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Union PacificThe Reconfiguration: America's Greatest Railroad from 1969 to the Present$
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Maury Klein

Print publication date: 2011

Print ISBN-13: 9780195369892

Published to Oxford Scholarship Online: March 2015

DOI: 10.1093/acprof:osobl/9780195369892.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 27 September 2021

The Unstable Chessboard

The Unstable Chessboard

(p.267) 20 The Unstable Chessboard
Union Pacific

Maury Klein

Oxford University Press

This chapter examines Union Pacific Railroad's merger strategy, with particular reference to transcontinental mergers. The vision of a transcontinental railroad has floated through railroad history at least since Jay Gould and Collis P. Huntington put forward plans for the One Big Railroad in 1888. The merger movement unleashed by the Staggers Act gathered momentum as the number of players in the railroad industry dwindled. Chicago & North Western Railroad had become indispensable to Union Pacific, but the issue was whether to insure ensure the connection through acquisition or rely on mutual need to sustain it. Union Pacific Corporation and the railroad undertook a round of studies, dubbed “Project Lincoln,” on Conrail, CSX, and Norfolk Southern Railroad based on two scenarios: each railroad remained independent or merged with Union Pacific. Both chairman Mike Walsh and chief executive officer Drew Lewis had worked actively to convince the industry and Wall Street that they had no interest in a transcontinental merger.

Keywords:   transcontinental mergers, Union Pacific Railroad, transcontinental railroad, Staggers Act, railroad industry, Chicago & North Western Railroad, Project Lincoln, Conrail, CSX, Norfolk Southern Railroad

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