Railroads: Rolling & Ready

While their merger deal is clacking along at milk-train speed, the Penn Central partners are rolling up a lot of momentum on their own. Two weeks ago, Pennsylvania Railroad Chairman Stuart T. Saunders, who will be the Penn Central's chairman, reported that the Pennsy's consolidated profits had gone up 29% last year to a 21-year high of $90 million. Coming out with its own returns last week, the New York Central announced that 1966 was the company's best year ever, with earnings up 25% to $66 million.

The figures make the merger, which will form the world's biggest privately owned...

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