Word: railroads
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Dates: during 1950-1959
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...trim its losses, the New York Central Railroad announced that it will pull out of the Railway Express Agency, Inc. Hauling express parcels on its passenger trains, the Central said, accounts for $11 million of the $52 million deficit billed for passenger trains. Said the Central's president, Alfred E. Permian: "The old method of collecting parcels at gathering points and then loading them onto passenger cars is obsolete...
Fresh Approach. For Railway Express, a nonprofit corporation which deducts its operating costs from its revenues, passes the remainder on to 68 owner railroads, the Central's decision, effective in a year, was a critical blow, since it owns 14% of the agency's stock. Second largest stockholder (12.6%) is the Pennsylvania Railroad, which is also considering pulling out. If the Pennsy decides to do so, Western railroad officials concede that they will not be able to support the agency alone, will have to abandon...
Mild Pessimism. Final solution of the Railway Express problem may well depend on the outcome of the year-old proposed merger between the Central and the Pennsy, the nation's two largest railroads. (Together they account for nearly 15% of the railroad business; consolidation would bring them estimated savings of $200 million a year.) The Pennsy's operations and equipment studies are completed. Last week the financial vice president, David C. Bevan, said that financial studies for the merger are in their final stages and are expected to be presented to the Pennsy's board...
...Chicago, Rock Island & Pacific Railroad will cut sleeping-and parlor-car round-trip fares 28% for nine months to see whether lower fares will attract new riders. Sample: Chicago-to-Denver round-trip fare, including Pullman Roomette, will be $84 v. $123 for first-class air travel...
...Delaware, Lackawanna & Western Railroad asked the New Jersey Public Utilities Commission for permission to drop 40 suburban passenger trains, citing lower freight revenues which fail to support suburban passenger losses...