Word: seaboarders
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...Atlantic Coast Line announced plans to merge with the aggressive Seaboard Air Line Railroad, thus end a long rivalry. The new road would be called the Seaboard Coast Line, have assets of $900 million and rank tenth among the nation's railroads. Seaboard common stockholders would retain their present shares, which would be equal to one share in the new road. Coast Line common stockholders would receive 1.42 shares in the new company for each share now held. John W. Smith, Seaboard president, would become chairman of the new line and W. Thomas Rice, Coast Line president, president...
...dream tickets, Nelson Rockefeller is still the No. 1 choice for the No. 2 spot. Paired as Vice President with Richard Nixon, he would have a strong attraction for independents and dissident Democrats across the U.S., not to mention a powerful pull in New York and the other Eastern seaboard states. Last week a couple of high-level comments brought Rocky's name once more to the fore. In New York, Dick Nixon's good friend Tom Dewey warmly endorsed Rockefeller for Vice President, and at his Washington press conference, President Eisenhower added a cautious amen...
...Eastern Seaboard supermarkets last week, bargain-hungry housewives bought choice sirloin steak at 69? a Ib. and heavily marbled porterhouse at 79?-and impatiently demanded more when supplies temporarily ran short. Out on the broad Midwest ranges, cattlemen were not so happy. Beef prices have been sliding for months, are expected to stay low most of this year. On ten major Midwestern markets from Denver to Chicago, grass-fed steers that brought 28½? per Ib. in May sold for only 23? in December. In Kansas City, choice cattle slipped from 31? per Ib. in midsummer to 27¾? last...
While Government and industry spokesmen worried on about how to solve the crucial problems of the nation's railroads, the Interstate Commerce Commission last week took some levelheaded action. By unanimous vote, ICC approved the merger of two major Eastern seaboard soft-coal carriers, Norfolk & Western and the Virginian, allowed them to form a single system with assets of $970 million and 2,746 miles of track serving six states (see map). It was the biggest consolidation of two independent lines since ICC was formed in 1887, and one that President Stuart T. Saunders, who remains as boss...
...comes from a 30% interest in Saudi Arabia's Arabian American Oil Co., a 7% interest in the Iranian consortium, and a 50% interest in Caltex operations in Sumatra and elsewhere. To back them up, Texaco bought Trinidad Oil Co. Ltd. in 1956, last year added Seaboard Oil Co. Now with Superior, it gets big production in Venezuela's rich Maracaibo field, crude-oil reserves of well over 300 million bbl., plus excellent drilling prospects in Texas and Louisiana...