Word: wabash
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...tiny Wabash College...
...Together, the two lines achieved savings averaging $35 million annually. By merging with the Norfolk & Western, they estimate that they can save another $30 million a year. The merger would create a system every bit as affluent as the Penn Central. It would include the Nickel Plate and the Wabash, already owned by the Norfolk & Western, as well as the Erie Lackawanna, Delaware & Hudson, and Boston & Maine, which the ICC already has ordered the Norfolk & Western to absorb...
...over the Penn Central, fittingly enough, is the man who started the merger trend. It was Saunders, as president of the Norfolk & Western, who arranged for the takeover of the Virginian Railway in 1959 and laid the groundwork for the N. & W. to acquire the Nickel Plate and the Wabash. Born in McDowell, W. Va., Saunders grew up in Bedford, Va., within sight and sound of the N. & W.'s main line through the coal fields. He attended college in the town where the N. & W. has its headquarters. Even after he was graduated from Harvard Law School...
...toward what Saunders calls a "total transportation company." For such investments the Pennsy has a large kitty. From its sale of the Long Island Railroad to New York State in 1966, and from the gradual disposal of its shares in the N. & W. and its 98.5% interest in the Wabash, the Pennsy had about $500 million to spend, still has around $107 million unallocated. "We are," says Saunders with some understatement, "in a rather unique position to pursue diversification...
...Norfolk & Western Railway," Saunders told the Pittsburgh Chamber of Commerce recently. "With everything to gain and nothing to lose, the N. & W. seems to want to prolong as long as it possibly can the tremendous competitive advantages gained from its own merger with the Nickel Plate and Wabash, which has been in effect for more than two years." Saunders called the N. & W. "the Marie Antoinette of the 20th century," telling every other railroad to go eat cake. But the N. & W., said he, already has much of the cake. "By all odds, it is the most profitable railroad...