Word: railroads
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Three weeks ago the Nixon Administration agreed to help the railroad by letting the Defense Department underwrite $200 million in bank loans. But that plan ran into such severe political fire from key Democrats in Congress that the Administration withdrew its offer. The critics threatened to make an election issue out of the loan by portraying it as a bailout for the Administration's friends in big business and banking. "The potential for political mischief really scared people," says a top Administration official...
Delaying the Debtors. With that, Penn Central executives hastily presented the bankruptcy petition. The bankruptcy covers only the Penn Central Transportation Co. (1969 assets: $4.6 billion), which operated the railroad. Neither the parent Penn Central Co. nor the several solvent subsidiaries of the railroad corporation were immediately affected. Among the latter are the Buckeye Pipe Line Co., a 7,000-mile network of petroleum lines; Arvida Corp., which is developing land and apartments on 35,000 acres in Florida; and Great Southwest Corp., which has extensive housing and other realty ventures in California, Texas, Georgia, Hawaii and Missouri. Ultimately...
Fullam's first big job, after a mid-July hearing, will be to appoint one or more trustees to run the railroad. The trustees will have the power to float new loans to keep the line operating. While waiting for those loans, Transportation Secretary John A. Volpe warned last week, the railroad may have to shut down for lack of cash to meet expenses, which include the $20 million a week payroll for its 94,000 employees. Said Volpe: "I don't believe any of us can say with any degree of certainty if the payroll will...
SEVERAL years ago, Louis Armand, former head of the French national railways, lunched with seven U.S. railroad presidents. At that time, he recalls, "I remarked that sooner or later they would have to face up to the question of nationalizing American railroads. They all roared with laughter." Last week, in the midst of the Penn Central's financial fiasco, no one was laughing at the idea any more. Transportation Secretary John Volpe warned Congress that if the Administration's bill to guarantee loans for railroads fails to pass, and other roads fall into bankruptcy, the only alternative would...
Compartments for Cardinals. That is just what has been done abroad. Americans who travel overseas marvel at the swift, efficient and inexpensive nationalized railroad service they encounter. In France, the Paris-Marseille-Riviera express made 182 trips in a three-month period last winter and was late a total of one minute and a half. Japan's 125-m.p.h. "bullet train" between Tokyo and Osaka is the technological wonder of the Eastern world...