Word: norfolk
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Dates: during 1960-1969
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...railroad merger applications before the Interstate Commerce Commission have been so closely watched as the Norfolk & Western's petition to take over the Nickel Plate, the Wabash and three connecting roads. After more than two years of study, the ICC last week voted 10 to 1 to give its go-ahead to the merger. With that decision, the way was opened for the creation of a 7,450-mile freight superline whose routes would reach west to Missouri and north into Canada, save the two lines $27 million in costs each year. Railroaders saw in the ICC decision...
...manner of the ICC's approval contained the clue. Before the merger is allowed, ruled the commission, the $352 million of Norfolk & Western and Wabash stocks bought up by the Pennsylvania Railroad since the late 19th century must be sold-to make sure that the Pennsy holds no control over the merged roads. Often the difference between profit and loss for the Pennsy, the Norfolk & Western stock paid it $14.5 million last year in dividends, is often used as collateral on new investments. But the Pennsy's possession of the stock has been one of the roadblocks...
...more these days than to merge with the New York Central, it will probably go along with the ICC and dispose of its stock to help sway the ICC to approve its own merger. Once the Pennsy agrees to sell the stock, the way would be cleared for the Norfolk & Western-Nickel Plate merger to take its place alongside the already approved linkage of the Chesapeake & Ohio-Baltimore & Ohio roads. If the ICC then approved the Pennsy and Central linkup, the Eastern U.S. would have three superroads that would carry 90% of its traffic...
...gimmicks: some have opened soda fountains in their stores, and the Colonial chain offers chairs and tables for weary shoppers to rest beside the soft-drink dispensers. Stores are also staying open longer. Kroger two weeks ago started doing business on Sundays in Ohio, and Grand Union in Norfolk stays open 24 hours daily to accommodate the round-the-clock shipyard shifts...
With 2,500,000 vehicles using the new bridge-tunnel every year, booming Norfolk sees only progress ahead. "The sheer beauty," crooned the local Virginian-Pilot, "is a shining demonstration of the theme that form follows function, undulating up and down as with the waves of the bay it traverses...