Publisher's Synopsis
Excerpt from A Plan for Railroad Consolidations Including a Discussion of Their Purpose and Practicability
The roads were returned to their owners March 1, 1920, and the success Of private management under the legisla tion provided by the Transportation Act is yet to be deter mined.
It need hardly be stated that private management cannot continue unless it succeeds in furnishing the country with a system of transportation adequate to its needs at all times, and that the failure Of private management will necessitate Government ownership and operation.
As sound credit is essential to adequate facilities and satisfactory service, the restoration and maintenance of credit are necessarily essential to assure the continuance Of private management and to avoid the possibility of Govern ment ownership. In order that credit may be restored and transportation conducted successfully under existing laws, the Transportation Act recognizes that further consolidations among the railroads of the country may be necessary, and provides a method by which they may be accomplished.
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