Word: soundness
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Dates: during 1970-1979
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...federal experts say that U.S. railroads, except for the handful that are in sound financial shape, simply cannot afford to keep their equipment properly maintained. Observed Raymond James, chief counsel and acting director of the Federal Railroad Administration's Safety Office: "The railroad system does not generate enough income to sustain itself. What gives first is maintenance, and it's getting worse." Despite a 10% increase in freight rates in 1974 and an annual expenditure of $9 billion in maintenance, the railroads since that year have reduced a backlog of $4.1 billion in needed repairs by only...
...creativity. Instead of a noble "new man," capitalism offers only the "old man," whose self-interest in profit ?even though it may be condemned as greed?will ultimately benefit the commonweal. When assessed this way, it is no surprise that the capitalist reality can be made to sound less appealing than the socialist dream...
...raise money for Jimmy Carter's Inauguration, when Lance was grilled by a Senate committee about his banking affairs. More important, Kattel made numerous statements that recovery for Atlanta and C & S was just around the corner. When the Comptroller of the Currency questioned loans Kattel had thought sound, Kattel concluded that he had to bite the bullet himself. Said he: "We misjudged both the severity [of the problem] and the timing of the recovery. The frustration to me personally has been immense, and the credibility of the bank and its spokesmen must be restored...
Atlanta and the bank doubtless will survive. The Comptroller judged C & S to be "well-capitalized and sound." Meanwhile, Kattel, like Lance, has been deluged by job offers. As Poet Stephen Vincent Benet wrote about one of Georgia's founding families in John Brown's Body, there is a "melancholy pride/ In never choosing the winning side...
Grapelli's sound, his swing, is unmistakable. He can play exactly as he did in 1934. He has also recorded some modern works with Jean-Luc Ponty. And he has even recorded with Yehudi Menuhin. He will play his versatile violin tomorrow night with the Diz Disley trio at the Berklee Performance Center...