New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-07

here are two main causes:
l. Labor with it, present income cannot meet its
present OF living ii labor does not receive an
crease wage will be compelled to abandon its present
standard OF living and to adopt costing billion
dollars less yearly.
If this practicable-it not because labor vii!
revolt hrst-the consumption OF labors product would
contact-busness would enter cycle back-tracking
from prosperity 10 Hard lines
Labor must have its increased wage-wl have it.
The employers of labor-the Nations industries
grant labor's necessary wage increase unless
(A) They allowed to mark up the price of their
productive necessities of the people; unless
OBJ They voluntarily capitals reurns-dvi-
dends.
Marking up the price OF the Nation, product will
solve the presenday problem Increased OF the
peoples necessities will bring labor back. after each
MAKEUP in price. for another increase.
DHsidcnds must be cd to meet idbors demand It's in
r5Ifabie that dsideads s,iH be cH.
Il is tie shodo5e OF this coming that IS one OF The
OF the present decentralization Of the market for
labor and 0bors byodnc-Ic necessities OF the people, and
for capital and cattd's Prodncfs-StocFs and Bonds
, There are 90 billions OF American securities call
ing for an annual dividend and interest oi three
billion dollars Ten billions OF these 80 billions ot stock
and bonds represent original real capital invested FIJI
teen billions represent the legitimate increase
The remaining 3 biion>-nearly cOfc-are fictitious
counterfeit inasmuch they do represent any real
capital or legitimate increase Therefore billion and
three-quarters close OOc of the present annuaI
dividend and interest represents an unwarranted
initiation.
On the other hand there are 10 billion dollars Of
abor> savings calling Tor annual interest return u
20 /, billions savings banks and billions in other
iorms but while the oO'e imitation oi capital and cap
al, return Ia, been taking place. the value OF labor
70 billion dollars of savings and their 70 return have
remained stationary: only that but the purchas
ing power OF the annual upon abors 10 billions
ha, been cut in two thi, t., practically cut IN
two
THEREFORE. THERE CAN BE NO JUST
COMPLAINT AGAINST A 3Ooc CUT IN DIVIDENDS
TO MEET LABOR'S ABSOLUTELY NECESSARY
DEMANDS
There have been two instruments used in the egitnalc
initiation OF stock, and bonds Money Trust and Stock En-
change But for "Nlcncy Trust and Stock Exchange there
could not have been Legitimate initiation
reform wave Is sweeping the Nation 1t has turned
bc Government over to new lawmakers and administrators
pledged TO a reform oi present evils.
1t is the shadow of this coming money trust-stock
exchange reform that the other main Of present
decentralization
There are other contributing cause Increased stand
ard Of iyng'-"Iarif- gold overproduction Euro
pean wars" ETC. but they are q minor consequence.
1t Is in the air that
Labor will secure its increased wage-over billion
dollars annually.
Dividends will be cut-over billion dollars annually.
Laws will be enacted which will make 1t impossible
for the 90 billions OF American securities to be so manip
ulaed that the increase can be offset by an IN
crease in price of livngs necessities.
The people feel it, and it is this feeling that has
made present decentralization Nationwide.
Holders Of American securities owe II to thenselr to
cc coming conditions and govern themselves accordingly
without regard 10 the alaCics OF the surface skaters OF the
financial world
Thc immediate result OF Hndcyady reforms ioH be:
Thc scttFng and settling right. ot labor;
DROP in The price of al St0cks 'rhich dePcudfn on
Ucatnac monopoly tor the payment OF their PrcSf" abaor
praHv high di,ideHds;
rise in the price Of all stockS ;0ch earn their present
bigh di,ideuds s,gfhoh resort 10 Wcgitmafc monopoly
There are scores Of both kinds will not name any
Of either for have no intention OF laying my argument
omen to the charge being made to influence the price
IT securities Also a. not in the business OF buy
ING and selling stocks. giving special advice to
anyone.
will say however, that scores OF stocks VIII drop
h,v;lv and scores of other stocks will rapidly, and
nont all investors the necessity OF seeking disiner
ted advice Of honest experts finance, 80 that investors
hiorc is TOO late may exchange their holdings from one
kind into the other 80
The ultimate OF the present situation Will
be two-fold:
IL fnUASf