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issued, and 3 applications withdrawn.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 
iy