Word: railroads
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...Strike Force's success has carried into agencies long inured to official corruption. Last month the N.J. State Investigations Committee held public hearings on charges of corruption among officials of the Hudson County mosquito extermination commission. The commission was accused of shaking down the Penn Central Railroad and a New Jersey Turnpike Authority contractor for $114,000 for imaginary repairs on mosquito-control drainage ditches in the Jersey meadowlands...
...dancer. Garry is the president of a small manufacturing company. Bob translates Russian at the Pentagon. Along with Dan, Joel, Gail, Becky and a dozen others, they are having a discussion about travel by freighter, the virtues of Europe's railroad pass and a little-known boat trip between Venice and Israel. Their conversation is, in short, the conventional chatter of the well-traveled. What is unconventional about the discussion is that Ann is in New York, Garry in California, Bob in Virginia and the others scattered along the East Coast. The international travelers' group of TeleSessions...
...tape. For farmers, they have set up cooperatives that take care of everything from buying their machinery to marketing their produce, which includes 80% of the world's supply of Parmesan cheese. New arrivals from the poverty-stricken south always find a party representative on hand at the railroad station or bus depot to point the way to a job, to housing or to party-run community centers with cut-rate bars and restaurants. Many of Italy's beaches are open sewers, but in Rimini, on Emilia-Romagna's Adriatic coast, swimmers enjoy waters kept clean...
...incensed by the price increases. By the time the column reached party headquarters, it was 20,000 strong. It was also out of control. In vain, police pleaded with the demonstrators to halt. In reply, the crowd hurled homemade fire bombs at the headquarters building and the nearby Gdansk railroad station. When firemen arrived to douse the flames, they were beaten back. Police opened fire on the demonstrators-only to turn anger into a terrible frenzy. Crying "Gestapo! Gestapo!" the marchers wheeled to attack the police...
Biggest Collapse. The second shattering event of 1970 was the biggest collapse in U.S. corporate history. On June 21 the Penn Central Transportation Co., owner of the nation's largest railroad, went bankrupt. The Penn Central had long been a victim of mismanagement and executive infighting, but it was pushed right off the tracks by its inability to refinance $152 million of its commercial paper. Such paper is a form of unsecured, short-term IOU. When money became difficult to borrow from banks, scores of corporations issued commercial paper to raise funds. Because such securities are usually bought...