The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1924-02-23


for position in the coming presiden-
tiAl election. But within the past few
weeks unforeseen events have thrown
confusion over the scene, bringing
well-laid plans to grief and many
hopeful candidates heartache. Graft
exposures, with ramifcations in the
various departments of the govern
ment, including the Treasury and
Cabinets of two administrations hit
ting republican and democratic par
ties almost equally, are having poll
teal effects that, without touching
fundamental issues, are reaching
wide and deep. Complaining the sit
uation, halt in the downward trend
of industry Of more or less tempo
rary nature, is definitely making it.
self felt.
The Economic Situation.
Without doubt the United States is
headed towards deep-going indus
trial crisis. The analysis upon which
this judgment is based has been gone
over many times and is doubtless cor
rect. 1t would be a mistake, how
ever, particularly in judging the eff
fects of this trend upon the political
events of this year, to conclude that
it will be fully felt in the next few
months. Statistics for December and
January indicate that this develop
ment is being halted by temporary
counter-movement upward.
Evidence that the financial inter-
ests, with an eye to the political stu
alton, are stimulating this upward
tendency, is seen in the increase
in the untitled orders for steel re-
ported in December and January. and
in the production Of pig iron, while
the railroads are still undecided upon
the proposed extension and replace
ment program of from $1,000, 0OO,-
900 to $4,000, 100000. The Ford in
dustry announces plant extensions
for 1924 amounting to $150,000, 900;
building permits issued in January,
according to a report of S. w. Straus
& Co., of Chicago, authorities, show
an advance of 10 per cent over a
year ago, altho the forecast for the
entire year is 10 per cent below
1928. The general trend is still
downward, but at a decidedly slower
pace, and in view of the development
in steel and building may turn up
ward and stand at the present level
until next fall and winter. The effect
of the stimulation of the basic I'M
dustries is to buoy up production of
general consumption, check the
threatening unemployment, slow
down the wage-cutting campaign,
and relieve the financial pressure
upon the middle class (outside agri-
culture) which is an important fac
tor in the "third party" movement
in the present political struggle.
The Political Situation.
Thirty days ago the political line
up seemed to be crystallized in fairly
definite directions. The republican
party was tightly in the grip of fin
ance capital, with Coolidge as the
anointed standard bearer; the La
Toilette group faced the alternative
of complete submission or a split.
Within the democratic party labor
progressive group was campaigning
for McAdoo, son-in-law Of the late
Wc,,drow Wilson, with hopes of cap
+. ing the democratic nomination.
The Socialist party Tor what is left
of it) was in alliance with the Con-
ference for Progressive Political Ac-
ton. supporters of McAdoo, afraid to
cut loose from this last port Of ref
uge, and hoping against hope that the
C.P. P. A. would break with the capt.
taiist parties. The Farmer-Labor
party forces, including its extreme
left, the Communists in the Workers
Party. and its right, the followers OF
IaFollette outside the republican
ranks. had agreed upon a call for a
national convention on May 30th.
Under pressure of the severe agri-
cultural crisis and the threatening
breakdc. n in industry, the likelihood
was prese. : Of serious split in the
republican party, with LaFollette
leading the Disconnected agrarians,
pettv bourgeoisie. and the Farmer