Re: Per Diem
Walt
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And my point was that per diem was not even money to pay down the interest on the bonds needed to buy new freight cars in the 1950's, much less total ownership costs. So while NYSW (not the O&W, how did that come up?), generally any railroad that was a net "borrower" of freight cars of other railroads was not much admired by companies who felt they contributed more than their share to the national pool. This is well documented in railroad annual reports in the 1950's. If the O&W did not buy new cars, then I very much doubt that 'per diem' deficits was the real problem -- many railroads had per diem deficits for one reason or another and had no difficulty with it. Tim O'Connor
I think Steve's point was that the (bankrupt) O&W owed much, much more
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