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NOS2006

Congressional Motors' First Model

4 posts in this topic

ocnblu    730
I would use this smiley instead, because the article seems to have more truth in it than I can bear :(

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Drew Dowdell    4,963

Yeah.... so funny. Don't say that Congress can't run a company.....

Conrail (reporting mark CR), began operations on April 1, 1976 as a federally funded takeover of the major railroad companies in the Northeastern United States, all of which were financially failing.. Conrail began turning a profit by 1981, the result of the Staggers Act freedoms and its own managerial improvements under the leadership of L. Stanley Crane, who had been chief executive officer of the Southern Railway.

With Conrail's increasing success, two eastern rail competitors of Conrail engaged in a takeover battle to control the railroad and expand their systems. In 1997, however, the two railroads, CSX Transportation and the Norfolk Southern Railway, struck a compromise agreement to jointly acquire Conrail and split most of its assets between them, with Norfolk Southern acquiring a larger portion of the Conrail network via a larger stock buyout. Under the final agreement approved by the Surface Transportation Board, Norfolk Southern acquired 58 percent of Conrail's assets, including roughly 6,000 Conrail route miles, and CSX received 42 percent of Conrail's assets, including about 3,600 route miles.

In 1999 it was largely divided between Norfolk Southern Railway and CSX Transportation

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