Word: greyhounds
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...MBTA and jerk and chug through Boston's murky underground and the swamps of Revere Beach. After 35 minutes and two changes you emerge at Wonderland Park, a latterday Babylon that is one of about 50 greyhound race tracks in the country...
First Bet. Once limited mostly to a chain of "Post House" eateries located at some of its terminals, the company's non-bus operations are growing with greyhound speed. While transportation revenue has grown by 21% since 1962, Greyhound's other businesses have nearly quadrupled, last year accounted for 26% of Greyhound's record $546 million income and $47 million profit...
...Greyhound's turn to diversification began in 1962, when Chairman Frederick W. Ackerman, fearing a leveling off of bus travel, began searching for new uses of Greyhound's cash. His first bet became a bonanza. For $14.7 million in stock, Greyhound bought San Francisco's Boothe Leasing Corp., which had been earning $400,000 a year mainly by leasing railroad freight cars and locomotives. Ackerman began buying jetliners-and made money when the credit-shy airlines started cashing in on the jet age. The subsidiary's earnings have zoomed 1,300%, to $6.2 million...
Fascinated with the success of that venture, Ackerman called in Trautman, then a San Francisco lawyer, set him to reorganizing Greyhound as a holding company. In quick succession, Greyhound picked up an industrial catering company that feeds workers at General Motors, hospitals and other institutions, a Manhattan fire and casualty insurance company, a Southeastern chain of restaurants and gas stations. It bought Travelers Express Co., the U.S.'s second largest money-order firm (after American Express) in 1965, last year set up an $85 million computer-renting subsidiary. Greyhound is even in bus building, set up Motor Coach Industries...
With Ackerman virtually retired at 72, Trautman is mapping Greyhound's new routes. Trautman has been president for only 16 months but has already become embroiled in a battle for a 20% interest in the Railway Express Agency, which would dovetail with Greyhound's growing parcel-carrying business. Bitterly opposed to any butting in by the busmen, truckers and the railroaders have carried the fight to the Supreme Court...