Word: eastman
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...Burton Kendall Wheeler set out a year ago last May to show the Senate Interstate Commerce Committee, of which he is chairman, precisely how the art of railroad finance had been practiced in the U. S. in late years. Hand-picked for the Senate by Railroad Coordinator Joseph B. Eastman was a list of likely subjects. Much of the preliminary field work in the investigation was done by the experienced staff of the Interstate Commerce Commission. Named as inquisitor was Max Lowenthal, lawyer-author of The Investor Pays. Fortnight ago Senator Wheeler sat down for the first hearings in Washington...
Another surprise witness last week was Joseph B. Eastman, now back as an active ICCommissioner after a turn as Railroad Coordinator. Mr. Eastman used the intricate chain of terminal transactions to make the point that public regulation was defeated in that the ICC could, if it saw fit, forbid MOP to buy the properties, but it could not save MOP from loss...
Also made by Commissioner Eastman was a grave, if well-considered, charge. By the time debt-ridden MOP flopped into the courts in 1933, it had paid $3,200,000 on account for the terminal properties. On the books this was first lumped in a peculiar railroad account called "unauthorized work." Later it was carried as a "special deposit," a current asset. The funds were indeed deposited in Guaranty Trust Co. but for the benefit of Terminal Shares, not MOP. Last week the railroad's officials tried to explain that they never intended to convey the impression that...
According to Mr. Eastman, Mr. Johnson had not done very well. "The result of the incorrect accounting," said the Commissioner, "was that the Missouri Pacific presented a false record of its current assets, of its liabilities and of its income account. It was enabled to make this false showing at a time when it was in great financial peril...
...Sirs: . . . I hope LlFE will not only amuse but record in pictures our history. I recall as a boy many times going over bound copies of Harper's recording (by drawings)the Civil War. It is still a valuable record. With the modern and Eastman (ad for Rochester) film you can excel that record. May you do so. The film is mightier than the pen. WILLIAM H. GORSLINE Rochester...