RAILROADS: Gravy Train

Since the Penn Central Railroad went bankrupt last June, Government investigators have been sifting through the wreckage to determine what part mismanagement played in the collapse. The Interstate Commerce Commission last week charged that the company violated ICC regulations by claiming as ae business expense the premiums an $10 million worth of insurance protecting directors and key officers against liability for wrongdoing. This week an official staff study by Wright Patman's House Banking and Currency Committee accused top officials of the railroad of using their corporate connections to line their own pockets—with the help of Manhattan's Chemical Bank.

Texas Democrat...

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