Washington is seeking a buyer
When the Federal Government combined the bankrupt Penn Central railroad with five other failed lines to form the Consolidated Rail Corp. or Conrail in 1976, some experts predicted that the new enterprise would be a financial sinkhole. Sure enough, over the next six years Conrail cost the Government about $7 billion. But against heavy odds, Conrail has become profitable. It earned $39.2 million in 1981 and $174.2 million in 1982 on revenues of $3.6 billion. Last week the U.S. Railway Association, a Government agency that oversees Conrail's operations,...
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