Word: merger
(lookup in dictionary)
(lookup stats)
Dates: during 1950-1959
Sort By: most recent first
(reverse)
...burst into the open last week. After months of top-level discussion that leaked neither to Wall Street, the U.S. Government or even many of their own officers, the Pennsylvania Railroad and the New York Central-the nation's two biggest railroads-announced that they are considering a merger that would be the biggest corporate marriage ever. Said Pennsy President James M. Symes and Central President Alfred E. Perlman: "Preliminary studies and discussions indicate that substantial benefits to all concerned may result from such a merger...
...merger of the two lines would make the united road the eleventh largest U.S. company, with combined assets of more than $5 billion. The Pennsylvania's 9,963 miles of road, running from the mid-Atlantic states westward to St. Louis and Chicago, and the Central's 10,600 miles, reaching northward to Boston, Albany and Quebec and westward to Chicago and St. Louis, serve the nation's most highly industrialized area. The lines own millions of dollars in property (including Grand Central station and a huge chunk of Park Avenue real estate, Pennsy's Pennsylvania...
Some cynics professed to see in the merger proposal a dramatic attempt to get the railroads' case for higher rates and other changes before the public, but the move was nonetheless a good indication of the unhealthy state of the two roads involved. Many other U.S. railroads are doing well financially (see box), but they are not afflicted with the peculiar problems of the Central and Pennsy: short-haul runs that require numerous stations and facilities and heavy and unprofitable commuter loads in populous big-city areas...
...more than a year wily Pietro Nenni, egg-bald boss of Italy's Socialist Party, has wriggled uneasily under public pressure for a merger between his forces and Giuseppe Saragat's small but influential Social Democratic Party. The question was: Did Nenni care enough about Socialist reunification to abandon his decade-old alliance with Italy's Communists...
Saragat's answer was the one he has made ever since the merger was first discussed: "Unification cannot date from the elections but only from Nenni's break with the Communists." Saragat carried the day, but only by a narrow margin. Then, drawn and ailing-he has a serious hyperthyroid condition-he headed off for a month's rest in the mountains. Behind him he left a party frozen in factionalism and no longer able to capitalize on its greatest electoral appeals-the useful services it performed during the years when its leaders held high office...