All last year President Daniel Willard of Baltimore & Ohio R.R. was plagued by a ghost— a $63,250,000 mortgage falling due three days before President Roosevelt entered the White House. Biggest railroad maturity of 1933, it could not be refunded because the public would not touch any railroad bonds with a ten-foot pole. So B. & O. offered its bondholders a chance to take one-half of their maturing principal in new bonds, one-half in cash borrowed from the R.F.C. Long before March 1, President Willard knew his plan had succeeded: 99.9 % of...
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