Word: railroads
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Dates: during 1930-1939
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...about 1870 railroad rails were made of iron because the cost of making steel in quantity was prohibitive. Then the converters invented by Henry Bessemer got going and steel became much cheaper. In Bessemer converters-little changed after 70 years-a powerful blast of air is forced through molten pig iron as it lies in the converter's capacious belly. The air oxidizes impurities which form a slag or pass off as gases through the converter mouth. After the slag has formed, the steel is poured into molds to make ingots...
...favorite passenger line and its 78-year-old president, Daniel Willard, is his good friend. Genial Dan Willard is also the good friend of RFC Chairman Jesse Jones and has many a warm admirer in Congress, where he is regarded as a liberal with a good railroad labor record. In the last year and a half this widespread affection for President Willard is about all that has saved the sore-pressed B. & 0. from reorganization...
...other U. S. roads facing similar crises, Burt Wheeler has more drastic medicine in mind. Last week his committee reported favorably a bill to create a special railroad reorganization court which would permit recapitalizations of bankrupt roads only upon a basis of "expectable future earnings"-the average for the twelve years prior to the year in which the railroad went bankrupt. That day at the White House Franklin Roosevelt seconded the measure...
Died. Carl Raymond Gray, 71, railroad executive, onetime president of Union Pacific (1920-37); of heart disease; in Washington. Mr. Gray's first job, in 1883, was swabbing spittoons in a backwoods railroad depot. In 1937 his wife, Harriette Flora Gray, was elected "Typical American Mother." Last September a son, Dr. Howard K. Gray, surgeon at the Mayo Clinic, operated on James Roosevelt for a stomach ulcer (TIME...
...Dewey, Thorstein Veblen, James Harvey Robinson in founding The New School for Social Research, for four years headed the New York Bureau of Municipal Research. A belligerent champion of civil liberties and academic freedom, Beard was a scorching critic of post-War red-hunting. When, in 1933, Missouri Pacific Railroad went bankrupt, Beard, a small bondholder, heard that the House of Morgan was withholding interest pending a court order. "Preposterous," Beard wrote, "you have my money. Send it to me." When they refused, Beard forced a Congressional investigation, collected his interest...