"This is no time for pussyfooting," declared blunt William M. Jeffers, new president of the Union Pacific Railroad Co. "There are only four or five Western railroads which are not in financial difficulties today, and individual railroads cannot stand alone. Unless revenues can be obtained so the railroads can be made to pay, the answer is perfectly obvious bankruptcy, complete breakdown of the system, Government operation."
These remarks by President Jeffers last week followed by only five days a decision of the Interstate Commerce Commission to raise railroad freight rates for certain commodities...
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