On the Cuff

The Texas & Pacific Railway Co. last week tried out a scheme to boost passenger travel. It permitted travelers to buy tickets on the installment plan. In so doing, the small (1,874-mile) Texas & Pacific scored a beat over 50 major U.S. railroads; they plan to start installment travel this fall.

As ICC prohibits railroads from granting loans, the railroads have lined up banks in every important U.S. city to finance the plan. Beginning Sept. 1, passengers will only have to step up to the nearest ticket office to apply for a travel credit covering the fare and such incidentals as hotel bills, clothing and sports equipment. Within 24 hours, if their local credit is good, they will receive their tickets. Interest on the loans will range from 4% to 7%, depending on the bank, will be less in slack travel seasons.

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