Word: conrail
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Dates: during 1980-1989
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When the Federal Government combined the bankrupt Penn Central railroad with five other failed lines to form the Consolidated Rail Corp. or Conrail in 1976, some experts predicted that the new enterprise would be a financial sinkhole. Sure enough, over the next six years Conrail cost the Government about $7 billion. But against heavy odds, Conrail has become profitable. It earned $39.2 million in 1981 and $174.2 million in 1982 on revenues of $3.6 billion. Last week the U.S. Railway Association, a Government agency that oversees Conrail's operations, reported to Congress that the rescue operation has been...
Last week's stamp of approval makes it even more likely that Conrail can be removed from public stewardship and sold to a private owner. The Government is trying hard to do just that. The investment banking firm of Goldman, Sachs & Co. has been hired to find a buyer. During her speaking appearances, Transportation Secretary Elizabeth Dole frequently asks audiences: "If you know of anyone who wants to buy a railroad, please let me know." Now that Conrail is running steadily in the black, the Government will insist that the railroad be sold intact and not piece by piece...
...improved Conrail bears little relation to the moribund operation that the Government took over. The old line was burdened by excess tracks, rickety roadbeds, union featherbedding and weak management. Shippers used to exchange stories about lost cargoes and goods damaged by frequent derailments...
Industry analysts consider Lewis an excellent choice to turn the company's fortunes around. He founded his own consulting firm, Lewis & Associates, in 1975 and helped guide the reorganization of the ailing Reading Railroad into the Consolidated Rail Corp. (Conrail). In addition to his experience in capital ways, Lewis' value lies in his background as a corporate troubleshooter. Says Anthony Hoffman, a vice president of the New York City brokerage firm A.G. Becker: "His political reputation and skills will be an added asset when it comes to the hunt for new cable franchises, but what is really being...
...generation ago, a national rail strike might have paralyzed the country. Last week's walkout, however, was no crippler: both the sluggish economy and the diminishing role of rail transport blunted its impact. In the Northeast, service was relatively unaffected since the region's major line, Conrail, was not struck by the engineers. The Southern and the Family Lines systems, the two major railroads in the South, drafted supervisors and other skilled personnel to operate the trains, and most major runs were made...