Word: million
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Dates: during 1940-1949
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...lost money in the next six years, its passengers darkly suspected the Pennsy of milking its stepchild by overcharging for the use of its Manhattan terminal and East River tunnels. In 1940, the Interstate Commerce Commission found some truth in this. It made the Pennsy kick back $5.6 million of these charges to the Long Island, and make a new contract that trimmed a million a year off the rents...
...Jokers. But the Long Island kept on losing money anyway, except for three war years, when it made $4.4 million. Last year, with record revenues of $52 million, it lost a record $6 million. It also stirred up a record outcry from commuters when it broke down almost completely under the winter's snow storms (TIME, Jan. 5, 1948). (One passenger, after 8½ hours aboard one stymied train, complained of claustrophobia, sued the Long Island for "false imprisonment...
...general manager to run things on the spot. But there was no improvement in earnings and little in service. Passengers still had to line up for the trains, were often still packed in cars as tightly as books in a case. The railroad, which now owes the Pennsy $53 million, was far from worthless. "Even if it were sold for scrap," said a Pennsy official, "it would bring $65 million...
This was small consolation to airmen or British taxpayers who had paid an estimated $28 to $40 million for the governmental bungling that had caused the flop. Said Avro Managing Director Sir Roy Dobson: "I will have to have a contract written in rock before I will build another civil aircraft. I would like to see the whole lot [of Tudors] swept out and burned so that we can forget this ghastly chapter and start again...
Died. A. (for Arthur) Atwater Kent, 75, multimillionaire radio manufacturer; in Los Angeles. The first big-time radio sponsor (Atwater Kent Hour), he got his start making electrical equipment for automobiles, switched to radios in 1922, did an estimated $60 million worth of business in 1929. He retired in 1936 and moved to Bel Air, where his lavish parties won him the name of "Mr. Host...