A rambunctious newcomer among Midwest railroaders is Chicago Lawyer Ben W. Heineman, 42. Less than two years ago, he won a proxy fight for control of the Minneapolis & St. Louis Railway, has since boosted earnings per share 14% to $2.35. He is also trying to outbid the Santa Fe and the Pennsylvania for little Toledo, Peoria & Western Railroad, a main bypass around Chicago for transcontinental freight. Last week Heineman announced that he is after a much bigger prize: the long (7,870 miles) and longtime ailing Chicago & North Western Railway, which runs from Chicago to Lander, Wyo.
The...
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