Indianapolis Times, Volume 43, Number 194, Indianapolis, Marion County, 23 December 1931 — Page 11

DEC. 23, 1931:

RAILWAYS MAY GET AID FROM NEW CONGRESS Proposed Reconstruction Finance Plan Would Provide Credit. BY RAYMOND CLAPPER 1 nited l'rr Slid Correspondent WASHINGTON, Dec. 22.—Congress is about to reach into the hat to save the nation's railroads from bankruptcy. There is one of the driving purpose.'. behind the administration's proposed reconstruction finance corporation. With a maximum working fund of $2,000,000,000, it prob'ably will be created by congress soon after the holidays. Members in both parties have been impressed bv the gravity of the situation and the need for haste. It is a question not only of relief for the railroads but for all who depend on their earnings. The railroads are America’s greatest industry with the exception of agriculture. Valued at about $25,000,000,000 they reacn into practically every community—geographical and financial. Income Slashed in Two The decline in business has struck the railroads with terrific impact. A few key facts outline the picture: 1. Income has been cut about half in the last year—under the depression year of 1930. Net operating income for October was $64,000,000 es against $112,386,000 for October, 3930. This represented an income at the rate of 1.87 per cent on property value as against 3.35 per cent a year ago. Figures for the last ten months are in almost the same proportion. Roads will earn this year an estimated 2 per cent on the property value. 2. Railroads must pay 8 to 9 per cent interest to borrow money figuring on the basis of present security prices. 3. They face $1,000,000,000 in maturing obligations in the next three years, $243,000,000 in 1932. 4. They have dropped almost 500,000 men from prosperity peak, and many of their 1,200,000 employes are now on part time. Propose Wage Cut 5. They are about to put through a 10 per cent wage cut which will ■6ave $200,000,000. 6. Many roads have ceased to buy new equipment. 7. They have just agreed to pool proceeds from rate increases granted by the interstate commerce commission, which will provide an estimated $100,000,000 for loans to weaker roads. . 8. Because of legal requirements, probably two-thirds of existing railroad securities are no longer eligible to be purchased by life insurance companies, savings banks, etc. This chokes off the big source of credit for the railroads. They are left to pay unbearable interest rates else■where, or get special help. Roads need money for maturing hond and equipment trust issues in the coming year. Only two have sinking funds to meet them. They need to make new loans to buy equipment or to finance operations. Into t his situation congress now is ,about to bring the reconstruction finance corporation. Its purpose is to lend money where other avenues of credit are closed. Congress may change the pending plan to give the interstate commerce commission authority to pass on all railroad loans as a precautionary measure.

LUDLOW INTRODUCES THREE LEGION BILLS 5600,000 Asked for Addition to New Veterans’ Hospital. JS.v Times Special WASHINGTON, Dec. 23.—Representative Ludlow introduced three bills in the house Tuesday, all at the request of American Legion officials. One measure would authorize the appropriation of $600,000 to build an addition to the veterans hospital at Indianapolis to accommodate 150 additional beds. The second would reduce from 4 to 2 per cent the rale of interest charged to war veterans who borrow from the government on t,heir compensation certificates. The third would g ; vp a loan value to compensation certificates as soon as they are issued, removing the present restrictions requiring a certificate to be held two years before an application for a loan on it can be made. SANTA’S TASK LIGHTER fewer Children in IT.l T . S. Than Derade Ago, Says Census Expert. JRi/ f. lifted Press WASHINGTON, Dec. 23.—As the result of the decreasing number of children in the United States, Santa Claus will have to fill 128.840 fewer pairs of stockings than he did a decade ago. according to Emery M. Foster, chief statistician of the United States department of education. Foster today revealed that with 17,000,000 more people in the United States this year than in 1920 there are 128,840 fewer children under (> years of age. This, he says, reveals for the first time the fact that the United States has reached an era of decreasing population. Suit Asks $25,000 £'i Times Special ANDERSON, Ind., Dec. 23.—Damages of $25,000 are asked in a damage suit filed here against Herman Stanley, Pendleton, as a result of the death of Charles F. Kahn, Indianapolis business man, in an automobile collision in Indianapolis, June 14. *

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THE INDIANAPOLIS TIMES

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