Word: norfolk
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Dates: during 1960-1969
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...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...
...political opportunity lies in the steady conversion of the U.S. into an overwhelmingly urban nation. Soon, 73% of all Americans will live in 200 metropolitan areas. Nearly two-fifths will be citizens of just three great megalopolitan complexes-one ranging from Boston through New York, Philadelphia and Washington to Norfolk; another comprising all the territory between Milwaukee and Cleveland; the third taking in the California coast from San Francisco to San Diego. The cities and the suburbs that comprise the megalopolis have a vital mutuality of interest in housing, transportation, schooling, crime problems and employment...
...their frustration is the case of the Panamanian-based Mayan Line steamship company. Under the 1952 ruling, Mayan went into two U.S. courts in Louisiana with a $668,000 claim against Cuba for unpaid shipping charges, and won uncontested judgments in both. When defectors sailed a Cuban freighter into Norfolk harbor in 1961, Mayan was ready, attached the ship and its cargo of sugar bound for Russia. But the Czech embassy, caretaker for Castro in Washington, invoked sovereign immunity. The State Department assented, and the attachment was thrown out. (Backing up the doctrine was an informal agreement between...
...tense months of negotiation, the executives involved scratched out details in longhand so that not even confidential secretaries would know what was going on. Last week the secret was out-and it stunned the railroad industry, Wall Street and even Washington. Tuohy's C. & O. and the Norfolk & Western Railway announced that they planned not only to merge with each other but to take in five smaller eastern railroads as satellites. The consolidation would produce the greatest passenger and freight colossus in U.S. history...
Prickly Provisos. Tuohy, the C. & O.'s vice chairman, and Herman H. Pevler, the Norfolk & Western's president, attached some prickly provisos to their willingness to take in the indigents, notably that some layer of Government permanently pick up the tab for commuter losses on three of them. Beyond that, the merger must surmount threatened minority-stockholder suits and possible antitrust objections from the Department of Justice, then win approval not only of the five little lines (most of which consider the offered price too low) but also of the Interstate Commerce Commission, whose deliberation may well take...