Word: railings
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Dates: during 1970-1979
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...company lost $182 million last year, and by Government estimate is highballing toward a $150 million deficit this year. Though the railroad's parent holding company, Penn Central Co., has assets of nearly $7 billion, the bulk of its salable holdings of real estate, securities and other non-rail property is already pledged to secure some $2.6 billion of debt, including $700 million falling due this year...
...featherbedding and Government regulation, 21 of the nation's major railroads ran in the red last year. Though the Government's past policies have often hurt the railroads, Washington seems to be the only power that has the potential, at least, of building a rational, balanced national rail system...
Whether he is wrestling with oil imports or working out the settlement that Congress enacted in April to avoid a threatened rail strike, Shultz goes about his business in what he calls a "consultive" manner. While he is not an effective public speaker, he talks well at his "seminars," drawing people out, probing motives as well as positions and arguments. If he is not satisfied, he will say: "Well, let's have another meeting on this." Says an associate: "That is the signal for us to go out and come back with something better...
...Louis train, for example, recently averaged $5,295 a day; but wages and other operating costs ran to $10,191. To pare such losses, the Penn Central two months ago petitioned the ICC to end all passenger service west of Buffalo, N.Y., and Harrisburg, Pa. Indignant protests from localities, rail buffs and organized passenger groups are likely to stall the commission's decision...
...handout. "The Penn Central is in a state of financial crisis," he said. "Two hundred million dollars of its commercial paper has recently matured or will mature in the next few months, and in the present circumstances of the company the paper cannot be refunded. The Penn Central Rail Road will have to file a petition of bankruptcy in early June...