Word: norfolkers
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Saunders moved into the chairman's suite at Pennsy's Philadelphia headquarters only four years ago. He brought with him the bright reputation he had built as president of the Norfolk & Western, which he helped turn into one of the nation's most profitable railroads. He also brought a consuming energy that threatened to wear out associates. For he is a man who dotes on work. An average day includes twelve hours at the office, another three working at home-after which Saunders relaxes with a vengeance. He ordinarily takes a couple of double martinis before dinner...
...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 enabled the limping B. & O. to use C. & O. credit ratings...
Sustained Sentiment. The man who is slated to preside over the Penn Central, fittingly enough, is the man who started the merger trend. It was Saunders, as president of the Norfolk & Western, who arranged for the takeover of the Virginian Railway in 1959 and laid the groundwork for the N. & W. to acquire the Nickel Plate and the Wabash. Born in McDowell, W. Va., Saunders grew up in Bedford, Va., within sight and sound of the N. & W.'s main line through the coal fields. He attended college in the town where the N. & W. has its headquarters. Even...
THELMA A. JONES Norfolk...
...Railroads also reported lower third-quarter results. The Pennsylvania Railroad showed a sharp drop in earnings, from $27,557,000 last year to $11,135,000. Union Pacific's net income was down from $26,193,000 to $19,595,000, and Norfolk & Western, normally one of the most profitable, had a 23% earnings decline. The N. & W. managed, however, to set another sort of record. Pulled and pushed by eight diesel engines, a supertrain of 450 coal cars moved over 47 miles of N. & W. track to set a freight-train record for U.S. railroads. Any motorist caught...