The Kalispell bee. [volume] (Kalispell, Mont.) 1900-192?, 1903-11-10
Capitalist Admission Of the Coming
Industrial Chaos.

The following article was written
by the famous newspaper writer.
James Creelman. for the New York
World of October 4. 1t might have
passed for mere sensation but the
views given have the endorsement of
the financial world. as shown by it's
being reprinted in Price & Co.'S week
ly trade circular II Wall street, of
October S.
Not captain of speculation. but
great financier, one of the foremost
men Of the continental man whose
name would be instantly recognized
throughout the world for it's COM
manding authority in the financial
and commercial affairs of America
said to me yesterday:
You ask me whether the worst
stage in the present commercial de-
preston hos been reached. l can
scarcely trust myself to answer for,
if | speak at all. I must speak the
truth as l know it, The fact is that
we are now at the very beginning of
industrial hard times. This country
will sweat blood before many months,
and before the year is over it is like
~ that hundreds of thousands of men
who are now employed will be idle.
We are only catching glimpses Of the
steep part of the down grade. Be-
fore we get to the real bottom the
country will know what industrial
agony is
People have been crowding more
and more into our eastern cities
The industrial centers are overgrown.
Nn 90
can sell. Gigantic industrial corpo-
rations are beginning to realize that
they cannot pay dividends on hun
dreds of millions of stocks that rep
resent nothing but wind.
Take the United States Steel Cor
poration. Even that enterprise might
be saved from ultimate disaster if it's
Management were free from the in
fluence and sentiment of stock spec
ulation. Cloeo down this furnace or
that mill? How can they dare 20 do
it? 1t NAV denress the price of their
securities in Wall street. The stock
ticker is in every board of directors.
The managers Of organized industry
are paying more attention to the
speculative value of securities than
to the sound. prudent and economical
conduct Of the business entrusted to
their hands.
They have sold stocks to the pub
lie at prices based on prospects that
no longer exist; sold, sold and boom.
ed. boo~-~1 until the whole pOpula-
ton of the eastern states is involved.
Prices have shrunk to the extent Of
billions Of dollars. But the trouble
has only begun. When the wheels
stand still and the factory doors close
and idle men swarm in the streets Of
our cities, the country may he arous-
ed to a realization of what has been
really going on during this period OF
hair-brained imitation.
What are the facts? The great
railways of the country habe been the
chief customers of the eastern indus
tries. They have spent hundreds Of
millions of dollars in improvements
in the past few years. The railroads
are through ordering. Where are
the new Gust omers to come from?
Last year the United States Steel
CORPORATION contracted for transpor-
tation for business which it expected,
but did not get. Pig iron was selling
FOR S17 last year. You can buy 1t for
S11 or less now.
Wages must be lowered and mills
must be shut down. It is only the
fear of speculative consequences In
Wall street that prevents prompt &C
ton now"