It was no secret that the Pennsylvania Railroad Co. had lost money in 1946. The only question was: How much? Last week the Pennsy gave out the dismal figure: $8.5 million (v. a net profit of $49 million in 1945). Never before in its 100-year history had the biggest U.S. railroad gone into the red.
Like all other roads, the Pennsy had watched its revenues decline and its costs zoom since war's end. Thus, while the Pennsy's total 1946 operating revenue of $822 million (down $114 million from 1945) set a new peacetime high, so did its operating expenses.
Too Little. For...
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