RAILROADS: Paradox in Central

New York Central common sold down to an alltime low of 6⅜ last week—just a few cents above its current earnings rate of $6 a share. Central has not paid a dividend since its $6 disbursement in 1931, and in the intervening years 1932-41 has earned a grand total of only $5,900,000.

But in the meantime it has cleaned off some $140,000,000 on its debt, mostly out of its $18,000,000-a-year depreciation reserve. It has promised to consider dividend resumption before the end of 1942.

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