RAILROADS: McGinnis Reports

After nine months as boss of the New York, New Haven & Hartford Railroad, Patrick B. McGinnis last week made his first year-end report on the state of the road's health. Despite a $1,152,606 net loss before he took over in April, said McGinnis, the New Haven wound up 1954 with a net income of $9,000,000. As a result, he would be able not only to pay off $2,400,000 on the New Haven's income mortgage bonds, but also to hand stockholders a welcome dividend: $1.25 for preferred shareholders and a proposed 10% stock dividend for...

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