Lindbergh's Income

"Now," said wry Senator Norris of Nebraska fortnight ago, "Col. Lindbergh is earning his $250,000."

What provoked that remark was Col. Lindbergh's telegram to President Roosevelt protesting the domestic airmail contract cancellations (TIME, Feb. 19). The $250,000 referred to was reputedly a gift from Transcontinental Air Transport to the flying Colonel in 1928. Col. Lindbergh was popularly supposed to have amassed a fortune from the aviation industry in return for "technical advice." Was the aviation industry now getting back its money's worth by pitting the popularity of Lindbergh against the popularity of Roosevelt?

To clear the air, Col. Lindbergh last week issued in Manhattan a complete statement of his returns from the air industry, at the same time pointing out that he had sent the identical information to the Senate investigating committee last month soon after it turned evidence of the $250,000 "gift." Never, declared Col. Lindbergh, had he received an outright gift from any aviation company.

From TAT, Col. Lindbergh had received $250,000 cash with an invitation to invest it in TAT stock, which he did. Profits from the sale of that stock have been $195,633. From TAT he received, as technical adviser, $10,000 a year until it merged with Western Air in 1931. His salary was then fixed at $7,194, since cut to $6,000.

From Pan American Airways, for whom he made exploratory flights around Labrador last summer, Col. Lindbergh received warrants to buy stock from which he profited $150,884, all of which he reinvested in the company with "several thousands additional." His salary from Pan American, only U. S. airline not affected by the contract annulment, has been $10,000 a year since 1929.

From Pennsylvania Railroad, a founder of TAT, he got $10,000 a year as technical adviser from 1928 to 1931.

Total Lindbergh profits taken from air stocks in six years: $187,838, excluding "business expenses, such as purchase of airplanes, equipment, office maintenance, cost of survey flights and many other items."

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