New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-08
The REICTIov N pRoSPrRLrr-

By the slight abatement which has been oh
served in the activity Of some dcpartr1ontS OF
American industry in the last few months econ
omists nave been led to ask how much further
IL is likely 10 60 Periods Of development alter
nate more or less regularly with hats or set
backs 50 that II is natural To inquire whether
the impending reaction Is likely 10 ba notable.
like those in the 1o's and gUs. or more mild.
In an elaborate review of tho uro-1rr-ty or
tins country ''The Statist," a British period
ical takes a highly favorable view Of the ont.
look. II is satisfied tnat the depression will
resemble that Of the SOS IL will Doe comnara-
lively small, and Il will not last very Ion.."
Production which s the original source OF
wealth, is divided into three crea. branches.
Agriculture has the place Of honor stil. so FAR
as proportions go. The value Of farm prod
ucts has increased steadily and in an amazing
fashion. From 1890 10 1900 the growth was
over 20 per cent Partly through the occupa-
ton Of new lands and partly through improved
methods Of cultivation, continuance Of this
expansion. The Statist' believes, may be OK
pected I'm spite Of the anthracite strike I'm 1902
and the more recent pause In gain in the output
of piS iron. mining has. on the whole. enlarged
its yield. The production of gold, copper. soft
coal and petroleum shows no signs Of falling off
but, on tie other hand practically uniform
Development Thirty years ago manufacturing,
contributed about - per cent TO the nations
wealth. To-day It's share IS over - per cent.
Again, the value OF its products increased be-
tween 1890 and 1900 fully 40 per cent Here.
too. "The StatisC' looks for further growth.
with n large expectation Of any surplus that
may accumulate in consequence Of the dulness
OF domestic trade.
Particular attention Is given by our contem-
porary TO the condition and prospects Of Ameri-
can railways and the value Of their securities
Transportation, OF course, sUstaius the most
intimate relations with trade. Companies en-
gagged In that industry should thrive when other
kinds Of business are prosperous. There are
however, additional reasons for cheerful anticl-
pations in regard 10 American railways Very
little new capital has gone into them Of late
and their earning capacity has materially in
creased During the 1Os 10000 miles Of fresh
track were laid in the United States. and in
the next decade 1900. During the 9O's only
$4,000 miles were added. Between 1888 and
1892 The passenger mileage per mile OF road
remained almost stationary at a tribe less than
$4,000. BY 1902 1t had grown TO 99SI2. The
most conspicuous gain, though, was I'm the
freight traffic Between 1883 and 1892 the
average load Of z train rose from 126 TO 1G1
tons, and by 1902 it had reached 3OS tons. The
general effect Is illustrated by another COM
parisOn. For the fiscal year 1S03-94 the net
earnings Of all American lines were 32S per
cent OF the cost OF the road and rolling stock
while for 19O1-O2 they were 5.1J per cent gain
OF more than one-half in profits of the indus
try. In its detailed survey Of the finances of
the more conspicuous railway here THE Sta
tist' shows that n few OF them have really
earned O. 10, Il and even 10 per cent though
n large part OF the revenue mas gone into i'm
provements instead of dividends. Here. cor
tainly. is a showing that inspires pride and con-