Fred Wesley Sargent, president of Chicago & North Western Railway since 1925, last week told stockholders that their property lost $15,276,000 in 1938 ($15,113,892 in 1937). Explaining that the loss would have been greater if he had not been able to shave maintenance expenditures, President Sargent bitterly remarked:
"Railroad managements today haven't a great deal to say about the really vital decisions of management. We natter ourselves that we manage the properties, but they are really managed by the Government of the U. S.without the Government being responsible for the results. . . .
"Jim Hill didn't have...
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