Word: csx
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...After pondering the matter for 2 1/2 years, the Interstate Commerce Commission unexpectedly rejected the merger last week, declaring that it would be anti-competitive. Had the deal been approved, Santa Fe Southern would have become the third largest railroad in track miles (25,000), behind Burlington Northern and CSX...
...Conrail is Norfolk Southern railroad of Norfolk, Va. (The remaining 15% is owned by Conrail employees.) The $1.2 billion purchase would unite two of the three dominant eastern railroads and forge the largest U.S. freight line, with 34,000 miles of track. The third big railroad, CSX, which runs the Chessie and Seaboard lines, complained that the merger would create a giant that would flatten rivals like pennies on a rail. Some companies who ship by train agreed, contending that fewer railroads would mean higher rates. Railroad unions declared that the consolidation would cost thousands of jobs...
Opponents vow to fight the plan in Congress, which must approve the sale. Chairman Hays Watkins of rival CSX promises that the sale "will be resisted by every resource at our command and in every forum where the challenge can be brought." Conrail Chairman L. Stanley Crane, a retired president of Southern Railway who took over in 1981, opposes the sale to any of the bidders because he thinks the asking price is too low. He wants instead to sell the company through a public stock offering. Republican Senator John Heinz of Pennsylvania agrees with that plan because it would...
...state's other big-circulation newspapers are in Jacksonville: the Florida Times Union and Jacksonville Journal (combined circ. 199,000), owned by the Seaboard Coast Line railroad, now CSX Corp. The papers once avoided any mention of, say, a sports team flying rather than taking a train. Cracks one Florida editor: "They used to print stories about cars running over trains." Nowadays the paper hires tougher reporters and is making a creditable effort at improvement...