Word: wabash
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...plain fact is that the 13 struggling Eastern railroads can no longer survive without consolidation. Recognizing this, the ICC has already allowed the merger of the Chesapeake & Ohio with the Baltimore & Ohio, the Norfolk & Western with the Wabash and Nickel Plate. Even the bankrupt New Haven has found a partner. Two days after last week's Penn-Central finding, in accordance with the examiners' recommendation, the two roads agreed to take over the New Haven's red-ink freight business for $140 million in stock, bonds and cash. They want no part of its commuter business, which...
...Business. The celebrants at the 13th annual festival had a lot to whoop about. Country and Western music, known in the trade as C & W, has never been more widely popular. Beginning with World War II, when every barracks and afterdeck resounded with homespun hits like Wabash Cannonball and Great Speckled Bird, C & W has spread with the rural populations to the industrial centers of the North and beyond. Today C&W is a bristling $100 million-a-year industry with a network of more than 2,000 radio stations from Massachusetts to California airing country tunes. Nashville, with...
...railroad merger applications before the Interstate Commerce Commission have been so closely watched as the Norfolk & Western's petition to take over the Nickel Plate, the Wabash and three connecting roads. After more than two years of study, the ICC last week voted 10 to 1 to give its go-ahead to the merger. With that decision, the way was opened for the creation of a 7,450-mile freight superline whose routes would reach west to Missouri and north into Canada, save the two lines $27 million in costs each year. Railroaders saw in the ICC decision...
...manner of the ICC's approval contained the clue. Before the merger is allowed, ruled the commission, the $352 million of Norfolk & Western and Wabash stocks bought up by the Pennsylvania Railroad since the late 19th century must be sold-to make sure that the Pennsy holds no control over the merged roads. Often the difference between profit and loss for the Pennsy, the Norfolk & Western stock paid it $14.5 million last year in dividends, is often used as collateral on new investments. But the Pennsy's possession of the stock has been one of the roadblocks...
...Pennsy $1.1 million during 1963's first half. Both badly need to strengthen their competitive positions, particularly since the rich Chesapeake & Ohio has already gained ICC approval to control the Baltimore & Ohio, and the well-run Norfolk & Western appears certain to win an O.K. to merge with the Wabash and Nickel Plate...