Word: mergers
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Dates: during 1960-1969
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...highballing trend to mergers has made U.S. railroads-and their stocks-more interesting than at any time in years. One sign: in its third record-breaking week in a row, the Dow-Jones railroad index last week rose to an all-time high of 236.93. Yet it often seems to take the courting railroads an un conscionably long time between their announced intention and the actual merger. No fewer than eleven mergers involving some 30 U.S. railroads are now pending, including the linking of the Pennsylvania and New York Central, and some of them have been held in suspense...
...answer came last week as the Interstate Commerce Commission heard final arguments in Washington about the Penn-Central union. The Justice Department, which believes that the merger would create an unhealthy monopoly, asked the ICC to reject the proposal completely or, at the very least, to delay it for 18 months. Three smaller railroads, which would be left out of the merger, pleaded for a similar delay, complaining bitterly that an early marriage of the two goliaths would ruin their own bargaining attempts to join up with the Norfolk & Western...
...majority disapproves, a member union will not be able to strike. Yet even as he makes such conciliatory suggestions, Powers is stepping up his demands. What he wants now is a guarantee from each of the papers that it will take on employees displaced by other papers because of merger or automation. The publishers have sworn to resist. "Labor and management," said Raskin, "can prolong their quarreling until the cake over which they quarrel crumbles into nothing...
...Love is also chairman of Chrysler Corp., of which McCollum is a director. They met frequently, a year ago talked business on a Mediterranean cruise aboard the private yacht of Daniel Keith Ludwig, the world's largest shipping operator. Says Love of his plans with McCollum for a merger of coal and oil: "You might say that this total-energy complex is a dream we've had for a long time...
Died. Colby Mitchell Chester, 88, president and then chairman of General Foods Corp., a Wall Street lawyer who took over the presidency of small Postum Cereal in 1924 and began an expansion program that resulted five years later in the merger of 15 food companies, continued to develop ever speedier convenience foods (Minute Rice, JellO, Birds Eye) until sales reached $260 million at his retirement in 1941, $1.5 billion last year; of a heart attack; in Greenwich, Conn...