These negotiations have been in progress for some weeks, and were undertaken at my suggestion in the hope of effecting the consolidation policies declared by Congress in 1920 and especially at this time as a contribution to the recovery of business by enlarging opportunity for employment and by increasing the financial stability of all the railways, and particularly some of their weaker roads.
Herbert Hoover: “These negotiations have been in progress for some weeks, and were undertaken at my suggestion in the hope of effecting…”
On the recordDecember 29, 1930
Source
presidency.ucsb.eduEditor's note · Context
Statement on Railroad Consolidation.
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