The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-02-19
EXCESS PROFIT
CHARGE DENIED
BY L|NDBERGH
Famed FIier'S Financial
Acts Thrown Open
to Public.
BIZ United Press

BIZ nifed Press
NEW YORK, Feb. 19.-Colonel
Charles A. Lindbergh's financial
transactions in aviation were open
to public scrutiny today. They were
made available by the fier himself,
apparently in reply to differences
that he prohted unduly from his
connection with two major air
transport companies, Transconti-
mental and Western Air and Pan
American Airways.
The summary of his financial
dealings followed a week after his
telegram to President Roosevelt, pro-
testing against what he termed the
unfairness of the air mail contract
cancellation order, which affected,
among others, the T. W. A.
Essentially the same as the one
he forwarded to the Black air mail
investigating committee in Wash
ingtOn month ago, the statement
deailed that the fier made a total
profit Of s187838 over a period of
six years from stocks and warrants
of the T. w A. and P. A. A, ex-
elusive of reinvestment in their
stocks.
The statement also contained the
first categorical denial made by
Colonel Lindbergh of implications
that he had received gifts" of
stocks from air line operators.
Reinvests All Profit
According to his statement, he
realized profit Of S15O,834 from
his Pan American transactions.
This, with several thousand dollars
additional" he reinvested in the
company. His Transcontinental and
Western Air profits totaled $685.
63375.
The profit figures, the summary
added, did not include Colonel
Lindbergh's deductions for business
expenses, purchase and operation of
airplaneS or the costs of survey
flights. For 4 time, according to
the statement, his salaries from the
two companies aggregated $4,000 a
year, but were somewhat lower in
recent years.
Colonel Lindbergh also explained
a transaction revealed before the
senate committee which indicated
the flier received a gift of $4,000
shares of stock of the Transcontin-
entail Air Transport, predecessor of
the T. w. A, valued at $250,000
In accordance with the terms of
his employment contract executed in
May, 1928" his statement said,
Colonel Lindbergh received $780,
600 in cash and an option to pur-
chase stock in the company. He re-
invested all of the $25O,OOO in COM
pany stock"
Never Received Stock Gift
The flier revealed his salary as a
technical adviser to the T. A. T.
was $4,000 year until 1881, when
its operations were taken over by
T. w. A. The T. w. A. now pays
him $4,000 a year, a reduction, it
was learned, he requested when the
pay of the lines pilots was reduced.
His Pan-American Anyways salary
is $4,000 annually
Colonel Lindbergh," the state
ment continued, has had no other
investments in aviation companies
since 1890. Up to that time he had
a total loss of $554.75 from invest
mentS in other aviation companies.
He received a salary of $4,000 a
year as technical advisor to the
Pennsylvania railroad for three
years. Since 1881, he has received
a salary of 81 a year"
After explaining that all of the
facts contained in his summary
were set forth in detail in answer
to the senate committees question
naire, Colonel Lindbergh disposed of
implications that he had received
gifts" in this single sentence:
Colonel Lindbergh has never re-
ceived a gift of stock, stock options
or warrants and clearly states SO in
answer to Paragraph 4 of the ques-
tionnaire.'