Word: railroads
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Dates: during 1920-1929
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...Congress must be obeyed," declared Justice McReynolds in rendering the majority opinion from which dissented Justices Holmes, Brandeis and Stone. Justice Butler, as a onetime railroad attorney, did not participate in the case. The Court's ruling set at naught the valuation placed by the I. C. C. on the O'Fallon, relieved the road of paying to the U. S. a share of its profits on that valuation and sent rail stocks jubilantly sky-rocketing in Wall Street. C. & O. spurted up 23 points...
...Supreme Court's decision avoided specifying how much such cost must be a factor in the I. C. C.'s evaluating system. That was the railroad's mighty victory...
Died. Henry Marcus Lane, 74, of Cincinnati, famed construction engineer (Pike's Peak cog railroad); in the Cleveland Clinic catastrophe...
...Perm Railroad. For, in the first place, Colyumist Broun has acquired 25 shares of Penn Railroad. Mr. Broun maintains that his Pennsylvania stock has gone off two points since his purchase. Inasmuch as it last week closed at 78 and its high for the year has been 83 (low 72) the inference would be that the purchase was made somewhat by the outsider's proverbial system of buying at the high and selling at the low. Yet, with railroads showing best earnings in years, Mr. Broun might well be told to hang on to his railroad stock...
...Louis & San Francisco Railroad. Mr. Broun described his St. Louis & San Francisco Railroad holdings under a caption "the Gate Called Golden," and flayed San Francisco as a foggy city. "Our terminals," said ignorant Mr. Broun, "don't appear attractive." Mr. Broun apparently was misled by the railroad's name. For the St. Louis & San Francisco does not come within several hundred miles of San Francisco, its western extremities ending in the western portion of Texas...