Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-08-23
HOUSE ACTS TO
BACK PROGRAM
OF PRESIDENT
Adopts Measures for Rehabili-
tation of Agriculture
and Railways.
HOOsIER HANDLES BILL

Special TO Indiana Daily Times
and Philadelphia Public Ledger.
WASHINGTON. Aug. 23-The House
acted Yesterday TO fulfill President Hard
ing's program for the rehabilitation Of
the agricultural and railroad industries
OF the country through the instrumental
ity of the War Finance Corporation. IL
passed first with several changes the
Senate bill to authorize the War Finance
Corporation 10 extend credits up TO one
billion to exporters in order to stimulate
foreign trade in American farm products.
The Winslow bin to authorize the War
Finance Corporation TO fund railroad Sc
curities to the amount of $4,000. 900 was
adopted subsequently,. A similar bill is
pending in the Senate, but probably will
not be passed in that body before the
recess planned to begin Wednesday.
After defeating an amendment to the
far newport credit bill to provide for the
purchase OF 500. 100000 of farm loan
bonds By the War Finance Corporation
in its foreign trade operations, the meas
ure was adopted by a vote Of S14 TO Il.
A motion offered by Representative
WinGO. Arkansas, to recommit the bill
TO the committee. was defeated by a vote
Of 1913 to 1876. Representative MeFadden.
Pennsylvania, chairman Of the House
Banking and Currency Committee. sub
sequently announced efforts would be
made to reach an agreement with the
Senate in time to complete consideration
Of the hill before the recess.
Only afJ5r an acrimonious debate was
the Winslow bill adopted by a vote OF
PA 20 l23 after an amendment to strike
from the bill provision TO prohibit claims
on account Of ''inehiciency OF labor was
defeated by a rising vote Of 145 to Il.
SANDERS OF INDIANA
IN CHARGE OF BILL.
The amount remaining to he psid the
railroads by the Government on account
Of claims arising out OF the period of
Federal control Representative Sanders,
Indiana, who had charge of the bill es-
timated at about S349. 10000. He said Of
the 81. los. OGOCOO in claims fled and re-
naming to be fled. settlements on S237.-
0g0.O00 have been made by the Railroad
Administration at an average rate Of 81
cents on a dollar The result has been
the payment Of about ST4.OOOOoo on &C
count Of those claims, he said. Upon the
same basis. he said. the estimate was
made the remainder of the claims amount
ing TO about $50 10000, probably would
be settled for around S349. 10000
on the other hand, he said, the rail
roads were obligated TO the Government
for about seven hundred million dollars
for improvements made by the Govern
ment during the period of Federal con-
troll. The object of the bill. as explained
BY him. is to authorize the refunding Of
this debt I'D 10 the amount of $500. 600.
600.
The provision which permits the War
Finance Corporation 10 purchase the Sc
curities will accomplish very desirable
purpose" he said. The necessary ready
funds thus can be placed IN the hands
of the President to wind up the affairs
of Federal control and complete settle
ments with all the carriers that were IN
der Federal control.
RAIL FINANCES FORM
BIG PART OF STRUCTURE.
1.-THE War Finance Corporation then
can market the securities IN such blocks
and at such times as appear most advsn-
tageOus Since the railroad properties
IN the United States have an estimated
value Of eighteen to twenty million dol
lars tine railroad finances form large
part Of the financial structure Of the
country and the problem Of railroad
financing therefore always must be one
Of solicitous concern. No one can doubt
the beneficial economic effects Of an an
nouncement TO the country that these set
Elements have been closed"
Representative Reyburn, Texas. Dem
ocrat. attacked the bill. declaring the
railroads Of the country should learn
that the Government does not care Ia
assume the burden Of owning and OPP
Grating them. but expects private op-
Grafton to be sufficiently efficient to
bring about a reduction Of freight and
passenger rates.
Just rs long as we continue TO make
advances TO the railroads. he said. they
are going to be in a position to ask for
more"
SAYS IT TINE