Since 1930 more than 100 railroads (almost one-third of the nation's railroad mileage) have relapsed into receivership or bankruptcy. While investors wait, their $6,000,000,000 of capitalization is slowly unraveled in the courts. Last week ICC reported what it has done to help them: 1) approved or recommended cuts of $2,133,875,000 in the capitalization of 25 roads; 2) slashed their combined debt from $3,708,484,000 to $1,609,526,000; 3) reduced annual fixed charges of $131,463,000 to $39,452,000.
Of the bigger roads going through the ICC wringer, Missouri Pacific had its capitalization halved to $347,411,000, its interest charges pared one-third. Chicago, Milwaukee, St. Paul...
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