Word: receivershipped
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...RFChairman Jesse Jones announced a final plan for his pet railroad project, partitioning of Minneapolis & St. Louis (mileage: 1,627) which has been in receivership for twelve years (TIME, Oct. 29). About 500 mi. of this decrepit carrier will be junked, the rest parceled out among eight adjacent systems. Though details were still secret, Illinois Central will apparently be the chief gainer, acquiring a direct entrance over its own rails into Minneapolis. Mr. Jones will provide the big carriers with a total of $7,200,000 to buy the individual pieces...
...Grande Western (mileage: 2,571) defaulted on a $40,000,000 bond issue but under the terms of the indenture was allowed a 60-day period of grace to make good. Last week that grace period expired without action. Though the bondholders may now throw the road into receivership, the directors hastily announced that a reorganization plan would be ready within a month...
...curve starts to climb steeply in October, sinks almost out of sight after Christmas. It takes an enormous amount of capital to keep Lionel Corp. going during its nine lean months. Last May, hampered by lack of capital, with some $296,000 owing to creditors, Lionel Corp. slipped into receivership...
...replica of the Union Pacific's crack M-IOOOI-the first toy train built absolutely to scale (1/45th). Orders began streaming in by the thousands. Last week in Newark, U. S. District Judge Guy L. Fake, congratulating the receivers on their prompt rehabilitation of the company, terminated the receivership, handed the company back to its management with liquid assets greatly increased. All creditors had been paid in full within eight months. Christmas sales had been the biggest in history, sales for the full year biggest since the peak year 1930. Said Judge Fake: "This was the most successful receivership...
Today one-fifth of all the railroad mileage in the U. S. is in receivership. To keep afloat, railroads have borrowed nearly half a billion dollars from the U. S. Government...