Word: lackawanna
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...carries more than 50,000 trailers a year and grosses $2,000,000 on the service. But it is only recently that most of the giants have become interested. Last month the Great Northern started a piggyback service between the Twin Cities and Duluth. This month the Lackawanna, the Erie, the Nickel Plate and the Pennsylvania are all launching similar services; the New York Central, the Lehigh Valley, the Union Pacific and the Missouri-Kansas-Texas are also about to join the parade. The railroads are betting millions on piggybacking. The Pennsylvania, for example, in starting its piggyback service between...
...Erie Railroad clerk when he left the Ridgewood, N.J. high school, became a division superintendent by the time he was 30. Eleven years later, in 1938, the Virginian Railway hired him away and made him a vice president. In 1941 he moved into the presidency of the ailing Delaware, Lackawanna & Western Railroad, cut down heavy overhead costs by merging 18 subsidiary lines into the system, built up profits and enabled the Lackawanna in 1948 to pay its first dividend in 16 years...
...leading by 52% in Massachusetts, took the lead for the first time in Pennsyl vania. Despite Stevenson's whopping ma jority of 162,000 in Philadelphia, Ike came back as the outstate counties re ported. One example of the Eisenhower surge : the hard-coal district of Lackawanna County (Scranton), which gave Harry Truman a plurality of 18,200 gave Ste venson an edge of only...
White didn't stay melancholy long. He ran the Virginian so well that he caught the eye of Manhattan bankers trying to unscramble the unwieldy Lackawanna Railroad, which is 8% owned by the New York Central. In 1941, Bill White went in as president to help them. He tackled the Lackawanna's finances with what he calls the "cut & fit method," consolidated its 18 separate companies into one, and by so doing trimmed its federal income-tax liability by 20%. With the help of World War II's boom, White piled up $32 million in profits...
Under White the Lackawanna, which is relatively small (28th in operating revenue), became one of the best-run U.S. railroads. Last week, 55-year-old Bill White got the chance to show what he can do with the huge New York Central Railroad, which picked him to succeed 66-year-old president Gustav Metzman, who is stepping upstairs to chairman. Said White of his promotion: "There are no great men; somebody quits, somebody dies, or you happen to be the right age....So much of it is luck...