The Washington times., 1920-05-24
RAILROADS PLEAD
FORs1,000,00O,000
Case Of Carriers Presented to
!. c. c. by Howard Elliott
at Hearing.
Continued from First Pase.)

tContnued from First Page)
property investment OF the carriers
IN the three big classification terri
tories, increases In freight revenue
VIII be needed as follows: Eastern,
3oi3 per cent; Southern. 3O.9o per
cent; Western 1891 per cent.
Declaring that the price OF trans
portation has not Increased as much
as the cost producing IL. Elliott said
"A people that has been able 10
absorb $40 900 ,OOO, 900 OF Liberty
bonds In two years. carry on an ae-
tive business OF every kind. and In
crease deposits in savings banks from
s4'se7 10000 TO s5.47l 900 900. can AZ
ford TO put enough money into the
transportation machine TO make IL
adequate.
"The earning power of the roads
ought to be restored promptly TO the
pre-war basis. in the interest Of bet.
Ter service and TO attract new capltAl
to the business.
Increase IL Essential.
Proposed Increases In revenue are
essential To restore the credit OF the
railroads and especially to obtain the
confidence OF the every day investor"
Entirely apart from the confusion
injected into traffic management
through the recent strikes. Mr.. Elliott
said the roads were terribly handi-
capped because OF lack OF sufficient
equipment to meet the demands OF
traffic
There is congestion and difficulty
everywhere" Elliott said. Fuel,
building materials, and raw materials
for manufacture are tied up and In
dustry is threatened. The sluggish
movement OF grain and food of all
l. "A
pie more difficult and more costly"
Elliott said that while temporarily
the situation has been rendered
more acute by the switchmen's strike
this difficulty will be eliminated
within a reasonable time through the
action OF the Labor Board and the
fnal good sense and judgment OF the
American people"
Elliott asserted that a prompt and
liberal decision" OF the roads revenue
needs will have an undoubted effect
upon minds Of investors when matur-
ing obligations have to be taken up
and paid OFF by the issue of new secur-
tiles. incidentally he pointed out that
within the next three years there are
1864. o0o.o 900 of maturing obligations,
not including equipment notes or
notes running one year or less. which
could be handled to much better ad-
vantage II the roads are sustaining.
Present Earnings Graduate.
present earnings of the railroads
are plainly inadequate" Mr.. Elliott
said. "In the interest of the service
to the public and proper development
of the country. the law should be in
terpreted in a generous spirit. Rail-
road officials believe it is important
for prompt decision, that minor or
local on irritating questions should
not be permitted to confuse or delay
settlement OF the major question of
furnishing adequate transportation
other railroad officials who will
appear to present statements for the
three individual classification terri
tories are: Daniel f. Willard. presi-
dent Of the Baltimore and Ohio, for
the Eastern roads: C. III. Markham.
president Illinois Central railroad. for
Southern territory, and S. NJ. FELTON,.
president Chicago and Great Western
railroad. for Western territory.