2 Senate Resolution 23 DIRECTING THE COMMITTEE ON INTERSTATE COMMERCE 71942 Volume V Printed for the use of the Committee on Interstate Commerce WASHINGTON GOVERNMENT PRINTING OFFICE 1922 RAILROAD REVENUES AND EXPENSES. TUESDAY, APRIL 4, 1922. UNITED STATES SENATE, COMMITTEE OF INTERSTATE COMMERCE, The committee met, at 10 o'clock a. m., pursuant to call of the chairman, in the committee room, Senator Albert B. Cummins presiding. Present: Senators Cummins (chairman), Townsend, Poindexter, Fernald, and Pomerene. The CHAIRMAN. The committee will come to order. Mr. Willard has already been sworn in this investigation, and he will now proceed if he is ready to do so. Mr. WILLARD. I am ready to proceed, Mr. Chairman. TESTIMONY OF MR. DANIEL WILLARD, PRESIDENT OF THE BALTIMORE & OHIO RAILROAD CO.-Resumed. Mr. WILLARD. Mr. Chairman, I have prepared a statement which, with your permission, I shall read. I might say in the beginning that while it has chief reference to statements made by Mr. McAdoo when he was before your committee, a short time since, I have not endeavored to take up in detail each specific statement made in his rather long presentation, but on the contrary I have sought to cover the subject in a broad way. Mr. McAdoo dealt with the situation in three periods so far as the railroads are concerned: 1. Before Federal control." 2. During Federal control. 3. After Federal control. It seems to me that some of the statements he made might leave a misleading impression concerning each of these periods if they were not amplified a little, as I hope to do; and the statement which I will now read has been prepared with that purpose in mind. Since I had the privilege of appearing before this committee in May, 1921, Mr. Walker D. Hines and Mr. William G. McAdoo, among others, have also appeared and presented carefully prepared statements concerning the operation of the railroads, particularly while under Federal control, and they have also commented concerning the operation of the carriers previous to Federal control and subsequent to the termination thereof. The matters discussed by both Mr. Hines and Mr. McAdoo were in large part the same. I will relate my comments chiefly, however, to the statements made by Mr. |