Railroads: All Aboard for Conrail

A railroad for sale? It may sound like a game of Monopoly, but the Department of Transportation last week was taking bids for the Consolidated Rail Corp. Created in 1976 from the Penn Central and five other bankrupt railroads, Conrail required a $7 billion federal transfusion through 1982. Under the stewardship of Chairman L. Stanley Crane, Conrail earned a profit in 1983 of $313 million. When DOT tried to peddle Conrail to 20 firms last spring, the only offer came from the company's employees, who already own 15% of the road. But last...

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