February 2, 1988 |
Officials at Conrail yesterday took sharp exception to a federal report highly critical of the railroad's safety operations. The 800-page report by the Federal Railroad Administration, the government's top rail-safety enforcement agency, charged that there were widespread shortcomings in Conrail's safety operations. The problems are not serious enough to shut the railroad down, FRA Administrator John Riley said at a news conference. "By the same token, however, we have levied more than 1,700 violations on the railroad," Riley said.
April 28, 1986
L. Stanley Crane, chairman and chief executive officer of Conrail, has given a persuasive update on reasons why Congress should keep the railroad independent and not sell it to Norfolk Southern Corp. Testifying in Washington Wednesday before the Senate Appropriations subcommittee on transportation, he presented the basic arithmetic to dramatize that the proposed sale actually would be a giveaway. Conrail has $939 million in cash and $360 million in overfunded pension assets for a total of about $1.3 billion.
April 23, 1993 |
Conrail's stock fell more than 9 percent on Wall Street yesterday, as traders responded to the company's report of a $28 million first-quarter net loss and to ratings downgrades by two analysts. Shares of the Philadelphia-based Conrail fell 5 3/8, or 9.4 percent, to 51 3/4, on the New York Stock Exchange. It was the NYSE's sixth-largest drop, in percentage terms. Volume was active at 2.2 million shares. There also was a trading delay on the stock. On Wednesday, Conrail reported a net loss of $28 million, or 39 cents a share after charges, vs. a profit of $38 million, or 42 cents a share, in the year-ago period.
May 8, 1986 |
Norfolk Southern Corp. said yesterday it "will consider" a Transportation Department request to raise its offer for Conrail by $700 million, to $1.9 billion, company chairman Robert B. Claytor said in a terse statement. Neither Claytor nor other executives of Norfolk Southern, which has fought an almost two-year struggle to acquire Conrail, indicated when a decision would be made. In a letter sent Tuesday to Rep. John D. Dingell (D., Mich.), chairman of the House Energy and Commerce Committee, Transportation Secretary Elizabeth Hanford Dole suggested that Norfolk Southern should increase its bid. Dingell said last week - and reiterated Tuesday - that he considers Dole's plan to sell Conrail to Norfolk Southern fatally flawed, primarily because of its anti-competitive consequences.
January 3, 1986
In testifying at numerous congressional hearings, Norfolk Southern Corp. executives issued frequent reminders that their offer to buy Conrail might expire at the end of last year. They apparently hoped the warning would pressure Congress to approve the sale without carefully considering other options. They even hinted that, if the offer were extended beyond Dec. 31, the price might be reduced - a clumsy attempt to persuade Congress that Conrail could have a bad year in 1985 and its value might decline.
February 15, 1986
If you want to know what being in limbo is like, ask the Conrail employees. Although we don't want Norfolk Southern to buy us, it's hell not knowing what's going to happen to us. Between President Reagan and Secretary of Transportation Elizabeth Dole, they want to get rid of Conrail, which is a money-making enterprise. Do they take a high bid? No, the lowest. Do they concern themselves with antitrust laws? No, they try to change them to suit themselves. Do they care about the employees who will lose their jobs?
April 30, 1992 |
Take that, Conrail. Boom! Bang! Biff! In a speech in Philadelphia yesterday, Robert J. Ritchie, president of CP Rail System, attacked Conrail and suggested that a new law might be needed to force Conrail to act like a good corporate citizen. Ritchie was the closing speaker for a two-day seminar on rail freight issues sponsored by the Delaware River Regional Planning Commission. He pointed out that CP Rail, parent of Canadian Pacific Railroad, bought the local Delaware & Hudson Railroad last year.
September 12, 1990 |
Conrail will not confirm reports that either Pittsburgh or Indianapolis will be selected as the site of a new national customer service center. Reports to that effect have come from the Pennsylvania Department of Commerce and from an Indianapolis city official, according to the Associated Press. The center will consolidate the 10 existing centers, one of which is in Philadelphia, that now handle customer orders for freight cars. Conrail spokesman David Neurohr said that the decision on where the center will be located will be made later this year and Conrail will make no statement about locations being considered.
January 25, 1990 |
Members of the Brotherhood of Maintenance of Way Employees union walked informational picket lines yesterday to protest plans by Conrail to cut its capital expense and maintenance budget, which could reduce jobs at the company. Pickets appeared at Conrail's engine house, on River Road in Camden, and at seven other locations in Pennsylvania, New Jersey, Ohio and Indiana. The union, which has been attempting to negotiate a new contract for the past 20 months, also accuses Conrail management of failing to negotiate in good faith.