Norwich bulletin., 1921-09-06
WALSH SEEKS "cURE" FOR
 NEW ENGLAND RAILROADS

Boston. Sept 5.-A request that thf governors of the New England states investigate the financial difficulties of the railroads in this section of the country. "and then find the cure and apply t." was made by Senator Da- vid I. Walsh. in a letter to Governor Cox of Massachusetts which was mads public tonight He said he would moi Venture to suggest a remedy"
 Senator Walsh suggested that Gov ernor Cox call a conference Of the New England governors ito hear the test. mony of interstate commerce conu1Ss- sion experts and discuss means by which due and effective help can be exe tended to New England railroads"
 T believe" he said. 'ths commission and its experts have information which the state authorities should possess. This conference would make proper rec. concentrations to Washington for sne- cial legislation if necessary and also consider plans for having the several states assist in meeting these dif7eui- ties in unison"
 In outlining his reasons for asking such action Senator Walsh wrote.
 Some reports coming to me recently from official government sources con- corning the physical and financial con- dition of our New England railroads fn- dicate an impending crisis in our trans. portation system. Even In the face of extreme government assistance fhs roads seem to be on the verge Of eco-- omic breakdown.
 You arc doubtless aware that ths reputable banking houses have already refused to make further financial zr- vances to at least one Of the biz New England roads. and SO bad annarenfiv is the status that only with reluctance and against the advice Of the treasury security expert has the interstate corn- merce commission authorized a loan. f the roads are not able to meet futu-a payments on their maturing indsbtef- ness arising from their equipment t-ri-t obligations. the holders Of these secrsrf- ties, may according to agreement. com pei the sale and liquidation of that part of the equipment securing these obM- gations.
 Even with greatly increased rates The railroads in New England are not able to hold their own and they hay. already drawn out of inc rover,-,enr revolving fund provided by recent ierir- sation more than their proportionate snare and in larger measure than fh, roads of any other section Of the conn try. lt is doubtful # the government %Sih advance the more important Sew :Sns and roads any more money In loans.
 A collapse Of our tranEpo-tassoa system will be blow to New England that will set back its progress and growth immeasureably. We cannot re- main indifferent and see this threaten- ing catastrophe moving steadily toward us. To let the railroads lapse Into dls- organization so they cannot make nec- 'sssary additions and betterments fo Sheir properties and al the same timn maintain sound credit woui1. it is easy 10 appreciate. result most grsve'v. "l may make bold to suggest that I something Is not done at once we VII nave to face one Of two alternatives either that of extending general 2if. Implying as it does the collecting ni ihe necessary revenue to as-ist theu from our already overtaxed neon'A. which the national government and pri. Vate banking concerns rsfuFcd. or Ina very serious. indeed dubious. one o' embracing some form of stata "'yner- ship"