Word: onely
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Dates: during 1930-1939
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...One night last week the members of the New York Railroad Club sat down to their 67th annual dinner in Manhattan's Hotel Commodore. For topflight railroad executives it was a relatively cheery meal. They were still chortling because freight carloadings rose 30% between Sept. 9 and Oct. 21 -the largest increase over the shortest period in U. S. history. Phrases like "this augurs well" cropped up in more than one of the evening's speeches. But to thoughtful men among them, the carloading boom was an ugly fact to face. For it demonstrated that their huge industry...
...Class I roads,* about one-third (including 20 in bankruptcy) are unable to meet their fixed charges on bonds and preferred stock. Another third is little better off. Only eight Class I roads have bonds outstanding which are gilt-edged enough to be marked with Moody's Aaa (Pennsylvania, Norfolk & Western, Chesapeake & Ohio, Union Pacific, Wheeling & Lake Erie, Virginian, Detroit & Toledo Shore Line, Richmond Fredericksburg & Potomac...
Complaints. Railroad men have many a complaint against the economic conspiracy which has ruined their business. One big complaint is against the tremendous rise in taxes and wages which they have to pay. In 1916 taxes took 4.4% of gross operating revenues. By 1938 the tax percentage had gone up to 9.5%, $340,781,954. Wages took 28.3% of gross revenues in 1916. But in 1938 employes got close to 50% of the roads' $3,565,000,000 gross...
...roads cannot agree among themselves on which of the little roads they will absorb. ICC, in its Consolidation Plan in 1929, compromised by agreeing to the creation of as many as 21 systems. Plans less influenced by political prudence advocate something more like nine systems; the most drastic one provides for just three systems...
...overdue rate row is being kicked up by husky moose-hunting Luther Mason Walter, operating trustee of Chicago Great Western, one of the chronically anemic roads in the great midwestern bankruptcy belt. Mr. Walter's complaint: the Midwestern roads are not getting their fair share of charges on transcontinental hauls, get a lean, unprofitable cut while the roads at the eastern and western ends take the big slices...