Word: mergers
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Dates: during 1960-1969
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NEWS that the Supreme Court had approved the merger of the Pennsylvania and New York Central railroads was warmly received in the editorial offices of TIME. Nearly half the staffers commute by rail, and many of them brought questions to Associate Editor Spencer Davidson, who was writing the cover story. Did the merger mean that they would soon be riding in newer, cleaner cars? Would the schedules be more reliable? Conductors less surly...
...approach to the news has been gaining readers: the Star's circulation has risen 51,078, to 309,245, in the past five years. In the same period, the Post's circulation increased 58,804, to 467,505. From time to time, the Star has held tentative merger talks with the other Washington afternoon paper, the sprightly Scripps-Howard News. But chances of such a union are dim now that the Star is well on its way to creating an authentic personality...
...Cover) No green light flared from a track-side tower; no warning whistle echoed down the line. But no trainman missed the signal. When the Supreme Court gave its approval last week to the merger of the Pennsylvania and New York Central railroads, it was clearing the track for the nation's entire rail system. It was giving railroad management permission to highball into the future...
...spending; the Pennsy had hardly enough modern equipment to remain competitive. The new boss changed all that by allocating huge funds ($577 million in the last three years alone) for new equipment and by branching out into fields other than railroading. His other goal was to push through the merger with the New York Central, something that had been discussed and contemplated for years...
Tangled Midwest. To be sure, the merger trend among U.S. railroads is nothing new (see map). But the plans for the Penn Central were the most am bitious yet. As Saunders promoted them, his tireless determination seemed to promise eventual success. Inevitably, it gave new impetus to a growing roster of other corporate unions: ¶ In the East, the coal-rich Norfolk & Western and the Chesapeake & Ohio-Baltimore & Ohio are moving toward a merger that will probably be consummated some time in 1970. The C. & O. took effective control of the B. & O. five years ago in a move that...