524 COMMERCE. YEARBOOK
Foreclosures and Receiverships.
The mileage operated by receivers at the end of 1925 totaled 18,039
as compared with 10,487 miles in 1924. According to the compila-~
tions made by the Railway Age the number of roads in receivers’
hands at the close of 1925 was five less than in 1924, numbering 48,
Only five companies went into receivership during the year, and over
99 per cent of the mileage involved was that of the Chicago, Milwau-
kee & St. Paul, with its 11,007 miles of line. Because of the great
extent of the St. Paul there have been but two years since 1876 during
which the mileage of roads going into the hands of receivers was
greater than in 1925.
Foreclosure sales covered 6,151 miles in 1922, 637 in 1923, 3,992 in
1924, and 638 in 1925. The sales in 1925 comprised six companies,
Regional Consolidations.
Negotiations and plans for consolidation have been under way,
although little actual progress toward unification of the carriers into
a few large systems has been made. During the 12 months ending
October, 1924, 33 out of 34 applications for authorization of one
carrier to obtain control of another were granted, while in the same
period in 1925 there were 39 applications filed, 26 authorizations
issued, and 3 applications withdrawn.
The Interstate Commerce Commission expressed doubt as to the
wisdom of the provisions of the law requiring the preparation of a
complete plan of consolidation. A recommendation was sent to
Congress, also, that the law be amended to authorize consolidations
ander the supervision of the commission,
Hearings were held on the application of the Norfolk & Western
to acquire control of the Virginian, among other cases, and the com-
mission concluded its hearings on the Van Sweringen so-called Nickel
Plate unification plan. The decision in the latter case, in March,
1926, denied the application for control of some 9,000 miles of line
under the New York, Chicago & St. Louis Railway Co.; the trans-
portation plan was generally approved, but the financial structure
was disapproved, considerations, terms, and conditions of proposed
acquisition of control not being found just and reasonable.
PLANT AND EQUIPMENT
New Motive Power and Rolling Stock.
A smaller amount of new motive power and rolling stock was put
into service in 1925 than in either of the two preceding years,
although greater than for several years preceding 1923. The previous
large additions to equipment, and the more efficient care and handling
of the existing equipment, permitted the smaller purchases to satisfy
all needs. Care has been exercised in purchasing to secure the best
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