Railroads: Merging at Milk-Train Speed

Moving with the velocity of a milk train, the proposed merger of the Pennsylvania Railroad and the New York Central into a single 20,000-mile system to be known as the Penn Central rickety-racked past another way station last week. Led by the Erie-Lackawanna, eight smaller Eastern railroads* had requested a three-judge federal court in New York to delay the merger's effective date. The court, by a 2-1 vote, sided with the Penn Central.

The merger, originally approved last April by the Interstate Commerce Commission, has since been put off four times while the ICC and the Eastern railroads tried to...

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