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...

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