New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-06-24
THE YEARS OUTLOOK.

Not only all the business men but all the
politicians this year have their ears to the
ground, listening for signs of progress or re-
action. The next year will bring a general
election which will be largely affected by the
industrial conditions then existing. The
millions have better memories than they used
to have 1t Is fair to hope, because the conse-
quences Of reactionary voting in 1892 cut
deeply into the experience of multitudes, and
the recovery since the Nation resumed Its
sanity IN 1896 has been so impressive that It's
lesson will not be easily ignored Yet there
are voters In great number whose memories
are so poor or whose character is so shallow
that they Will be Influenced far more by the
conditions temporarily affecting them next
year than by all past experience 1t is there
fore of consequence, not only 10 business men
who have to make contracts and calculations
reaching into the future, but also TO all who
care for the results Of Presidential and Con-
gressonal elections next year, to weigh the
probabilities Of reaction or continued pros
perty during the coming twelve months
History teaches that periods of marked i'm
provement rarely terminate within three full
years A certain time is needed for recovery
from extreme depression, and usually more
than year. Then year or more is required
for legitimate and substantial advance to a
higher place Of industrial welfare and COM
mercla success. Afterward the laws Of
human nature usually bring year or more Of
excessive trading, undue expansion, inflated
hopes and unreasoning speculation before
these In turn bring about the inevitable reac-
ton. For about a year the volume of busl-
ness has been steadily ahead Of the record OF
1892. previously the Nations year OF highest
prosperity, but some increase In volume should
be held incident 10 six or seven years gain In
population. Since this calendar year began
the volume OF trade has been in proportion to
population larger than in 1892, so that the
period OF normal advance to a higher plane
may be considered In progress. Except IN
some securities, and in these rather spasmod-
ically, the year has not been one Of excep-
tional speculation or overtrading.
The relations between employers and en-
ployed have much TO do with the soundness
OF business. and thus far these have unusually
favored a continuance Of prosperity. There
are some Indications within the last month, II
is true. Of troubles in Ohio and Colorado which
might spread and cause embarrassment, but
there Is not yet as much interruption from
that source AS is usual in the summer Many
large organizations have settled amicably their
relations for the coming year, and there are
still fair prospects regarding others. ADy gen
eral labor difficulty this year affecting more
than a single branch Of Industry or business
would be likely TO check the progress toward
better things. and thus TO prolong the period
over which that progress might extend.
The Industrial combinations formed this year
and last viii reach a point at which their
working usefulness will be severely tested
But practically all Of them acquired in con
E1naLAn with their organization sufficient work