Word: railroads
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Dates: during 1950-1959
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Perhaps because the disturbed tissues were swollen, the duct at first carried no saliva. But when Dougherty heard and smelled the lunch wagon, the flow was copious. Says Dougherty, a former railroad freight handler who has been unable to work for five years: "My eye watered so much I had to put a towel on my lap. But when the watering stopped, I could see the food." From having been able to distinguish only light from dark, Dougherty developed 20/200 vision-enough for him to travel alone to the hospital last week for a checkup. His vision is expected...
Burlington Lines President Harry C. Murphy seconded this idea, also charged that "subsidized competition" was one of the chief reasons for the rails' troubles. While the railroads are forced to lay out more every year for maintenance and to pay local taxes, the "Government spends more and more on airways, highways and waterways for the use of our competitors who contribute little if anything to the cost of local government" through property taxes. James M. Symes, president of the Pennsylvania Railroad, No. 1 U.S. carrier, also pleaded with Congress to end direct and indirect subsidies for trucks, airlines...
...long as trucks and planes get help, Symes suggested that the railroads be helped too; he recommended that the Government buy rolling stock and lease it to the railroads at a price that would enable the Government eventually to get its money back with interest. George Alpert, president of the New Haven Railroad, went a step further; suggested that eastern railroads that carry heavy loads of commuters, as "a vital public service," get a "modest" 1% of Government highway funds as subsidy. "As ugly and distasteful as the word subsidy may be," said Alpert, "I consider it a welcome alternative...
Help or Else. Almost every top railroadman went to the hearings armed with a set of recommendations designed to ease the railroads' ills. Among them: allow the railroads the full cost of carrying the U.S. mail, now carried at a loss; eliminate the 10% federal tax on passenger fares, passed during the war to discourage travel, and the 3% tax on freight; encourage railroad mergers; allow the roads to diversify more widely into other forms of transportation, such as trucks and planes. Said the Central's President Perlman: "If we fail to convince you of the desperate need...
ROBERT R. YOUNG has slashed his holdings in his Alleghany Corp. and New York Central Railroad. After quietly selling all but 28,500 shares of Central common (TIME, Dec. 23), Young sold 27,300 of his remaining shares last month to take tax loss of more than $100,000, is left with only 1,200 shares, worth about $20,000. He also sold 30,000 shares of Alleghany, is left with only 17 common shades, but still holds big block of preferred...