Word: railroaded
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...trainer. He traced his finger a couple of miles down a country road. "That's where I grew up," he said, looking down at New Concord, a tiny community of 1,800 in which his father had worked as a plumber. He located the county fairground and the railroad tracks where he used to play. Glenn makes much of the self-reliance he developed in New Concord and later in the Marines. In Washington, he drives his own car everywhere and mows the lawn himself. When his wife Annie needs to come to the capital, he drives alone...
When the Federal Government combined the bankrupt Penn Central railroad with five other failed lines to form the Consolidated Rail Corp. or Conrail in 1976, some experts predicted that the new enterprise would be a financial sinkhole. Sure enough, over the next six years Conrail cost the Government about $7 billion. But against heavy odds, Conrail has become profitable. It earned $39.2 million in 1981 and $174.2 million in 1982 on revenues of $3.6 billion. Last week the U.S. Railway Association, a Government agency that oversees Conrail's operations, reported to Congress that the rescue operation has been...
...private owner. The Government is trying hard to do just that. The investment banking firm of Goldman, Sachs & Co. has been hired to find a buyer. During her speaking appearances, Transportation Secretary Elizabeth Dole frequently asks audiences: "If you know of anyone who wants to buy a railroad, please let me know." Now that Conrail is running steadily in the black, the Government will insist that the railroad be sold intact and not piece by piece. Thus service will be continued along the 15,000 miles of route that Conrail now operates in 15 states...
...severance guarantees, were cut from the payroll at a cost of more than $130 million. Last January, Conrail handed its unprofitable commuter service in New York, New Jersey, Connecticut and Pennsylvania over to local and state-run transportation agencies. (Amtrak, the other Government-owned railroad, continues as a long-distance passenger carrier.) In all, Conrail has slashed its work force from about 100,000 in 1976 to just under...
Thanks to Conrail's impressive recovery, it is expected to show a profit of about $1 billion over the next five years. One interested buyer is a group of the railroad's employees, who say they plan to make a bid by June 14. But whatever price the Government gets for Conrail, it will not match the $7 billion investment...