The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1930-10-13

NEW 1OfNh,-A complete Smash
up of all the predictions for an Cup
turn" in business is shown by all
of the latest reports and statistics
on production. DR.. julius Klein's
promises of a return to normal"
by the end of October, has gone the
way of Hoover's sixty-day promise
back in March, when the workers
were being fired by the hundreds
of thousands.
The sharper turn in the economic
crisis in the United States is no
more theory. 1t is a fact estab-
lished by the bosses reports, and
admitted by all their financial
papers
Latest reports .for September
steel production and building con-
struction activity expose the lying
tactics of the government in an at
tempt to wipe out the crisis with
optimistic words. Hoover, Klein,
Barne and other government
spokesman tried to make the work
ers believe that production was GO
ing up in September. Now we learn
that steel production for September
was 91z per cent lower than August,
and dropped below any month back
to July, 1924, and with the excep-
ton of that month was the lowest
of any month since February, 1922.
Building Activity Drops.
So far as building is concerned,
every week in September, the cspi-
talist newspapers printed figures
about Increased activity" Now all
the figures are in.
TEhe Oct. 10 issue Of the An
nalist tells us now that the bosses
were forced to swallow their dis
appointment "when it becomes clear
that in the country at large the
value of new contracts awarded in
September was, with due allowance
for seasonal influences, lower than
in August, when, on the same basis,
the figures were already at the
the current decline"
On this basis at least so per cent
of the building trades workers are
now out of jobs.
Sing Different Tune
Optimism is no more the out
standing characteristic of the boss
economists. The New York Times
states that a whole group of boss
soothsayers, who were predicting an
early recovery of American capital
ism, now see things very black IN
deed. They say that the economic
crisis is going to last long time,
with more and more unemployment
and misery for the workers. The
Times, summing up. the views Oh
these former Pollyanas, says:
"As the process of mechanical
ton of industry proceeds, they
say, more and more men must of
necessity be thrown out of work.
In this way constant surplus of
workers will be built up. AS this
process continues, they argue,
there will be a growing proper
tien of unemployed in the popu-
lation, with eonsequen diminu-
ton of public purchasing power
and a breakdown of the entire
theory of large-scale mechanical
production"
More small capitalist businesses
are cracking under the strain of
the crisis. The latest report on
bankruptcies by R. G. Dunn & Co.
shows 3S4 failures, against 343 the |
previous week, and firms with cap
ital of from $4,000 to $4,000 showed |
an increase among the bankruptcies |
All other indications, such as
freight car loadings, electrical power
consumption, employment, prices
deepening of the crisis.
Crisis Passes Usual" Period
The bare comparisons of proudc- |
tion in the presetn months of 1880
with the same months of 1929 do |
not begin to show the low level of |
the crisis, because in the same
months last year the crisis had al
ready begun a hefty downward
swing. Several months ago the
bosses, their government spokes-
man, and their hired economists said
ten crisis was bound to end because
1t had lasted the usual period Now
they change their tune. They talk
about a Spring revival" Others
talk about revival at the end Of
1881; others put it off until 1882.
Some, like the Bankers Journal, say
there will be period of Chronic
depression" for five or te nyears.
Now we have the Times report
group of them declaring the crisis