Last week, the U. S. Director General of Railroads, James C. Davis,* rendered a report to President Coolidge. Although the books are not yet closed, he was able to make an estimate of the final cost to the Government of operating the railways during the War. The tabulation:

Excess of expenses over receipts during 26 months of Government operation, $1,123,500,000.

Cost to the Government of guarantee of earnings to railways for first six months after their being turned back to private owners, $536,000,000.

Damages of $768,003,274 claimed by the railways for under-maintainance,...

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