Word: railways
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...Heineman, the pleasant, pensive chairman and chief executive of the Chicago & North Western Railway, has a talent for the unexpected. Such as making money on commuters: the C. & N.W., with a profit of $2,000,000 from its Chicago short-haul service last year, is one of the few U.S. railroads that earned money on that kind of traffic. Or accomplishing unlikely mergers: in a recent move that caught Wall Street by surprise, Heineman announced that for cash and stock exchanges totaling $367 million, the C. & N.W. was acquiring Essex Wire Corp. (annual sales: $375 million), a Fort Wayne...
Among the world's temples of high finance, none has risen to such eminence in such an unpretentious way as the Switzerland-based Bank for International Settlements. Its five-story, stone-faced headquarters, sandwiched between a tourist agency and a watch shop across from the railway station in Basel, still looks like the second-class hotel it once was. Travelers who often enter its musty lobby hoping to change their money find neither tellers nor vaults nor any cash at all. The B.I.S. keeps elsewhere its $1 billion gold hoard and $1.7 billion in other assets...
...twelve months, and 100,000 recently constructed apartments remain vacant. Nor have recent government pronouncements led consumers to believe in a brighter future. Earlier this month-concurrent with news of the reflation plan-was word that Paris Métro and bus fares would be boosted by 60%. Railway fares will be increased as well. The week before, Frenchmen learned that social security, which absorbs almost a third of the nation's taxes, has a budget deficit that has grown from $400 million to $600 million in one year...
...will also continue to manage its Dusseldorf division. Though withdrawing from active banking, Abs remains one of his country's most powerful businessmen. A director of 29 large companies, he retains the chairmanship of 15, including Daimler-Benz, Lufthansa and the Deutsche Bundesbahn, the state-owned railway...
...were indicted by a grand jury on 21 counts of "conspiracy, manipulation and fraud" in jacking up the stock price of Chicago's Pentron Electronics Corp. during February, March and April of 1966. Estimates are that unwary investors who bought into the small maker of electrical equipment and railway hand brakes during that period may have lost as much...