1894 Cripple Creek strike Essay Example | Topics and Well Written Essays - 500 words

1894 Cripple Creek strike - Essay Example America was in the throes of an economic depression. Banking institutions, businesses and factories closed, and â€Å"as a result, millions of laborers were idle† (Rastall, 9). The country was rocked by strikes in various parts. The situation was exacerbated at Cripple Creek by the closing of Colorado’s silver mines. Workers, desperate for jobs, came to Cripple Creek, creating a labor surplus. The mines had no uniform working-hours, with some having a ten-hour day and others an eight-hour day. â€Å"The wage at all the mines was uniformly three dollars per day, irrespective of the length of the shift† (Rastall, 19). Citing the economic condition, the owner attempted to increase the working day from eight hours to nine and 10, with no increase in pay. The alternative offered was that Workers could keep the eight-hour day, but for a reduction of 50 cents in their daily pay. The dissenting miners formed the Free Coinage Union No. 19, which was part of the militant W estern Federation of Miners (WFM). The battle lines for the conflict were drawn. Attempts at compromise failed and, on February 7, 1894, all mines with eight and ten hour days were closed. The miners went on strike, and set up roving picket lines. In a show of solidarity, the miners who were still working in the eight-hour mines contributed 10 percent of their wages to support the strikers. A relief fund was organized and soup kitchens were set up. John Calderwood was elected President of the Union. The owners attempted in vain to open the mines. When the County Sheriff, Frank Bowers, sent a team of six deputies to defend a mine, they were captured by the local marshals â€Å"special police,† who were on the side of the strikers, but were later freed. Several miners were arrested and subsequently freed. A second crisis developed when the ranks of the hitherto law-abiding union were swelled by large numbers of rough elements. Order deteriorated with the

Southwest trading company-finance case Study Example | Topics and Well Written Essays - 1000 words

Southwest trading company-finance - Case Study Example It is the work of financial experts to analyses this information and establishes the negative side of the information. It is important to understand this side of things because, from there is when financial institutions can decide whether their money is safe or not. On an outward view of proposals, it would be very difficult for financial experts to identify unscrupulous borrowers, which prompt for a deeper look into their financial history. A comprehensive credit analysis by a loan officer should begin with an analysis of prior bank relationships, customers, suppliers, and dealings (Koch and MacDonald 603). All this information can be analyzed using a basic four stages process that checks the overview of firm, size and financial ratios, its cash flow, and finally the borrowers projected financial position. The following analysis is carried out on Southwest trading company’s credit worthiness following the four-part process. Analysis Overview of management, operations, and the firm’s industry An overview of the Mahan’s Southwest trading company reveals three things. ... Furniture and jewelry are luxury goods, and most of them sell during high season. This comes around in summer when there is an influx of tourist and it is portrayed as a time people have more disposable money. Following Steven’s extensive contact base in Dallas and Houston, there is a high possibility of the business being a lucrative especially factoring in the fact that he has already received order prior to opening. Working as both a supplier and a retailer also shows an extended risk. However, it is worth indulging into following the high demand of Jewelry and furniture in Texas where the company will be supplying. The third issue is the quality of data presented by Steve. The data shows a positive trend and the business seem lucrative enough. Steve is a holder of an economics degree, an MBA and has had several years of work experience. His projections can appear substantial enough and following their lump sum investment in the business then the quality of data can be rega rd as significant and worth consideration. Common size and financial ratio analysis A review of Southwest Trading Company’s financial projection statements reveals a number of salient factors. Starting with the income statement it shows a very positive trend I the company’s financial performance for the following five years. Sales are increasing in the first three years after which they stabilize and become consistent. In terms of expenses, the projections are under estimated because considering the business will be involved with exportation to Houston, Texas and Dallas. Delays, transportation costs, warehousing and currency difference ought to be incorporated in costs section of the financial statement.