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Show SUMMARY OF PRESIDENT'S RAILROAD MESSAGE TO CONGRESS ' - ' President Wilson laid before congress recommendations for legislation to carry out govern- ment operations of railroads. Administration bills to that pur- pose were Introduced immediate- ly In both houses. The administration bill pro- vides government control shall - obtain throughout the war and "until congress shall thereafter order otherwise." The program, besides calling for a $.100,000,000 appropriation to be used as a "revolving" fund with railroad Income for opera- tlon and maintenance, calls for compensation to the roads at the rate of their net operating In- come for the lust three years. De- ficlencles would be paid out of the $500,000,000 fund and mean- while no railroads may Increase its dividends. Koads that have skipped dividends may resume with rates fixed by the president. Jne section lays a heavy pen- alty on anyone who Impedes pos- session, use, operation or control of the roads. It is regarded us precluding a strike. AH new railroad financing would be under the approval of the president and the government would bo authorized to support railrosd credit by buying rail- Wiiy securities and hold them for better markets. ("lovernmeiit to he re!!iitmrs"ri for all advances of iiiciiey to the roads tir expenditures for bet- teniieuts. |
