Word: deramus
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When William N. Deramus III, 41, took the throttle of the 3,240-mile Missouri-Kansas-Texas line three months ago (TIME, Jan. 21), railroaders agreed that the new president would put the coughing Katy back on the tracks if anybody could. With a reputation as a savior of sick railroads, Deramus came to Katy fresh from rescuing the Chicago Great Western Railway Co. from heavy debt, hoped to do the same for Katy, whose earnings skidded 37% in 1956, and whose preferred stockholders were due $106 million in dividend arrears. In short order, Deramus trimmed the Katy...
...Louis was outraged, not so much at the move itself, but at the way President Deramus did it. After a short, angry meeting, the city's Chamber of Commerce expelled the Katy from its ranks after 45 years of membership. Snapped the Chamber: "The treatment of these employees by the Katy is out of character with responsible business practices and does a great disservice to management here and elsewhere...
...move, the Kansas attorney general enjoined Katy from shipping its records out of the state, took the road to court charging violation of an old agreement under which it promised to keep at least 347 office employees in Parsons. By shutting down the Parsons office and firing other employees, Deramus had chopped his Parsons work force from 1,300 employees on Jan. 1 to about 800 last week...
PERSONNEL Changes of the Week ¶William N. Deramus III, 41, resigned as president of the Chicago Great Western Railway Co. to become president of the Missouri-Kansas-Texas Railroad, succeeding Donald V. Fraser, 60, who will become board chairman. Deramus, in turn, will be succeeded at Chicago Great Western by Veteran Railman E. T. Reidy, 53. Member of an old railroading family, big, brawny Bill Deramus went to work for the Wabash Railroad in St. Louis after the University of Michigan and Harvard Law School, ran a railroad in Burma for the Army during World War II, became...
...Youngest: Chicago Great Western Railway Co.'s William Deramus III, who was 33 when he took...