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Conrail #245309

CBS Evening News for Thursday, Apr 01, 1976
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(Studio) ConRail takes over for several bankrupt railroads. Chairperson Edward Jordan predicts rebirth of rail industry
REPORTER: Walter Cronkite

(New York) Reporter notes railroad names to be consolidated into ConRail. 20,000 mile of track to be used; 100,000 workers employed. ConRail hopes for profit in three years [President Association of American Railroads Stephen AILES - explains ConRail's opportunities.] $2 billion federal funds provided. 800 rail union jobs in Hornell, New York, to be abolished when ConRail takes over. ConRail received extra rail distance due to failure to sell rail to another railroad. [Union worker John ILARDI - says we'll get paid one way or the other.] [Transportation Secretary William COLEMAN - says ConRail nay cost Americans more if it becomes monopoly.] ConRail's reserve funds to be used up because of gaining extra routes. [JORDAN - says no extra fund margin now.] Jordan to ask Congress for $300 million more. [COLEMAN - says ConRail could cost taxpayers lots of money.] New York City Bahk predicts ConRail will go down drain in 3-5 years Interstate Commerce Commission says only small chance ConRail can pay off government debts. [Senator Richard STONE - compares ConRail to Postal Service as poor service and venture.] The alternative to ConRail is nationalization.
REPORTER: Gary Shepard

Reporter(s):
Cronkite, Walter;
Shepard, Gary
Duration:
00:04:50

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