fact of the lock-out!

That year was a bad year, a year of world-wide economic disorganization.
Through their want of intelligent direction the great "Trust" of
American ironmasters, a gang of energetic, narrow-minded furnace
owners, had smelted far more iron than the whole world had any demand
for. (In those days there existed no means of estimating any need
of that sort beforehand.) They had done this without even consulting
the ironmasters of any other country. During their period of activity
they had drawn into their employment a great number of workers,
and had erected a huge productive plant. It is manifestly just that
people who do headlong stupid things of this sort should suffer,
but in the old days it was quite possible, it was customary for
the real blunderers in such disasters, to shift nearly all the
consequences of their incapacity. No one thought it wrong for a
light-witted "captain of industry" who had led his workpeople into
overproduction, into the disproportionate manufacture, that is to
say, of some particular article, to abandon and dismiss them, nor
was there anything to prevent the sudden frantic underselling of
some trade rival in order to surprise and destroy his trade, secure
his customers for one's own destined needs, and shift a portion of
one's punishment upon him. This operation of spasmodic underselling
was known as "dumping." The American ironmasters were now dumping on
the British market. The British employers were, of course, taking
their loss out of their workpeople as much as possible, but in addition
they were agitating for some legislation that would prevent--not
stupid relative excess in production, but "dumping"--not the disease,
but the consequences of the disease. The necessary knowledge to
prevent either dumping or its causes, the uncorrelated production
of commodities, did not exist, but this hardly weighed with them
at all, and in answer to their demands there had arisen a curious
party of retaliatory-protectionists who combined vague proposals
for spasmodic responses to these convulsive attacks from foreign
manufacturers, with the very evident intention of achieving
financial adventures. The dishonest and reckless elements were
indeed so evident in this movement as to add very greatly to the
general atmosphere of distrust and insecurity, and in the recoil
from the prospect of fiscal power in the hands of the class of men
known as the "New Financiers," one heard frightened o