At a time when mergers are all the talk, the New York Central Railroad has often ended up talking to itself. Fifteen months ago, the Central broke off merger talks with the Pennsylvania, the biggest U.S. railroad, after palavering for 14 months without agreement. Fortnight ago, after the Central had discussed merger for some months with the Chesapeake & Ohio and the Baltimore & Ohio Rail roads, the C. & 0. and the B. & O. an nounced that they plan to merge into the nation's second biggest line—and did not even...

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