Courier Democrat. (Langdon, N.D.) 1891-1920, 1903-10-08

sion is ltkcl to he as much more Sc
we're than the 1893 one as the number,
size and poEer Of trusts and the water
ing and kiting of stocks were greater
following the Dingley than following
the Mckinley bill.
Third.--lron and steel prices, which
are considered the barometer of indus
try. are declining rapidly in spite Of
the efforts of the great and small steel
trusts to regulate production and prices.
Southern foundry No. . p;g iron has
declined from $1S u S:2 per ton. Bes-
semer pig, which sold at pittsburg Aug.
20, 1907, at $21.50. sold ut $l7.S5 Aug.
10, 1908. Within year steel billets
have declined from $3l TO S27: steel
beams, at tide water. from $2.25 to
$1.73As, and steel bars from 81 to $1.7O.
in Il few weeks.
Fourth.-The country's cleariEys or
bank exchanges are declining From
$3.6So.9G7 800 May 8, 1901. they fell to
So, 49, $50 ,721 Jan 3, 1902: to $o.2277,-
O61 100 Jan. 3. 1903, and to 1865. 3oG.-
921 Aug. IL. 1903.
Fifth.--Fcwer 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 for
July. 1908. as compared with July,
1902. The decline is attributed to a
stringency in the money market and
the apprehension of what the future
has i'll 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 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 "to make
repairs" and because of low prices;
reduction Of so cents per ton in price
Of buckwhcat (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 Connellsvillc region because
Of oversupply; reduction of 10 to Is 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 in control of the gov
eminent and industry. can stave of
the inevitable collapse until the cleo
ton Of 1904. The two great factors
in their favor and that have prevented
q collapse before now are succession
of good crops and 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. 1t can post
pone, but cannot prevent, 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.