davidaulloa/AmericanStories huggingface dataset:
The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1931-01-17

imperialism and the sympathy of
the class-conscious workers of all
countries give us assurance of the
righteousness of our cause.
He is no Socialist who cannot I'M
derstand that one cannot and must
not hesitate to bring even that
greatest of sacrifices, the sacrifice
The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1931-01-17

lat only under the condition that
il proceed smoothly and in an Or
derby manner, that the proletarians
of all countries Immediately go into
action, that guarantees against de-
feat be given beforehand, that the
revolution go forward along the
broad, free, straight path to vic
The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1931-01-17
LENIN'S LETTER TO THE AMERICAN
WORKING CLASS

again, into the mp of the counter
revolutionary | -rgeoisle
They are little more than imita-
tors Of the bour- oisie, these gentle
men who delight in holding up to
us the chaos of the revolution,
the destruction of industry, the
unemployment, the lack OF food.
Can there be anything more hypo-
critical than such accusations from
people who greeted and supported
the imperiaistic war and made
common cause with Kerensky when
he continued the war? Is not this
imperialistic war the cause of all
our misfortune? The revolution that
war born by the war must neceS-
sarily go on through the terrible
difficulties that war created, thru
this heritage of destruction and re-
dictionary mass murder. To accuse
us of destruction" of industries
and terror is hypocrisy or clumsy
pedantry; and shows an incapabiu-
ty of understanding the most ele-
mental fundamentals OF the raging
dynamic force of the class struggle
called revolution.
In words our accusers recognize"
this kind Of class struggle, in deeds
they revert again and again to the
middle-class utopia of "class-harnl-
ony" and the mutual "interdepen-
dence" Of classes upon one another.
In reality the class struggle in
revolutionary times has always in
evitably taken on the form. of civil
war, and civil war is unthinkable
without terror and limitations of
the form of democracy in the in
terests of the war. One must be
sickly sentinentalist not to be
able to see, to understand and APP
preciate this necessity. Only the
Chekov type of the lifeleSs Man
ir the Box can denounce the rev.
olution for this reason instead of
throwing himself into the fight
with the whole yehemence and deci-
sion of his soul at moment when
history demands that the highest
problems of humanity be solved by.
struggle and war.
The best representatives of the
American proletariat-those repre-
sentatives who have repeatedly
given expression of their full soli-
darity with us, the BolSheviki-are
the expression of this revolutionary
tradition in the life of the Ameri-
can people. This tradition orig
mated in the war of liberation
against the English in the Eigh-
teen and the civil war in the Nine
teenth Century. Industry and
commerce in 1870 were in a much
worse position than in 1860. But
where can you find an American
so pedantic, so absolutely idiotic as
10 oeny the revolutionary and prog
ressiye significance of the Ameri-
can civil war of l86O-l865?
The representatives Of the bour-
geoisie' understand very well that
the overthrow Of slavery was well
worth the three years of civil war,
the depth of destruction, deyasta-
ton and terror that were its ac-
compartment. But these same
gentlemen and the reform socialists
who have allowed themselves to be
cowed by the bourgeoisie and
tremble at the thought of revolu-
ton, cannot. nay. will not, see the
necessity. and. Righteousness of q
fContinnod ~ p~~o 9,
The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1931-01-17

sopotamia. Shall we then hesitate
to act in the name of the liberia
ton of the workers of the world
from the yoke of capitalism, in the
name of a general honorable peace;
shall we wait until we can find
way that entails no sacrifice; shall
we be afraid to begin the fight
Evening star., 1931-12-27
BRITISH TRADE QUIET.
England Awaits Practical Solution OF
World Crisis.
BY LEONARD J. REID.


Associate Editor of the London Economist
Special Gable 70 The Star.
LONDON, December 26.-The issue
OF the report Of the Committee of Ex-
perts at Basel on German capaci to
pay reparaticns. coinciding with the
CHRISTMAS holidays, virtually COMPLETES
the business Of this year and marks the
crucial stage at which further investi-
cation of the causes and symptoms Of
the world crisis Will be useless. The
choice was made obligatory either in
favor OF positive remedial action or in
the direction Of a. progressive spread OF
collapse IN EurOpe-ard Britain and
France have chosen to tske steps to-
ward a solution OF the war debts and
repardtlons tangle at The Hague Con-
ference called for January l8
The British monetary outlook is COM
pletely conditioned by international
political factors. The immediate objec-
tlves OF the authorities are confined to
the maintenance Of the budget balance
and the prevention of any initiation OF
circulation, the whole question OF
Stabilization of sterling being postponed
until an agreement on reparation
dsbts and tariffs p1veS the way for a
technical concordat on gold and money
policy.
In the meantime the main business
OF the discount market consists Of
British treasury bills. the dearth OF
commercial paper, except for increas-
ingly unpopular German replacement
bills, rejecting the Shrinkage of trade.
At the same time new issues. according
to the computation of the Economist,
were only 100000 for the December
quarter and only Gl3,00O,000 for the
half year these figures emphasizing the
entire absence Of financial and indus
trial initiative.
The stock exchange initially pre-
occupied by domestic questions. has
adopted in recent months an increas-
ingly international viewpoint The
actual price decline since the beginning
of the year has been relatively small.
the main volume of forced liquidation
having been completed in 1880, leaving
technical position favorable at any
moment for a substantial recovery.
(CopyriRht, 1872
Evening star., 1931-12-27
Silver Use Declines.

Silver Use Declines.
The monetary use of silver by Euro
pean nations was greatly lessened after
the war. Many nations, including even
India, sold the silver obtained from
coins. 1t was this sale of silver for
merly used as money that caused the
unprecedented fall in the price of sill
yer during the last two years.
But half the people Of the world still
use silver more than gold in their
monetary transactions.
Doubt still exists as to the perpe-
tuity and solvency of many existing
nations, and doubt will probably always
exist as to the financial wisdom and
integrity which may be exercised by
frequently exchanging administrations
and governments. Hence. paper money
has sufficient stability only when it rests
upon an adequate metallic basis-gold
or silver or both.
Much greater attention throughout
the world has been given to the status
OF silver as money since Great Britain
went off the gold standard and since
most OF the remaining nations of the
world excepting France and the United
States) began to weaken in maintain
ing their monetary systems at theo-
retical parity.
Revival of trade demands stabilized
currencies throughout the world, and
as the question of the failure of the
moneys of so many nations receives at
tention the status of silver will become
one OF growing Importance.
Evening star., 1931-12-27
1881 FINANCE, BUSINESS
AND INDUSTRY REVIEWED

dcnce for the first time in the past ten
years that those who produce raw ma
terials and manufactured articles and
who develop modern services have come
to the conclusion that they cannot re-
main in good credit unless they CO.
operate in an effort to balance produc-
ton with consumption
Foreign Trade Reduced.
Our foreign trade figures emphasize
the low purchasing power of foreign
nations, but also the part that the small
proportion Of this trade to the total
productive capacity of the United
States plays in creating prosperity or
in producing a depression. For the
eleven months TO Nov 80 exports de-
creased SO per cent and imports 80
per cent, with balance of the one over
the other OF s302,000,0 ,000 against the
1880 excess OF exports oyer imports Of
s7l6,0OO,O0O
In these figures lie no small part Of
the explanation for the present army
OF 65OO,000 unemployed in this country
and the loss in their purchasing power,
reckoned at over $4,000 600, 900 a year
The 1881 commercial mortality he's
been heavy. 1t has removed from busi-
ness thousands of small traders who
could only justify their existence in
good times. The tWo-year period of de-
preston has been conspicuous for the
absence Of large industrial or mercan-
tile failures, One Of the outstanding
elements OF strength in the business
situation is the moderate amount Of in
ventorles being carried above the cur
rent prices either for commodities or
merchandise and the reserves in cash
or In marketable securities that appear
in balance sheets of corporations that
have suffered heavy loss in operating
| income
Business has not been liquidated to
the extent OF securities but the sub
stantlal and influential units of busi-
ness are today probably on a sounder
| basis than at any time since the war
(Copyright, 1891
Evening star., 1931-12-27

IContlnued From Fifth Page.)
prices continued to fall until they
reached ll.679 by the end Of December,
1929.
During the past two years the down.
ward movement has continued relent-
leSsly until on December /, 1881. the
index flgure touched 1912, or actually
lower than in 1892. During the past
year many commodities have made new
low records for all time, and against
this glacial tendency Farm Board oper-
ationS gave every appearance of futility.
In its annual report to Congress the
Farm Board showed on hand about l.
100000 bales from the 1929 crop, taken
at an average price of 1903 cents per
pound. with 100000 bales of the 1880
crop held by the A. c. c. A. with funds
advanced by the board, or a total of
100000 bales. AS loans on the 1890
crop were made at an average price of
9 cents, the paper loss on these hold
ings is not far from $l00,00O,000.
Growers who sold to the board re-
ceived a far greater return during the
past two years than could have been
obtained by dumping cotton on the
market, but the withdrawal Of even this
large surplus has not been able to stem
the downward course OF prices.
Outlook for New Season.
The outlook for 1892, therefore, pre-
sents a field for the exercise of those
qualities of hardy endurance, self
control and sagacity for which the early
settlers of the country were famous.
With virtually tWo-year supply of
raw material on hand, the Southern
planter is faced with the imperative
necessity of producing better and less
cotton more cheaply than ever before.
This means diversification. the growing
of adequate feed and food crops to rem
der each farm unit as nearly self-sus-
tanning as possible.
Regardless of State legislation, every
cotton grower hardly can escape the
personal conviction that, until the
world cries for more cotton, less cotton
must be grown. 1t is estimated there
are now on plantations 100000 bales
more than were held back a year ago
at this time and the grower has fur
nished evidence this Fall of decided
force of character and restraint in re-
fusing to sacrifice his years crop by
starting the strongest holding move
ment on record If followed by plan
of acreage curtailment next Spring and
carried out with equally vigorous deter
mination brighter and more prosperous
days will be in store for the Southern
planter.
(Copyrisht, 1917
Evening star., 1931-12-27
FOREIGN BUSINESS
REFLECTS EFFECTS
OF TAX INCREASES
Growth Of Trade Hampered
by Imposts as Consumer
Demand Lags.
UNEMPL. .OYMENT GAINS
II PER CENT THIS WEEK
Germany Is Perturbed Over Results
of the Economic Conference
at Basel.
Special Dispatch TO The Star


NEW YORK, December rs. Cable
and radio dispatches to the Business
Week give the following survey of busi-
ness abroad for the week ending today:
Paris.-France has had its Chris
mas peace seriously disrupted by anti
import measures which foreign coun-
tries have hastily legislated since
France raised tariffs Business is
profoundly worried over growth Of
trade imbroglioS abroad and in the
steadily contracting activity at home.
The metallUrgical Industries have Suf-
fered steep decline since September.
Certain branches of the French tex
tile industry have been closed COM
pletely until January 5. Registered
unemployment is up another u per
cent this week. Unlicensed foreign
labor is beginning Systematically to be
rounded up and repatriated.
LondOn.-NOt even last-minute shop
perS in London have run UP the total
OF Christmas sales this year. The pros
pect OF paying abnormally heavy taxes
in January has had a bad effect on
trade in general. Bankers gauge the
contraction in trade by note clrcuIa-
tion. Last week note circulation ex-
panded &4,700000. In the same week
year ago it expanded f7,7OO. 900.
Since November 25, when Christmas
buying usually gets under way. note
circulation increased Cnly 100000,
While in the same period a year ago
the increase was f2l 900 900 Among
the many uncertainties which cloud
the horizon of the new year is the
pending dispute in the cotton textile
industry Stock market business is at
its lowest ebb
That the exchange closed at noon on
Saturday instead of at 1890 was taken
IN London as the first indication that
those opposed to Saturday operations
eventually will win their point.
Berlin.-Germany is very much per-
turDed over the insignificant accom-
pIlshmentS Of the Basel conference
and the inability Of the Berlin nego-
tlatorS to accomplish anything. When
the unfayorable Washington reaction
10 the moratorium and aid for Ger
many were published the public re-
slgnedly turned its attention to the
business OF carrying out the provisions
OF the last emergency decree
The emergency decree is bringing
ABOUT the required results Prices on
the majority Of basic commodities. in
cIuolng coal, steel, potash and cement.
nave oeen reduced the required 10 per
cent. Tram fares and gas ard elcc-
trlcity rates are also down. Food
prices, however. are tagging despite the
efforts of the food commissioner u en-
force price reductions. ChOcclat, end
cigarette manufacturers are returirg TO
cut their prices further on the claim
that they have already made reduc-
uons to the very limit of their ability.
Evening star., 1931-12-27

in price way during 1881, but corn
bears a different relationship to the
farmers pocketbook Most of this grain
Is marketed through live stock, and live
stock prices have not been satisfactory.
The marketing of corn for feeding
purposes also has been restricted by the
heavier feeding of cheaper wheat, SO
that in spite of short 1880 crop the
carryoyer into the new crop year on
November l was 100000 bushels,
compared with 100000 last year.
This years crop was estimated at D.
674000,000, compared with 2O94,O0O,OO0
harvested last year. Owing to the small
yield in 1880, corn was relatively high
priced during most of the year and re-
suited In heavy feeding of other grains
in its place. The highest price for the
December delivery was made on April
l, when it reached 66l2 cents while the
May delivery sold up to 531s cents on
November 7. The lowest prices were
made October 5, when the December
delivery sold at 1924 to 327s cents and
May at 36's cents.
The quality of the present years crop
is described as unusually high, with 855
per cent marketable, compared with a
l0-year average of 1876 About SIS per
cent of the new corn crop was fed be-
fore November i, compared with 10 per
cent last year and SIS per cent the aver
age. The crop matured unusually early,
but this was Offset by heavy feeding of
wheat in place of new corn.
During part of the year there was
greater speculative activity in corn
than in wheat owing to Farm Board
participation in the wheat market
There was little of interest in oats
trade during the year. Prices ranged
from 20A to 34l2 cents for the Decem-
ber delivery and from 23as to 3Ol.
cents for May. The crop was estimated
at l,194 100000 bushels. against 1,146,-
100000 year ago. Hot weather at
harvest time reduced the yield and
quality.
tCopyright 1917
Evening star., 1931-12-27
INSURANCE WORKERS
ASSURED FINE 1882
President Montgomery Plans No
Cuts in Personnel of Acacia
Life Association.

Continuity Of employment was as
sured employees Of the Acacia Mutual
Life Association by William Montgom-
cry, president, in a Christmas message
of cheer and confidence delivered at the
annual Yuletide party. held at the asso-
ciation's home Office building, First
street and Indiana avenue northwest.
Mr.. Montgomery told more than 400
home Office employees that the aSsocia-
ton will continue to maintain its entire
personnel intact and that he looks for
ward to period of steady development
for Acacia and for life insurance as a
whole.
In making his announcement, Mr..
Montgomery expressed his thanks and
the thanks of the board of directors
for the 'unfailing loyalty and splendid
esprit de corps" of the personnel
The party was called The Christmas
Review of Reviews" and was presented
by THE Acacia College" The commit
tee in charge was headed by Miss Ella
PurkS and included Jack Blades Louise
Bull Katherine Carper, Nathan Clark,
David Crouch, Arthur Ford. Lee Hill,
Charles Kocher. Burton Langhenry.
Emil Loehl, Margaret Penn, Jessie
Phipps, Ernest Rice, Vivian Shepperson,
Claton Speakman, Frances Tatspaugh.
Eta Webb and James Weikel.
Evening star., 1931-12-27
STOCK MARKET WATTS
FOR INDUSTRY REVIVAL

all through the year. There is prac-
tically no short selling in bonds. There
is no organized market for the loaning
Of bonds and the speculative interest
therein is slight compared to that in
stocks; and yet. as stated above. bonds
collapsed in disorderly fashion. whereas
the short interest in stocks did serve as
cushion to the decline in the share
list.
1t is admitted that there are objec-
tions to short selling in emergencies.
The action of the governors of the
exchange the day after it was announc-
ed that the British government had
suspended gold payments was a recog-
milton Of the validity Of that objection.
1t will be remembered that when the
news came over the week end on Mon
day, Setembcr 2l. every stock exchange
in Europe, except Paris, had closed
There were many who would have ad-
vlsed the closing Of the exchange in
New York, but the governors, with great
courage and with wisdom that the
event justified, decided to remain open.
They did temporarily suspend opera
tons Tor short account. The result was
that prices rallied instead of breaking.
because short interests hastened 10
cover.
(Copyright, 1917
Evening star., 1931-12-27
CHRISTMAS SALES
REVEAL INCREASES
Finish of Holiday Retail Trade Far
Better Than Had Been
Expected.
~ the Associated Press.

By the Associated Press.
NEW YORK, December 26.-Post-
Christmas retail sales we're much more
favorable than generally expected, &C
cording to the weekly survey by the
Fairchild Publications. Aggregate sales
In units were of record proportions.
Total December sales should hardly
show decrease more than 10 per cent
under December, 1880, thus indicating
a gain of ~ per cent in units Sales
in the metropolitan area of New York
have made more favorable showing
than for the entire country. The de-
crease should be about per cent or
less. Units moved by several large New
York stores showed a gain of Is per
cent above year ago.
There was an increase in apparel
sales for holiday gifts this year. The
gain in apparel items in units showed a
substantial increase above a year ago
Evening star., 1931-12-27
Continued From Fifth Page.)

Continued From Fifth Page)
prospect of severe losses to American
banking institutions which had ex-
tended short-term credits to Germany,
all operated against the stock market,
even when there was no logical con-
nection. For the bear market of 1881
had psychological basis as we'll as an
actual one for its existence
Debate on Short Selling.
All of this leaves out the part played
by short selling. On this controversial
subject there will almost surely be a
sweeping congressional investigation.
The Stock Exchange is prepared for
such an inquiry, having accumulated
the most complete statistics on this
phase OF market operations ever as
Sembled
1t is safe to say that the seasoned
trader In the stock market is convinced
snort selling is necessary to the main
tenance of the market and in the main
beneficial. He agrees with the defense
made by President Richard Whitney of
the exchange in his two addresses.
The strongest point made in these
addresses was the comparison between
the bond market and the stock market
Evening star., 1931-12-27
s15,000,000 DECREASE
IN BROKERS' LOANS
New Low Record Total for Week
Scored in New York. Re-
serve Report Says.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, December 26-Brokers'
loans decreased s51 900, 900 to a new
low record total Of SOIL 900 900 in the
week ended December %, according to
the weekly report of Federal Reserve
compares with the previous low of
1862 600, 900 made last week and with
sl.s2o,ooo,OOO in the corresponding week
year ago
The banks reported loans for own
account of S553,00O,000 in the current
week, compared with S555.0OO 900 last
week loans for out-of-town banks,
sol ;oOO,ooO, compared with $4,000, 900,
and loans for the account of others
S7,000000. compared with $4,000 900
Demand loans constituted S45l 900 900
OF the total. compared with $500 900 900
a week ago, and time loans were
sl6o,ooo,o 900, against sl62,00O,oo
Evening star., 1931-12-27
FURNITURE ORDERS.

NEW YORK. December 26 (P).-
November orders received by the furni-
ture industry reached new low for
the depression, according to Seidman e.
Seidman, certified public accountants
New business last month fell to % per
cent below october and 80 per cent
below November, 1880. Unified orders
on November 80 represented approx
mately II days production for the in
dustry under present schedules,
Evening star., 1931-12-27

of monetary sys-
tens.
Whether the gold
production Of the
world can meet the
increasing none
tary demands of
all the nations of
the world if solely
on a gold basis
without the use of
silver, is seriously
questioned.
Even if adequacy
of production is
assumed, present
distribution of gold
stocks of the world
is such as to make
difficult, if not i'm
possible. the use OF
Evening star., 1931-12-27
WESTERN MARYLAND NET
COMPARED WITH 1890

The Western Maryland Railway Co,
reports for II months ended November
49, 1881, net income of S947.724 after
taxes and charges, equivalent to 1874 a
snare on l77420 shares of 7 per cent
preferred stock on which no dividends
nave been paid. This compares with
net income of Sl,826,143 in first II
months of 1880, equal to slO29 A share
on flrst preferred and IS cents a share
on 529,72l common shares, after diyi-
oend requirements on first preferred
and on 64.560 shares of second pre-
ferred stock
statement for November and IL
Evening star., 1931-12-27
R-K.O SUBSCRIBERS
GIVEN EXTRA TIME

special Dispatch to The Star.
NEW YORK, December 26.-Hiram
S. Brown, president of Radio-Keith-
Orpheum Corporation, announces that
IN view of the large number of requests
from stockholders for an extension of
time to subscribe for the new debentures
and R-K-O common stock, he asked
Radio Corporation of America, as under
writer of the subscription, to consent to
an extension. Radio Corporation Of
America consented to the extension Of
the time TO subscribe UP to the close Of
businesf on January q Il
Evening star., 1931-12-27
CHICAGO STOCK LIST
DECREASES IN VALUE
Special Dispatch to The Star.

Special Dispatch to The Star.
CHICAGO, December 26.-Fitty rep
resentative stocks listed on the Chlcago
Stock Exchange at the close OF business
for the week ended December "a had
a market value of 1924 4,4O6,423, which
compared with. s9O1, ,788, ,582 at the close
of the preceding week. according to
ccmrD2t4on by Paul H. DAVIS q 20.
This represents a decrease during the
week of $77,382,l59, or 8.58 per cent.
The analysis shows further that at
the close of the corresponding. week
year ago the same so stocks had mar
ket value of $1,838,471 ,989, lndlcatlng q
decrease during the year OF $l.ol4'o65'-
566, or 65.l6 per cent