Dividends Deferred

Less than a month after Robert Ralph Young finally battled his way to full control of the rich Chesapeake & Ohio Railway System (TIME, Dec. 28), the top executives of two of his four roads bowed to his consuming passion for debt reduction.

First Bob Young's man John W. Davin, new president of the Nickel Plate (New York, Chicago & St. Louis Railroad), told his preferred and common stockholders to expect no dividends for at least five years (they have already waited for eleven years), since all of Nickel Plate's earnings were earmarked for paying off more than $21,000,000 of debt...

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