Word: pooled
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Dates: during 1930-1939
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...emergency revenue measure, it proposed, as a substitute, an increase in carload rates ($3 and $6) to add between $100.000.000 and $125,000,000 per year to carriers' income (TIME, Nov. 2). But the Commission tied a strong string to its proposal: this extra revenue must be pooled and from the pool weak roads which could not pay their bond interest and other fixed charges must receive as outright gifts whatever they needed in cash to escape bankruptcy. Any balance in the pool thereafter might be distributed equitably among the other roads. In effect, under...
...counterproposed: Let the credit pool, to be known as Railroad Credit Corporation, with twelve regional directors, come into being as a result of the suggested increase in freight rates; let loans-not gifts-be made from the pool to roads unable to pay their fixed charges; let the strong roads ultimately get back the money they made by the increase. The A. of R. E. petition excluded as pool borrowers lines which were in receivership or already in default, or which would be unable to meet their interest payments even with a loan, or which earned less than...
...suggested that, if a road reduced a freight rate after accepting the carload increase, the cut be made from the basic rate and not from the sur-rate, thereby insuring a full flow of excess revenue into the credit pool. The A. of R. E. petition protested this arrangement on the ground that roads were justified in cutting some rates to retain business and should not be asked to contribute any part of their present revenue to the pool...
...pool plan quickly came under critical fire. The I. C. C.'s intent, it was argued, was to ease the financial strain on roads that were weak because of their poor geographical position by having stronger and better placed lines contribute to their support during the emergency. While loans to pay fixed charges might not increase their actual debt, it did not bring them any closer to financial daylight. Critics also complained that the proceeds of any freight rate in- crease, under the A. of R. E.'s loan plan, would ultimately return to the strong carriers which...
...several months about the effect of frozen real estate loans on banks, home-owners & builders, President Hoover announced two weeks ago a relief plan he will put before Congress (TIME, Nov. 23). New York City realtors and savings bankers took heart when they read of this latest national credit pool, lost no time in proposing a smaller auxiliary pool in their own district. Officers of seven big metropolitan savings banks met with Joseph Paul Day, famed realty auctioneer, to draw up plans for the company...