Railroads: The Long Courtship

The highballing trend to mergers has made U.S. railroads—and their stocks—more interesting than at any time in years. One sign: in its third record-breaking week in a row, the Dow-Jones railroad index last week rose to an all-time high of 236.93. Yet it often seems to take the courting railroads an un conscionably long time between their announced intention and the actual merger. No fewer than eleven mergers involving some 30 U.S. railroads are now pending, including the linking of the Pennsylvania and New York Central, and some of them have been...

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