Business: Tangled Transit

Passengers in New York's humid, jam-packed subways wondered dully at the headlines in their neighbors' newspapers one evening last week: I. R. T. IN RECEIVERSHIP. What would that mean? wondered the subway sardines. Fewer seats than ever? More jerking and lurching, more pushing and bawling by red-faced guards at the stations? Fact was it might mean, eventually, an improvement in the lot of the subway sardine.

Interborough Rapid Transit Co. staved off receivership in 1922 by whittling down its guarantee of dividends of stock of the Manhattan elevated lines which it had leased...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!