Show RAILS WANT SURCHARGES MAINTAINED MAINT I I. I C. C C. C Told U. U S. S Carriers Carrier Face Deficit Deficit Deficit Def Def- for Year DARK PICTURE PAINTED Majority of Lines Fail to to Meet Fixed Charges oh Dr my United Press Frets WASHINGTON Dec Dee 28 28 The The nation nations nation's nations nation's na na- na tion's tion railroads faced facet with a likely net deficit for the year of oC today asked the int interstate commerce com corn merce commission to continue emergency emergency emer- emer gency ency freight surcharges yielding a month A detailed picture of railroad poverty pov- pov erty was drawn by Dr Di- DiJulius Julius H. H armelee Parmelee director of the railway bureau of economics who opened the carriers carriers' argument before belore the commission commission com corn mission for lor continuance of the sur sur- charge harge The surcharge went into effect last January 4 to continue until March 31 31 1933 with the S cOllee lions ions be polled to aid carriers unable to o meet their fixed charges In a prepared statement to the the corn om mission Parmelee declared that 22 of reporting class I railroads du duing dur- dur ing ng the first nine months of 1932 were unable to meet their fixed charges by despite the a month received from emergency s sur sur- r. r charges If It it had not been for the surcharges he said roads ing ng per cent of ol class I milage would have been in the reds red Even with the emergency aid tid he told old the commission the ernin earnings s o of the he money making carriers have been such that th the end of 1932 likely will wm show a net deficit dencH for class one carriers as a whole Speaking for the association of ot railway railway rail rail- way executives he urged the commission commis commis- slon sion besides continuing the surcharges surcharges surcharges sur sur- charges after March 31 to permit each road to retain the these e additional revenues instead of pooling them for lor forthe forthe the benefit of all Other reasons for lor continuance of the surcharges he stated as follows 1 1 The operating revenues o of class class' one carriers for the first 10 months o of 1932 1932 were under those of Ithe he the corresponding period of 1931 with the he probability that their total for forthe forthe forthe the entire 12 months will be 50 per percent percent percent cent less than in 1929 2 2 Net railway operating income In I Continued on Pate Pare Two RAILS WANT SURCHARGES MAINT MAINTAINED AI NED Continued From Pane Page One Ont class one for the first 10 months o of 1932 was equivalent to a return of only per cent on the properly property investment as against of in 1931 in iii 1930 and in 1929 when net income totaled 1251 3 Revenue for the first 49 weeks of oC 1932 were 46 per percent percent percent cent under the 29 1925 avera average c. c Others scheduled to testify toda today were E. E G. G Buckland chairman of ot the board of the New York New NewHaven NewHaven NewHaven Haven and Hartford railroad and president of the Railroad Credit corporation corporation cor cor- which handles the poo pool created by the surcharges and flee fice agents representing the cast east west and south |