The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-05-03
r.E RusslAN INDUSTRIAL CRISIS.

eprts from St Petersburg and other cener Of trade
give dismal descriptions Of the industrial collapse through
out the dominion Of the Gar The crisis began early in
February last and since then the conditions have been
growing worse In The Contemporary Review for April
DR. E. j. Dillon long resident of st. Petersburg has an
article entitled "AI Witte the Minister of Finance and
the Russian Commercial Crisis" From Official quotations
the bourse DR. Dillon has compiled long list showing
the enormous decline in shares of banks iron and steel
works. glass works mechanical and machine companies
naptha industries and steamship companies The
est combinations of capital in the empire have been shaken
the general crisis while many extensive industrial and
commercial companies have completely collapsed.
The causes assigned for the disaster both public
and private involving falling off in the supply of money
distribution Of credit partial overproducton econ
omy in consumption, and all reckless speculation
Remote Russia apparently is from the influence of the
South Africa that conflict has nevertheless contrib
uted its share the crisis in locking up for nearly
years important source Of gold supply At the
war in China has diverted considerable resources
the treasury from building railroads and extending
old ones thus enforced economy on the part OF the
government has been keeny felt by the producers Of pig
iron steel rails and coal While French Belgian German,
american British capitalists having large investments
in Russia have been more less injured the crisis the
British have given TIE Russian steel industries wide
berth much preerng investments in petroleum and man
works which have been eas- disturbed in the
dustrial catastrophe.
is usual in great disasters Of this kind criminal
sponsibty for the fall securities the collapse Of indus
tries the ruin of individuals and the distress of the IN
employed and their families The architect Of Russian
ruin is IT. Wtte the minister of finance whose chief of
Tense consists in having given timely warning of com
mercia reactions When the able minister foreold an
eclipse Of prosperity result of excessive speculation
the promoters and spectators II every description bitterly
denounced him for having chilled enterprise and industry
Now when the crisis has come the same people hold H.
We responsible for their own recessness and abuse him
without stint because he cannot adopt the desperate means
which they suggest for putting them their legs again
In the crisis which has orertaken Russia il IS not
strange that 5he minister of finance SO promptly awaited
himself of the sugar question 70 raise duties on certain
American imports in order check competition with
Russian manufactures in normal conditions he would
hardly nave regarded the any Importance But
he did not choose TO give his eager enemies fresh oppor-
tunity to assa him Of patriotic concern for the
country interests Nor is it strange that in the pover
ishee condition Of Russian finances the government at ST.
Petersburg should insist upon enormous claim for n
demnity from China The Chinese indemnity however viii
be very feeble resource i'm the reat needs of lie empire
Witte has the reputation IN European cabinets Of being
great statesmanone Of the greatest Russia has ever
had-but II VIII tax TO the utmost all OF his abilities ana
to organize the financial resources and eco
monte policy Of The empire to prevent the recurrence
Of such crises as that which prevails from the Baltic
to the Caspian Sea.