"The public," insists Interstate Commerce Commission Chairman William H. Tucker, "should not have to wait half a generation for a railroad merger to be decided." In the case of the biggest railroad merger ever conceived—the union of the Pennsylvania and the New York Central into a gigantic 20,000-mile-long Penn Central—the public seems destined to wait at least that long.
The merger was first proposed in 1957, formally agreed on last year after extensive ICC hearings. It seemed so imminent that Pennsy and Central executives began working out the details of what jobs to...
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