Word: heineman
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...seemed as if the only friend the hapless suburban commuter had last week was a bold, brainy lawyer who started in the railroad business a mere four years ago. The man: Ben Walter Heineman, 44, chairman of the 9,096-mile Chicago & North Western Railway, which inaugurated a new commuter plan that could well,serve as a guide to troubled roads across the U.S. They sorely needed help. Last week the Lehigh Valley Railroad moaned that it was going broke from its $4,000-$5,000,000-a-year passenger deficit in commuter-heavy New York, New Jersey and Pennsylvania...
...North Western's Heineman firmly believes that, in the Jet Age, "the long-haul passenger business has no future-it is dead." But he also preaches that short-haul commuter service can be both efficient and profitable...
...week, as further evidence of their dire straits, the New York Central showed a first-quarter loss of $17.6 million, the Pennsylvania lost $14.9 million. Even railmen still in the black were disappointed, believing that the need is for ways to increase earning power. "The real problem," said Ben Heineman. chairman of the Chicago & North Western, "is one of allowing us to attain a position where we can pay back the loans we've already made...
Much of the Milwaukee's track over laps the Chicago & North Western Rail way, which runs from Chicago to Lander, Wyo. The big hope for both lines is their long-discussed consolidation. Merger talks faltered this year when control of North Western fell to Chicago Lawyer Ben Heineman (TIME, Feb. 20). Heineman wants to strengthen his road before bar gaining with its leading competitor. Since becoming North Western's boss, Heineman has cut costs and deadwood, stream lined maintenance, figures to have North Western steamed up enough to start negotiations in three years. But Lannan also plans...
...Though Heineman will be in the strange position of a board chairman without a board majority, he is not worried. During negotiations each side became convinced that the other agreed on what North Western should do, i.e., clear out management deadwood, build up business and rolling stock, get the company solidly into the black. Heineman's first big job will be to find a new president and chief operating officer to replace Paul E. Feucht, who is convalescing from a heart attack last month...