Word: conrail
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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...
...greatest triumph was his decisive handling of the air-traffic controllers' strike. When negotiations failed, the Federal Aviation Administration, which he oversees, managed to keep air traffic moving. Less visibly, Lewis has worked to get the Government out of the railway business and eventually divest itself of the Conrail freight line in the Northeast. He is also working to cut back federal subsidies for Amtrak passenger trains and for local transit systems. Many may strongly oppose his programs, but almost all who have dealt with him admire his effectiveness and his attention to political sensitivities. A possible candidate...
...largest in the nation with 5 million daily passengers. With an operating deficit of $500 million for this fiscal year, the state's Metropolitan Transportation Authority (MTA) two weeks ago upped subway and bus fares from 60? to 75? and raised the prices of commuter tickets on Conrail and the Long Island Railroad by an average of 25%. The MTA also threatened to hike fares to $1 by mid-July unless the state legislature covered an estimated shortfall of $331 million The legislature finally approved a Band-Aid package of new taxes last week, including...
...Philadelphia, the Southeastern Pennsylvania Transportation Authority (SEPTA) raised fares on the city's bus, trolley and subway lines from 65? to 70? last week-the third hike since 1978, when a ride cost 45?. If that were not bad enough, Conrail is threatening to shut down its commuter lines around Philadelphia, which carry 65,000 people on weekdays, unless SEPTA increases its annual subsidy from $93 million to $99 million. SEPTA Chairman David Girard-diCarlo insists that his agency is broke and may seek a court order to keep Conrail behind the throttle. If he fails, SEPTA may have...