Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-01-08
GOVERNMENT ACTS IN
RAILROAD FINANCING
message Sent to Presidents to Tcic-
graph mt Once Capital
Required.
MUST GIVE ALL DETAILS
National Government Must Know
sums to BE Spent for New Con-
struction ms Well as for Maturing
Securities.
BY A sSocinfr6 Frees

s..
WASHINGTON. January AS the
trst step In government: assistance OF
railroad financing. presidents of rail-
roads were requested by Interstate
commerce Commissioner Daniels to-
day TO telegraph him Immediately the
amount OF capital required for this
year and also for tho first six months
of the year.
rms action was taken ut the dircc-
ton OF Dircctor-C;eucral McAdoo. Rail-
road presidents were asked To detail
INC precise purposes for which funds
VIII be needed to meet maturing Sc
cuFiticS not already provided for, Ia
pay Tor improvements, bctterments and
construction work already contracted
for and partially finished. Roads were
requested also to show what portions
OF improvements already started can
be stopped now without dctrimcnt.
Another item sough. by Commissioner
Daniels is an approximate estimate o:
capital necessary to provide for new
construction work. improvements and
betterments. including additional ter
ninals and new equipment. Presidents
were asked to specify what part OF
their financial requirements during this
year arc not absolutely necessary FOR
protection of property or ma injcnancc
Of earnings.
\ definite statement also Is sought
rs TO the character OF securities which
each company had planned 20 issue.
Additional Information ra% bc sought
by tho Interstate Commerce Commits
sion or tho director general later.
The railroad Administrators nnan-
cial plans have included the purchasing
or government fund of securities TO
be issued by railroads under govern
mcnt operation. This plan is only ten
tative. however, and depends ON the
action Of Congress on tho pending
railroad bill.
The Interstate Commerce Commits
sion to-day also ordered railroads to
report their earnings for the year end
ing June 80 1917. TO show the ncccs-
sary figures for establishing tho
standard return provided IN the
pending railroad bill. Without this
order. railroads would report for tho
calendar year Of 1917. The commission
started new survey OF rolling stock
by ordering roads and private car own
crS TO report the number and kind OF
cars owned and leased, and their con-
dition.
The House committee arranged 10 be-
Sin hearings n 10 o'clock Tomorrow
morning. Dircctor-C;cncral McAdoo or
some one designated by him. will make
the initial explanation Of the measure
to tho committee.
~ l. Thorn. general counsel OF tho
southern hallway Will handle the case
tor the railroad executives. II was said
to-day on behalf OF the railroads tina,
theE do not want to appear in tho
position OF bcinS antaeoniStic TO the
principles Of tho measure. but wan, to
furnish statistical and other informa
ton for the use Of Congress
Next wcci. has hccn designated b.
pirector-Gcncral Mc.,doo a. "freish,
clearance week y special campaign
VIII be conducted over the entire coun.
try TO induce shippers and conSisnccs
20 unload freight cars quickly to relieve
railroad congestion. Mr.. McAdoo Will
ISSUE an appeal to Governors. State
railroad commissions. city officials and
others TO assist.