New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-11-09
~ NINENk POSSIBILITIES

The significant activity in stock and bond
markets on Monday indicated clearly the JudS
ment of prominent operators that business con-
dtions were 50 favorable as 10 insure great
improvement if the result of the elections
raised no obstacle. and 10 shield the country
10 some extent and for the time. even II re-
suits should be adverse 1t is not difficult 10
see that this Judgment had much TO support it,.
Even the worst Of conditions do not always
produce their full effect AT once. The prOspCr-
ty was So general and great up 10 November
in 1882 that the collapse in business which fol
lowed did not appear for four or five months
except i'm comparatively few branches and in
the significant exports of gold and imports OF
stocks Exchanges were then swelled by for
cign unloading of securities here. and 10y all
SORTS of efforts by Americans to provide against
apprchended trouble. while the momentum or
prosperity was 81 great that many believed
no trouble would come on the other hand the
conditions in the fall of 1895 were not general
" favorable. and even the triumphant election
Of President Mckinley did moi for some months
result in such gains 10 satisfy the cXpecta-
tons of all his supporters.
But when the business conditions favor ma
terial expansion and there is added a decision
by the people giving ground for confidence in
the future Improvement is likely 10 come AZ
once 1t was 50 after the election of Harrison
in 1883 although it was not possible fully to
restore Industries until the Mckinley tariff had
been enacted This year a tariff which de-
tends American Industries is already in force
The country has been entirely free from appre
hension about its money. and has accumulated
so great a body of claims against Europe that
nj. he nf a.
here to exhaust that reserve. The crops here
have been heavy. and the foreign demand has
thus far been nearly as large as in the most
fortunate OF past years. The Industries are
not only well employed. but most of them have
orders covering work at full force for months
ahead. II is precisely in such conditions that
the effect of new forward impulse is likely
TO be most speedily felt. Just a. the rain which
finds the stream with full banks is likely TO
produce a flood.
There are some business conditions which
many overlook that go far to Influence the
future. 1t is extremely important that the
general range of prices is unusually low and
the less likely TO decline. so that the cost Of
living and of production are at the most favor
able point for marked expansion. Wages. also.
although somewhat advanced since the pros
trallOil, nave bN no UpdUS IlStD 81 HtItIdllA
and so far az to constitute hindrancc to in
dustrial progress In some branches prOduc-
ton has been rather Overdone, hut in the main
il has not been further ahead Of current de
mandS than safety requires. Another feature
Of great importance is that the general average
of commercial Indebtedness is remarkably low.
as the returns of failures for the last few
months have shown. There has been freedom
from wild speculation, overtradng and intla-
ton OF prices These things all tend 10 render
marked Improvement both easy and safe. when
ever an impulse in that direction is felt.
one must also look abroad 10 realize all the
circumstances which contribute TO defend this
country against evil and TO help every impulse
toward improvement. The attitude Of great
foreign Powers toward each other makes ii
wcllnigh impossible to believe that any one Of
them can AT this time take Il position injurious
10 the Cnitcd states. Their own uncertainties
and anXictes strongly incline foreign financiers
10 prefer investments in the nitcd States when
Improvement here appears The state Of for
cign grain supplies j. such rs 10 render all ma
therefore likely 10 accumulate larger stocks 10y
drawing heavily on American supplies. Fam
me has exhausted many stocks. and the mere
rcpcni>h ment Of them viii in any case 60 far
to provide a greater market for American prod
ucts.