On display in the Coney Island yards of Brooklyn-Manhattan Transit Corp. last week was the first high-speed aluminum train to be tried on New York City's vast subway system. At leather seats, indirect lighting, pastel color schemes, chimes for sliding doors, subway sardines gaped in astonishment. But a modern subway train was not the only BMT exhibit of the week. Chairman Gerhard Melvin Dahl was busy giving the first successful demonstration of how to circumvent the Securities Act of 1933. BMT's toothy, argumentative chairman was not bothered by any looming bond maturities. That...
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