Evening star., 1922-09-02
$4,000 D. c. LOAN
TO HELP STRIKERS
Machinists' Building Here
Will Be Mortgaged to Aid
Union WaIkouts.
is REPLY TO INJUNCTION
More Money Will Be Raised as
It Is Needed, Leaders
Intimate.
is REPLY TO INJUNCTION

Labors answer to what their leaders
term government by injunction" will
be unlimited funds for the support
of the shopmen now on strike. This
twas made known here today. At the
same time 1t was explained that the
,,Machinists building. one of Washing
tons monuments to the labor move
mont, will be made security for a
loan of 100000 to add to the strike
can be completed.
Union leaders who are making the
plans were not inclined to do much
talking about them. They Indicated
today that, while they are agreed the
sinews Of war shall be provided In
full and plenty, they do not intend
to take any chances that statements
made by them can be regarded as in
any way a violation of the injunction
granted in Chicago yesterday.
Incidentally they insisted today
that the loan was in every way an
open and above board financial trans
action differing in no way from those
that are arranged every day on Wash
ington real estate.
Union Has Big Resources.
There is, however, they declare, no
question of lowered morale; on the
contrary the very fact that the loan
is being arranged points to their
determination to see that the strike
is supported in every lawful manner.
Moreover. the union officials say, and
they support their assertions with
figures, that financially the Interna-
tional Machinists' Union is strong
and that the present loan is mere
ly a method of realizing quick as
sets.
For example. 1t was stated, the
machinists have rather large hold
ings of certain railroad bonds. To
throw these on the market at this
time would result in heavy loss
because of present quotations and a
possible drive against such securities
at any time. Also stheir funds are
invested with view to the largest
possible yield of interest, with safe
ty, and it is held desirable to hold all
present investments intact:
The Machinists building, seven
story structure in Mount Vernon
square. was built few years ago by
the international union. and is free
from incumbrance. The union. the
leaders point out. can negotiate the
present loan at lower rate of in
terest than any of the securities now
in their treasury pay.
Finances i'm Good Shape.
The machinists are one of the
strongest and most progressively
managed of labor unions. Their finan-
cial interests are large Their build
ing is being used for national head
quarters and a considerable portion
Of it is rented out. They also are
financially interested in two banks. a
newspaper and other enterprises.
Incidentally 1t was stated today
that the finances Of all of the various
organizations that now are on strike
are in good shape While part of
the income of the machinists has
been temporarily checked and the
expense. including strike benefits. are
heavy what is known as the million
dollar emergency fund" has not yet
been touched. An index of the sue
cess of the unions Is the conditions
surrounding labor. formerly the
organ of the socalled Plumb plan
which with a circulation of soc, 900
| is making money and plans to estab-
future.
Copyright. 1927