Word: central
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Dates: during 1950-1959
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...tracks of a former narrow gauge railroad to East Boston and Revere, thus starting subway service to an expanding part of the city. A second major attempt at expansion has not succeeded, however. For $10.6 million, the MTA purchased and renovated completely a branch of the New York Central Railroad, and within two days after service started, the new line carried four times as many passengers as the railroad did. Yet this seemingly successful extension is reportedly losing $60,000 monthly...
...that. Through its stock holdings, Alleghany has 17% working control of the New York Central Railroad, plus 50% ownership of the Missouri Pacific Railroad. The Central also owns more than $500 million in Manhattan real estate, including the Park Lane, Commodore, Biltmore and Barclay hotels, plus several blocks of Park Avenue land. Biggest plum of all: Alleghany's 47.8% control of Investors Diversified Services, which manages five mutual funds whose combined assets total about $3 billion. This great Alleghany complex, says Sonnabend, "has been static since Robert Young died. It needs new vitality and dynamism...
...passenger trains for every 150 miles-even though the actual traveling time sometimes takes less than two hours. Under the same set of rules, the 20th Century Limited, between New York and Chicago, must have eight engine-crew changes on a 16-hour trip, forcing the New York Central to pay out a total of 19.2 days' pay to 16 men. Some yard crews get a day's pay for moving a train...
RAILROAD operators say they have had enough. "The necessity of employing firemen on freight and yard diesels costs the New Haven over $3,500,000 a year," says George Alpert, president of the New Haven Railroad. "This is absolutely unessential." Says E. F. Bidez, vice president of the Central of Georgia Railroad: "In 1958 we paid firemen on freight and switch engines $1,005,000. Considering the fact that we could get along without most of them, that's a good bit of money. It's 50% of the net earned last year." The Great Northern Railroad reports...
...real argument against featherbedding-from any point of view-is that the practice is killing off business just when struggling U.S. roads need every dollar they can get. Booms Daniel Loomis, president of the Association of American Railroads: "The central issue is simply whether this industry or any industry so beset by rising competition can long survive under work rules that exact millions in pay for work not done or needed...