The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1929-12-25
Economic Crisis Grows,
Wage Slashes Proceed


ample: The public utilities bosses
promised Hoover, at their confer
ence with the imperialist chief in
Washington, that they would in
crease their expenditures for 1880.
The Edison Co. of New York, a
large slice of the utilities industry,
declares in its budget for 1880 that
it will cut expenditures $4,000, 900
mainly on wages.
A picture much different from
che glowing one painted by the scab
nerder, Green, and his master, Hoo
yer, is given by the December re-
port of the Department of Com
merce. It says:
Industrial activity, as indicated
by operations in steel plants, was
lower than in either the preceding
month or November of last year.
Activity in the automobile industry,
as reflected by figures covering De-
troit factory employment, was also
lower in November than in either
the preceding month of the same
period in 1928.
Petroleum output was substan-
TALLY lower than in October, but
was still above the level which pre-
vailed a year earlier. The move
ment of goods into consumption was
slightly lower than in November of
last year.
1.-THE volume of building contracts
awarded during the month was run
ming lower than in either the preced-
ing month or the same period of
1928"
The Wall Street stock specu-
lators have very grave doubts
about the recovery" of American
imperialist economy. A financial
writer in the Wall Street journal
dec. 24) says:
Judging from comment heard in
speculative quarters, there is con-
siderable doubt in the financial dis
trict regarding industrial condi-
tons"
Steel production continues to drop
in every line. Production averages
so per cent of capacity with very
little possibility of big upsurge-
because the main feeders are suf-
fering a severe crisis, the automo-
|
There was drop of 100000 tons
in the production of sheet steel for
November, according TO the Ma
tional Association of Flat Rolled
Steel Manufacturers. Sales are 43
per cent of capacity and produc-
ton 65 per cent. One capitalist
paper says:
"There should be a substantial
reduction in the output of steel
next week. The holiday shutdown
this year will be more extensive
than in several years, because de-
mand from consumers is smaller
and steel mills will not resume as
quickly as they have in normal
| times"
One Of the best guides to the
trend of the depression is freight
car loadings. Even capital S
sources admit these are very gloomy
and show sharp decline. For the
| week ended December Ia lin spite
of the Christmas trade), the num-
Der of cars loaded was 40,428 under
the same week in 1928, and 1885
cars below the preceding week this
year.
This covered all lines of produc-
ton.
Adding to this undeniable picture
of sharp depression, the Harvard
Economic Society, which is quite
Optimistic about the future" says:
Manufacturing output, for ex-
ample, has already dropped far
more sharply than in 1923, and in
much less time"
In this situation, unemployment
is extremely severe. In Detroit, the
capitalists recognize this and are
preparing to attempt to forestall
demands for relief put forward by
the Unemployed Council, under the
leadership of the Trade Union Unity
League and the Communist Party.
In Oklahoma, the commissioner of
labor eavs thorn ir a wet a,,,,, of