Word: rails
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Dates: during 1930-1939
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...rail equipment companies were worse off in 1935 than they had been in 1934, traders admitted that the stock boom was strictly on a when, as & if issued basis. Pessimists pointed out that though obsolescence is a matter of fact when the purchaser has money, it is a matter of opinion when he has not. The railroads were expected to lose more money in 1935 than they had lost in 1934. They still had an excess supply of locomotives and freight cars, and Railway Age estimated a 1935 production of only 100 locomotives. To this traders retorted that rail equipment...
When J. P. Morgan & Co. put the Van Sweringen rail and real estate empire on the auction block last fortnight, it was knocked down to Midamerica Corp., the Cleveland bachelors' new top holding company, for $3,121.000 (TIME, Oct. 7).* Though they are still well able to maintain checking accounts, Messrs. Oris Paxton and Mantis James Van Sweringen needed help to buy back control of their vast possessions which had been taken over by the Morgan banking group for nonpayment of principal & interest on some $50,000,000 of notes. Last week Wall Street still buzzed with gossip about...
Across her block passed control of the $3,000,000,000 Van Sweringen rail and real estate empire, put up for sale by J. P. Morgan & Co. and a group of banks that held as collateral for some $50,000,000 of past-due notes practically all the securities the two Cleveland bachelors ever owned...
...degree from Yale, started in the Pennsylvania's Altoona shops at 5¢ an hour. In 1917 he went to France when Pershing cabled Secretary Baker to send him "the ablest railroad man in the U. S.," was commissioned Brigadier General (admiring soldiers called him "General Attaboy"), set up a rail transport system that won him decorations from many an Allied government. An able handler and picker of men, he shrewdly chose to cooperate with or absorb air and bus lines instead of fighting them, hired the late Ivy Ledbetter Lee to humanize his big railroad in the public...
...Army uniforms. There were Civil War soldiers working on that railroad and every now & then even a Confederate uniform would turn up. . . . The engineering details at first were even worse. Laning had square-cut ties under the tracks which were never used until 25 or 30 years ago. The rail which the coolies were handling was at least an 80 or 90-lb. rail. I made him reduce the size of the rail. Rolling mills in those days couldn't produce anywhere near that size of rail...