RAILROADS: Believe It or Not

One of the biggest interest disbursements in U.S. railroad history was announced last week by Baltimore & Ohio Railroad: $22,073,408. The sum represented six months' to three years' back interest on nine bond issues owned by some 70,000 B. & O. bondholders. B. & O. was able to fork out the cash because of last year's near-record traffic, which produced $51,442,000 of revenues available for interest.

To anyone who still doubts that war is saving the hides of some railroads, this ought to be convincing. At the end of 1938, B. & O. had only $8,554,000 cash to pay $27,000,000 due...

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