Word: norfolk
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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...
...lines were not, in ICC's words, "in the public interest." Merged, they will economize by consolidating managements and by using the Virginian's better tracks eastward over the Allegheny and Blue Ridge Mountains. The Virginian's coal piers and marshaling yard adjacent to the Norfolk Navy Base will probably be put up for sale. Estimated saving from the elimination of duplicate facilities and services: $1,000,000 per month...
...Norfolk Island, Australian Territory
...Norfolk-jacketed colonel, clipped of mustache and clipped of accent, bumped into the grand lady who of course turned out to be his long-lost love. As the two bodies collided, Tchaikovsky's Romeo and Juliet overture suddenly thundered of pain and passion. "I say," muttered the colonel. "You seem to have turned on my transistor radio...
Operating in the black for the first month this year, the Lehigh Valley Railroad chalked up profits of $87,121 in May v. last May's loss of $284.321. The Norfolk & Western Railway raised its income in the first five months to $19 million with a $4,500,000 profit in May. One exception: the New Haven Railroad (TIME, June 22), which fell deeper into the red in May with a $517,039 loss, its fifth consecutive monthly loss and $150,000 greater than its loss in recession May 1958. To give the railroads hope for even better earnings...