Word: wabash
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Dates: during 1940-1949
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...Paul Dresser, onetime minstrel, most popular song writer of the '90s, and oldest brother of lugubrious Novelist Theodore Dreiser (who kept the original family name). Dreiser, who wrote the first verse and the chorus of one of his brother's best songs (On the Banks of the Wabash), also wrote the story on which Sal is based...
...Pennsylvania wanted the Wabash so badly it paid $63,041,549 for 49% of its stock in 1927-28, much of it to the late, great, foxy Leonor Fresnel Loree. The next year ICC came out with its "final'' consolidation plan. Instead of the four systems expected by the Eastern railroads (New York Central, Pennsylvania, Baltimore & Ohio, Chesapeake & Ohio-Erie-Nickel Plate), ICC proposed five-the fifth being a looping road-to-nowhere based on the Wabash and Seaboard. And instead of approving the Pennsy's expensive purchase, ICC began anti-trust proceedings...
Pennsy fought ICC in the courts, finally won. ICC also gave up its fifth-system dream. Last week's decision, if approved by the Federal court, will clear the way for full control of Wabash by Pennsy. Its $63,041,549 investment, along with other common stockholders', is wiped out by the reorganization plan,* but Pennsy can buy up all of the new common-stock issue for $7,626,872 ($12.75 a share). The Pennsylvania System, which already has 10,841 miles of road, will thus become 20% bigger, bestriding not only the East but the Mississippi...
Before Pennsy could get ICC approval of this arrangement, it had to overcome objections by the rival New York Central. Pennsy now owns a 30% stock interest in the Lehigh Valley Railroad (which connects Buffalo with New York Harbor); Wabash owns another 21%; and the thought of a Pennsy-Wabash-Lehigh tie-up gave New York Central competitive fits. As a fit-cure, Pennsy agreed to deposit its Lehigh stock, along with the Wabash's, with independent voting trustees...
...plan will cut Wabash's capitalization from $330,759,265 to $192,647,795, its fixed charges from $7,391,362 to $2,558,418 a year. Income available for fixed charges has averaged $3,973,914 in the last nine years...