Indianapolis Times, Volume 35, Number 261, Indianapolis, Marion County, 14 March 1924 — Page 5

FRIDAY, MARCH 14, 1924

PRESIDENT TELLS FINANCIAL NOPE OF CAR COMPANY Robert I, Todd Describes Situation From Utility’s Standpoint. Many civic organizations have passed resolutions opposing increased car fare in Indianapolis. Several have adopted resolutions favoring the increase. The Times has said citizens have the right to “more light.” In response to this, the Indianapolis Street Railway Company, through Robert I. Todd, president, submits this statement, which is published with the understanding that the views expressed are not to be construed as the thoughts of this paper.—Editor's Note. By ROBERT L TODD We fully appreciate that the duty of a newspaper in such an important matter as an increase in street car fares is fully to investigate the merits of the case. This is exactly what the street railway company invites and has constantly encouraged, particularly in March, 1922, when representatives of civic and labor organizations were requested to take the initiative in going thoroughly over the books of the Indianapolis Street Railway Company, and, after a full investigation, to te the judges themselves as to whether

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or not the company was entitled to more revenue. After an investigation of 4 some six weeks by representatives of the civic and labor organizations, assisted by Harry Boggs, accountant for the public service commission, the committee made a report on May 10, 1922, to Mayor Shak, which was submitted to the public service commission, showing that the street railway company needed more revenue in order to provide adequate service. Plans Fall Shoi-t The committee was under the impression that if the company was relieved of paving charges and increased its revenue from other sources, such us charging a ten-cent fare on “owl” -ars instead of five cents, etc., it would save approximately $249,000 in operating expenses. Asa matter of fact, less than $ 14,000 was derived from these sources, including the ten-cent fare on “owl” cars. Every effort was made and every economy practiced by the company in order to continue if possible the five-cent fare, as no one realizes better than the company that to invite travel the rate should be as low as possible. After a trial of nearly two years, however, it is found that it is utterly impossible to furnish the service and provide the additional cars which the growing city demands and to which the citizens are justly entitled under the present economic conditions, on a five-cent fare. There must be sufficient revenue to provide for the operation of at least twenty-five additional cars, reconstructing the tracks in various parts of the city and, later on, building substations. Council Investigates The city council, on Jan. 22, 1924, appointed a committee of five, includ-

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Head of Technical Mathematics Club ' in * ■>* '* "r ■ Mggfipp MISS HELEN BROWN The Mathematics Club of Technical High School has elected these officers for the rest of this semester: Miss Helen Brown, president; Ferris Ruggles, vice president; Doris Ashcraft, secretary’ and Peter Reilly, sergeant-at-arms. . ing Benjamin Perk, the city's expert accountant, to examine the books of the Indianapolis Street Railway Company. After a thorough examination of

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gross earnings, operating expenses, fixed charges, balance sheet, etc., of the company for 1922 and 1923, Mr. Perk made a detailed report to the council committee, showing that if the company is to keep pace with the growing demands of the city and furnish proper service i twill require $500,000 per annum additional revenue. In order that this increased revenue may be devoted solely to the improvement of the property, It is provided in Perk’s report that the amount be set aside in a special account and that the company make statements at least quarterly to the city council showing the earnings, operating expenses, etc., in order that a full and complete check may be kept upon the uses to which increased earnings are devoted. The company is prepared strictly to comply with this recommendation. Misstatements Made Many misstatements have been made by those uninformed. It has been stated that the Indianapolis Street Railway Company is controlled by the Terre Haute, Indianapolis and Eastern Traction Company. This is positively incorrect. More than 75 per cent of the preferred stock ($5,000,000 par) is held in Indianapolis and throughout the State of Indiana, there being 1,034 stockholders in Indiana out of a total of 1,216, of whom 550 are women, and 565 stockholders own

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ten shares or less, showing how this stock is held by smaller investors. On June 30,1919, there was a consolidation, by order of the public service commission, of the old Indianapolis Street Railway Company and the Indianapolis Traction and Terminal Company, into the Indianapolis Street Railway Company, incorporated 1919. T. H., I. £ E. Holdings By this consolidation the Terre Haute, Indianapolis & Eastern Traction Company owns $1,000,000 par of the common stock of the Indianapolis Street Railway Company, which has never paid a dividend and has no voting power if dividends on the preferred stock are not paid for a year. Thus, it will be seen that the Terre Haute, Indianapolis & Eastern Traction Company in no manner or form controls the Indianapolis Street Railway Company, nor could it by any combination, on account of the diversity of the stockholders. The Indianapolis Street Railway Company recognizes the inadequacy of its W. Washington St. power plant to produce pjwer economically, and for that reason purchases about 75

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per cent of its power annualjy from the Terre Haute, Indianapolis & Eastern Traction Company’s '~ T . Tenth St. power station at a very low cost. Had not the present legal obstructions been placed in the way of the Terre Haute, Indianapolis & Eastern Traction Company to develop the W. Tenth St. power station it could by this time supply all the power needed by the Indianapolis Street Railway Company at a large annual saving. The Terre Haute, Indianapolis & Eastern Traction Company, i£ unobstructed by opposing power companies, can furnish power to the Indianapolis. Street Railway Company on the most advantageous terms. BUSH TALKS ON TAXES High Levies Go Hand in Hand With Fine Improvements, Candidate Says. Bv Times Special KOKOMO, Ind., March 14. —Taxes can not be reduced as long as public money is spent lavishly for paved roads, fine schoolhouses, costly gymnasiums and motor buses in which to haul pupils, Edgar Bush, Salem candidate for the Republican nomination

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