Word: lackawanna
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...Arthur B. Homer, who becomes chairman of the board and continues as chief executive officer. Chicago-born Ed Martin joined Bethlehem in 1922 after graduating from Stevens Institute of Technology, worked his way up in the mills from a repairman's helper to general manager of the giant Lackawanna plant in 1950. vice president for steel operations...
COMMUTER SUBSIDY of $6,000,000 will be paid for one year by New Jersey to railroads to help overcome losses on commuter services in northern N.J. Pennsylvania and Lackawanna will each receive $1,600,000, Jersey Central $1,300,000; rest will go to others joining plan. $100 REBATE will be given to any one of Studebaker-Packard's 200,000 shareholders who buys a 1960 Lark, Hawk or Champ truck in July, August or September. Deal, first in auto industry history, is expected to boost Studebaker's lagging sales...
...powerful competition of trucks for freight, and autos and planes for passengers. Costs can be cut by eliminating duplicate facilities. Last fall the ICC approved a merger of the Norfolk & Western and the Virginian railroads; last March a commission examiner recommended a merger plan for the Erie and Lackawanna roads. Similarly, the Civil Aeronautics Board is moving toward the view that mergers, not subsidies or new routes, are the best way for the airlines industry to meet the formidable problems of new jet-age competition. Both the CAB and the ICC are expected to go along with mergers that make...
...which did not involve any opposition from competitors or stockholders, is not a green light for mergers as a way out of financial problems. But it is at least a yellow caution light. Next on ICC's docket is the proposed merger between the Erie and the Delaware, Lackawanna & Western, whose combined loss in 1959's first half is more than $2,000,000. A clear track for this second major combination would revive industrywide merger talks (e.g., between the Pennsylvania and the New York Central, and the proposed five-line New England tie-up of the Bangor...
RAIL MERGER between Erie and Lackawanna was approved by stockholders, needs only ICC's O.K., which is expected. Merger will save $13 million a year on the two roads' 3,200-mile system between Hoboken, N.J. and Chicago...