Word: heineman
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...Heineman, the pleasant, pensive chairman and chief executive of the Chicago & North Western Railway, has a talent for the unexpected. Such as making money on commuters: the C. & N.W., with a profit of $2,000,000 from its Chicago short-haul service last year, is one of the few U.S. railroads that earned money on that kind of traffic. Or accomplishing unlikely mergers: in a recent move that caught Wall Street by surprise, Heineman announced that for cash and stock exchanges totaling $367 million, the C. & N.W. was acquiring Essex Wire Corp. (annual sales: $375 million), a Fort Wayne...
Nonseasonal Pattern. Heineman's aim, like that of other progressive railroaders, is to diversify away from an essentially cyclical and undependable base. "We want to offset the weaknesses of the railroad," he says, "with the strength of other companies. In many respects, they're close to the consumer, while the railroad is not. And they operate on a nonseasonal pattern." Last winter, for instance, the normally profitable C. & N.W. suffered so much from wind and weather that it reported a $ 1,400,000 first-quarter loss on rail operations. But as the result of an earlier acquisition...
...Once Heineman has formally absorbed Essex Wire, he intends to run it and its acquisitions the way he runs Velsicol-not very tightly. "They don't know anything about the chemical business," says Velsicol President Norman E. Hathaway, 47. "And we don't know anything about the railroad business." Reinforced by the C. & N.W.'s prestige and borrowing power, Hathaway is largely left to manage the chemical operation in his own fashion...
...back shippers. Multilevel auto-rack cars, for instance, have enabled railroads to regain $100 million of motorcar hauling lost to trucks, while saving automakers $200 million. A few rail lines are even making a bid for passengers. Though two of his routes run parallel to new expressways, Chairman Ben Heineman gambled $50 million on modernizing the Chicago and North Western's commuter service-and won. Patronage is now climbing by 5% a year, and commuter profits this year should reach $2,000,000. Some long-haul travelers still prefer stylish comfort to speed. Bookings have risen for the Atlantic...
...contract, compromised on his guarantee to quit when he reaches 65 next December. Willis faced not only a hostile board but also 48 top Chicago businessmen-including Inland Steel's Joseph L. Block, Foote, Cone & Belding's Fairfax Cone, and Chicago & North Western's Ben Heineman-who last July urged selection of a new man and a policy of "equal access to our schools by all races...