Business: One More Expedient

Carloadings fortnight ago rose to 620,511, some 20% under a year ago, yet a new high for 1938. But signs of increasing revenue—like hopes for lower wage costs (see above)—are only details in the sorry railroad picture; last week bonded indebtedness still cast its shadow. Prime example of a railroad staggering under top-heavy debts is 111-year-old Baltimore & Ohio, fifth largest U. S. railroad (in revenue). The line has some $685,000,000 in fixed indebtedness, on which it has had to pay over $31,000,000 in interest annually. B. & O. lost $720,695 last year,...

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