TRI-STATE RAILWAY HISTORICAL SOCIETY
Presents Bill McKelvey
"Don Oberding: Trolley-Fest"
3 decades of trolleys and urban electric railways
Thursday, January 14, 2016, 7:00 PM
at the Bickford Theater of the Morris Museum
6 Normandy Heights Road, Morristown, NJ 07960
The January 14th meeting will kick off 2016 (our 52nd year) with Bill
McKelvey will sharing a selection of images a selected from the late Don
Oberding's extensive slide collection. Don seems to have travelled
extensively across the US and internationally and collected a wide variety
of trolley and urban electric railway subjects.
Most large cities across the country have had trolleys or some variation and
we are lucky to have these to see from the 1950's to the 1970's. Here is a
limited list of locations: Los Angeles, Chicago, Kansas City, St. Louis, San
Francisco, Atlanta, New Orleans, Boston, Detroit, Toronto, Mexico.
There seems to also be some other nuggets of other diverse operations
including steam. These images are not to be missed!
Admission is free, open to the public. All are welcome. The meeting will
begin at 7:15 p.m. The programs usually begin about 8:00 p.m. Light
refreshments are often available. We will have a selection of books, videos
and memorabilia for sale before the meeting. Visit us at
facebook.com/tristaterail.org or the web: TRISTATERAIL.ORG
Thursday, January 07, 2016
Wednesday, January 06, 2016
Happy New Year from GSD & This Weekend Events
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Tuesday, January 05, 2016
Norfolk Southern Board of Directors Unanimously Rejects Publicly Disclosed, Revised Proposal from Canadian Pacific
Received via e-mail
Norfolk Southern Corporation (NYSE: NSC) (“the Company”) today announced that its board of directors has unanimously rejected Canadian Pacific’s (TSX:CP) (NYSE:CP) Dec. 16, 2015, publicly disclosed, revised proposal to acquire the Company for $32.86 in cash, a fixed exchange ratio of 0.451 shares in a new company that would own Canadian Pacific and Norfolk Southern, and 0.451 of a Contingent Value Right.
Norfolk Southern Corporation (NYSE: NSC) (“the Company”) today announced that its board of directors has unanimously rejected Canadian Pacific’s (TSX:CP) (NYSE:CP) Dec. 16, 2015, publicly disclosed, revised proposal to acquire the Company for $32.86 in cash, a fixed exchange ratio of 0.451 shares in a new company that would own Canadian Pacific and Norfolk Southern, and 0.451 of a Contingent Value Right.
The following is the text of the letter that was sent on Dec. 23, 2015, to Canadian Pacific’s Chief Executive Officer, E. Hunter Harrison, and its Chairman of the Board, Andrew F. Reardon.
December 23, 2015
Mr. E. Hunter Harrison Mr. Andrew F. Reardon
Chief Executive Officer Chairman of the Board
Canadian Pacific Railway Canadian Pacific Railway
7550 Ogden Dale Road S.E.
Calgary, AB T2C 4X9
Canada
Dear Mr. Reardon and Mr. Harrison:
The board of directors of Norfolk Southern has carefully reviewed your latest revised proposal, which you publicly disclosed on December 16, but have not otherwise communicated to us. That review was conducted with the assistance of our independent financial, legal and regulatory advisors. In its review, the board noted that the only change from your prior proposal was to include a Contingent Value Right (“CVR”).
The board of Norfolk Southern has unanimously determined that your latest revised proposal is grossly inadequate, creates substantial regulatory risks and uncertainties that are highly unlikely to be overcome, and is not in the best interest of the Company and its shareholders. This would be the case even if the CVR had a value at the high end of the range suggested in your publicly filed presentation. In fact, our financial advisors believe that the CVR would trade at a significant discount.
In addition, you have not addressed the significant regulatory issues that we have previously identified. We do not believe that your voting trust structure would be approved. As you know, our view reflects careful analysis by our regulatory experts and is fully supported by two former Surface Transportation Board (“STB”) Commissioners. You have a path to seek a declaratory order from the STB as to whether the voting trust structure that you proposed could work. The STB has clear, statutorily-established authority to issue declaratory orders to remove uncertainty, and there is precedent for it in the voting trust context. No involvement by Norfolk Southern is required for you to seek a declaratory order regarding the legality of putting Canadian Pacific into a voting trust under your proposed structure. Your decision not to seek an order shows a lack of confidence in your proposed structure.
You continue to publicly declare that we are not “engaging” or “meeting” with you. There is no basis to meet until you both make a compelling offer and address the regulatory issues, which you have the ability to do by seeking a declaratory order. We also note your repeated public statements that you are not willing to increase your offer regardless of whether we were to meet.
The Norfolk Southern board of directors is focused on protecting the interests of our shareholders. It would be inconsistent with the duties of the board to pursue a risky and uncertain offer that substantially undervalues the Company. Accordingly, the board of directors has unanimously rejected your latest revised proposal.
Sincerely,
/S/ /S/
Jim Squires Steven Leer
Chairman, President and Lead Director
Chief Executive Officer
Morgan Stanley & Co. LLC and Bank of America Merrill Lynch are acting as financial advisors to Norfolk Southern Corporation and Skadden, Arps, Slate, Meagher & Flom LLP, Hunton & Williams LLP and Morrison & Foerster LLP are acting as legal advisors.
Monday, January 04, 2016
Norfolk Southern announces additional actions to improve efficiency and reduce operating costs
received via e-mail
NORFOLK VA., Dec. 22, 2015 – Norfolk Southern (NYSE: NSC) announced today it will consolidate operations of its coal docks located on Lake Erie in Northern Ohio. This change will streamline operations for customers while improving network efficiency and reducing operating costs for Norfolk Southern.
NS plans to idle its Ashtabula, Ohio, Coal Pier and shift operations to the railroad’s Sandusky, Ohio, Dock. Ashtabula will continue to operate until all coal inventories have been transloaded, which is expected to be completed by May 2016. The facility will remain idled until and if market conditions warrant reopening.
“Norfolk Southern is committed to providing shippers with an efficient transportation network, and we are actively addressing the industry-wide decline in coal volumes by streamlining operations and positioning our railroad for long-term success,” said David Lawson, NS vice president coal marketing.
The consolidation will help Norfolk Southern achieve efficiencies by reducing capital investment requirements and employee headcount. A total of 21 positions will be affected as part of the transition. These employees can apply for other positions at the company. Earlier this month 13 employees at Ashtabula were furloughed due to coal market conditions. Six employees will continue to oversee security and environmental systems at Ashtabula.
Norfolk Southern has owned and operated the Ashtabula coal pier since 1999. The facility primarily serves the thermal coal market, transloading coal from Ohio, Pennsylvania, and West Virginia to Canada and U.S. destinations by ship. CSX also has rights to use the Ashtabula dock.
“Coal has been – and continues to be – a significant part of Norfolk Southern’s heritage of service and success,” said Mike Wheeler, NS senior vice president operations. “Our customers depend on us to provide a high-performing, 21st Century transportation option that is safe, efficient, and reliable. Norfolk Southern is adapting to evolving market conditions by realizing efficiencies and optimizing our infrastructure to support long-term growth.”
Ohio is a strategic part of Norfolk Southern’s 22-state rail network. NS operates 2,200 miles of track and employs more than 3,700 people in the state, providing connections to domestic and international markets for Ohio-based manufacturers and businesses. In 2014, NS doubled the size of its Bellevue, Ohio, yard in a $160 million expansion project, creating the largest rail classification yard in the eastern U.S.
About Norfolk Southern
Norfolk Southern Corporation (NYSE: NSC) is one of the nation’s premier transportation companies. Its Norfolk Southern Railway Company subsidiary operates approximately 20,000 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides efficient connections to other rail carriers. Norfolk Southern operates the most extensive intermodal network in the East and is a major transporter of coal, automotive, and industrial products.
Sunday, January 03, 2016
Denver Union Station at Night, Lit Up for Christmas
Received Via E-Mail from Nathan Clark
Two really neat night photographs taken by a dear friend from high school and college days who now lives near Denver. Recalling my interests in railroading, she forwarded these pictures of how the season is celebrated at this restored downtown landmark that dates back to 1881. She also shared a bunch of interior and daylight exterior views. An example of a stellar structure that was notleveled during America's 'urban renewal' blitz in the Sixties and Seventies to make another parking lot.
The red and green streaks in the sky to the right of the station in the first (more distant) shot are Christmas lights strung out onto the horizontal booms of tower cranes in the background, looming high above city center construction sites. A number of such cranes were similarly adorned in Denver, as were their vertical towers...a nice touch on the city's night horizon. The amount of effort involved in stringing all of those lights in those precarious places astounds even me, who climbed a fair number of tall towers a few decades back.
Enjoy these images and have a Happy New Year!
Two really neat night photographs taken by a dear friend from high school and college days who now lives near Denver. Recalling my interests in railroading, she forwarded these pictures of how the season is celebrated at this restored downtown landmark that dates back to 1881. She also shared a bunch of interior and daylight exterior views. An example of a stellar structure that was notleveled during America's 'urban renewal' blitz in the Sixties and Seventies to make another parking lot.
The red and green streaks in the sky to the right of the station in the first (more distant) shot are Christmas lights strung out onto the horizontal booms of tower cranes in the background, looming high above city center construction sites. A number of such cranes were similarly adorned in Denver, as were their vertical towers...a nice touch on the city's night horizon. The amount of effort involved in stringing all of those lights in those precarious places astounds even me, who climbed a fair number of tall towers a few decades back.
Enjoy these images and have a Happy New Year!
Wednesday, December 30, 2015
Received Via E-Mail
In contrast to my dawn panned view on December 12 of one of the four LASCO Umformtechnik GmbH forge components on heavy-duty flat cars at Cresson, PA, here is a full daylight view of one taken the previous day at Norfolk Southern's Enola Yard near Harrisburg. The foursome was destined for Ellwood Crankshaft's $80 million project to convert the former Sharon Westinghouse plant's Z Building along Sharpsville Avenue to manufacturing the largest internal combustion engine crankshafts in the world. One wag observing the U-shaped frame components suggested that 'U might stand for ugly', but I think the residents of Mercer County would counter that the tremendous investment in the Shenango Valley that has brought these new industrial machines to town represents a thing of beauty.
An idea of what the two enormous forges (assembled from the four frame pieces) will look like in service, above and below the plant floor, can be seen in the illustrations under the headings of 'Performance', 'Innovation' and 'Safety' on pages 11-13 of this manufacturer's brochure:
http://www.lasco.de/umformtechnik/media/archive2/technische_informationen/Hydraulische_Schmiedehaemmer_2012_E.pdf
In contrast to my dawn panned view on December 12 of one of the four LASCO Umformtechnik GmbH forge components on heavy-duty flat cars at Cresson, PA, here is a full daylight view of one taken the previous day at Norfolk Southern's Enola Yard near Harrisburg. The foursome was destined for Ellwood Crankshaft's $80 million project to convert the former Sharon Westinghouse plant's Z Building along Sharpsville Avenue to manufacturing the largest internal combustion engine crankshafts in the world. One wag observing the U-shaped frame components suggested that 'U might stand for ugly', but I think the residents of Mercer County would counter that the tremendous investment in the Shenango Valley that has brought these new industrial machines to town represents a thing of beauty.
An idea of what the two enormous forges (assembled from the four frame pieces) will look like in service, above and below the plant floor, can be seen in the illustrations under the headings of 'Performance', 'Innovation' and 'Safety' on pages 11-13 of this manufacturer's brochure:
http://www.lasco.de/umformtechnik/media/archive2/technische_informationen/Hydraulische_Schmiedehaemmer_2012_E.pdf
Tuesday, December 29, 2015
Norfolk Southern Board of Directors Unanimously Rejects Publicly Disclosed, Revised Proposal from Canadian Pacific
Received via e-mail
Norfolk Southern Corporation (NYSE: NSC) (“the Company”) today announced that its board of directors has unanimously rejected Canadian Pacific’s (TSX:CP) (NYSE:CP) Dec. 16, 2015, publicly disclosed, revised proposal to acquire the Company for $32.86 in cash, a fixed exchange ratio of 0.451 shares in a new company that would own Canadian Pacific and Norfolk Southern, and 0.451 of a Contingent Value Right.
Norfolk Southern Corporation (NYSE: NSC) (“the Company”) today announced that its board of directors has unanimously rejected Canadian Pacific’s (TSX:CP) (NYSE:CP) Dec. 16, 2015, publicly disclosed, revised proposal to acquire the Company for $32.86 in cash, a fixed exchange ratio of 0.451 shares in a new company that would own Canadian Pacific and Norfolk Southern, and 0.451 of a Contingent Value Right.
The following is the text of the letter that was
sent on Dec. 23, 2015, to Canadian Pacific’s Chief Executive Officer, E.
Hunter Harrison, and its Chairman of the Board, Andrew F. Reardon.
December 23, 2015
Mr. E. Hunter Harrison Mr. Andrew F. Reardon
Chief Executive Officer Chairman of the Board
Canadian Pacific Railway Canadian Pacific Railway
7550 Ogden Dale Road S.E.
Calgary, AB T2C 4X9
Canada
Dear Mr. Reardon and Mr. Harrison:
The board of directors
of Norfolk Southern has carefully reviewed your latest revised proposal,
which you publicly disclosed on December 16, but have not otherwise
communicated to us. That review was conducted with the assistance of our
independent financial, legal and regulatory advisors. In its review,
the board noted that the only change from your prior proposal was to
include a Contingent Value Right (“CVR”).
The board of Norfolk
Southern has unanimously determined that your latest revised proposal is
grossly inadequate, creates substantial regulatory risks and
uncertainties that are highly unlikely to be overcome, and is not in the
best interest of the Company and its shareholders. This would be the
case even if the CVR had a value at the high end of the range suggested
in your publicly filed presentation. In fact, our financial advisors
believe that the CVR would trade at a significant discount.
In addition, you have
not addressed the significant regulatory issues that we have previously
identified. We do not believe that your voting trust structure would be
approved. As you know, our view reflects careful analysis by our
regulatory experts and is fully supported by two former Surface
Transportation Board (“STB”) Commissioners. You have a path to seek a
declaratory order from the STB as to whether the voting trust structure
that you proposed could work. The STB has clear, statutorily-established
authority to issue declaratory orders to remove uncertainty, and there
is precedent for it in the voting trust context. No involvement by
Norfolk Southern is required for you to seek a declaratory order
regarding the legality of putting Canadian Pacific into a voting trust
under your proposed structure. Your decision not to seek an order shows a
lack of confidence in your proposed structure.
You continue to publicly
declare that we are not “engaging” or “meeting” with you. There is no
basis to meet until you both make a compelling offer and address the
regulatory issues, which you have the ability to do by seeking a
declaratory order. We also note your repeated public statements that you
are not willing to increase your offer regardless of whether we were to
meet.
The Norfolk Southern
board of directors is focused on protecting the interests of our
shareholders. It would be inconsistent with the duties of the board to
pursue a risky and uncertain offer that substantially undervalues the
Company. Accordingly, the board of directors has unanimously rejected
your latest revised proposal.
Sincerely,
/S/ /S/
Jim Squires Steven Leer
Chairman, President and Lead Director
Chief Executive Officer
Morgan Stanley & Co. LLC and Bank of America Merrill Lynch are acting as financial advisors to Norfolk
Southern Corporation and Skadden, Arps, Slate, Meagher & Flom LLP,
Hunton & Williams LLP and Morrison & Foerster LLP are acting as
legal advisors.
About Norfolk Southern
Norfolk Southern Corporation
(NYSE: NSC) is one of the nation’s premier transportation companies.
Its Norfolk Southern Railway Company subsidiary operates approximately
20,000 route miles in 22 states and the District of Columbia, serves
every major container port in the eastern United States, and provides
efficient connections to other rail carriers. Norfolk Southern operates
the most extensive intermodal network in the East and is a major
transporter of coal, automotive, and industrial products.
Forward-Looking Statements
Certain
statements in this press release are forward-looking statements within
the meaning of the safe harbor provision of the Private Securities
Litigation Reform Act of 1995, as amended, including but not limited to
statements regarding the indication of interest made by Canadian Pacific
Railway Limited. In some cases, forward-looking statements may be
identified by the use of words like “believe,” “expect,” “anticipate,”
“estimate,” “plan,” “consider,” “project,” and similar references to the
future. Forward-looking statements are made as of the date they were
first issued and reflect the good-faith evaluation of the Company’s
management of information currently available. These forward-looking
statements are subject to a number of risks and uncertainties, many of
which are beyond the Company’s control, including future actions that
may be taken by Canadian Pacific Railway Limited in furtherance of its
unsolicited proposal. These and other important factors, including
those discussed under “Risk Factors” in the Company’s Form 10-K for the
year ended December 31, 2014, as well as the Company’s other public
filings with the SEC, may cause our actual results, performance or
achievement to differ materially from those expressed or implied by
these forward-looking statements. Forward-looking statements are not,
and should not be relied upon as, a guarantee of future performance or
results, nor will they necessarily prove to be accurate indications of
the times at or by which any such performance or results will be
achieved. As a result, actual outcomes and results may differ
materially from those expressed in forward-looking statements. We
undertake no obligation to update or revise forward-looking statements,
whether as a result of new information, the occurrence of certain events
or otherwise, unless otherwise required by applicable securities law.
Wednesday, December 23, 2015
Norfolk Southern announces additional actions to improve efficiency and reduce operating costs
received via e-mail
NORFOLK VA., Dec. 22, 2015 – Norfolk Southern (NYSE: NSC) announced today it will consolidate operations of its coal docks located on Lake Erie in Northern Ohio. This change will streamline operations for customers while improving network efficiency and reducing operating costs for Norfolk Southern.
NS plans to idle its Ashtabula, Ohio, Coal Pier and shift operations to the railroad’s Sandusky, Ohio, Dock. Ashtabula will continue to operate until all coal inventories have been transloaded, which is expected to be completed by May 2016. The facility will remain idled until and if market conditions warrant reopening.
“Norfolk Southern is committed to providing shippers with an efficient transportation network, and we are actively addressing the industry-wide decline in coal volumes by streamlining operations and positioning our railroad for long-term success,” said David Lawson, NS vice president coal marketing.
The consolidation will help Norfolk Southern achieve efficiencies by reducing capital investment requirements and employee headcount. A total of 21 positions will be affected as part of the transition. These employees can apply for other positions at the company. Earlier this month 13 employees at Ashtabula were furloughed due to coal market conditions. Six employees will continue to oversee security and environmental systems at Ashtabula.
Norfolk Southern has owned and operated the Ashtabula coal pier since 1999. The facility primarily serves the thermal coal market, transloading coal from Ohio, Pennsylvania, and West Virginia to Canada and U.S. destinations by ship. CSX also has rights to use the Ashtabula dock.
“Coal has been – and continues to be – a significant part of Norfolk Southern’s heritage of service and success,” said Mike Wheeler, NS senior vice president operations. “Our customers depend on us to provide a high-performing, 21st Century transportation option that is safe, efficient, and reliable. Norfolk Southern is adapting to evolving market conditions by realizing efficiencies and optimizing our infrastructure to support long-term growth.”
Ohio is a strategic part of Norfolk Southern’s 22-state rail network. NS operates 2,200 miles of track and employs more than 3,700 people in the state, providing connections to domestic and international markets for Ohio-based manufacturers and businesses. In 2014, NS doubled the size of its Bellevue, Ohio, yard in a $160 million expansion project, creating the largest rail classification yard in the eastern U.S.
About Norfolk Southern
Norfolk Southern Corporation (NYSE: NSC) is one of the nation’s premier transportation companies. Its Norfolk Southern Railway Company subsidiary operates approximately 20,000 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides efficient connections to other rail carriers. Norfolk Southern operates the most extensive intermodal network in the East and is a major transporter of coal, automotive, and industrial products.
Tuesday, December 22, 2015
By Dawn's Early Light, QTTX #131033 whips west through Cresson, PA on 35A
Received via e-mail from Nathan Clark
A short while earlier, in predawn darkness, this block of loaded and spacer cars on the head-end of the train was arcing around the world-famous Horse Shoe Curve, as the 35A's two road locomotives and two rear-end helpers hauled and pushed the 117-car train over the Allegheny Mountains. Also just minutes before passing through Cresson, this train topped the grade inside the tunnel at Gallitzin, PA (passing from the Susquehanna River watershed into that of the Mighty Mississippi, in crossing the drainage divide)and began the descent down the West Slope grade toward Johnstown and Pittsburgh. On Sunday afternoon, the heavy machinery components were at destination.
---NSC
A short while earlier, in predawn darkness, this block of loaded and spacer cars on the head-end of the train was arcing around the world-famous Horse Shoe Curve, as the 35A's two road locomotives and two rear-end helpers hauled and pushed the 117-car train over the Allegheny Mountains. Also just minutes before passing through Cresson, this train topped the grade inside the tunnel at Gallitzin, PA (passing from the Susquehanna River watershed into that of the Mighty Mississippi, in crossing the drainage divide)and began the descent down the West Slope grade toward Johnstown and Pittsburgh. On Sunday afternoon, the heavy machinery components were at destination.
---NSC
Monday, December 21, 2015
Visit to Bronx Botanical Gardens "G" scale trains - 1/11/16
Open to all who are interested...
Looking to visit on Monday, Jan 11.......any interest in joining in????
All rail trip, NJ or NYC start points.....escorted from Penn Station....Admission is $20 ($18 seniors) + rail transportation (ISS)........spread the word.........
REGRETS NOT NECESSARY......RSVP ONLY IF INTERESTED!!!!!!!
http://www.wliw.org/programs/treasures-of-new-york/holiday-train-show/
All rail trip, NJ or NYC start points.....escorted from Penn Station....Admission is $20 ($18 seniors) + rail transportation (ISS)........spread the word.........
REGRETS NOT NECESSARY......RSVP ONLY IF INTERESTED!!!!!!!
http://www.wliw.org/programs/treasures-of-new-york/holiday-train-show/
Saturday, November 14, 2015
Pre-Holiday Sale
The Big Little Railroad Shop Announces a Pre-Holiday Sale
This is a great opportunity to start your Christmas shopping and save money.
We are having a sale of selected items at up to 40% off list price.
Sale begins 11/10/15 and runs through 11/25/15.
Please stop in and see what's on sale and check-out our great selection of gift items.
Train Show This Weekend! 11/14-15/15
Received the following via email.
It that time
of year again! The New York Society of Model Engineers will be hosting their
annual holiday train exposition this weekend!
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