Business & Finance: All Aboard!

(See front cover)

In the dark winter of 1932 "Uncle Dan" Willard of the Baltimore & Ohio and eight other railroad presidents met 21 representatives of railroad labor in the Palmer House at Chicago. The U. S. railroads, said "Uncle Dan" in effect, were just about broke. Maintenance and fixed charges had been cut to the bone. Would the 1.000,000 U. S. railway employes take at 10% temporary deduction in pay to save the roads from ruin? The workers' representatives said yes. Two years later in Washington Capital and Labor again got together, agreed...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!