Word: wabash
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...offstage crockery crash which annually opens the Gridiron Club's dinner was explained this time as: "That's the American people vindicating Mr. Hoover at the polls." General fun-making included a song: "Oh, the moon's behind a cloud along the Wabash, for the Democrats are making all the hay; in the sycamores the G. O. P. is hiding, on the banks of the Wabash hell's to pay." President Hoover, present as No. 1 guest as usual, as usual addressed his news-gathering hosts, as usual eased his feelings in reply to their horse...
...coincide with the opening of Congress, rail executives announced their legislative demands for relief from "unfair competition." Labor assembled to advance its six-hour-day program. The Senate killed legislation to regulate interstate bus traffic. Pennsylvania R. R., disguised as a holding company, was ordered to drop its Wabash and Lehigh Valley stock in the interest of larger merger plans...
...mergers pending an investigation of holding companies has never left committee, its influence has helped retard all consolidation moves. Last week the I.C.C took a step forward toward its own consolidation plan (TIME, Dec. 30). It ordered Pennsylvania R. R. to get rid of its 48% stock ownership in Wabash R. R. and 30% stock ownership in Lehigh Valley within six months. These holdings were valued at $106,592,757. The I.C.C. declared that the Perm's interest in these other roads was a violation of the Clayton act. Pennsylvania R. R. claimed it bought into these roads...
...unable to cope j with the situation, asked its bankers, DilIon, Read & Co. and Ladenburg, Thalmann & Co., to help work out another new plan, i avert receivership. Chief immediate problem is the maturity of some $11,000,000 ; bonds during 1931. Seaboard Air Line is grouped with Wabash in the I. C. C. plan, but Wabash has shown no desire to acquire the unfortunate road. Southerners are familiar with Seaboard's practice of putting the names of oldtime engineers on their locomotives...
...charges of monopoly, Baltimore & Ohio peacefully proceeded along the lines laid by the I. C. C.'s consolidation plan. Better to fight its two great rivals, New York Central and Pennsylvania, B. & O. has long wished a westward extension. At first it eyed Wabash. But the I. C. C. assigned to it not Wabash but the long-sickly Chicago & Alton...