LOWER COSTS AND HIGHER WAGES 219 
ing. The largest bank of the country—the National City 
Bank of New York—in its financial review for May, 1927, 
makes the following comment as to the growth of business 
and wealth since the close of the war: 
Inasmuch as the amount which the individual can spend on 
necessities such as food and clothing is fairly limited, the 
excess has flowed out and created the demand for better hous- 
ing, for automobiles, radios and the like, that has gone to sus- 
rain the business boom. It has also made possible a larger 
attendance at schools and colleges. Shortages created by the 
war may be made up and the stimulation of business derived 
from them dissipated, but the impetus received from an im- 
proving state of general well-being goes on so long as each 
individual recognizes, and in his dealings with others is 
guided by, the principle that prosperity is dependent upon an 
even exchange of goods and services and that it is the wealth 
which one produces that enables him to buy the products of 
nthers. 
This dominant financial institution, as can be readily 
seen, in its analysis of the post-war business situation, com- 
pletely eliminates the shortage caused by the war as only a 
temporary cause of prosperity, and gives its sanction to the 
theory that the force of an increasing volume of consump- 
tion and well-being is the real foundation of industrial ex- 
pansion after the unusual but temporary demands arising 
from the war-shortage had been satisfied. 
One of the most interesting and comprehensive as well 
as one of the most analytical and sound discussions of the 
new order of thought and action which has characterized 
American business and industrial undertakings since the 
year 1923 is to be found in a series of articles written by 
Mr. Garet Garrett for The Saturday Evening Post at the 
close of 1927 and the beginning of 1928. The following 
liberal auotation is reproduced from one of these articles as