Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1920-05-18
TRACTION LINE
ASKS 3 CENTS
A MILE RATE
Increase Needed to Weather
Financial Crisis, Says Presi-
dent Henry.

Pleading the need Of temporary hnan-
cial assistance in order to weather the
storm of present conditions in the
transportation field. Charles L. Henry
president Of the indianapolis and Cincin-
natl Traction Company, today asked the
public service commission Of Indiana to
grant his company basic passenger
rate Of cents a mile. an advance OF
| one-quarter Of a cent a mile over the
present rates.
A. b. Cronk, chief Of the tariff division,
was appointed by the commission to sit
as examiner, but Paul p. Haynes and
Glenn VanAuken, member OF the com
mission also sat in the hearing
In presenting his claims for increased
passenger rates on the traction line, Mr.
Henry pointed out financial conditions
confronting the company and the nation.
SAYS CONDITIONS o.
FORCE NEED OF ACTION.
Mr. Henry quoted figures showing that
between Sept y. 1919, and May A. 1920.
loans and discounts have increased $14,-
1895 while individual deposits have
increased only S2.2l6,312
Because Of that condition. feel that
there must be something done to assist
fundamentally transportation situation"
Mr.. Henry argued.
"Why are we asking for increased
rates instead 81 borrowing money 2"
asked Mr.. Henry. Because we can not
borrow money"
why can't you borrow money!" In
serrupted Mr.. Haynes.
"Why. we can not assure the lender
that he Will get his money back" an
swered Mr. Henry.
The president Of the traction com
pany also told Mr Haynes that there
lad practically been no sale Of the
company bonds.
"If you had 20 raise, say a quarter
of a million dollars for extensions or
something like that. what would you
do?" inquired Mr.. Haynes
FARE INCREASE
ONLY PART SOLUTION.
"G'd 20 home and go to bed" re
/ Joined SIR. Henry
Then would the Scent rate correct
your financial condition7" asked Mr.
Haynes.
''Not entirely. but # would help us
tide over the present storm" replied the
traction company president.
Mr. Henry deplored the condition Of
local freight terminal facilities and de-
ciared that such conditions were costing
the company thousands Of dollars be
cause OF inefficient arrangements TO
cater TO shippers
Three years ago" Mr. Henry said
eve paid our track men sl.60 a day, and
now they are getting $3.50; and we paid
our car men three years ago % cents
an hour, but now II has run up TO 40
cents; coal has gone up 45 cents ton
since We made our contract and now,
l Ms
will probably go n dollar a ton higher ;
coke will increase Mt least dollar a ton,
Z too" insisted Mr. Henry.
He said dividends had not been paid
on preferred stock for eight years.
ATTORNEY OBJECTS
TO INCREASING RATES.
f. W. Mcdaniel, city attorney Of Shell
byville. addressed the commissioners
and objected strenuously to the proposed
increase in passenger rates on the line
Every fellow is seeing the other fellow
getting higher prices and so he wants
higher prices, and I tell you, gentlemen
Of the commission" said Mr. Mcdaniel.
'I think It is time that the corporations
assume burdens the same way that the
more humble have to do. for prosperity
depends upon the public which is served
rather than the public utility that serves"
Mr. Henry told the commissioners that
he was sure no relief could be afforded
the traction company under the provi-
sions OF the Cummins- Esch bill. which
provided for return Of railroads and cleo
trio lines TO private ownership, even II
the interstate commerce commission. sit
ting the cases would rule that Indl-
ana traction companies came under the
classihcations of the federal bill