RAILWAYS: Transportation Program

Last week Senator Cummins of Iowa introduced into the Senate a new transportation bill—a bill which seems destined to be a bone of contention. These are, by and large, its provisions:

1) For three years voluntary consolidations of railways are invited. The Interstate Commerce Commission would have the power to approve or reject such mergers. During this three-year period any railway which earns more than 6% on its valuation may place half the excess in a reserve fund, and must give the remaining half...

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