Word: jerseys
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Dates: during 1930-1939
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From 1909 to 1931 the common stock of Central Railroad Co. of New Jersey never paid less than $10 annually. Bluest of blue chips, the rich, little (1,155 miles) anthracite road had skipped only eleven dividends since it began operations in 1848. For 25 years (1905-30) the stock seldom sold below 200. In 1912 it hit a peak of 395; in 1928 another of 375. Last week it could be bought for 5. Sic transit...
...last week Jersey Central went bankrupt, joined 81 roads (over 31% of U. S. railroad mileage) that have gone into receivership since 1931. Driven to the wall by seven consecutive whopping deficits, its first eight months' operations this year showed a $2,709,000 net loss. Of its once lush freight business, about 50% was coal and 40% manufactured goods, and neither recovered from Depression I. With heavy fixed charges on a bonded debt of $51,198,000, the strain of depression was too much. But the straw that broke Jersey Central's back was taxes...
...State of New Jersey the railroad owed $11,651,000 of taxes unpaid since 1932. That was 40% of its tax bill for that period. It had paid the rest. Month ago the State threatened to go to court to collect its bill for 1932-1933 ($7,230,000 of taxes, penalties & interest). With only $2,360,000 cash on hand to meet the tax bill, Jersey Central escaped to the courts...
...Count Jersey Petcock, still the officially recognized ambassador to the United States from non-existent Poland, will give an address in Emerson D this afternoon at 4 o'clock concerning the position of his nation in the present European...
...reserves three deep. Among its backs were two streaks who could run 100 in 10 flat. And the prize Host Yost wanted most to show off was its 194-lb. halfback, Tom Harmon, who at 20 and only half way through his second year in a Varsity jersey, has been hailed as the No. 1 footballer of the year...