Show Fears o of Major Depression Scouted by Wilson 7 son McCarthy While he he had hoped the administration would stabilize silver at the old price Wilson McCarthy of the Denver Rio Grande Western railroad said in Salt Lake City Saturday he was delighted i with what had d been done v v. v k d The former member t of tl the 9 Re Reconstruction Reconstruction I c construction on Finance corporation asserted he lie did not b believe lieve the country is going into a m major jor depression depression depression de de- because the United States is basically sound Mr McCarthy said that while railroad earnings are off banks ar arin are in an excellent condition The banks are sound and have lots of money he said They are making from 4 to 6 per cent interest interest interest inter inter- est which is very good now During the last 20 years there have been all kinds of tricks pulled out of the political bag but good or bad bad the country s stilL survives he he- recalled The fprmer Salt Laker said if approval is Js given the budget the ra railroad has i prepared prepared for 1938 a total of will ill be spent for for improvements mainly rail and bal bal- lasting He added at that approval had been given to spend 1 on road work and that another 2000 expenditure is awaiting the sanction of the Denver federal court where there will be a hearing on January 17 Mr McCarthy said he expected the railroads to get a general f freight rate rat increase e but what perce percentage percentage per per- ce tage he could not predict The roads are seeking a general 15 per p percent r cent rise Mr McCarthy came here from Denver with his wife and four daughters |