Word: norfolk
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Dates: during 1960-1969
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Ironically, it was Saunders' own skill that helped build one of the roads that now have the Penn Central, originally given the green light by the ICC last April, tied up in the Supreme Court. The Norfolk & Western, which he headed in 1958-63 and grudgingly calls "by all odds, the most profitable railroad in the world," two weeks ago reported record earnings of $98 million-highest of all U.S. roads except for the huge Southern Pacific ($100 million...
...polished for its upcoming $466 million merger with another profitmaker, St. Louis' Peabody Coal Co., second largest in the U.S. - The Pennsylvania Railroad, biggest in the U.S., highballed through 1966 to consolidated earnings of $90 million for a 29% gain over 1965. Yet the Pennsy finished behind the Norfolk & Western, which Pennsy Chairman Stuart Saunders once headed and now blames for delaying the Penn Central merger. N. & W.'s profits rose 8.6%, to a record $98 million, even though it paid the Pennsy some $10 million-which accounted for almost half of Pennsy's earnings gain...
...that would be affected by the merger. The ICC, in unanimously approving the Penn Central, ordered it to continue doing business with smaller railroads and to indemnify them for losses because of the merger. Ultimately, all are likely to find a place in a second big merger between the Norfolk & Western and the C. & O.B. & O. But the smaller lines, notably the Delaware & Hudson, Erie-Lackawanna and Boston & Maine, have taken to the court their vigorous protest about the Penn Central merger...
...Nothing to Lose." Pennsy Chairman Stuart Saunders lays most of the blame squarely on the railroad he formerly headed: the Norfolk & Western. "A campaign of delay is being conducted in good part by the Norfolk & Western Railway," Saunders told the Pittsburgh Chamber of Commerce recently. "With everything to gain and nothing to lose, the N. & W. seems to want to prolong as long as it possibly can the tremendous competitive advantages gained from its own merger with the Nickel Plate and Wabash, which has been in effect for more than two years." Saunders called the N. & W. "the Marie Antoinette...
...Norfolk...