Business: Profits on Comfort

Last week Pullman Inc. reported a third quarter profit of $2,100,000—best figure for any quarter in four years. Pullman lost money last year and the year before but as late as 1930 it rolled up earnings of $16,000,000. Well-buttressed with cash ($36,000,000 at the end of September), with no bonds, no preferred stock, it paid a $3 dividend through the blackest years of Depression.

Pullman is a holding company controlling two distinct organizations. One is The Pullman Co., which has a practical monopoly on railroad...

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