Railroads: Let Them Eat Cake

The Supreme Court this week will begin to ponder the most significant railroad case to reach it since Teddy Roosevelt 65 years ago successfully fought J. P. Morgan and James J. Hill by contesting what has come to be called the Great Northern case. The question before the Justices: whether, and on what terms, to approve the merger of the Pennsylvania Railroad and the New York Central into a $6 billion line stretching over 20,000 miles of track that would represent the largest private rail system in the world. By coincidence, the week also marks the fifth anniversary of...

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