Railroads: Go East, Stop West

For the first time in history, the U.S. Government last week made sense out of the least profitable industry in the most populous part of the nation. The eleven-member Interstate Commerce Commission approved unanimously the coupling of the two biggest railroads in the eastern U.S., the Pennsylvania and the New York Central. The ICC at the same time stalled the merger trend among the richer railroads of the U.S. West. In a surprising and bitterly dissented 6-5 decision, it vetoed—at least for now—a union of the Great Northern, the Northern Pacific and the...

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