
can only come gradually. But In so reasoning
this wear men overlook one fact of the highest
importance namely, TINT the gain now bclhg
renl,zed is largely recovery after years on
great depression. When that recovery has no.
come complete there will still be reason to hope
for such further gain as may legitimately result
from increase In the population, Improvement IN
It's condition during more than five years, expan-
sion Of markets abroad and other changes
which promise larger business than was real
izcd In past times
Measured by the amount Of wages expended
in supporting the great body Of workers ana
those dependent on them, this country has
about reached the aggregate attained In the best
of past years 1892. In many branches OF In
| dustry that aggregate has been surpassed. ana
| in others not as yet. In transactions nj New
| York II has been much surpassed in some recent
| months. but I'm transactions through the rest OF
the country not much. This, II will be seen,
| leaves nothing as yet for the gain In population
| during six years. which would he about IL per
cent Before the expenditure Of each wage
Garner or each family has reached the average
attained In 1892 there must come further rise.
! But II Is also true that extraordinary ev0its
| have expanded the natural business of the coun-
] tl,x .tnOt Of o
population. How far the recent war and the
! new access to markets in the West Indies and
| the Philippines may affect the business Of the
country can only be conjectured. But 1t is a
fact already demonstrated that the recent sue
cess Of American ships has brought to the coun-
fry important orders from foreign governments,
and will probably bring more; that the excel
lence of American machinery has secured for II
n far greater place in the worlds markets than
! I, formerly held and that foreigners have begun
| TO buy rails bars, plates and other products In
Quantities never before known. All this adds
and probably adds permanently. TO the demand
for American labor, and thus to It's purchasing
power.
The same conditions apply to the foreign de-
mnnds for many agricultural products, with the
addition Of extensive improvement in transport
alton by lakes and by rail. so that the producers
are able to deliver their grain or other products
with the same return to themselves, at less cos
In foreign countries The transporting compa
MES, also. because Of such improvements ant
because OF heavier traffic per mile are able Il
transport more cheaply with the same profit Il
themselves. Moreover. the enormous improve
ment in machinery throughout this country hal
greatly increased the effectiveness Of labor, 81
that with the same number Of men employed a
as good or better wages greater produc
would result 1t is not by any means possible
TO estimate the extent or effect of these changes
For the present purpose II Is enough TO poin
out the fact that these changes have a certain
and large influence on the purchasing and cor
Stunning power OF the American people, so tina
they may be reasonably expected to run beyon
any aggregate yet attained In general volume o
business. in the prosperity Of transporting CON
pnnies. in wages for labor, in savings and In ad
dtions to National wealth. The country has ha
! as yet but one year Of recovery after FIVE year