New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-03
that a considerable number will go over to the
Episcopalian Church, in which controversies
over such matters not so apt to arise.
NEEDLESS BUSINESS ALARMS.

NEEDLESS BUSINESS ALARMS.
An occasional croak is heard Would an cleo
ton of a President be complete and legal IL
there were not during the campaign the regular
proportion of disasters? Rather more of them
than usual might with reason be looked for this
year, because the state of business is such that
a considerable decrease is probable in many
branches. 1t may therefore be wise and help
full to point out a little in advance what measure
of shrinkage may perhaps result from forces
known to be in operation. and what relation
such reduction may bear to the general volume
of business. For the croaker of the Presidential
year is apt to be man who does not over
work his conscience. does not need extraordi-
nary inventive genius, and relies mainly upon
the fine gift Of exaggeration. There will be
some decline in many prices and some shrink
age in various lines of business. With a little
magnifying that will suffice.
AS the bottom begins to go out of the cotton
market people realize that nothing like a maxi
mum demand for cotton goods could ordinarily
have been expected without subsequent fall
in prices. The remarkably high prices real
lied during the last two months have so
far encouraged planters that the acreage plant
ed this year is likely to be much larger than
in previous years. and If a great yield had
come with the mills loaded with cotton at
Top prices Ine trouble might nave Deen Serl-
GUS. But the disposition of consumers to wait
for lower prices has been in some degree
matched this year by the care Of Northern mills,
ever since the great rise began, not to get them
selves loaded beyond reason with high priced
material The reduction just made in print
cloths is an evidence that the manage are also
aware Of the Importance of stimulating better
consuming demand by lower prices for goods
While these conditions prepare for n shrink
age, and yet for a strictly restricted shrinkage
in one branch Of manufacture, the unusual adj
vance in European prices of wool during the
last year is also sure to correct itself. The pos
sible supply Is unlimited, and the necessary cost
of production in Australia and South America
has not been permanently increased. Because
an extensive decrease of output has helped in
connection with American events to sustain
remarkably high prices in Europe for two sea-
sons, the natural consequences to be
pected-reduced consumption of goods and
larger production of wool. This means that
American growers will not be able to command
such prices they have received within the
last three years, and at the same time that good
fortune for American growers has by itself
sutficed to increase the output. The campaign
story maker may not mprobably find it easy
this year TO show that the growers get lower
prices than last year, and also that the output
OF certain mills is by some fraction diminished.
By repeating each separate instance as |: 1t
were "only a sample" he can make out an
appearance Of shrinkage.
One of the gloomy prophets of evil landed
from Europe on Wednesday and proceeded to
inform this country that 1t would cut down It's
output Of Iron by % per cent this year. How be
hit upon this important information for Ameri-
cans over in Europe is not explained, nor is IT
A.
ter in the output would still leave a greater pro-
duction and consumption than this country had
ever seen in this department until few years
ago. As to the probability 1t may be noticed
that for five months the production and con-
sumption have both been greater than in any
previous year, so that n decrease of n quarter
for the year would require a decrease of nearly
one-half for the remaining months of the year
AS no such violent change has yet occurred
through all the vicissitudes of the country, II
may be guessed that the exaggerating machines
are at work already. If the people whose in
terests are at stake will turn their minds to the
definite facts of recent experience, and note
how much they have recently gained and how
much their business may decrease without fall
ing below what was its maximum but a few
years ago, it may help them on many an occa-
sion during the coming campaign. They will at
least be better prepared to meet the dismal
stories and yet more dismal predictions without
which Presidential election could scarcely be
considered legal and binding.