New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-01

generation. The war cut US on from
German dyes and other valuable
coal tar products. Then we began
10 turn into gold the gases from
our own coke ovens. Necessity ia
the mortal enemy Of waste.
The Price
OF All This
Necessity, fortunately, will con
tinue. Everything has its price. The
price Of our war prosperity has yet
to be paid. 1t is in several terms, of
which the most obvious are;
Depreciation Of the industrial ma
chine from extraordinary wear and
tear.
Indi idual extravaganza.
High prices.
High costs Of manufacture.
Liability Of readjustment
Those are the principal elements
of the price we shall have TO pay FOR
our enriched condition. The neces-
sity for paying'it will put a high
premium for many years upon the
elimination Of waste.
Depreciation Of the industrial ma
chine is the minor item. In places,
no doubt, it is in pretty bad shape.
Perhaps the condition Of railroad
equipment was never worse, simply
for the reason that dad order" cars
have not had time TO stop in the re-
pair shops. Furnaces are burned
out. Requirements and renewals
have been deferred generally wher-
ever it was possible to do so and
still keep the wheels moving. How
ever, all Of this is owing to awk-
wardness. We never ran the ma
chine at the very top notch for
months on end before, and we have
to learn how. II is not serious
matter.
Individual extravaganza is a mat
ter Of degree. Carried to high
pitch it has very disagreeable con-
sequences. But a good deal of ex-
travsgance is necessary to put
Christmas retail trade to the high
record of which everybody boasts.
What happened last year was that
people produced more, received more
and spent moro, and If in their ex-
travagance they spent nearly all Of
their increased income-well, that Is
what 90 per cent Of all people have
continuously done in al times. Wage
disbursements were enormously in
creased. There was first the in
crease Of the wage fund that came
from the full employment Of labor
then the increase that came from a
rise In wages. This will require
special attention.
The rise In wages, like every other
phenomenon Of the year, was in de
gree and magnitude beyond compari-
son with any experience Of the past.
Taking the largest industrial cor
poration, wages were increased three
times in the year by the United
States Steel Corporation, and the to
tai vas 30 per cent
Never before had il been 30 clearly
recognized that the producer cannot
prosper alone, that in order that he
shall prosper at all the buying pow
er Of the consumer must be main
tanned, and that as prices rise the
purchasing power Of money falls, so
that the wage Garner will be reduced
In buying power unless money wages
. De tHCItdScu- Auo mOfpLlchb W
maintain the purchasing power Of
the people had no name or phrase.
r. began in intelligence and was car
ried far by tho force Of suggestion.
Corporations, banks, private employ
ers, the railroads and even the gov
eminent we're touched by It. The
rate Of wage was in many instances
advanced. In many cases bonuses
we're paid, corresponding roughly to
the rise in the cost Of living Re-
tail trade touched a new high record.
The people bought more merchan-
disc than the year before. There
fore, the purchasing power Of wages
must have been maintained. The
people spent their money, hence the
great prosperity. You see cause and
effect; you see also that when we
talk about extravaganza we do not
always know what we mean. II PEG
pie had not been extrayagant we