The Washington herald., 1919-06-26
Financial News---New York and Local Stocks
ENORMOUS COST
FOR REBUILDING
Railroads Alone Will Cost
Over ST. 600, 900, 900,
Says Holland.

Almost nrOSIrale, france. neF nndn-
ciers bewildered. her financial states
men calling upon their utmost mental
resources so that something like
financial order can be brought out
OF comparative chaos. is nevertheless
not hesitating. but already prepar-
ing for reconstruction work of such
magnitude as the world has never
in the past witnessed. In this work
the United States must not only aid.
hut presumably aid in great measure.
Such aid as we give will in due time
be Of vast benefit to US. We can ex-
tend credit. furnish material and. by
means of the credit thus given, our
manufacturers and others VIII receive
immediate pay for the material, rev
and manufactured, which they sell
to France.
The work Of the railroad recon-
struction in France involves almost
as great labor, and certainly greater
expense, than did the construction
of all our Pacific railroad systems
from the Mississippi to the Pacific
coast. This. however. was work
that was in progress for more than
forty years in all. 1t involved some
dificult financing, for capital was
somewhat reluctant at one time to
invest in Pacific railroad projects.
II France completes the work upon
which her Industrial leaders are al
ready engaged. there will be entail
ed ultimately a cost perhaps one
nth as great as is the entire funded
debt of all the American railroads.
Her Industrial leaders already es-
haf ha nf
ooOO. represented in France by
francs. must be expended il the ran.
road systems of that republic are re-
stored to the condition in which they
were before the German invasion be-
gan.
Not only in the regions which were
deva stated by war, but in other
parts of France. improvements and
new construction upon railroads must
be undertaken.
Outside of the region which has
been devastated by war the French
railroads were driven to their utmost
capacity. One of the American Of
ficers who was associated for a time.
while the war was in progress, with
the movement of trains. spoke to
friends upon his return to the Unit
ed States of the marvel of transpoI-
tation which characterized the opera
ton Of trains. in France especially
those bearing munitions. supplies and
troops from the coast and interior t.
the front where battle was raging.
A Great strain on Equipment.
This inevitably caused very
great strain upon equipment and
roadbeds. The wonder was how so
many thousand trains could be
=
and without any very severe acct
dents. But now that the war is
over and it has been possible to
look over the entire field in France.
IL has been discovered that there
must be rebuilt as many miles of
rational railroad in France as IS
the aggregate of the mileage OF
two of our Pacific railroads. not
including feeders. At least 5000
miles of railroads must be rebuilt
The material and the machinery
and apparatus which are needed for
such constructive work will prob
ably be bought in great measure
in the United States. certainly will
be bought here if necessary finan-
cial arrangements can be made.
According to information re-
ceived few days ago from Paris.
il is the purpose to begin railroad
eIectrihcation upon scale far
greater than any existing. or con-
tempIated. railroad elcctrification
in the United States. At least
5000 miles of railroads are to be
electrified. and where can the
needed electrical apparatus in
sufficient amounts be secured ex-
cepting in the United States?
France EIectrines Her Railroads.
These figures suggest that France is
about to take advantage of the op-
portunity which Is now opening to
adopt railroad eleCtrification to such
an extent as to justify the inference
that her industrial leaders and states
men are OF the opinion that electricity
In the future is to be the chief power
producing energy for the hauling of
trains.
France cannot rely upon Germany
for electrical apparatus and equip
ment. nor can that republic rely in
any great measure upon her own IA
cilities for constructive work of this
kind. While the. United States has not
very greatly expanded the electrifica-
tion Of railroads, nevertheless. Ameri-
cans who are masters of the science
of railroad electrification. wilgus.
Sprague. Westinghouse and a few
others. have taught the world how to
create and use electricity for the
movement OF trains.
Therefore. II is reasonable to infer
that in this new constructive electri--
flying work in France. the United
States will bear a considerable. prob
ably chiefly. share.
Many Bridges to Rebuild.
There must be rebuilt some 1000
bridges. And il is inevitable that
almost all of the tunnels in France
must be practically built over, in
fact rebored. Looking far ahead.
while war was still progressing.
and in the confidence that France
would not be defeated. her indus
trial leaders and statesmen began
at least a year before the armistice
was signed. to secure needed ma
terial for rebuilding her railroad
systems and electrifying them. In
this the United States aided. When
the French railroads are substan-
TALLY restored so that transporta-
tion will be adequate then il will
be possible to revive many indus
tries and to secure that output of
commodities which is called produc-
tion. upon which the future pros
perity of France and the well being
of her Industrial classes depend.
HOIIAND