Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-01-04
INCREASE EXPECTATION
TO STIMULATE BUSINESS
This Is Remedy for Conh,
tons in America, Says vii
liam ii. Johnston.
ADJUST RATE or EXCHANGE
Speaker Declares Foreign Couutric.
Will Not lie Able tn Purchase Our
Products lniii This Has Bccu
Done.

.bOnc.
Stagnation in business in this
country will continue until such time
as we begin 10 export abroad some
of the raw materials and finished
products which we have" said Will
liam II. Johnston, president Of the In
tcrnational Association Of Machinists
in an interview last night.
Continuing Mr.. Johnston said: ".And
until come adjustment is made in the
rate Of exchange there is no immcdi-
ate prospect of those countries so
much in need OF the things we have
Il supply of being able to buy them.
The giving OF s20.o0o.0oO worth OF
grain to Russia viii help stimulate
business, at least it will help the
farmers who. have corn and wheat
ana enable them TO pay some Of their
obligations and buy what they are in
need Of
Mr.. Johnston. who recently return
led from 4 trip through Russia said
III the United states government
would recognize rhc government of
Russia and the government of Mexico.
IL would stimulate trade a great deal
Both afford a great market for Amer
lean goods. AZ present without
recognition they cannot get credit:
with recognition credit would he
given and billions of supplies. ma
chinery. etc. would be purchased so
that the wheels OF industry would
soon commence 10 rcNpINc al no! MAJ
rate
Touching on railroads. subject
with which he is particularly Ia
miliar. Mr. Johnston said;
Conditions of Railroads "siclly."
The railroads. OF course. are one
OF the basic Industries of the nation
and due 10 the gross manipulation by
financial interests they are in "a sick
~ condition. ] feel that they have
reached the stage where they are GO
ing to require n major operation %
restore them to II healthy state, and
that major operation means taking
them out OF private hands, and
squeeze the water out OF them.
twenty foUrclass- one railroads IN
the United States. according 10 tho
findings oil the Interstate Commerce
Commission have a total mileage OF
"9,0a5 miles. They had issued Sg3o,-
co0,0 600 Of bonds, had outstanding cur
rent liabilities estimated at $4,000
200. and stock issued OF u par value
OF SiG3.oQc."b0, disclosing total CAPT
tai obligations OF $l.iiS.UOO.o00. The
total tmal valuation OF all these prop
critics as established by the commits
sion WAS only $a5o,0ce,OOV, OF So,
100000 less Than the total indebted
ness and S4a9,U0O,0O0 less than the
total capital obligations"
The railroad manag gers have been
carrying on AN aggressive campaign
10 destroy the conditions under winch
their employees labor, as we'll as 10 re-
ducc wages. The conditions OF en-
pioEmcni We're recognized Hs just and
reasonable by the managers and hay.
obtained for years past.
one of the elariliG things which j.
responsible for Il great deal of unrest
IS the taking away oi the ti-l.. and
one half Tor sunday work. II is gem
orally recognized that when a man
works on sunday or = holiday. n.
should receive extra compensation.
Practically every railroad il. the mas,
th!rt% years has recognized :ae .us;-
ness OF extra compeasa;.g. FOR sun
day work. Ali O: & sudden :asy :a.e
the position ina: b; : u=.gs, and *.
SOUND ana the !--oc! -'ozF- tnafes
Eo!lnE iEa: taxes :A- eLi-g. .t.y away
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