Business & Finance: Red Lights

¶ Last week the Pennsylvania Railroad, busiest in the world, announced that it was obliged to retrench on expenditures for maintenance during September and October because fall business was not up to expectations.

¶ The Pennsylvania and five other roads announced that their net operating income for August was 11.7% under August 1936, though gross revenues rose 1.3%.

¶ It transpired that the Pennsylvania, the New York Central and the Baltimore & Ohio have laid off some 20,000 men since Sept. 1.

¶ In Washington the conference of railroad operators and five train unions remained deadlocked over the latters' demand for a 20%...

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