The times. [volume] (Richmond, Va.) 1890-1903, 1898-10-16
THE DAY OF SMALL PROFITS.

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THE DAY OF SMALL PROFITS.
When we wrote yesterday that the day
~ big profits was gone We had not seen
the report Of r. 6. Dun & Co., when
WAS printed in our news columns. IL Is
an interesting coincidence. therefore
that that authority makes the same
nolnt. There is great advantage and
perhaps a permanent one" says Dun
"in the percentage Of profits derivaole
from trade and manufactures as wei as
in the profits a;tainaDle by transporie.s.
Progressive civilization calls for lower
range Of profits and OF prices as the
volume Of business transacted Increases
in order to make possible improvements
in the condition Of the working mil
lions"
This Is peculiarly a practical age an
inventive age, and the mind Of man is
constantly occupied with the practical
pursuits OF life. Competition IS sharp
and every manufacturer is racking his
brain every day that he may gain some
advantage for his products over those
of his competitors II he can produce
an article cheaper ana better than any
body else he is sure 10 obtain for 1t
large sale. II he cannot produce as wei
and as cheaply as his competitors hs
cannot sell his product. We have seen
this singularly demonstrated in the
manufacture Of cotton goods. The South
has beaten New England IN this indus
try and has caused q panic among the
manufacturers at the North, not simply
because IL has the advantage Of being
closer TO the cotton fields. but because
the Southern mills are provided with
the latest improved machinery. The
manufacturers of new sp.ndlcs and looms
have learned how to turn out machines
that will do better work and swifter
work than the machines Of o'd. and so
the Southern mills can manufacture
cheaper and better than the Northern
mills. Competition. we say. has driven
manufacturers to the necessity Of manu-
featuring at the lowest possible cost.
But another thing is 10 be considered
In this connection. 1t has been ascer-
tained that there is great advantage
in combination. so that there may be
the largest possible output f.om the
same number Of employees and from the
same amount OF capital employed. Two
factories working independently Of each
other I'm separate buildings and under
separate arrangements have found that
there Is a great advantage TO them in
working together ia one building ANA
under one management
And so the tendency Of the age is TO-
wards combination and great corpora
lions are formed. one Of which viii d.
more business in year than a hundred
small operators. working separately did
In the years gone by. These great cor
pora,ions. therefore. working under one
management and putting ont an enor-
/ nous output each year can AFFORD 90
: sell for smaller profits. And 50 comb
nation. which is. the order Of the day.
/ has had much to DO with reducing proiiis.
/ For example, The oil which We use 10
/ our lamps to-day is better and cheaper
than was ever known IN the history OF
the world. and all because the oil OUT
rut Of tbs country IS practically con-
/ trouel by che corporation. IL can afford
TO sell an excellent article at very
small margin OF profit. ard yet be- a'se
; Of the immense volume az its business
the company makes great deal Of
/ money.
We are not arguing In favor OF CONE
! blnations. we are not arguing in favor
Of the gold standard. We are not arguing
/ in favor Of small profits We are simply
stating a condition. We say that the
new order OF things IS due to. the causes
which We have assigned and not % the
so-called demonetzation OF silver, as Che
advoca es Of free coinage claim. We ace
! cent the inevitable condition which con-
fronts us while others busy themselves
with theories. But We vii say that the
present condition is not altogether evil
and that The era OF small profits is not
without lis compensation. We do no'
agree that It is d bad thing for the world
that the necessities and even the luxu-
ries Of life should be cheap The wages
Of the worklngmcn are no. as great as
they once were. but hts wages have not
fallen in proportion 20 the decline In
price Of the articles which he consumes
I'm his daily life There never was "a time
when q dollar could buy 50 much II
the silver man resent that, we say that
there never was a time when q day
labor would buy more There never was
time when the condition OF the work
,ncman was better. when he enjoyed
more of the privileges OF American clt-'
zenshlp. when he could indu.se mere Ii
the iuxuries OF life.
This is not a political article II Is
rot written for political effect II Is
Sunday article. and the point which W
would impress on this holy day IS tina
the people of these United states. with
out regard 10 class. never knew m
,rhcn they had more cause for gratitude