Worsening plight of american railroads
Worry Over How to Rescue Hard-Pressed Lings
American railroads, with revenues declining and competition from other forms of transportation rising, are caught in a financial squeeze more severe than any since the Great Depression. As in the 1930s, doubt about the ability of the rail carriers to survive without public assistance is widespread. In fact, the outlook for the railroads is viewed more gloomily in many quarters today than it was & quarter-century ago.
Jervis Langdon, Jr., president of the Baltimore & Ohio, asserted recently that nationalization of the railroads could not be avoided unless there was “pretty rapid action by the government.”1 A joint statement on Nov. 8 by James M. Symes, chairman of the Pennsylvania, and Alfred E. Perlman, president ...