Word: railroads
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Dates: during 1940-1949
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...Annie would send housewives raiding grocers' shelves by reporting that the Allies had dropped fake ration stamps. Once the station described a celebration honoring German railroad workers-most of them slave laborers. Said Annie: "At the end of the celebration, speeches were translated into Polish, Hungarian and Slovak-for the benefit of the assembled . . . workers...
Montana's Burton Kendall Wheeler, rambunctious chairman of the Senate Interstate Commerce Committee, recently proposed a Senate investigation to find out. Last week, the Wheeler committee put a burr under the Senate in the form of a 94-page report on railroad reorganizations. The report painted an ugly picture...
Quick, Cheap, Painless. Section 77 of the Bankruptcy Act was designed to make bankruptcy a quick, cheap, financially painless procedure for the debtor. It turned out to be none of these for the original security holders. As a basis for a railroad's reorganization, the Interstate Commerce Commission has had to make long-range forecasts of the road's earnings. ICC had warned that it could not do this, proved it by guessing wrong on at least nine roads...
...result, according to the report: some $2.5 billion in railroad stocks, had been written off the books as worthless, some just before the war boom began. If this had not been done-and earnings had been pro rated-these stocks would have earned an estimated $750 million from...
...they are actually solvent. Some examples: in four and a half years, the Cotton Belt (St.Louis-Southwestern) earned its annual interest charges 42 times and made about $150 a common share to boot; in 1944, the Missouri Pacific had excess profits of $46,380,000-larger than any other railroad system in the U.S. except the Santa Fe. Yet the Cotton Belt, Mopac and other roads with good wartime profit records continue in reorganization...