Business: Battle for the Long Island

When the Pennsylvania Railroad threw its sickly stepchild, the Long Island, into bankruptcy two years ago, it expected the reorganization to run a normal course. That meant that the Long Island's $78.6 million debt would be scaled down its fares raised, and the Pennsy would step back into control. But nothing normal ever^happens on the Long Island.

"First Consideration." After the rickety railroad killed 110 passengers and injured about 450 in two big crashes last year, New_York's Governor Thomas E. Dewey appointed a three-man investigating commission.* Six weeks ago, the commission reported that "the first consideration ... is the complete and...

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