The Railroad Week in Review:
First Quarter 1998
- Week ending March 28
STB sets April 2, 3 for testimony on rail access and
competition issues; UP's Laredo embargo is adds to the competition's revenues
and to the public's ire; Purported beneficial effects of traffic flow changes
as a result of the CR transaction; Schoolbus redux: making highway crossings
on our railroads safe with bozos like these on the streets will remain a
challenge as long as bozos abound; Conrail and NS freights collide in Butler,
Indiana; Stock evaluation Spotlight compares the Big Four class I roads.
- Week ending March 21
CSX and NS reach agreement with the Port Authority of New York and New
Jersey on the CSAO concept; Readers respond on the topic of the four
drivers of shortline profitability; Threatened UP embargo of Mexico
traffic averted; UP testing the first new refrigerated boxcar in 27
years; PWX moves 240,000 shares dropping 4.7% with new share offering;
NS tops all rails in Fortune 500's "Most Admired Companies" series;
New Industry Spotlight shines on WCLX -- RTEX, GNWR, and PWX are
- Week ending March 14
Running more numbers on KCS railroad spin-off; freight train
and school bus collide, feds propose fines for commercial operators fouling
crossings; DM&E track application reaches STB, schedule proposed; UP
to throw more resources at Texas Gulf; Joint BNSF-UP dispatch center
opens near Houston; FRA fines UP $131,000 citing fundamental breakdown
in safety; STB sets June 4 for oral arguments in the Conrail merger;
grain group seeks competitive access.
- Week ending March 7
Industry Spotlight on Harmon Industries; discussion of whether
to buy Union Pacific at $50; Politicians risk turning Cleveland turn into
another Houston; details on Providence and Worcester stock offering.
- Week ending February 28
UP cuts this quarter's dividend and projects loss for the quarter;
Further comment on Micheal Price and FEC; FRA audit critical of CSX safety
practices; DM&E effort to access PRB gathering steam; New England Central
and Chemical Leaman open Palmer (MA) facility; New York Regional Railroad
converts $1.75 million of company debt into NYRR equity; links to Paul
Tupaczewski's old railroad photos.
- Week ending February 21
MotivePower Industries under the industry spotlight; Wisconsin's
new two-man crew law spreads to Illinois and Vermont; Emons doubles
quarterly net on flat revenues; Florida East Coast Industries (NYSE: FLA)
draws comments from investor Michael Price in Barron's; Texas Rail Commission
loses in shootout with the STB; Wall Street investors say IC has topped out
at $39; Providence & Worcester files SEC registration for stock offering.
- Week ending February 14
Krebs to Davidson: UP's attempts to relieve congestion have failed;
UP and BNSF agree to set up joint Texas Gulf regional dispatching center;
Wisconsin Central, FRA sign operational practices agreement; Genesee &
Wyoming joins the "record quarterly and annual results honor roll; O'Tool,
Nelson, Batory tapped for CSAO; First look as MPO as investment.
- Week ending February 7
Illinois Central sells itself to Canadian National; Kansas City
Southern Railroad is now more definite about being spun off from its holding
company; HUB: if you manage your resources, you can weather almost anything;
RailTex racks up some nice numbers for the quarter and year with record
carloadings; BNSF and NS step up efforts to integrate shortline operations
and marketing with their own; MotivePower Industries posts record earnings.
- Week ending January 31
NY senators join a chorus of local complaints over the "east of
Hudson" and Buffalo issues; New FASB rule requires earnings to be reported
two ways, basic and diluted; Johnstown Industries seems finally to be making
money on freight cars; Wisconsin Central revenues, earnings increase for
quarter and year; Norfolk Southern has yet another record quarter and year,
still up after CR merger costs but no record; Railroad stocks up 0.3% in
- Week ending January 24
Economics of transloads vs shortline rail direct; David Goode
named Railroader of the Year by Railway Age; Earnings week -- BNSF,
CSX, IC, UP and CN, average revenue per car down.
- Week ending January 17
Shortline miffed as class I connection end-runs with bulk
terminals; NS 1998 capex program described, NS sells NAVL;
CSX ahead of schedule on B&O rehab; UTU endorses CR merger;
Newark Airport monorail to connect with NEC; WNC gets $25
mm Road Railer order from Triple Crown; GE Harris sells
dispatch system to NS; Greenbrier 1Q98 results; Gruntal
upgrades IC, downgrades BNSF.
- Week ending January 10
UP may lose some customers permanently and is named in a
shareholder class action suit; STB declines to decree UP
must supply cars to certain shippers; contrast/parallel
between rail and ocean shipping industries; RTEX results
for December; ABCR acquires rail-hardening process.
- Week ending January 3
Comments on the Conrail merger rebuttals just in; Draft EIS
misses the mark on crossing closings; railroad and rail vendor stocks
tepid in final quarter.
- Index for April - Dec 97
- Index for Dec 96 - March 97
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