The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1931-12-03
By HARRY CANNES


x1JE are entering the third winter Of the eco
V nonuc CRISIS in the United states. What has
become of all the promises and predictions OF
l)rosDerityP Where is the powerful recupers-
tive" force OF American imperialism? what are
tine prospects for the workers?
Ltt us recall che Of the weighty promises Of
onconing prosperity. Hoover Mellon, Lamont,
Klein. Green, Vol had been too often EXPOSED
as liars, SO the capitalist press brought IN new
crop Of projectors The most distinguished Was
reported by the New York Times to have made
the following promises to the starving workers:
james A. Farrell president of the United
States steel Corporation and chairman Of the
TIA ional Foreign Trade Council IN g nation
vids radio address last night over station WIZ
declared that the worst Of the business dspres~
sion WIS over and that this country was enter
ing upon a period OF increasing trade activity
That was on May "a, 1881. The New York
Trn1ss hlazoned this hokurn across its front page
Just What did happen after that?
What Happened Since Then
X is best TO use the New York Times IN
c, icnce here. At the time Farrell was end
In sre crisis by his radio speech the New
Ycrk Times weekly index of business activity
wss around 50 per cent OF normal. Normal is
su1posed 10 be 1CO Six mouths after. plenty
e s;rnc fer the country to have entered upon
e tried OF increasing Idue 6Ct'NibSs SlAc S0hA~
i-jex o. the New York Times down to s.
&C. cont Ct FORMAL" Worse stiD, i'll the
,~cr,,;iue about 1,cOCOOc steel workers, most
e. w',o~, worked Fart tiInc, were impressed
W., he Grade recovery" by being handed a
10 per cent vage-cut for which James A. Far
r." rcted.
At the time the stock market crashed, in 1923,
signalling the fact that the economic crisis had
ALREADY been eating at the vitalS Of American
CAPITALISM, there were between four and five
million already out of work, the so-caled nor
maj industrial reserve army. This number be-
gan to Jump TO si3 seven, eight, nine and finally
10 twelve million This is the third year OF the
crisis aud the @ has not been a single month
since october, 1929, when workers have not lost
their icfs in d-oyes. The process is now speed
inc up william Green, president of the Amer
i'm Federation Of Labor declared that i'll Oc-
tol3or. 1881 100000 more workers lost their Jobs.
nu-trg November and December, when the
Cht-tr,as spirit rervades capitalism, not less
than 100000 more workers will join the ranks
of elevation.
The third winter CT the crisis finds every basic
inquiry, despite the extremely low point OF pro-
Cucticn entering sharper, deeper levels OF crisis
stee! Outlook Gloomy.
S5eol production has been dragging down be-
low 20 Ter cent Of capacity, which means that
INST OF the blast furnaces are closed. Further
moe. there Is no premise of any resumption OF
actiyi5y in this base industry. Steel" organ OF
tie steel bossec in its latest weekly summary OF
TIC respects in the steel industry, offered this
gloomy outlook: Sentiment concerning business
in December has been vitiated noticeaby in the
PAS few days by exterior urfavorable develop
l7e,2ts particularly in the deterioration OF prices
o. grains end securities. For the present, at
leeet. steel hes lost considerable buoyancy.'
The iron foundation of American capitalism
'has lost considerable buoyancy." But this re-
fs~s not alone to the steel industry. All basic
Industries feel the new downward drop in pro-
duction With it go wholesale layoffS, less and
less work for part-tirne workers
Automobile production has been practically
vracled This queen industry OF American
capitalism is now back where it was ten years
ago i'll the crisis period of 1921.
November, 1881, output was 5000 cars, as
co,!cared to the output of s5213 in February Of