Word: wabash
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...company in striking fashion, especially where there is no question of bad management. Employes go to work as usual, trains run on schedule, salaries and wages are paid promptly. But all of this will be done in the name of Receivers Franklin and Nicodemus, not in the name of Wabash Railway Co. Instead of "President," Mr. Franklin's office door will be labeled ''Receiver." Many rubber stamps, much red ink scores of reprinted forms will be required for the new regime, but routine will not change much. Chief sufferers under the receivership are the bond holders...
Fulcrum of the I. C. C.'s five-party plan, Wabash has had a strenuous career in its 94 years of operation. In 1877 it was reorganized after its original 12-mi. line from Meredosia to Morgan, Ill. had grown to 678 miles. Twelve years later it was again reorganized but escaped receivership. Twenty-six years of financial peace followed, ended abruptly in 1915. The company went into receivership, was sold under foreclosure for $18,000,000 cash and assumption of underlying mortgages...
...seven years that followed 1915 the Wabash was far from the only major railroad in trouble. This period included government operation under William Gibbs McAdoo. In these years the following carriers went into receivership: Chicago, Rock Island & Pacific; Western Pacific; International & Great Northern; Missouri, Kansas & Texas; Missouri Pacific ; St. Louis, Iron Mountain & Southern; Baltimore & Maine; Texas & Pacific; Denver & Rio Grande...
From 1922 to 1929 the rails fared better but besides Wabash the following Class I railroads are now bankrupt: Minneapolis & St. Louis, Seaboard Air Line, Florida East Coast...
...unions, Canadian labor leaders were bitterly disappointed, declared they would submit the matter to arbitration. In Chicago this week the U. S. Railroad Brotherhoods meet to consider the same question of wages. Unmoved so far by pleas of rail executives, their leaders must ponder the Canadian decision, the Wabash failure...