The Daily Worker Newspaper, October 31, 1927, Page 2

“the case today, bonds also ccllapse.. AT THE NEWSSTANDS ‘ Page Two tHE DAILY WORKER, NEW YORK, MONDAY, OCTOBER 31, 1927 STOCK MARKET FORECASTS AN INDUSTRIAL DEPRESSION Big Investors Transferring Funds to Protect Their Money Working Class Must Prepare to Face Problem of Unemployment. . .By H. M. WICKS. Phe stock exchange closed the week facing a situation that bordered on demoralization. From Thursday morning the pow- erful forces dominating the exchange 1 been striving with all means at their disposal to arrest the downward movement, but they failed utterly. The fall has not t e een as precipitate as it has been on a num- ber of occasions during the past two years, but it has been a steady di the sum total of which sets a lower mark than any yet ex sent period of “prosperity.” Teretofore Heretofor art y do net gree of ev idence on general crisis of time new break i market by period of | ~ eh fluctu n and. then: {@erpuere 5 ids 4 is while stecks are fall- continues downy onds are rising while stccks are f: Steel Still Falling. ation of the steel} showing | n net earn- | at of year steel have fallen steadily. The steel | industry is hit and hit hard by the} Rail Earnings Drop. decline in uction and the stock} 4. * P s sft market reflects it. Not merely does | mk Cperere (peare for ety the downward trend in steel resist | ding tailroads for the month of efforts on the part of the steel mag-| SePtember, was $9,350,762 below last nates to boost it out of its slump, but | “C4” Re a Se oe ce agate it steadily falls because of the ‘fact |Cem and estimates are that the earn- Jings of the same roads for October present rise in bonds is only f ial as a result of the heavy shift from stocks and does not ir c te prosperity for those indus- t upon which the bonds are is- sued. Since the pub! report for the % a decli artif t t that orders for the current quarter | are far below the 1, quarter, which | Yi Lica fe z aeeceet oe econ may bring the year’s net earnings | Sere 1a OH recon args Steel and General Motors on the to- down below that of the past quarter. | On Friday and Saturday strenuous boggan. | efforts were made to revive the steel | The stock exchange today is a baro-| stocks, but the close was almost the | meter that heralds the coming storm. lowest point for the period, after a|The capitalists are prepared to meet series of waverings. jit and to weather it with little loss| On General Motors a slight rally|t© themselves. True, the powerful | was perceptible and Saturday's close |Co™binations will take advantage of brought a rally of one and seven- the predicament of the small fellows eighths points. But had the exchange |‘? Put them out of business and to remained open a half hour longer ig | eotets sonsenprate indusity wader could not have held, and the opening the domination of the banking houses this morning will probably see another |°f Wall Street. Mcanwhile the burden of the de- fall to a new low level. 3 Shift Investments to Bonds. pression will rest as it always has That the experienced elements on|*ested upon the shoulders of the the exchange know what is coming is | working class. What will be only indicated by the sudden shift in in-|t¢™POTaTy losses for the master class | vestments from stocks to bonds. The | Will aig Houttersbie auseryy hey “\wjser. ones always thrown their |2%0nizing pangs of poverty and the stScks upon the market preceding a|iear of poverty, on the part of the period of depression and invest in ge- | Working class. eurities drawing a fixed interest, In| At this time a program for unem- periods of ind al activity stocks|Ployment is demanded of the Amer-| are the best paying investments be-|ican labor movement, but as usual cause the income determined by|the official labor leadership, the earnings. But in periods of de-; bureaucracy of the American Feder- cline the gamblers withdraw their money from and invest in rail- road, industr government, munici-| and assuring them that their suffer- pal and oth bonds, from whence! ing will be of short duration and they have better assurance of a fixed | Probably blaming them for not pro-| income, though they also break under |ucing enough, when it is plain to long depression. jeveryone able to think that industrial Then when the industrial recovery | (@P"essions occur because the work- sets in, the bonds are thrown upon | °S have Produced e090 ranch. the market and stocks are again pur-|. In this, as in all situation, reauir chased. ling militant, determined leadership. The decline in stocks today the Communists only, as the vanguard similar to the slump in the market |°f the working class will fight for twenty years ago, on the eve of the | the elemental demands of the work- 1907 depression. The big guns of |¢Ts expose the capitalist system and know what is coming its government and demand effective mass organization and rally the work- |ing class and the oppressed and im- | poverished farmers to the standard ‘of class party of labor that will of; demand that the parasitic capitalists the stock exchange. The first one is | ‘orge some of their wealth they the shifting of investments from|have pillaged from the workers. stocks to bonds, But when all indus-| See try faces a decline, as ing contentment to the working class a) ! | | Bonds Will Also Fall. There are definite stages of the reaction to industrial depression is obviously | BUY THE DAILY WORKER The First Volume of the New Workers Library Publications The TENTH YEAR The Rise and Achievements of Soviet Russia By J. Louis Enepan. EGINNING the se- ries of new attrac- tive publications ‘The Tenth Year’ is a valu- able account of the great achievements of the world’s first workers’ government. Written in a popular simple style, here is a most interesting new book to present to your Shop-mates on the 10th birthday of Soviet Russia. Buy one for yourself—-BUY TEN (or more) to give to your fellow workers in the shop and trade union. 154 The DAILY WORKER (Book Dept.) 33 First St., New York ae OMT BO MAE DS Dc oe 12 cents in lots of 10 or more 10 cents in lots of 100 or more 9 cénts in lots of 300 or more ation of Labor, will be found preach- | '|Seven Men Buried 4,100 | Feet Deep in Houghton, | Michigan, Copper Mine | HOUGHTON, Mich., Oct. 30. — |} Seven men are still imprisoned, perhaps dead, in a mine shaft 4,- 190 feet deep in the workings of | | the Quincy Copper Mine here. An air blast blew up the reof of the tunnel in which they were work- ing at repairing timbers injured in a fire recently. The entire shaft and drift ap- vaching the scene of.the accident o ed that it may ties can appr held out for who are thonght been killed by the the forces the wack of suf- ient ventilation to the surfac: and too few s for the opened up below is the under’ reason. © — ———— —— ——————_—_— Strike Starts When Cut | Is Trailed by Speeding (Continued from Paye One} is $25 per week for 48 hours’ work. Some workers receive as high as $32. A few receive slightly higher wages and a few receive as low as $17, but most of the workers receive approxi- mately $25. Earn Little. “A canvass of these workers on strike found the assertion of Mr. Fglee that 90 per cent of the em- ployes are earning more money now than before the reduction to be ut- terly false. “There are factories in Peabody | that pay higher wages than the A. C. Lawrence Co. Mr. Eglee knows this. Mr. Eglce also knows that work- ers in other leather cities in the United States receive higher wages than the workers in Peabody. The workers in Lowell receive higher wages than the workers in Peabody. Company Union. Mr. Eglee states the ‘Assembly’ is an organization of the employes and because he says so that makes it so But Mr. Eglee is not kidding the workers into believing that the ‘Rs- sembly’ is an organization of the workers into believing that the ‘As- sembly’ is an organization of ‘picked’ workers and foremen and that it is organized, maintained and controlled by the company. The workers also know that the ‘Assembly’, composed ef 12 workers and 12 representatives jof the company can never secure service or cooperation’ for If the workers thought so ‘justice, | them. the | they wouldn’t have gone on strike. “Mr. Eglee states that everything ras going along well when suddenly the union made a demand to talk over the situation with the company. Everything was not going along well and the union did not suddenly de- mand a conference to talk over the situation. Thd situation had been brewing and stewing for many weeks. | The company knew it. And the action of the union in requesting a confer- ence was not sudden. Asked Conference. “Mr. Eglee knows and the company knows that the committee of the | workers waited upon the company on | Tuesday last and again on Thursday and not until after the company re- fused to meet the committee of their own workers was action taken. “Mr. Egice states that three-fourths of the workers did not want to go out. This is also a. misstatement. The workers met in City hall, Pea- body, on Wednesday night and almost wnanimously voted to strike if the comrany refused to meet the com- mittee. The strike was 99 44-100 cent perfect. Tf there were any tears shed when money last e been shed of the croncdile variety, é terest of a man like Mr. Eglee could be sufficient to s interesting in view of the fact that Mr. Blake, the head of the epartment, got through this week rather than handie situa- tion Ahat might arise as the result of s being em- is quoted as saying the and w ul and that the company does consider the. men on strike. Fi Eglee is not the autho state to decide whether lawful or unlawful. | Six More Soldiers Are Executed in Lithuania; Ten Get Long Jail Terms WARSAW, t. 30.---Charged with being members of groups op- posed to the White dictatorship in Lithuania, Captain Karsitis, and five privates were sentenced to death and executed. Ten other soldiers were given from five to fifteen years in the state prison. Wholesale imprisonment of la- bor leaders thruout the country is I reported. ‘ (Continued from Page One) is well known as-a militant worker on the job. The situation is becoming tense as |the coal company press _ intensify |their unification campaign against |the I. W. W. Talk of ammunition and rifles, also fake stories of the discov-} ry of a machine-gun cache are being! printed on front pages of the corrupt | press, generally in box form. These! jare the main features of the fals aganda sent out to turn public pinion against the I. W. W. | But all parts of the daily press, ever the most vicious of them all,! lo Chieftain,” admit that! t is the most effective strike ever| called in the state, Well Bids Bosses. thew Woll is being quoted by i press as having said that strikers will be ved back to job due to the inability of the 1.} W. W. to raise funds; he also stated that if there had been any chance of | | Success, organized labor typified by ithe. A, F. of. L. would have convinced |the miners that settlement could have jbeen effected without a strike. “We believe in cooperation between capital jand labor and un-American organiza- | tions like the I. W. W. should not be allowed to exist,” he is quoted as say- ing. A. F. of L. Membership Sympathetic. However, other sections of the A. F. of L. are taking a different stand. The waitress’ union in Walsenburg has endorsed the strike unanimously, urging all workers to do likewise. General executive board member, Embree, is leaving today for the northern field to survey that district and appraise the present tendency among the coal operators to split among themselves and deal with the i, W. W...“This round is all ours so far. Victory is in sight.” oe Blow To Industrial Commission. WALSENBURG, Colo., Oct. 30.—} The industrial commission which de- | | | Mine Guard Attack On Girl In Colorado Coal Strike Closes Down More Mines |tremendous forces of the miners who| |high on this matter, and the sending received a serious blow when Justice} of the Peace Joe Baron, who Thurs- day afternoon tried the first six per- sons arrested on charges of picketing, ordered the defendants released on the ground that the state had failed to establish a case of picketing thru lack of evidence, Great Power of Strike. Mass meetings are held twice daily, ‘nm the afternoon and in the evening, and the attendance is very great. Reporters who have watched industrial disputes for years and are seasoned in strike developments | said that never in the history of | the Colorado labor movement has a strike been so effective as the pres- ent one conducted by the I. W. W. The mine operators have agreed to allow strike meetings to be held on |the company grounds, bowing to the have followed the most aggressive strike. Even during the days when! policy ever used before in a miners’ was recognized as being a militant the United Mine Workers of America came out one hundred per cent in) labor organization the strikers never) Colorado and used the present tactic of mass picketing which has stopped all arrests. Injured Girl Leader Fights On. Milka Sablich, young rebel girl leader is leading the I. W. W. pickets despite the fact that her arm is par- alyzed after having been the victim of the attack of company gunmen at the Ideal Mine. She addressed a mass meeting at the ball park here in Wal- senburg. The enthusias applause of the miners showed how idolized this young woman has become in a short time. The arrival of the national guards which was predicted by the brass checks of the state of Colorado has failed to materialize so far. The air- planes, however, were observing strikers’ activities during the. day: The feeling of the strikers is very clared the I. W. W. strike illegal and! the operators who have been endeav- | oring to continue production, today f the militia would only fortify the miners’ resolution to carry this ‘strike to its logical conclusion—final victory. WASHINGTON, Oct. 30—Joseph Eastman of Boston, minority member of the Interstate Commerce Commis- sion, has published a dissenting opin- ion as against the views, on public ownership and operation, of the Natl. Assn. of Railroad and Utilities Com- missioners. Eastman favors govern- ment ownership and operation of rail- roads. r Answering the familiar argument that public ownership would mean more corruption in politics, Eastman| points out that “For every public bi -taker there is a private bribe-| , and usually more than one.” Wouldn’t Let Employes Speak. In any instance of public owner-| ship and operation of a puble utility, Eastman argues, the employes as well | as the general business community ONE INTERSTATE COMMERCE COMMISSION MEMBER RECOMMENDS GOVERNMENT OWNERSHIP OF ROADS | with a guaranty of operating them should be directly represented in the board of directors appointed by the chief executive of the national, state or local governments involved. t tame Pee Opposes Government Shipping. WASHINGTON, Oct. 30 (F. P.).— Frederick Steiwer, newly elected re- publiean senator from Oregon, has publicly declared in Washington his support of the demand of private shipping interests that they be al- lowed to buy the three government. cargo-steamship lines on the Pacific only five years. A ajority of the U. S. Shipping Board insists on public operation until a 10-year guaranty of American operation can be had from private buyers. x Quezon and Osmens In Washington for Talk on Philippines WASHINGTON, D. C., Oct. 30. — Tomorrow the arrival of Manuel Que- zon and Sergio Osmena, of the Fili- pino nationalist movement will open he negotiations which must surround the appointment of a new governor- general of the Philippine Islands, to succeed Major General Wood, de- ceased. A decision must also be made, if it has not already been done, whether to continue Wood’s “caval- ry cabinent” program of severe sup- vression in the Philippine Islands, or try some more conciliatory process. There is no expectation that actual independence, such as was freely promised by both republican and democratic administrations in the pact, will even be discussed. Broken Promises. Since these promises were made, it has been discovered by the U. S. gov- ernment that the Philippines will grow ber. At present England has al- a monopoly on the crude rubber supply. It has also heen demon- strated that the United States is vide campaign. of im- and conquest of foreign ‘or which the Philippines are se of operations. And the struggle in China further emphasizes he imperia! importance of the is- lands, But, political experts point | out, the Quezon-Osmena group cares to bargain, the mere fact that they are in a position to rally a cer- tain amount of support for this new- est program of exploitation in the islands, they can have for themselves | a little more patronage in island po- litical: posts, and some pretense at home rule. Around their decision hinges to some extent the choice of Wood’s suc- cessor, the experts say. The last man suggested is General J. A. Hull, judge advocate general of the army. In spite of his military title, he is sup- posed to be in favor of modification of the Wood’s policyy on the basis of drawing certain Filipino interests ES if | jwe find that cordial solidarity pre- Opposition Acquires Treint; Loses Workers (Continued from Page One) Sneevleit would be tantamount ic building on sand. But the oppostion business is in such # bad state thai they will not even discard the trash, but take it as pure gold. The “Victories” of the Opposition “On a World Scale.” It would hardly be worth while to mention Scholem’s and Ruth’s bois-! terous speeches if their content were | net characte: of the opposition in| general and of their activities “on a| world scale” in particular. Our | Trotzkyist opposition “opened a door” tor itself to Nurope with the help of Maslow the renegade. Feverish work | is being carried on through this “door.” The oppositionists are work- ing with all their energies in trans- mitting through it all their declara- | tions, resolutions, letters, article. | and platforms. Their agency | abroad is doing fine work. It jub- lishes everything and even letters from Treint~ and “Vuyovitch. But only outspoken renegades such as Souvarine and hopeless muddlesheads such as Treint respond. Under such conditions there is nothing to do but to shout from. the heuse-tops pro- claiming the =Souvarines; Maslows Treints and Sneevleits’ as genuine “Bolshevik-Leninisia,”. . Communist Intertational Solid. But if we tum our eyes from the renegades and muddle-heids to the Communist sections of all countries vails in the ranks of the Comintern, expressing itself not merely in the unanimous backing of the decision of the EC to exclude Trotzky and Vuyoviteh, but also in the decisions of the central and loca! organizations of the most important parties of the Comintern. It is extremely charac- teristic of the attitude of Commu- nists—in contra-distinetion to the renegades and muddle-heads— to Trotzkyism to note that at the recent Congress of the Communist Party of Great Britain there was not a single vote given in defense of the Trotzkyist opposition platform. Such an attitude to the Comintern we find in all other Communist parties. BUY THE DAILY WORKER into cooperation. AT THE NEWSSTANDS | testified in this case. FPS ess “oy Cr revs” ASKS AMERICAN Tara hema WORKERS TO AID ITALIAN WORKER TROY, N. Y., Oct. 30.—*Police protection against union organ- Red International in Defense of Adzario izers,” stated in so many words, is the chief inducement offered by the Troy Collar manufacturers in their appeal to New York and other neck-tie manufacturers to move their business to the smaller city. Cheap labor, no unions in this line at present, and good location are other “good points” offered by the scab collar company. Troy unionists in other lines of work are highly indignant about the situation and a committee from the local unions in sending a dele- gation to the police department to demand an explanation about the “protection.” (Special Cable to Daily Worker). MOSCOW, Oct. 30. — The bloody clutches of the fascist tyranny in Italy threatens to reach forth and seize one of the exiles who is on the list of defendants in the famous Com- munist trial which is to come up at the extraordinary fascist court in No- vember. He is Comrade Adzario, who has just been held for two months in prison in Panama for deportation, which is momentarily expected. Red International Appeals. The Red International of Trade Unions has issued an appeal to the ‘workers of the whole world, and lespecially to the workers of the | United States, to rally to the defense {of Adzario, as his deportation to Italy ‘means long years of torture and per- jhaps death in a fascist dungeon, New Witnesses for Teapot Dame Craft Trial Coming Soon WASHINGTON, D. C., Oct. 30— Two more relatives of Albert B. Fall, | secretary of the interior at the time of the Teapot Dome oil frauds wiil probably be called tomorrow to testi- fy in the case against Fall and Harry F. Sinclair charged with defrauding the government out of about thirty million dollars worth of naval oil lands in Wyoming. ‘hey are ex- pected to refuse to say anything very | damaging to Fall. | The Supreme Court has already ruled that the lease was fraudulent but the possibility of convicting Fall and Sinclair of actually committing the fraud seems more doubtful. Everhart Won’t Tell. The best. evidence has been ex-| cluded, Justice Siddons ruling that Sinclair’s.. damaging admissions be- fore the Senate Investigating Com- mittee in 1923 can not appear in this’ trial, and that Fall’s son-in-law, M.T.| Everhart, need not tell where he got $230,000 in Liberty bonds which he is known to have had in his posses- | sion at one time are good for the de- fense. In fact, Everhart admits that he| carried the bonds from somewhere in! the East to Pueblo, Colorado, and the | INFORMAL bonds later appeared in Fall’s pos- session. But Everhart refuses to say D E B AT E | where he got them. Extremely strong circumstantial evidence indicates that AND DISCUSSION they came from Sinclair, and were a THE GOAL OF FREEDOM AND THE ROAD TO IT BUY THE DAILY WORKER A NEW NOVEL pion Sraclaie | | $2.50 CLOTH BOUND The DAILY WORKER PUB. CO. |/383 FIRST ST. NEW YORK, N. ¥. bribe intended to loosen up the thirty million dollars worth of oil rights. The jury is thought to be friendly | | to Fall and Sinclair. | i Another witness expected during | | Bertrand Russell | the next day or two is Captain H, A.! | The Noted British Philosopher Stuart, U. S. N., who disagreed with piocgyaincnsa an Fall ‘about the neccksite A pegs will present the anarchist ideal of ecessity for turning a free human society over Teapot Dome to Sinclair, and! got himself sent to service abroad for! his pains. He has not previously Us. Max Eastman First appearance since his returs from Russia BUY THE DAILY WORKER AT’ THE NEWSSTANDS will present a revolutionary plan for achieving that freedom, French Fear Fascist Will Want Part of Loot In Scramble for Tangier PARIS Oct. 30,—The demonstra- ions of the Italian squadron at Tangier last week has stirred a good deal of comment in the French capitalist press. The. Fascist gesture made on the eve of the reopening of Franco- Spanish negotiations over the dis- posal of Tangier is considered as an indication that Mussolini wil’ insist on taking a hand in the business, The French press compares the visit of the Italian fleet with that made by Kaiser Wilhelm in 1904.. a a Ey Chairman DUDLEY FIELD MALONE COOPER UNION | 4th Avenue at 8th Street Monday, Nov. 21 at Eight P. M. Auspices: NEW MASSES Tickets $1.10, $1.65; 90 seats at $2.20 ale at NEW MASSES, 39 Union Si JIMMIE HIGGINS BOOKSHO! 106 University Place R/NV SCHOOL, 7 H. 15th St, Or by mail. For Send checks or money orders to NEW MASSES 39 Union Sq. Aigonquin 4445. { e SEPT.-OCTOBER ISSUE Just off the press. Table of Contents: The Murder of Sacco an Vanzetti By ROBERT MINOR. American Militarism By A. G. BOSSE. The Convention of the Pan- American. Labor Federation By ARNOLD ROLLER, Whither Wuhan By 8Z-TOH-LI. China and American Imperialist Policy By EARL BROWDER. Now: 1118 Washington Blvd. With Marx and Engels Chicago, Ul. ® By AVROM LANDY, FOR SALE on newsstands in New York, Boston, Detroit, Cleveland, Los Angeles, Frisco, Philadelphia, Pittsburgh, ete. SUBSCRIPTION: Single Copy... 260° ° Ment terete L year .........cc00008+.+.$200 Foreign and Canada......,.. 2,60 tion of all Phe pomens of Secial Life. Editorale, Staustical Maternal Truth about Sevier |i Reseia Address, after Oct. 25th: 43 BE. 125th St., New York, N. Y. peewee L265