Evening star., 1924-11-29
VITAL THEMES
Business on the Upward
Bound.
BY GEORGE T.. ROBERTS.

It is evident that, regardless Of politi-
cal differences, the result. of the election
has been accepted with confidence and
satisfaction throughout the business
community There are many signs that
1t is regarded as completing n situation
more favorable to general and stable
prosperity than any that has existed
since the war.
There is no more sensitive and re-
sponsive barometer of business prospects
than the New York Stock Exchange.
Not because prosperity is made or un-
made there. but because it is the market
place for the stocks and bonds repre-
sentins the ownership and credit Of the
countrys principal corporate industries
industries which enjoy their greatest
prosperity when there Is prosperity
throughout the country.
The stock exchange has been the
scene OF extraordinary activity since
election day. Ordinarily sales OF q mil
lion shares a day make what Is rated
as an active market, but the turnover
has been more than twice that since
November l. This is not the buying OF
exchange traders, but flow of orders
from all parts Of the country. ana
when in a single day they include stocks
In almost every kind of business it can
not be doubted that they constitute a
very practical and significant express
sion Of opinion.
Twice in tho last 80 years there have
been situations similar to the present.
The first was when the country success
fully resumed gold payments III 1879.
and the other was following the election
of 1895. Each time the election proved
to be the turning point. after which the
country entered upon tho period OF dc
velopment and prosperity unequaled IN
our previous history.
In both cases an unbalanced relation
had existed between agriculture and the
other Industries, depressing both. An
era of railroad building following the
Civil War had caused a great expansion
Of agricultural production, and the
same thing occurred in the decade fol-
lowing the revival Of 1S79-S0. 1t was
commonly said that the country was
overbuilt and overdone and never could
pay the Indebtedness hanging over 1t.
Then came the revival, and develop
ments that went beyond the most SAN
guine Wealth. productive power and
ccnsumptive demands increased togther,
until factories and railroads had to be
built over to give enlarged capacity and
to take advantage of new ideas, new
methods.
The aggregate value of real estate, in
cluding buildings. in the United States
doubled from 1900 to 1912, according to
census figures, when the value of ma
chinery and tools increased from 2,50n,-
900, 600 to $4,000. 100000. Perhaps the
most telling figures of all are those of
railway tonnage, tons carried l mile
increasing from 95.139 9,022,22J in 1897,
which marked the term, to 141,596, 80 =
161 in 1900. from which there was al
most constant increase to 30l,39S, ,152,-
lis ton miles in 1913. The number of
tons of steel made in 1897 was 1885,.
and in 1912, 81, .303 Meanwhile the
increase Of population from the census
of 1899 to that of 1909 was about 81
per cent. These figures show how this
country can go forward when the con-
ditions are right and the spirit of con-
fidercc prevails.
ICopyright. 1ac41 ..--.--.