Word: six
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Dates: during 1970-1979
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...Six bankrupts do not add up to a winner...
...half years ago, as Congress sought ways to rescue the Northeast's dying railroads, the advocates of the Consolidated Rail Corp., or Conrail for short, had all the answers. Basing their predictions on optimistic extrapolations, they promised that a unification of the region's six roads,* plus a one-time federal grant of $2 billion, would produce an efficient system that would be riding in the black...
Unfortunately, things did not turn out that way. Despite the $2 billion infusion, Conrail is now losing far more money than the six decrepit lines did collectively before the consolidation. After a 1977 loss of $367 million, Conrail is rumbling toward a deficit of more than $400 million this year, and the trend is definitely downgrade. So perilous is its financial position that the House at last week's end was driving toward following the Senate's example and passing an emergency bill that would give Conrail another $1.3 billion. Even so, the U.S. Railway Association, the agency...
Conrail is also plagued by high labor costs and uneconomic routes. Because it inherited the entire work forces of the six lines and has avoided large-scale layoffs, it spends 660 of every revenue dollar on labor costs, vs. an average 520 for other U.S. railroads. Clamoring Congressmen have blocked Conrail from eliminating service on a number of money-losing short lines that helped drive the six railroads into bankruptcy in the first place. Even Conrail's best trunk lines are short one-way hauls, with the cars returning to the terminal as empties. Explains William Druhan, a senior...
...six: Central of New Jersey, Erie Lackawanna, Lehigh and Hudson River, Lehigh Valley, Penn Central and the Reading...