Business & Finance: Too Much Debt

In the black Depression year of 1932 a committee of railroad men headed by Baltimore & Ohio's fatherly Daniel Willard asked the 21 railroad unions to accept a voluntary pay cut. After three weeks' talk, the unions agreed to a 10% cut. Three years later, with recovery thundering down the tracks, employes' pay was restored to the 1932 level; last year it was raised another 7½%. Last week, facing a crisis considerably worse than 1932, the railroads again asked the 21 unions to accept a pay cut. Snapped Chairman George Harrison of the Railway Labor Executives Association: "I never heard of...

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