Word: railroads
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Dates: during 1930-1939
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Into sharp relief has the railroad problem of the United States been thrown by the decision of the President's fact-finding board. For, in ruling that the threatened wage-cut is unfair to employees, as well as futile toward a general solution of the problem, the report has silently but surely implied that the salvation of American railroads lies only in an evangelistic conversion: i.e., in complete reorganization. Only this could it have meant when it pointed out "the necessity that now rests upon the government for a complete and thorough-going reconsideration of the relationship of the railroad...
Complete reorganization does not mean merely the elimination of the million-dollar-a-day waste reported by the board. Nor does it mean minor legislation on bankruptcy and finance which would only make it more convenient for a railroad to pass from one receiver to the next. Nor, above all, does it mean the billion-dollar rehabilitation loan by the government which would preserve and subsidize the present rotten and aged structure...
...mayor of Philadelphia. Now he is running for the U. S. Senate, sole candidate of a "Pathfinder Party," excoriating the Wagner Act and the C. I. O. Without party organization, without campaign funds, he motors 200 miles a day in a sound-truck fashioned like a railroad locomotive. In it he and four friends (two of them sound engineers), carrying their lunches, draw up on hilltops overlooking towns, turn on a magnavox contraption powered by compressed air, and while the populace marvels, Candidate Naugle hurls his thundering political imprecations for miles across the Pennsylvania wilderness...
Arthur Curtiss James owns a famous beard and more railroad securities than any man in the U. S. Last week this second possession was substantially cut when the Interstate Commerce Commission approved a reorganization plan for Western Pacific R. R. Co. writing off all its capital stock; at last reports Mr. James through various holding companies owned 40% of the stock, an investment with a par value of about...
...fixed charges ($3,634,000 last year). Since 1936 four reorganization plans have been presented by interested parties, one of them being by Chairman James. None satisfied ICC, which finally intervened with a plan of its own-first time it had ever taken such action with so important a railroad. Western Pacific's capitalization now will be reduced from $150,597,000 to $93,726,517, fixed charges to $511,001. This will be accomplished by wiping out the equity of stockholders and claims of unsecured creditors making them bear most of the loss...