This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 edition. Excerpt: ...of cotton cloth, shoes and every other article of comfort has been increasing. This increase in the production of articles of common consumption is mainly the result_ of improvements in the industrial equipment. The production of steel in this country increased from 4,000,000 tons in 1890 to 34,800,000 in 1914, not to speak of war figures. The number of horsepower in use in manufacturing establishments in the United States increased from 12,800,000 in 1904 to 18,500,000 in 19.14, or nearly 50 per cent-in 10 years, while the increase of population was about 20 per cent. This represents an accumulation of capital, and the benefits of this accumulation are widespread. Here, then, is the fundamental difierence between Mr. Henderson and those who defend the existing order. Henderson and his type of agitators do not see that capital accumulations benefit anybody but the owners of capital, while economists see that these accumulations are in the service of the entire community. 'Nine-tenths of all the agitation over the industrial order is based upon this misconception. The profits and wealth accumulations which Henderson complains of in the past have built our railroads and power plants, equipped our factories, developed our industries and increased the productive capacity of the country to what it is to-day. The agitators call incessantly for more, but if theirtheories had been adopted a generation ago the supply of comforts would be much smaller than it is. THE INCOME OF CAPITAL GENERALLY OVER-ESTIMATED We suggest that when the Washington conference meets it Will do well to take up for comideration a book upon the "Wealth and Income of the People of the United States," by Professor Nillford I. King, of the University of...