Wabash to Pennsy

Approved by ICC last week was a reorganization plan for the second major railroad to fall victim to depression—the 2,409-mile Wabash, in the courts since 1931 (the Seaboard has been in since 1930). The Wabash, known as "the road that starts nowhere and ends nowhere," has defaulted four times in 66 years, spent 22 of them in receivership. It lacks seaport and gateway terminals, depends on other lines to feed it about two-thirds of its business. But its straight-sweeping main line from Buffalo to Kansas City avoids the congestion at Chicago and St. Louis. The Wabash was therefore one...