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[quote]QUOTE: Originally posted by PNWRMNM Dave, The answer to your question is it depends. The cost of hiring and training new people will show in the operating ratio. Capital investments will not because they are not operating expenses. It depends on how you spend the bunch of money. Yes, I would expect the UP's OR to improve. It can not get much worse. Mac [/quote] Mac, I think what I'm getting at is that these low OR's of N&W, Southern, and IC occured prior to Staggers. That tells me that under a regulated environment railroads were more prone to reinvest revenues into improving rail operations, while after Staggers they became more prone to invest revenues outside of rail operations. If this is consistent, then the question is begged: Are high OR's an unintended consequence of the partial deregulation borne by Staggers?
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