Engineers and Engineering Volume 37

Engineers and Engineering Volume 37

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 edition. Excerpt: ...cars and loaned money to the railroad companies; it has done certain things for them. That is capital, of course, which is not to be paid back immediately after their return. The Esch bill therefore provides for the refunding of these debts during a period of ten years. It moreover provides that the present guarantee of revenue which the roads get from the Government shall be extended for six months; but beyond that it contains no definite rule of rate making and no definite backing of the finances of the railroad companies. It merely provides that after the six months' period has expired there may be an increase in freight rates that may begin within sixty days after the return of the roads to their owners. There is no definite congressional instruction to the Interstate Commerce Commission as to what decision they shall arrive at. This is left to that Commission as in the past. Everyone knows that difficulty that the roads have had on various occasions when they tried to bring about an increase in their charges. The roads are not assured, so far as the future is concerned, as to their ability to raise capital, to pay dividends, to pay interest, or even to maintain their properties in a reasonably good condition. The Cummins bill goes further than this. It provides for the refunding of debts for a period of ten years, and it provides for the extension of the present government guarantee for a period of four months; but it takes an additional step, namely, this rule of rate making, to take care of the railroad properties of the railroad companies after this four months' period has expired. Now, it is not a reasonable proposition to say that rates shall be increased so that every road in the United States shall have a certain...show more

Product details

  • Paperback | 418 pages
  • 189 x 246 x 22mm | 744g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236893239
  • 9781236893239