RAILROADS: The Big Back-Up

John Troyer, owner of a grain elevator in southern Illinois, is slowly going broke. Every day, interest on the $550,000 loan he took out last November to purchase 300,000 bu. of corn is mounting, eating away at his 4½¢-per-bu. margin of profit. The grain has already been sold, but Troyer will not be paid until it is delivered—and there is no way to get it delivered. Railroads have promised him 87 covered hopper cars to ship the corn, but the cars have not shown up.

Troyer is only one of thousands of farmers and elevator owners caught in the great...

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