Imperial Valley press., 1937-12-09

(AQQreSS Dy Roger w. BdDSOl, at
Penn Athletic Club, Philadelphia
Thursday, Dec. 81
Perhaps I can best describe the
extraordinary conditions today by
talking about "sit-down strikes.
There surely have been three of
these during 1887, each operated
by an entirely different group of
people. These three groups of stri-
kers have been the primary cause
of the recent slump. Yet, as an an
tidote of rthe poison, one more sit
down strike may be needed to
clean up the situation. believe
that we will see another sit-down
strike in 1888 which will end the
present slump. Let me tonight ex-
plain what I mean.
A Shutdown Strike
Every year has some outstand-
ing feature. In 1887 this was the
sit-doWn labor strikes prevalent
throughout America. The first of
these was in the motor industry
followed by sit-downs in various
industries throughout the country
A year ago labor was riding high
and handsome. Labor in the spring
of 1887 was enjoying boom such
as the stock market was enjoying
in the spring of 1929. Labor leaders
however, .over-reached this year as
the bankers over-reached in 1929
This LABOR sit-down strike was
very effective in forcing employers
to increase wages and in frocing
Congress to reduce hours. Labor
leaders have since learned, how
ever, that no sit-doWn strike will
force the public to buy goods.
During the past two years, labor
has cen on a honeymoon along
with F.D.R. Both of these honey
moons are now over for while
1888, therefore will see fewer
strikes, almost no wage increases
and many wage reductions. Unfor-
tunately, 1898 may see more unem-
ployment than was witnessed IN
| 1887. Labor leaders so scared en-
ployers this string that these en-
blowers ordered much new labor
saving machinery. This new labor
saving machinery is Just being de-
liyered: but will be in full opera
ton during 1898. In the long run
employment adjusts itself in con-
nection with increased production
and new industries; but in the
meantime, the workers suffer. lr
this case, however, they nave only
John L. Lewis to blame. But Who-
ever is to blame, these labor strike:
were the first cause of the present
slump.
Investors Strike
The labor group was not tht
only group which have used tht
sit-down strike during 1887. MY
mother used to say to me, when
was a boy in Gloucester, Massa'
chusetts, that "even a worm VII
turn at last if it is abused TOT
much" Well, for some years Con
gress, has been abusing Wall Street
No loubt Wall Street needed
spanking when the Democratl'
Administration came into powel
five years ago. 1t, however, does NJ
good to spank a boy or whip
dog too long or too much. IT ma.
do harm. Congress over-did 1t
Wall Street whippings and finall.
like a whipped dog-Wall Stree
lust sat down in the corner dis
couraged and resentful. This ha
retarded the sale of bond and stool
issues. hence preventing corpora
tions from securing funds for eX
tensions and new industries
Yes, Wall Street has been on
sit-down INVESTORS strike since
last August. AS result, man.
stock and bond prices have de-
clined tremendously. Confidence
has been undermined ond re-em'
ployment slowed up. These inves'
tors strikes were the second cause
of the present slump. OF course
both confidence and re-employ'
ment will be resumed some day
Before this great Recovery Move.
ment has eliminated, you, there
fore, should see higher prices fol
stocks and commodities than vol
have seen yet in 1887. All sit.
down strikes sometimes come tt
an end. My Wall Street friends
will soon get over their crouch
The worst of their sit-down strike
is over. Hence, I am now a bull or
stocks, commodities and medium
grade bonds for 1888.
Unfortunately, however, a thire
group of people are now starting
another sit-down strike. MIR
JOHN @. PUBLIC AND HIS
FRIENDS ARE NOW ON A SIT.