When William N. Deramus III, 41, took the throttle of the 3,240-mile Missouri-Kansas-Texas line three months ago (TIME, Jan. 21), railroaders agreed that the new president would put the coughing Katy back on the tracks if anybody could. With a reputation as a savior of sick railroads, Deramus came to Katy fresh from rescuing the Chicago Great Western Railway Co. from heavy debt, hoped to do the same for Katy, whose earnings skidded 37% in 1956, and whose preferred stockholders were due $106 million in dividend arrears. In short order, Deramus trimmed...
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