The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1928-11-16
Wall Street Speculates on
Impending War

41LApCAtOAAAS w DA
The soaring of stocks in basic industries to
dizzy heights as soon as the election OF Hoo
yer was assured is no mere stampede. 1t is
merely cold-blooded speculation upon the i'm
pending imperialist war. Since the election
of Hoover the administration at Washington
and its agents in the most remote parts of
the earth have become more aggressive than
ever in publicity proclaiming their war de-
signs The speech of Coolidge on Armistice
Day, reeking with defiance to the other i'm
perialist powers of the world, was explicit
in every point After dwelling upon the
question of the placing of the armed forces OF
the nation upon war basis, Coolidge rounded
out his propositions with the declaration
that:
The present size of is entirely
adequate but it should continue to be SUD-
plemented by a national guard and reserves,
and especially with the equipment and organ
ization in all industries for furnishing sup
plies
This announcement that the government
would aid industries in placing their pro-
ductive capacity on basis that would meet
the requirements of war, also caused General
Motors, United States Steel, Dupont powder
and chemical, Standard Oil and other lead
ers" to soar.
The fact that shere was at hand the Octo-
Der report indicating a fall in steel produc-
ton and that orders were below last year did
not affect the rise of the market. Two days
after the Coolidge address an announcement
was made that plans were under way for the
organization of a gigantic association IN
the lead industry embracing United States,
Mexican. Canadian and South American con-
IL ~
braces lead companies, but chemical pro-
ducers as we'll is indicated by the following
observation of one of the financial writers
of the New York Herald Tribune:
-,mbership in the Lead Industries Asso-
n will comprise corporations interested
he mining, smelling manufacturing OF
Odd in the United States, Mexico. Canada and
South America. Some of the companies to
~ represented in the organization are
thumada Lead Company American Smelling
and Refining Company, Bingham Mines Com
rany Bunker Hill and Sullivan Mining and
Concentrating Company, Cerro de Pasco Cop
per Cornoration Chief Consolidated Mining
Gem many. Consolidated Mining and Smelling
Company Of Canada, Ltd. Eagle-Picher Lead
Company, Ell Potosi Mining Company Glove
Sound Company. Evans Wallower Lead Com
psny. Federal Mining and Smelling Com
panv. Federated Metals Corporation Fleck
Brothers Company, w. P. Fuller & Co.. Gen
eral Cable Company. Glidden Company Hecla
Miring Company Metals Refining Company,
Nato-al Lead Company. Northwest Lead
Company, Park-Utah Consolidation Mining
Company, Remington Arms Company, Sher-
sin-Wiliams Company. Silver King Coalition
Mines Company st. Joseph Lead Company,
Tirtic Standard Mining Company, Utah Apex
Miuiag Company, Utah Copper Company,
United Metals Selling Company. USL Bat
terry Corporation, United States Smelling, Re-
filming and Mining Company"
This was instantly followed by most of the
concerns mentioned joining the ranks of the
Wall Street speculative favorites.
Thus it is plain that the upward swing of
the stock market does not in any way reflect
the actual industrial condition of the country
at present but is based upon the expectation
of increased activity in all branches of in
dustrv in order that the nation may be placed
as speedily as possible upon a war basis.
Unquestionably there will develop within
the next few months a vastly greater dis
parity between productive capacity and ac-
tual production than already exists. This
apparent contradiction leads to much confu-
sion of thought among bourgeois economists
who fail to perceive the fact that the increase
in productive capacity is predicted upon the
preparation of new war for a redivision of
the world between the imperialist powers
1t is plain that the increase in productive
capacity is imperative if the war-mongers
are to be in position to realize Coolidge's pro-
gram for the equipment and organization in
all industries for furnishing supplies" for
the armed forces of the country