The Detroit times., 1908-01-02
WORKMtN SHOULD
NOW AVOID ALL
STRIKES
CARROLL .. WRIGHT.
CARROLL o. WRIGHT.
FORMER COMMISSIONER OF LA
Dor TALKS or CAUSES OF THE
FINANCIAL FURRY AND HOW
BEST TO SURVIVE.

WORCESTER, Mass. Jan. Car
roll ID. Wright, president OF Clark
college and former commissioner oil
labor. in reviewing the recent financial
troubles, says:
The recent financial fiurry--it can
not be dignified by the designation
financial panicz--has\ enlightened peo-
pie to a remarkable degree
Here were the elements OF difficulty
and there comes In the query; Why
should there be cessation when ap-
parently every business is prosperous!
The last ten years the country may
be likened TO boy running down hiiL
The momentum OF his head and shoul-
der exceeds that OF his feet and he
falls, barking his snins and his face
He gets up, sadder, but wiser being,
and proceeds down hif at-a proper
and safe speed The business inter-
ests OF our country have been doing
the same thing, not with vicious mo-
tive, not with any idea that they were
proceeding too rapidly. but the bust
ness had acquired momentum that
would trip Itself Inevitably. and the
first trip that occurred would cause
the observation-disclosures which al
ways accompanies such a trip. that rs,
apprehension.
Just the moment the public, or pri-
marily the business interests through
some slight or great break at any one
point, begins to fear that prices Will
be lowered or curtailmept in produc-
ton take place, then, as an ally to
condition, you have all the elements
of ii panic. But panics now and here
after are and Will be accompanied by
an environment entirely unknown In
the past and this regent furry demon
strates it.
The wage Garner has been more APP
prehensive during the last few weeks,
| take 1t. than any other individual IN
the community. His interest now ~
to avoid strikes. to save his money
and TO patronize the savings banks i'm
cf nf IN cnlnnn
preparing for his share In the con-
tinued prosperity, or TO be able 10 sus-
tain himself during temporary deprcs-
sion. He has not had the best OF II
the last few years, while capital has.
He may seem, perhaps, not to fully
realize IT. He has seen prices go high
or and higher, until IN some lines they
have become prohibitiVe. On the
whole. he has seen wages go higher
and higher, always keeping an ad-
VANCE. varying I'm its degree. on prices.
The margin before the late furry was
less than the last few years. so that.
taking the general range OF prices and
the general range OF wages, the latter
have not increased more than four or
five per cent more rapidly than prices.
SO the wage Garner has felt that he
was not getting his full share OF the
benefits OF the great prosperity that
has prevailed, and In this respect his
position Is CORRECT. Now. with the new
conditions confronting US low, prices
go down--and there may be such
tendency during the next few months
wages will remains practically where
they are for some time. for IL has
been we'll established by long expert
ence that when prices rise wages re-
main down for while, and then fol-
low on, rising AZ fast as prices and III
timateiy a little more rapidly; so when
prices go down wages follow along at
a later period, but they do not fall
low as at any previous periods be-
cause the constant trend OF wages.
with ever varying alterations OF con-
While the absolute stability and in
teRrity OF capital must be preserved
from purely economic point OF view,
Of the workingmen--the. great force
that makes capital valuable--should be
preserved. both from a social and an
economic point OF view.
ALBANY. ". Y. Jan. Clark Will
liams, superintendent OF the New York
state banking department, after a
thorough review OF the general condi-
lions responsible for the recent finan-
cial furry, in his annual report sub
mitted to the legislature, says that the
particular causes contributing large
ly TO the failure OF the 10 financial
institutions in New York City, were
lack OF proper supervisory powers.
100 great interdepeRdence between
corporations. a lack OF association Cor
mutual assistance and corporate
abuse.
MIR. Williams recommended numer-
GUS changes in the banking laws II
the state remedy these abuses
and with view TO giving the super
ntendent OF banks a much wider SUI
lpervision over the activities OF cer'
tain classes OF institutions under HE
;urisdiction