Word: saunderses
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While their merger deal is clacking along at milk-train speed, the Penn Central partners are rolling up a lot of momentum on their own. Two weeks ago, Pennsylvania Railroad Chairman Stuart T. Saunders, who will be the Penn Central's chairman, reported that the Pennsy's consolidated...
The figures make the merger, which will form the world's biggest privately owned railroad (20,000 miles), seem a richer deal than ever-but no less necessary. Central President Alfred E. Perlman complained that his company's profit was still "peanuts." Saunders echoed Perlman's conviction...
Ironically, it was Saunders' own skill that helped build one of the roads that now have the Penn Central, originally given the green light by the ICC last April, tied up in the Supreme Court. The Norfolk & Western, which he headed in 1958-63 and grudgingly calls "by all...
Westinghouse Electric, which faced tough labor negotiations, strikes and a big wage hike last fall, came through the fourth quarter with earnings down 3.5% despite rising sales. But that only slightly spoiled a record year of profits, which were up 12%, to $120 million. With heavy orders for nuclear generating...
"Nothing to Lose." Pennsy Chairman Stuart Saunders lays most of the blame squarely on the railroad he formerly headed: the Norfolk & Western. "A campaign of delay is being conducted in good part by the Norfolk & Western Railway," Saunders told the Pittsburgh Chamber of Commerce recently. "With everything to gain and...