OCR Text |
Show D.&R.G.W. Will Shun Merger, Officials Say Inspection Party of Road's Finance Heads Cite Uptrend While Visiting Here On an inspection of operations and properties, a party of men prominent in fiscal affairs of the Denver & Rio Grande Western railroad rail-road arrived in Salt Lake City Tuesday for a day's visit. They reported better business on' the line, hopes to keep the road's independence by not merging and plans to cut fixed charges by scaling scal-ing down indebtedness. The group included Judge Foster Symes of Denver, under whose court a trusteeship of ths railroad functions; func-tions; Henry Swan, Denver, cotrustee; co-trustee; Wilson McCarthy, cotrustee co-trustee and former Salt Lake City attorney; Thomas A. Dines, Denver banker and president of the Utah Oil Refining company; Gerald Hughes, chairman of ths board of the First National bank, Denver. Floyd Blair, vice president of the National City bank. New York City; John Evans, president of the (Continual on Pan Pvn) (Column Thrae) Track to Better Times Seems Clear bmm & ii REPORT RAILROAD OUTLOOK OPTIMISTIC IN WESTERN AREAS Henry Swan, left; John Evans, Harold Kountie, Floyd Blair . . they went from shops to golf links, D. & R, G. W. Merger Shunned, Officials Say on Visit Here ( Continued froai Pass One) First National bank, Denver, and Harold Kountse, president of the Colorado National bank. Two who planned to make the trip were unable to do so. They are Lawrence A. Phlppe, former United States senator from Colorado, and John Morey, preeident of the Morey Mercantile company of Denver. Judge Symes commended work of the trustees. "It is hard to tell when the trusteeship trus-teeship will end." he said. The I. C. C has held bearings on a couple of proposals." The judge reported plans to reduce re-duce bonded debt of the road. The officials reported no merger into a transcontinental line is expected. ex-pected. Independence Wanted ' "It Is hoped to keep the property independent," Judge Symes said. Mr. McCarthy reported business I the first six months of 1937 was 11 J per cent ahead of the first half of 1938. "We are buying new equipment, laying new rails and eliminating curves," he said. Mr. Swan and aeveral of the party visited the D. eV R, O. W. shops, while Judge Symes. Mr. Hughes. Mr. McCarthy and Mr. Dines went up town to meet friends and plan a golf game. Speaking for Industry, Mr. Dines reported thst business of the Utah Oil Refining company was good, but pleaded for lower taxes for all industry. "Industry has shouldered sbout all the tax burden it can," he said. Hughes Impressed Speaking on banking, Mr. Hughes said be personally was "impressed" with the policies of Marriner 8. Eccles, chairman of the federal re- serve board and former Utah I banker. The party, traveling in a private car attached to the Scout Special, plans to return Tuesday night. A luncheon for the visitors and several local bankers was given at I the Hotel Utah roof garden byj Judge Symes. I |