Word: merger
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Dates: during 1950-1959
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...gloom of the '57-'58 recession, many a U.S. railroad sought merger partners to strengthen its condition. For 14 months the Pennsylvania and the New York Central, the nation's No. 1 and No. 2 roads, talked, thought and studied. Last week the Central flashed the red board. It announced that it was suspending the Pennsy merger talks until "three or four systems of nearly balanced economic strength in the East" could be studied. Conferences among smaller roads in Portland (Me.) and Cleveland (TIME, Dec. 1), said the Central's directors, indicate "a new climate among...
...bride left at the church. Said President James M. Symes: "I am disappointed." U.S. railmen have known for some time that the Pennsy is more anxious to merge than the Central, which has had its doubts about managing the $5.6 billion behemoth that would be formed by a merger. Meanwhile the seven smaller roads-Erie, Baltimore & Ohio, Chesapeake & Ohio, Reading, Delaware & Hudson, New York, Chicago & St. Louis, Delaware, Lackawanna & Western-that had huddled in October to discuss what to do in the face of a Central-Pennsy merger also dropped their own merger talks...
MORGAN-GUARANTY TRUST merger is being checked by the Justice Department for possible antitrust violations, but trustbusters are not expected to oppose merger, since the Chase and Manhattan banks combined four years ago into a company whose assets are larger than the combined Morgan and Guaranty Trust assets...
Mild Pessimism. Final solution of the Railway Express problem may well depend on the outcome of the year-old proposed merger between the Central and the Pennsy, the nation's two largest railroads. (Together they account for nearly 15% of the railroad business; consolidation would bring them estimated savings of $200 million a year.) The Pennsy's operations and equipment studies are completed. Last week the financial vice president, David C. Bevan, said that financial studies for the merger are in their final stages and are expected to be presented to the Pennsy's board...
...Country Cousin. Morgan & Co. has left the elder Morgan's imperiousness far behind. It is a publicly held corporation, owned by 2,070 stockholders who saw their stock rise from $345 to $395 in the over-the-counter market when the merger news was announced (one share of Morgan for 4.4 of Morgan Guaranty). Under able Chairman Alexander, the bank has made no bones about its competitiveness, trains young men nicknamed "bird dogs" to go out and hunt for business. For the Guaranty Trust, one of the impelling reasons for the merger was to get Morgan's bright...