Word: railroader
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Dates: during 1950-1959
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Frenzied Trading. As if in answer, Young closed down his Palm Beach home this week and moved to a four-room suite in Manhattan's Waldorf-Astoria Towers. As he headed North, he fired one more shot at White, demanding that he "get back to running the railroad or resign." Meanwhile, both sides prepared proxy statements for the Securities & Exchange Commission, got ready to solicit proxies in preparation for the Central's annual meeting...
SOUTHERN Pacific has joined the New York, New Haven & Hartford in shipping truck trailers on railroad flatcars. The line is converting flatcars to handle trailers, is putting twelve piggyback cars with 240,000 Ibs. of merchandise on its Dallas-Houston, Fort Worth-Houston and Texas-Louisiana runs. ANHEUSERBusch, which opens - its new $15 million Los Angeles brewery (TIME, Oct. 26) this week, is also looking for a bigger share of the Gulf Coast market. It is buying a 150-acre tract at New Orleans, will build a $20 million brewery with a 1,000,000 bbl.-a-year capacity...
...long and successful career analyzing the securities of railroads that have undergone or are going through reorganization, New York Financier Patrick B. McGinnis has developed a sharp eye for good buys in railroad stocks. A group he headed got control of the Norfolk Southern Railway Co. in 1947; the following year he helped Frederic C. Dumaine Sr. get control of the New York, New Haven & Hartford railroad, and later got a large chunk of common stock in the Central of Georgia Railway Co. But as a railroad officer, his batting average was not so good: stockholders eased him out last...
...Interest-free loans were made to McGinnis, and railroad funds were used in "stock speculation...
...hearings, the McGinnis group defended its action by claiming that it had brought the railroad from the brink of bankruptcy to a point where stock dividends were resumed. But earnings last year, after McGinnis left, increased to $772,813 (from $525,406 in 1952) in spite of a drop in operating revenue. Since the railroad is under new management, the commission, which had started the investigation on its own, ended the proceedings. But it urged that the Interstate Commerce Act be amended to safe guard stockholders against improper use of railroad funds...