Business & Finance: Western Moratorium

Western Mortorium

Arthur Curtiss James, owner of more railroad stocks than any man in the U. S., controls only one major road—Western Pacific. While Western Pacific was pleading for a $1.000,000 loan from RFC last summer, it was revealed that Mr. James owned 352,000 of its 574.000 common shares. Western Pacific did not get that particular loan because it had already pledged all its available collateral, but it did manage to meet the interest on its first mortgage bonds due Sept. 1. Last week the due date came & went again but Western Pacific did not pay.

Instead, the road asked its bondholders...

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