Word: mergers
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Dates: during 1950-1959
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While Government and industry spokesmen worried on about how to solve the crucial problems of the nation's railroads, the Interstate Commerce Commission last week took some levelheaded action. By unanimous vote, ICC approved the merger of two major Eastern seaboard soft-coal carriers, Norfolk & Western and the Virginian, allowed them to form a single system with assets of $970 million and 2,746 miles of track serving six states (see map). It was the biggest consolidation of two independent lines since ICC was formed in 1887, and one that President Stuart T. Saunders, who remains as boss...
...ever-cautious ICC warned railroaders that the N. & W.-Virginian decision, 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...
With some dissenting votes, the HYDC also passed a motion for merger with the Radcliffe Young Democratic Club. The merger must be passed as a petition by two-thirds of the Club's membership to become a reality...
...Harvard Young Democratic Club's general membership meeting will vote tomorrow on a proposed merger with the Radcliffe Young Democratic Club. Two years ago a similar proposal failed to gain the two-thirds vote required for approval...
...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...