Indianapolis Times, Indianapolis, Marion County, 12 December 1946 — Page 5
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THURSDAY, DEC. 12,
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Railways Attorneys Quiz Cost Report; Say Surplus Profits Drop $8 Million
(Continued From Page One)
the financial structure of the comwas “unsound.”
After eliciting the information |
that Dr. Bauer was born in Rus-|
sia, Company Attorney Robert E. Armstrong attempted to link the] expert with advocates of public’ ownership and the Socialist party.
Indianapolis Corporation Counsel,
Arch N. Bobbitt objected to the tactic.
“I can't see what this has to do
with streétcar fares apolis,” he commented, Mr. Armstrong took ‘this tack after Dr, Bauer, an experienced witness in public utility cases, used each of the attorney's questions as the subject of a lecture on how public utilities ought to be financed, Discuss Preferred Stock
The company attorney attempted "to break down the expert's definition of sound utility financing, which “involved a 30 per cent in: vestment in the form of preferred stock. Indianapolis Railways has no preferred stock. “Hasn't the securities and exsghange commission discouraged fur. ther issuance of preferred stock?” he demanded. In answering the question, Dr, Bauer launched into a lecture on the proper use of preferred stock. Mr. Armstrong became impatient. Commissioner Lawrence W. Cannon asked Dr. Bauer what was the
in Indian-
/
prescribed ratio of senior stock to|
other securities * financing. “The ratio must be very good,” said Dr. Bauer, what I suggested in the first place, about 30 per cent preferred
in SEC-approved
remainder in bonds.
“I can assure you that the SEC
would frown on any capital structure having so little equity as 5 to 10 per cent.” Dr. Bauer was referring to the
Indianapolis Railways capital struc-! ture, which he has testified consists |
“It should be about |
of 95 per cent bonds and 5 per cent common stock.
Mr. Armstrong objected. At .one (point He asked who was in eharge {of the cross- -examination, anyway? “You are,” replied Dr. Bauer gralousy. “And I am in charge of my own answers,” The attorneys then asked the witness if he kmew of any public transportation system whose bonds were rated as high as those of electric utilities, “I can't think of any,” ‘said the expert, “They're all in about the same shape that yours is in. As long as your rate base is so unclear thateyou have to go into three-year rate cases to find out what it is, of course you'll have chaos.” Mr. Armstrong appeared to. be exasperated. Then in a calm, low voice, he said: “Dr. Bauer, are you an advocate | of public ownership?”
Quizzed Concerning Book “Well” said the expert, “not nec{essarily. I'm an advocate of good, serviceable public transpor-
sound,
(tation. If that can be done by pri-|
|vate enterprise, I'm for it. [then the public has to do it.” “Dr. Bauer, aren't you a member
If not,
{of the League for Industrial De-
i mocracy?” | “I don't think T am,” the expert {replied slowly, “TI might have been at one time.”
Mr, Armstrong then held up a
{book. He asked the expert if he had written the book. It was a pamphlet | titled “America Struggles for Power,” an analysis of electric util|ities published by the League for Industrial Democracy.
| number of books on utilities’ subjects. “Are not the officers of the Lzague far Industrial Democracy Sociallists?” persisted Mr. Armstrong. t Dr. know. Mr.
Thomas,” said
Em i—
Dr. Bauer admitted that he wrote! be, stock, [the hook. He said he had written a color television as 30 per cent common stock and the
triumphantly, “Isn't he a Socialist?” . _ “Why certainly,” said Dr, Bauer. “Norman Thomas has been a Socialist as long as I can remember.” : At this point, Mr. Bobbitt interposed an objection. He couldn't understand what Norman Thomas, the League for Industrial Democracy and Dr. Bauer's book had to do with the trolley case. Mr, Armstrong said he had made his point, Dr, Bauer waited expectantly for more questions, but the attorney signified he had finished his cross-examination of. the witnesses. Dr, Bauer then peered intently | through his spectacles at some | books which the attorney had | brought to the hearing. They were | books he had written.
| “As long as they're going to use|
{my books,” he commented afterward, “I wish they'd buy them, instead of borrowing them from the public library.” :
Commercial Color ; Television Opposed
WASHINGTON, Dec. 12 (U. P.) — The Columbia Broadcasting system's {plan to go on the air commercially with color television is “premature,” according to the Television Broadcasters association.
Association President John R. | Poppele told the federal communi- | cations commission that all methods of color televising should be explored and tested before commercial standards are fixed. The FCC is holding hearings on the C. B. S. proposal. Mr. Poppele characterized present “but a transient developmental phase.”
{O. E. S. CHAPTER TO MEET -
Landmarks chapter, O. E. S., will {meet at 7:45 p. m. tomorrow in the
Bauer shrugged. He didn't| Masonic temple, North and. Illinois persons in 1500 ships and boats had
sts., to confer degrees. Mrs. Myrtle’
“Here is the name ‘of Norman |Morris is worthy matron and Har- after being trapped for two weeks Armstrong |
vey H. Morris, worthy patron
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MAN OF NOTE—By day,
Patrolman lan Cosman, New York . City policeman, is busy directing traffic, as seen at top. At night, he keeps equally busy practicing for his debut as a concert singer. Bottom picture shows him at recent dress rehearsal. Last year Mr, Cosman, .a tenor, made his operatic debut in Cavalleria Rusticana.
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| 7500 MAROONED, RESCUED | MOSCOW, Dec. 12 (U. PJ), | Pravda reported today that 7500
' been rescued from the Caspian sea
by a sudden freeze.
THE INDIANAPOLIS TIMES-
\
Truman Abolishes
4 War Agencies
Fleming: to Finish Work of OPA, CPA
(Continued From Page One)
executive order setting up the new office of temporary controls ordered the immediate termination of the economic, stabilization board and the termination of the wage stabilization board as of Feb. 24, 1047, . The President called a major housing conference this afternoon with all the officials he named today, plus other government agency heads involved in the housing program, These include George E. Allen, a director of the Reconstruction Finance Corp., with whom Mr. Wyatt had trouble. Assistant to President John R. Steelman has been reconversion director and also head of the economic stabilization office. In the = reorganization he was switched from these posts to a new role as “assistant to the President.” Mr, Truman told reporters Mr. Steelman would continue to aid him “in co-ordinating federal agency programs and policies.” The former heads of OPA and CPA have resigned. OPA Administrator Paul Porter is going to head a U. 8. economic mission to Greece. CPA Administrator John D. Small is returning to private business,
Powell Again Heads Henry County AAA
Times State. Service
(Continued From Page One)
out of the tenement by rescue workers. Barely conscious, he gasped that his mother, Eileen; his father, Joseph ‘8Sr.; his brother, John, 17, and a 3-weeks-old sister were still in the building. Then he lost consciousness. Tales of Horror Tales of the horror and confusion that followed collapse of the building were told by neighborhood wit nesses, many of whom were shaken by the ice-house blast, Most of them thought it was an earthquake, Then they heard the cry of “fire.” In a matter of minutes,’ thousand-—-many of them only partly clad—crowded into the street. : A bartender, Anthony Alexander, was serving customers in the nearby Ft. George restaurant when the crash occurred. x “I thought it was an earthquake," he sald. “The bar began to shake. Pictures fell from the wall. A clock crashed to the floor, I saw later that it had stopped exactly at 12:45 a.m. Felt “Slight Rumble” “Then I chased everybody out into the street, About a minute later we heard a terrible roar when the tenement collapsed.” Deputy Fire Chief Michael F. Flowers was on the roof of the tenement fighting the ice plant fire when he “felt a slight rumble.” “From experience I knew something was about to happen,” he said. “I yelled to my men ‘get off the roof'.” Some manged to get off the roof 8 moment before it collapsed, he sald. But others fell with the roof
NEW CASTLE, Ind. Dec. Russell Powell of Straughn, been re-elected chairman of the Henry county AAA committee, now ~ |technically known as the market-
12.—
county committee. Roy W. Bales of Mooreland was named vice president and James |R. Smith Jr. is the third member.
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{as it crashed four stories through the building. | All available emergency equipment was called out to fight the fire and to aid rescuers digging frantically in the ruins for victims. | Those trapped screamed for aid. | Many of the victims were trapped in their beds. The blast sheared | off the entire rear wall of the tene-
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8 Known Dead, 30 Missing as Explosion Buries Tenement Building in
ment, sending tons of brick, mortar and plaster into a massive pile of debris two stories deep. One of the walls of the tenement and one of the ice house were standing at perilous angles. Firemen feared that if they fell many of those still alive in the riibble might be killed, Thousands of spectators—including friends and relatives of the victims—~were held behind fire lines while tortuous rescue work proceeded. ) i Worst in City's History Fire officials said the fire explosion was one of the worst in the history of the city. Police were unable to determine how many tenement occupants managed to escape before the wall caved in. Others rushed out and sought first aid in the homes of neighbors, The cause of the explosion could not be determined immediately, It was believed escaping ammonia fumes from several tanks in the building had been ignited. Mayor William F. O'Dwyer, who watched the rescue work, said: “I am directing the police commission er, the fire commissioner and the commissioner of buildings - and housing to get the facts of the occurrence and the condition of the building before the fire, It had been believed sound and safe. Was it an explosion or wasn't it. I want them to give me all the pertinent facts.” Firemen employed cranes, bulldozers and other equipment in an all-night fight to-rescue the victims. But the work went slowly because of the packed condition of the debris and because they feared others might die in sudden cave-ins,
Family Still Trapped It required more than three hours work to remove the Biancard youth from the ruins. The boy's mother, Mrs, Elizabeth Biancardi, and his
there sisters, Joyce 12, Lucille 8 and |
New York
Monica 6, still were on the third floor at 7:30 a. m. Shortly after that time Gerald Coppas was removed from the first floor debris. Firemen marveled that he was still alive because every apartment on that floor was destroyed. The family of Anthony Drico, ine cluding his wife Etta, their son Nick, .12, daughter Martha, 4, and 4-months-old baby, Mary, also were trapped on the first floor, Firemen were unable to determine whether they were alive. Firemen dug with their hands and threw brick back of them into the gaping hole of the still burning ice house, Pneumatic drills were used to break up big chunks of the brick walls so they could be scooped away. Pour Water Constantly Meanwhile, the fire in the fice house broke out several times. Fire« men stretched long lines of hose from the Harlem river drive near W. 184th st. and Amsterdam ave, to the rear of the structure. They . poured streams of water into the smouldering hulk constantly, Now and then watchers were able to get close enough to the ' rubble heap to hear the cries of those still alive. Bedsprings which looked as though they had been twisted by a giant hand were strewn about, Clothing lay in a victory garden as the rear of the tenament. Mrs. Gabriel di Murgin, who lives a block away, said she had heard a sharp report and thought perhaps it was a pistol shot. She leaned from her window and saw occupants rushing from the tenement in their night clothes screaming: “Help, police.” Ted Nelly, who was in an adjoine ing tavern when the explosion oce curred, rushed to the tenement, He smashed in the front door and led four persons to safety through a rear exit,
ll