Business & Finance: Up Comes the M. & St. L

They used to call it the "Misery & Short Life," and the "Maimed & Still Limping." But last week the Minneapolis & St. Louis Railroad Co. finally came out of one of the longest receiverships in railroad history. And the bondholders who have stayed with it through 20 long years of bankruptcy finally had a good thing.

Worms & Snails. The M. & St. L. was a rackety, poor man's railroad long before it slipped into receivership in 1923. Begun in the '70s by Minneapolitans eager to challenge Chicago's monopoly of Midwestern railroading,...

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