The railraod declared bankruptcy in 1977 due to a decision to repair the track instead of locomotives. There was a time where we didn't hardly have any locomotives in running condition which of course puts a damper on your income possibilities. The companies stock was trading for around $2. During the bankruptcy it was decided to make the railroad smaller and to get rid of unnecessary things. The company had lots of unused land that was put on the market. I guess the land was worth a little more than they expected since the stock went to over $150. I think they finally sold over $500 million in land. How dumb can you be to not shed unused assets to save the whole company from bankruptcy? Of course this is the same company that suffered from things that also brought down GM. Years ago it was decided during union negotiations that the trip from Milwaukee to Chicago was a days work. So the passenger route between those two cities takes about 6 hours max roundtrip. Guess what? YUP - the whole crew got 2 days pay every day.
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