Word: railroads
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Dates: during 1950-1959
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...handout." The result is a flow of economic reporting that widens out from the Times's fat business section and nourishes the whole paper. For, as Washington Post and Times Herald readers found during the New York Central proxy fight, when Newshen Malvina Lindsay bought one share of railroad stock and covered the battle from the viewpoint of a woman shareholder, some of the liveliest stories to be had are tucked between the balance sheets...
...will be slashed from a planned 84,600 bbl. daily to only 34,200 because it imported little in the base 1954-56 period. Even the domestic producers who will benefit most from the quotas called them too little and too late. Said Olin Culberson, chairman of the Texas Railroad Commission, which controls 45% of U.S. output: "There is every logical reason why the voluntary plan will break down. No voluntary plan ever worked...
From Sack to Slurry. Though his friends scoffed that the substance would never be worth much, Gilson formed the St. Louis Gilsonite Co. By wagon, then by railroad, the company hauled out sacks of Gilsonite, as the substance came to be known, to use in coloring black paints, waterproofing roofs, blacking inks and even paving streets. Eventually the company was bought by the Barber Asphalt Co. (now Barber Oil Corp.), which in 1946 teamed up with Standard Oil Co. of California to try to extract gasoline and high-purity coke from the Gilsonite...
...mounting cost of expansion. Floating a $60 million bond issue last week cost Pacific Gas & Electric Co. more than 5% for a security Wall Streeters said would have gone for 4.8% a fortnight ago. For those unwilling-or unable-to pay top interest, the market was slim indeed. Railroad credit ratings are so low, said Pennsylvania Railroad President James M. Symes, that the roads cannot finance new equipment unless the Government helps; he suggested that the Government create an agency to buy as much as $2.5 billion worth of rolling stock, then lease it to railroads...
...Columbus, Ohio, the state highway safety department, making a survey of drivers who had one-car accidents last year, recorded an 18-year-old's admission that he went 85 m.p.h. around an Scurve, in a car he had never driven before, on a rainy night, over a railroad track, with one arm around his girl...