Word: icc
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...merger, originally approved last April by the Interstate Commerce Commission, has since been put off four times while the ICC and the Eastern railroads tried to work out conditions that would be equitable for all. One problem has been the debt-ridden New Haven railroad. Under the terms of the merger, it will eventually become a part of the Penn Central; until it does. New York, Connecticut, Rhode Island...
...head the Frisco line and become the most sought-after executive in the industry. He was recruited for the Burlington with a bigger job in mind: the railroad's stock is 97% owned by the Northern Pacific and the Great Northern and, in a merger that the ICC unexpectedly turned down last month, he was slated to become operating head of the three roads. With the merger outlook now cloudy, he is concentrating on bettering the Burlington. Among the measures so far: >The Burlington bought a turboprop executive plane, flies potential customers to inspect 10,000 acres of industrial...
...Chesapeake & Ohio, proved for all time that two-or even three can live more cheaply than one, in 1963 paired his successful coal-hauling C. & O. with the deficit-ridden Baltimore & Ohio, thus producing a $65 million combined annual profit within two years, and this year (pending ICC approval) adding the Norfolk & Western line to build a network that in track (26,460 miles from Maine to Nebraska) and annual revenues ($1.82 billion) would rank as the nation's second biggest, next to the newly joined Pennsylvania New York Central; of a heart attack; in Cleveland...
...history, the U.S. Government last week made sense out of the least profitable industry in the most populous part of the nation. The eleven-member Interstate Commerce Commission approved unanimously the coupling of the two biggest railroads in the eastern U.S., the Pennsylvania and the New York Central. The ICC at the same time stalled the merger trend among the richer railroads of the U.S. West. In a surprising and bitterly dissented 6-5 decision, it vetoed-at least for now-a union of the Great Northern, the Northern Pacific and the Chicago, Burlington & Quincy...
Making Time. After pondering 40,000 pages of evidence from 461 witnesses and 337 attorneys, the ICC decided to approve because the merger's obvious economic advantages will make way for meaningful technological improvements. By scrapping hundreds of miles of competitive track, dozens of duplicating terminals and scores of overlapping maintenance plants, the two lines will save up to $100 million a year by 1974. More important to customers, the efficiencies of combination will cut the freight transit time by 11 % from New York to Chicago, 27% from Boston to Cincinnati, and 36% from Buffalo to St. Louis...