New-York tribune., 1919-08-31

wise foresight and a provident atti-
tude on the part of the producer. As
regards cotton. the opposite appears to
be the case.
Cotton Situation
w hen the way ended the worlds cot.
ton supply was below normal. The sup
plies OF cotton goods were also low. The
acreage planted TO cotton was this
year approximately 8 per cent less
than for 1918. The present prospects
are that the cotton crop will be small,
ana published articles are appearing
expressing qualification over the pros
peceiveiE large commercial returns
winch the cotton producers may be
able TO command because Of the high
pr'ces which may be had for the re-
duced cotton output.
I'm the cotton industry. as in most
or our industries, the economic watch
word of war-times, which was Output,
and morel outpus (thc necessary con-
dition of full prosperity in peace) was
rot heard after the armistice. There
OF unhealthy fears Of "overproduc-
ton
Notwithstanding the release of
labor, if it were needed. by demobil-
lzation. and notw;th standing adequate
supplies OF raw cotton to meet the
seasons requirements and the lack Of
any important diEcolties in the way
OF reconversion 10 peace time products,
ard will low supplies of finished goods
IN stock. tHc cotton industry kept more
spindle idle during the first five
months OF 1919 than were idle during
the corresp spending period for 1918.
The Boot and Shoe Industry
The production Of boots and shoes
for the first quarter OF 1919 was re-
porte as about so per cent below the
production for the last quarter Of
l91~. Plants were prac icaily closed
and II some cases it is reported that
machinery was returned to the shoe
$1,000, 900 less pairs OF shoes pro
duced IN the frs. quarter Of 1919 than
IN the last quarter OF 1918.
"a reduction in the output of.milj-
tary shoes vas, of course, to be cX-
pected, but i. spite Of the fact that
soldiers would De expected to turn to
civilian footwear. the census report
shows reduction Of more .han 25
per cent in the output of civilian
mems shoes in the quarter ending
March. 1919, as compared with the
production in the quarter ended
December, 1918. A reduction of be-
tween 25 and 80 per cent was also ap-
parent i'll the output OF womens shoes.
The reduction in the output of shoes
for youths, boys and misses was even
more marked.
Housing and Rents
1T has been estimated that the
United States was short million
h 1- ta A
paign to stimulate and encourage in
creased building was begun and carried
on during the first half OF the present
year. Those industries, however. whose
activity is prerequisite to building,
such, for example. as brick making.
lime. cement and lumber production,
remained relatively stagnant or tied
up with price and labor disputes until
late in the spring.
The production OF raw materials
necessary in building construction was
Tar .ow normal throughout the
arn,istice period. Many plants were
operating on part time and some were
closed down entirely. Glass production
vas reported 10 be on a so per cent
basis as late as May In response to
the building campaign and the recogni-
ton o. The general need. and also, no
doubt. n anticipation OF handsome
prices rendered obta;nab,e by the acute
shortage Of housing, fairly large
building programme was eventually put
under way, and it is now experiencing
handicap b. reason Of the shortage Of
building material which throughout the
winter was obviously impending. The
period Of high and increasing rents
and Of high and ascending prices Of
houses appears, therefore, 10 be fairly
certain Of continuing for some time to
cone.
Railroads, Traffic and Rates
'As above stated. the high cost Of
living really means shortage Of the
things we live upon. A comparison of
railroad freight revenues seems TO in
dlcate tina. We are subsisting with a
reduced use OF freight service-and
since we are not likely, upon investiga-
, tlon, TO ind ourselves growing more
sei1-sutHclng since the war, it seems
that in receiving and sending less
fronted with another evidence of the
TACT that We are in general consuming
and producing less goods
The Coal Situation
THE example OF coal production fur
nshes another instance of the fact that
America was able with depleted man
power and in the face of other handi-
caps during the war to set herself an
example of increasing output such as
she has not demonstrated the abiIi&~
or disposition to parallel in the return
ing times Of peace. The total amount
Of coal produced up to July 5, 1919
was 261 100000 tons, as compared with
5oz,00000O long tons for the CORE
spending period Of 1918.
Iron and Steel
The record of our after-war steel
and iron output furnishes us with an
other warning that we have been neg
lecting to keep pace with the estab-
llshed American rate of industrial i'm
provement and expansion and fore
sighted preparation for future require
nents and progress.
The iron and steel business was
considerably stimulated by wartime
requirements. There was govern
mental agency whose business it was
20 foresee the war needs, and to place
orders so that those productive forces
which are wrapped up in the steeI
industry might be utilized to capacity
For want Of some industrial admins
tratlve insight which might utilize oul
maximum productive powers. the stee
industry's activity has since the armi.
stice greatly declined.
"A survey points to evidence Of 8