Word: centralize
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Dates: during 1950-1959
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...merger of the two lines would make the united road the eleventh largest U.S. company, with combined assets of more than $5 billion. The Pennsylvania's 9,963 miles of road, running from the mid-Atlantic states westward to St. Louis and Chicago, and the Central's 10,600 miles, reaching northward to Boston, Albany and Quebec and westward to Chicago and St. Louis, serve the nation's most highly industrialized area. The lines own millions of dollars in property (including Grand Central station and a huge chunk of Park Avenue real estate, Pennsy's Pennsylvania...
...case for higher rates and other changes before the public, but the move was nonetheless a good indication of the unhealthy state of the two roads involved. Many other U.S. railroads are doing well financially (see box), but they are not afflicted with the peculiar problems of the Central and Pennsy: short-haul runs that require numerous stations and facilities and heavy and unprofitable commuter loads in populous big-city areas...
Into the Red. When Central's Chairman Robert R. Young came to the road* in 1954 after a bitter proxy battle, he was sure he had the cure for those ailments. He introduced time-and labor-saving centralized traffic control, installed pushbutton freight yards and increased dieselization. Last year he announced the beginning of a $500 million capital-improvement program, and early this year confidently crowed that Central's stock soon would be up to $100 and paying $8 a share. The stock climbed briefly, but Young saw his hopes dashed as Central's financial position deteriorated...
TRUCK RATES will go up for second time this year because Jimmy Hoffa's central states conference teamsters are riding toward another pay raise. Midwest truckers are resigned to a boost in present $2.34 hourly minimum, possibly as much...
RAILROAD EARNINGS Though the Pennsy and Central gross more than any other U.S. railroad, their percentage of net profit is far less than other leading roads. Comparative 1956 figures for the nation's top ten roads...