New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-10-23
SAVINGS Of THE U. S.
ryGLTSHMAN'S views
Editor Of London "Statist'
BelieUes IN Our Prosperity.

- esssist." who is now paying q visit
:. .bis country. has written the following
,..,s- which win be published IN 'sThe
s.siist" this morning:
New York. October Is. 1900.
srs-v one acquainted with the progress
.s.he United States is struck BY the ignor-
- Of the average European concerning
=. eoroes which have brought this conn
- into its existing prosperous condition
- which viii continue 70 cause its pros
LIZ 10 Increase for an indefinite period.
-. infrequently one reads IA European
surnsls Of the great speculation that IS
r,ng on in New York and OF the dangers
- investing in American securities. IN
s,-unately the views put forward By so
-,snv OF the journals Of Europe are the
c,nions Of persons % high place and in
tv.noe who have never troubled 20 make
themselves acquainted with actual condi-
ans here
here can be no doubt that those opin-
ans are made IN good faith and that many
influential persons In Europe really regard
what they would term the sO-csIled pros
rsrty o. America as highly tinted soap
b1bble which viii speedily evapOrate. Il
nay Re said THAI these views hurt no one
NJ their lack OF knowledge from obtaining
a participation in the prosperity Never
fheiess il IS OF great Importance that
Europe should appreciate the true causes
Of American progress and the immense
rapdity with which this country is grow
sng IL wealth. IN trade and n population.
In these circumstances decided that I
would devote letter 10 giving a few facts
soncerning the savings Of the people Of the
United States. how they were invested and
By whom they we're made. While the OBJ
jsct o. this inquiry ives generally TO IN
form the readers OF The Statist'-nost
q whom realize and appreciate the true
STATE OF affairs In this country-upon &
u.srre- OF prime importance, / thought Il
would he especially welcomed by those
versions IN England ana on the Continent
whose Information concerning the United
States causes them TO give utterance 10 so
many unWarrantsble statements and 10
nke e course OF action which is prejudi-
oial both 10 themselves and 70 the coun-
uies in which they live
UNBOUNDED NATURAL RESOURCES.
The solid. permanent and amazing prog
Tess Of the American people Is due first and
foremost 70 the unbounded natural resources
Of the country second, 70 the hard and eff
CENT work done by practically every citizen
q the country either in producing the
riches which nature has bestowed so plen-
rifuIly or in manufacturing them into arti-
cles Of consumption or ia distributing them
e consumers; third. 10 the encouragement
which every one receives to give his best
EOrk and 10 make suggestions for getting
good results from the labor and capital ex-
very great importance in the progress OF
TIT countrv-to the liberal participation
which every one enjoys IN the general pros
perity.
IN Europe 100 infreguently il happens that
the wages paid 70 employees are no more
than sufficient 70 keep body and soul to-
getler. Here the general principle seems to
b 70 pay q rate Of wage which viii enable
he wage Gamers 70 secure share both OF
nf necessities ana OF the comforts Of lie
q st the same time 10 save considerable
@ from year 10 year. BY means Of
Ese savings the wage earners secure a
1bEtantiaI participation ia the wealth ac-
Eulng 70 capital over and above that which
emes 70 them as labores.
WAGE RATE HERE MUCH HIGHER.
Before leaving for the states received a
letter b which q correspondent asked me 20
ascertain II II was a fact that the wage
saEneTs O. America were really better Of
nan The wage earners Of England, or
whether the higher ate Of wages here was
Tot entirely neut1alized by the higher cost
OF food, clothing and rent. Since I have
hsen mere have made q great many in
guiries upon this point. and have come 70
he conclusion that the rate OF wages in
MS country is much higher in proportion
1lsn IN Great Britain after taking into ac-
caunt the purchasing power OF the wages.
snd that aft Ct meeting ali expenditures.
ne wage ssrners each year save a substan-
nal average sum which they place IN saw
hgs banks or which they use for the pur-
chase o. securities, houses, land, businesses,
etc
IN answer 10 my questions. my inform
sHtIs have supplied me not only with the
laie o. wages they are earning, but also
Rith the average sums they save from year
q year, and a number Of employers have
nonfrmed the statements as TO the large
savings q their employees. There can be no
doubt hat the savings OF wage earners
Fsaeh great sum IN the aggregate. and
largely contribute 20 swell the aggregate
sssninEs Of the nation.
@aret Aac4 explain many At-lilsE WHICH
are Otherwise fneXplieable. When il Is
Known hat al classes, including nessen-
ssSs and other employees. are regular invest
81 and naturally take an interest in Sc
e4rities. the phenomenon Of speculative pur-
masses by The working classes IS not 50
striking as il would be II they merely came
lto The market 70 buy securities on margin
Y rrae Of imitation Fortunately. the
easniele O. brokerage houses IN this coun-
y extends 70 al sorts and conditions q
rsa and women, and is not confined as. IN
iaFfunsiely Il Is with Ne. almost entirely 70
ne middle and upper classes
ANIMAL SAVINGS $4,000. 600. 600.
i VIII be realized that the savings Of a
tssion IN which practically every one Is able
% save reach 70 q vast figure An eminent
american banker OF International repute
VIII whom discussed the question Of
AMERICAS savings during my passage here.
tl'nsled the total savings Of the United
elstes Al nearly &, 500. 100000 (S7,5eo, ooo,-
beo) year
since my arrival have sought 70 form
az independent estimate based upon great
variety o. data. end have come 70 the con-
slnllon nat the annual savings OF this coun-
" are over EI.OOO. 100000 $4,000. 100000
tae thar the amount Is growing steadily
t.tater from year 70 year. This estimate
VINES with the conclusions Of government
s1eials. who calculated the wealth OF the
l.antEy IN 1900 al about Els. O0e. 600, 300
100000, 00o. O0O). and IN 1904 at 1000