RAILROADS: Wedding Bells

One of the best-kept secrets in U.S. business history burst into the open last week. After months of top-level discussion that leaked neither to Wall Street, the U.S. Government or even many of their own officers, the Pennsylvania Railroad and the New York Central—the nation's two biggest railroads—announced that they are considering a merger that would be the biggest corporate marriage ever. Said Pennsy President James M. Symes and Central President Alfred E. Perlman: "Preliminary studies and discussions indicate that substantial benefits to all concerned may result from such a merger."

A merger of the two lines would make the...

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