With some hope of salvaging its industry, the Association of American Railroads three months ago voted a 15% wage cut effective July 1 (TIME, May 9). But so complex is the machinery provided by the Railway Labor Act that the A. A. R. realized it would take several months of bickering to put through the cut. Last week the industry got a taste of what might happen in the meantime. Rutland Railroad Co. (407 miles of track mostly in Vermont), which has lost $2,000,000 since 1931, went into receivership two months ago and Federal Judge Harland B. Howe granted an...
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