Word: centralized
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Dates: during 1960-1969
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...enough modern equipment to remain competitive. The new boss changed all that by allocating huge funds ($577 million in the last three years alone) for new equipment and by branching out into fields other than railroading. His other goal was to push through the merger with the New York Central, something that had been discussed and contemplated for years...
Tangled Midwest. To be sure, the merger trend among U.S. railroads is nothing new (see map). But the plans for the Penn Central were the most am bitious yet. As Saunders promoted them, his tireless determination seemed to promise eventual success. Inevitably, it gave new impetus to a growing roster of other corporate unions: ¶ In the East, the coal-rich Norfolk & Western and the Chesapeake & Ohio-Baltimore & Ohio are moving toward a merger that will probably be consummated some time in 1970. The C. & O. took effective control of the B. & O. five years ago in a move that...
...Midwest, where the railroad map is incredibly tangled, several efforts are under way to unsnarl it. The aggressive Chicago & North Western, run by Ben Heineman, has merger agreements worked out with the Chicago Great Western, and would like to include the Milwaukee Road. The Illinois Central and Gulf, Mobile & Ohio, with 9,200 miles of frequently parallel track, hope to merge too. The Missouri Pacific is anxious to take over the Atchison, Topeka & Santa Fe. The three "Northerns"-the Great Northern, the Northern Pacific and the Burlington-have been given tentative ICC permission to combine lines that cover most...
Sustained Sentiment. The man who is slated to preside over the Penn Central, fittingly enough, is the man who started the merger trend. It was Saunders, as president of the Norfolk & Western, who arranged for the takeover of the Virginian Railway in 1959 and laid the groundwork for the N. & W. to acquire the Nickel Plate and the Wabash. Born in McDowell, W. Va., Saunders grew up in Bedford, Va., within sight and sound of the N. & W.'s main line through the coal fields. He attended college in the town where the N. & W. has its headquarters. Even...
...advantages of diversification, Saunders always looked upon consolidation with the New York Central as his most important project. The two lines were in the process of beating each other into bankruptcy. As early as 1957, merger talks had started between Saunders' Pennsy predecessor, James M. Symes, and the Central's Robert Young. Then, after Young committed suicide in 1959, he was succeeded at the Central by Perlman, an M.I.T. graduate who was with the Denver & Rio Grande before Young brought him back East. As it happened, Perlman was most reluctant to couple with the Pennsy, and Saunders...