Word: offing
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Dates: during 1960-1960
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The Norfolk & Western Railway, which reaches from Norfolkthrough the West Virginia coal fields up to southern Ohio is one of the nations best-run railroads. A ride over its main line, says the Handbook of American Railroads, instills "a sense that everything is in 'apple-pie order' and...
To extend his road across northern Ohio east of buffalo, and west to Chicago and St. Louis, he wants to merge with the New York, Chicago & St. Louis (Nickel Plate) Railroad through an exhange of .45 of a share of N. & W. stock for one of Nickel Plate's...
The combined earnings of the roads last year totaled $77 million, well ahead of the earnings of any other transportation corporation. President Saunders estimates that by eliminating duplicate tracks and terminals between the Wabash and Nickel Plate, he will save at least $25 million a year and make the profit...
The Pennsylvania, which owns 28% (the largest single block) of the N. & W. and 99% Of the Wabash, has already blessed the merger. So have the Nickel Plate and N. & W. directors. The plan may be the first step in a Pennsylvania scheme to set up a huge eastern rail...
Saunders still needs approval by ICC and Nickel Plate and N. & W. stockholders. But no serious ovjections are expected. ICC Chairman Kenneth H. Tuggle reiterated last week what the agency has said before-that it is in favor of mergers that are in the public interest.