New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-08-29

while I'm the shoe industry, which Is likei! w o'
little affected. the proportion Is much more TIA"
four-hfthS In iron and steel IL see"s w Nv
about 20 per cent. and In woollehs sun "'''
Outside of these special influences 'he '''''''
factor is the earnings Of the people. ~ do :,
whole they are earning - where inc! earn
81 il must be expected that they VIII not eA'
pend more than 81 where they spent -. Ai''i
LcI,veJ replrnishmcnt Of stocks has been ac-
complishcd the wages and the employment VI
labor will inevitably determine the volume vi
trade. -.
The heavy reduction OF wages during Inc ias'
voor with reduction Of freghts ana royaiu''
and profits. has brought down the cost OF pro-
,uction I'm many threatened departments OF III
dustrv so FAR that it is believed they can S"r-
ylye competition under the new tarlH Inc pes'
authorities I'm thc iron and steel industry thlhh
that. except in tinplatcs. cotton ties, ana soNlc
other special products. foreign competition VIII
NOT break down concerns that are able TO pro-
ducc AT the present range OF prices. but 'hc>t
arc NOT thrcc-auartcrs Of the full capacity. ana
vbctbcr prjccs or wages can be materially
raised in the face Of the foreign competltioh Oh
new terms Is a question. Most of the cotton
ministry I'm like manner, Is beyond r"ich Oh
harm m present prices and wages. but part may
Il. forced 10 reduce wages. while some or inc
remainder must count upon Il continuance OF
chcap cotton and cheap labor. After January !
undcrvauatons will threaten II great part OF
the woollcn industry. and 10 one can now Judge
how much Until then. II Is affected only by
the indspoSiton OF people 10 purchase WITH
heavy fall in prices expected four months ahead.
A great variety Of other Industries are In some
what similar position While the men of larg-
cst experience and greatest technical knowledge
I'm each trade are obliged TO admit that they
cannot clearly forcSce results. II requires Free
Trade Congress or a Democratic editor TO make
a general forecast without modest hesitation.
Rut the one fact which stands out clearly Is
that production on the present scale has been
attained only with such reduction in wages rs
nppc1rs 10 make the present volume Of business
about as much as can be expected. The 1ucs-
tinn whether wages can be raised ut all. ana
the consuming power Of the people thus in
creased under The new foreign competition. Is
one which only time and possibly trying expert
cncc can answer and In some directions it
seems clear that wages must 90 lower than they
are now. or work must be stopped by cheaper
foreign products.
For the present there will be an earnest ana
hopeful struggle in all Industries. while the
rcplrnShm"n Of dealers stocks goes on. Amerl-
cans are not 81 the character 10 surrender their
home markets without Il strong effort ana large
loss may be- sustained before many Will Yield
During the period ~ rcplcnshment ana struggle
the volume 81 business may naturally be larger
than II can be- somewhat later. and In many
trades the opportunity 10 do IN active ana fairiy
successful business for the next few months
will attract the prudent as well rs ih" enter
prising II is n least clear that the country
cannot know until some time next year how far
III new tariff Is 70 affect its Industries. and
there is always room for hope that under severe
trial Americans may hr found stronger than
they themselves had realized.