Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-12-31
JOHNSON PREDICTS
PROSPERITY FOR us.
Chamber President, Speaking in
Boston, Declares Business
Depression Is Over
SAYS PRICES MUST DECLINE

Alba Il. Johnson, president Of the
Philadelphia Chamber of Commerce,
speaking to an audience of 1000 bust :
ness men In Boston last night, declared
the worst Of the business depression Is
over and touched optimistically on the
1921 outlook.
After giving a general review Of con =
ditions now existing and confronting
the country, he asserted the time to
buy Is now, in order that wheels Of
industry be kept in motion TO relieve
unemployment and to spread the i'm
provement Of conditions over longer
period
THE worst Is over and we can hear
the first tapping Of the waves heralding
the oncoming food of prosperity" he
asserted. '"The readjustment is more
than half completed. Two things must
be entirely readjusted-the prices Of
commodities and the prices Of labor, and
1t Is an inevitable condition that as
commodity prices decrease labor must
accept its share Of the reduction. It
Is worse than idle to say that labor
must accept no reduction until after the
cost Of living is normal" he continued.
Mr.. johnson was the guest Of the
Boston Chamber Of Commerce and &C.
lected as the subject for his address
The General Business Situation and
the Way Out"
THE decline in prices throughout the
country is an essential preliminary to
the restoration Of sound, active bust.
bess." he said. "Do not be alarmed at
the failures and the extensions which
have been Inevitable. They are part Of
the medicine essential for complete re-
covery.
"Thc whole industrial and commercial
world is undergoing purging process.
How long will It last2 This largely de-
pends upon business men and upon
their attitude.
Whilst recovery from business de-
preston usually requires longer time
than we estimate, they are sometimes
unduly prolonged because business men
continue pessimistic, as they do not
realize that the time for optimism has
come.
The railways Of the country form the
first line of defense against the advance
Of state socialism, he declared in the
course Of his speech. "Their mainte-
nance under successful private manage
ment means the continuance Of that
| freedom Of individual citizen to develop
the highest powers Of which he Is capa
bic, and to enjoy the rewards Of genius
without political domination or con
troll"
To obviate the possibility Of this he
made three suggestions to business men
First, the present high rates have been
established to allow of repletion Of de-
| teriorations. 1T seems to be apparent
that the only means, no, only of avoid
ing constantly rising rates, but on the
contrary Of ultimately justifying lower
rate level, is heavy Investment In addi
tions and betterments," he said in ex-
planation of this.
He pointed out, in the second place,
that the roads themselves must exer
else care in seeing to It that bond issues
do not gain too great preponderance
over stock issues. Further, he urged
heavy buying Of railroad securities for
the purpose of helping to improve rail-
road facilities and thus Of assisting the
business man In the handling Of his
freight. His final injunction was that
In saving car-days and increasing car.
loads, the nations transportation prob
lem would be solved.