Word: mergers
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Dates: during 1960-1969
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...There are a few comments I would like to make about the story on the Penn Central merger...
...story says that I had a "tough time persuading" Alfred E. Perlman, president of the New York Central, that the merger "would be a good deal for both companies." I did not join the Pennsylvania until October 1963, and did not participate in negotiations leading to the merger proposal filed with the Interstate Commerce Commission in March...
...your account of the Penn Central merger there is an inference that the New York Central management, and Mr. Perlman in particular, were reluctant partners. This is not the fact...
...director of the New York Central since 1959, I was named by my colleagues in November 1961 to serve as chairman of the committee of the board to negotiate the terms of the merger. These negotiations came about as a result of a telephone call in the fall of 1961 from Mr. Perlman to Mr. James M. Symes, then chairman of the board of the Pennsylvania Railroad, suggesting that the then suspended merger study between the two railroads be resumed. To this suggestion Mr. Symes agreed, and board committees were formed to negotiate the terms. The activities of Mr. Perlman...
Such is the future of U.S. railroading, and so auspicious is the outlook for the Penn Central merger, that Stuart Saunders last week relaxed his customary aggressiveness. "I have heard it said that a long courtship makes for a happy marriage," said Saunders, as he looked back over the years of fuss and frustration, "and I hope that it is true, for it will surely mean eternal bliss for the Penn Central." Bliss, perhaps. But with Saunders running things, certainly not tranquillity. Honoring Saunders last week with its annual Benjamin Franklin award, Philadelphia's Poor Richard Club summed...