Word: railroader
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Dates: during 1950-1959
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...economies resulted in a $9,275,000 profit for eleven months of 1955, almost double the 1954 net. But Frederic ("Buck") Dumaine Jr., whom McGinnis ousted as president in 1954, charged that McGinnis had used cash reserves and in come from subsidiaries, e.g., The Connecticut Co., to pad railroad earnings. Said Dumaine: "They must have lost $7,000,000 running the railroad 20 months...
Cash reserves had certainly dwindled. Current liabilities had mounted, while long-term debt rose from $193,850,000 to $199,580,000. Protested one former director, "It's a stock speculation-venture instead of a railroad business...
Five hours after quitting the New Haven, McGinnis became president of the Boston & Maine Railroad, which he and a group of Wall Street characters had won in a proxy fight last April. It is a small (1,575-mile), thriving railroad with a reputation for running its trains on time. Boston commuters feared the worst...
...held little. But dividends on the preferred stock had to be paid before he could declare dividends on the common stock, of which McGinnis and directors held 128,500 shares. Nevertheless, the common stock skidded from a high of 39 to a low of 28 in 1955, while most railroad shares highballed ahead...
Died. Charles J. Hardy, 89, president (1933-44) and board chairman (1944-51) of American Car & Foundry Co. (now ACF Industries. Inc., with 16,500 employees in 20 plants), the second largest U.S. railroad-car maker; in Manhattan...