Word: railways
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...Pioneer Jarves, whose collection was eventually auctioned off to cover his debts and bought by Yale for a bargain $22,000, is represented in the CRIA exhibit by a Sienese wood panel Annunciation, by Francesco di Giorgio and Neroccio dei Landi. The precise taste of turn-of-the-century Railway Heir Henry Walters is illustrated by the three exquisitely patinaed bronzes lent by the Walters Art Gallery, in Baltimore, which he founded. The spirit of J. P. Morgan, whose lavish purchases bulled the art market to unprecedented heights before World War I, is evoked by the five manuscripts lent...
Since the end of World War II, the Railway Express Agency and its rum bling green trucks have been rolling toward a dead end. Jointly owned by 58 railroads, the sprawling company has been plagued by inefficiency and red tape. The main reason: its ties to railroads impose on it the same night marish maze of regulations that the Interstate Commerce Commission ap plies to REA's parents. Without special ICC permission, REA cannot haul goods from city to city by truck; instead it must put the goods on a train - no mat ter how bad the connection...
...stagecoach. In its present form, REA's history dates to 1917 when, to speed up transportation to the World War I effort, the Government forced the seven major express companies to merge. In 1929 the transportation assets of the amalgam were purchased by the railroads and designated Railway Express Agency. After World War II, the combination began to fail, and in 1959 there was even talk of nationalizing it. Giving in to pressure from Washington, the railroads in 1961 changed Railway Express from a cooperative to a profit-and-loss company. Though still railroad-owned, it was granted...
Since Ben W. Heineman, 53, took control of the Chicago & North Western Railway eleven years ago, he has injected a youthful zip into the once floundering company. Last week he gave a further injection, naming 40-year-old Larry S. Provo to the company's No. 2 spot and making him just about the youngest president of a major U.S. railroad. Heineman has shifted some of his previous duties to the new man, but is not exactly ready for a golden-years club. He continues as chief executive officer as well as chairman...
Neither Heineman nor Provo could be called a typical railroad man. Heineman is a lawyer who got into the railroad business after a 1954 proxy fight, when he took control of the smallish Minneapolis & St. Louis Railway. A 27-year-old accountant named Provo was brought in to help straighten out the corporate mess. Heineman liked Provo, and soon after hired him away from Arthur Andersen & Co., the accounting firm, and gave him a vice-presidency. Two years later, Heineman moved to the C. & N.W. and took Provo along...