Last week ICC proposed to do something about the worst ailment that, throughout the depression, made U.S. railroads one of the sickest of sick industries. When business fell off, many a road collapsed under the monstrous overload of fixed charges represented by interest on its bonded debt. In its 57th annual report to Congress, ICC hinted that it may soon ask for legislation to convert all railroad fixed-or contingent-interest mortgage bonds into income bonds when earnings slump. Thus bondholders, like stockholders, would be paid only when earnings warranted, and the carriers would...

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