RAILROADS: Stockholders Lose

The railroad reorganization wringer squeezed tighter last week. Stockholders in two once-bankrupt carriers saw their chances of participating in juicy war profits gurgle down the drain. The Supreme Court upheld a lower court decision barring any revision of ICC's plan to streamline the financial structure of the Chicago & North Western Railway. A Federal court in New Haven approved, with slight modifications, ICC's amputation of the top-heavy debt of the New York, New Haven & Hartford Railroad.

The C. & N. W. plan cuts its capitalization from $555 million to $430, fixed charges from $16.4 million to $4.1.* The $500 million...

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