Word: lackawanna
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...mergers. Last week word leaked out of a merger possibility among seven major eastern and Great Lakes lines, discussed recently at a Cleveland meeting of the lines' executives. The lines: Erie, Baltimore & Ohio, Chesapeake & Ohio, Reading, Delaware & Hudson, Nickel Plate (New York, Chicago & St. Louis), and the Delaware, Lackawanna & Western...
...railroads already have a head start along the merger path. The Erie, the Delaware & Hudson and the Delaware, Lackawanna & Western have been conducting merger studies among themselves since 1956, and the Lackawanna and the Erie got permission from the ICC in July to coordinate some facilities and operations in New York State. With the Erie and Lackawanna operating in the red and the more financially stable Delaware & Hudson hard hit by losses on a coal subsidiary, the proposal would combine three fairly weak roads into a network with assets of $952 million and 5,377 miles of main track...
...combination of the seven railroads would be equally logical; all have something to offer each other, and two (the B & O and the Lackawanna) own sizable chunks of other lines in the proposed merger (the Reading and the New York, Chicago & St. Louis). A merger of the seven roads would be bigger than either the Central or the Pennsy, the nation's largest road, and nearly as big as the proposed merger of the two. The seven roads together would have 19,050 miles of main track in ten states (including many duplicated facilities), compared with 12,800 miles...
...district rose to 64% of capacity v. 56% the week before, hundreds of workers trooped back to work. Furnaces glowed again: U.S. Steel relit a blast furnace at its Youngstown works and two open hearths in Pittsburgh; Bethlehem Steel planned to relight four or five open hearths at its Lackawanna works near Buffalo...
...Delaware. Lackawanna & Western showed a $3,500,000 loss for the first four months...