Word: conrail
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...stock offerings in the news last week gave investors an interesting choice: Coal or diamonds, Conrail or Tiffany...
...part of President Reagan's privatization drive, the Government sold 85% of Conrail, the freight line that hauls everything from coal to cars. The $1.65 billion stock issue, priced at $28 a share, was the largest initial public offering in U.S. history. Wall Street gave the stock a green light: on the first day of trading, Conrail was the Big Board's most active issue. By week's end shares closed...
...weeks after the Amtrak-Conrail collision outside Baltimore that claimed 16 lives, investigators from the Federal Railroad Administration had yet to find an equipment failure that would account for the tragedy. Instead, said FRA Administrator John Riley, the probe was focusing on the "human performance" of the train crews -- and the evidence was disturbing...
...starters, both trains were speeding: the Amtrak passenger train was 23 miles over its limit of 105 m.p.h., and the Conrail freight locomotives were traveling at 62 to 65 m.p.h., although a signal had warned the crew to slow down...
Blood and urine samples from the Conrail crew indicated marijuana use by Engineer Richard Gates and Brakeman Edward Cromwell. Though the FRA has not said whether the amounts found are sufficient to prove Gates and Cromwell were intoxicated at the time, railroad workers are forbidden to work under the influence of drugs or alcohol. The National Transportation Safety Board now recommends that all trains operating between Washington and Boston be equipped with automatic braking devices that would stop a train even if engineers did not heed track signals...