Word: haven
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Dates: during 1950-1959
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McGinnis charges that the New Haven is in poor shape, has not made anywhere near the money it should. Though the road has reported a profit every year since 1949, McGinnis argues that the profits come from the road's real-estate holdings and that the New Haven, as a railroad, has actually lost more than $4,-000,000 under Dumaine management. He says that too much money has been spent on new equipment, dragging the road's operating capital down from $47 million to $11 million in 1953, and that only preferred stockholders have got dividends since...
...Spend It To Make It." In his small, cluttered office in Boston's South Station. Buck Dumaine challenges McGinnis right down the line. As in the American Woolen battle, Dumaine wants to keep the New Haven in New England hands, has tried to run it to bring new trade to the area. When his father took over, Buck set out to become a railroader, worked alongside yard crews, poked his 6-ft. frame into every corner of the business. Buck, who became president in 1951, is proud of his record...
...Haven is a short-haul line through a densely populated area, with heavy commuter loads and relatively little freight. To make it pay, Dumaine has tried to chop down costs and at the same time modernize the road to attract business. Many of the big, barnlike stations of the '20s have been replaced by revenue-producing business blocks; Dumaine money built a $50 million marketing center in congested Boston near the South Station that draws some $200 million yearly in various businesses and fat contracts for the New Haven to haul the goods. At a cost of $70 million...
Buck Dumaine insists that McGinnis is wrong when he says the New Haven runs at a loss. In a proxy statement fired off this week, he argued that every railroad counts nonrailroad revenues in its profits. The fact is that the road's total revenues have increased steadily in the last five years to $165 million in 1953. Net income was equal to $12.16 a preferred share, with $7 disbursed in preferred dividends. The New Haven's debt has been cut by more than $50 million through retiring securities and the purchase of bonds, thus cutting interest charges...
...Last Proxy. Both Dumaine and McGinnis were supremely confident of winning control, but they knew the fight would be close. McGinnis and his allies own some 30% of the New Haven common and preferred stock (1,015,585 shares outstanding), claim that under the New Haven's cumulative-voting procedure,* they are sure to get eleven directors, enough to control the road...