Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1903-09-05

TUE 1910 ISiAIlC O"C0 VI
its severity to the fiotation of numerous
protected trusts with watered stocks
and to the high trust prices and stock
kiting which followed the passage of
the Mckinley bill in 1890, with its out
rageously high duties. The 1904 depres-
sion is likely to be as much more Sc
we're than the 1893 one as the number
Eize and power of trusts and the water
ing and kiting of stocks were greater
following tie Dingley than following
he Mckinley bill.
Third-Iron and steel prices, which
are considered the barometer of indus
try, are declining rapidly in spite OF
the efforts of the great and small stee
trusts to regulate production and prices
Southern foundry No. pig iron has
declined from $1S to So per ton. Bes
semer pig, which sold at Pittsburg Aug
20, 1902, at $21.50 sold at $17.S5 Aug
10, 1903. Within a year steel billets
have declined from $31 TO SGT; stee
beams, at tide water, from $2.20 tc
$1.731a, and steel bars from 81 to $1.7O
Much of this decline has occurred with
in few weeks.
Fourth-The country's clearings OF
bank exchanges are declining. From
So, 6S0,967 1872 May o, 1901, they fell tc
2.452, 239,72 Jan 3, 1902; to $2,277,
O61 ,129 Jan. 3. 1903, and to 81, 969, 306,.
927 Aug. 10, 1908.
Fifth.-Fewer buildings are being
erected. The monthly record kept by
the Constructing News shows that
building operations in nineteen Of the
principal cities fell off II per cent fol-
July, 1903, as compared with July.
1902. The decline is attributed to q
stringency in the money market and
the apprehension of what the future
has in store.
Sixth.-Great land speculation, espe-
cially in the northwest. Political econ.
omists agree that the climax of what is
called prosperity is marked by a great
rise in land values. This rise, for rea-
sons which need not be explained here,
marks the beginning of industrial de
preston.
Seventh-Some of the minor signs of
trouble ahead are: Closed cotton mills,
throwing 100000 out of work; closed
iron, wooden and other mills Ito make
repairs" and because of low prices;
of buckwheat (steam) coal in Philadel
phia because of the shutting down of
many industrial plants; recent heavy
Withdrawals from New York savings
banks; blowing out of over 600 coke
ovens in the Connellsville region because
of Oversupply; reduction of 10 to 10 per
cent in wages of many of the textile
strikers in Philadelphia, who three
months ago struck for higher wages
and shorter hours and got neither; de-
creased demand for high grade wool
ems and increased demand for cheap
shoddy and cotton goods, showing ex-
hausted buying power of the people;
unparalleled immigration, greatly in
creasing the number looking for jobs
and thus prolonging strikes and insur-
ing defeat and lower wages for work
ers.
In view of these facts or portents of
hard times it is improbable that the
Republicans, with all of their advan-
tages from being i'll control of the gov
eminent and industry, can stave off
the inevitable collapse until the cleo
ton of 1904. The two great factors
in their favor and that have prevented
a collapse before now are a succession
of good crops and a decrease in the
value of money caused by greatly in
creased output of gold. The stimulus
to business from cheapening money,
which manifests itself in advancing
prices, artificial and deceptive though
it be, is likely to continue. It can post
pone, but cannot prevent, a depression
in business. If our crops turn out
much below the ordinary hard times
may begin this fall. If they are above
the ordinary the break, though it will
begin soon, will not be severely felt
until next year.
BYRON W. HOLT.