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Railroad Bankruptcies and Mergers from Chicago West: 1975-2001, Volume 7 - Financial Analysis and Regulatory Critique (Hardcover, New)
Loot Price: R2,938
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Railroad Bankruptcies and Mergers from Chicago West: 1975-2001, Volume 7 - Financial Analysis and Regulatory Critique (Hardcover, New)
Series: Research in Transportation Economics
Expected to ship within 12 - 17 working days
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Two major U.S. Midwestern railroads, the Rock Island Lines and the
Milwauke Road, filed for bankruptcy after 1975 and the Court
ordered them dismembered. This study explains the economic factors
causing financial failure such as total rail line excess capacity
in the region leading to low density of freight traffic; in
addition, labor union rules required unnecessary large train crews.
The regulations of the Interstate Commerce Commission aggravated
the economic problems by limiting rail line abandonments and
mergers designed to improve efficiency. Congress passed the
Staggers Act in 1980 to correct a large part of the regulatory
limitations to efficient reorganization of the U.S. rail system,
but it was too late to save the Rock Island and the Milwaukee Road.
The later chapters are economic analyses of the more recent mergers
of the large railroads from the Mississippi River to the Pacific
Coast. A key saving resulted from the court ruling that segments of
rail line could be sold to new short-line railroads without the
selling carrier having to pay special compensation to rail workers
who were discharged. The Illinois Central Railroad was a prime
example of a carrier that sold almost all of its branch lines.
Great efficiencies in operations were realized as the Union Pacific
acquired the Missouri Pacific and the Southern Pacific. Comparable
efficiencies were realized by the Burlington Northern acquisitions
of the St. Louis-San Francisco and the Atchison, Topeka & Santa
Fe.
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