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Quoth smalling_60626: "I've long thought that the old N&W was unfairly judged because of a condescending investment community that thought the line consisted of a bunch of hillbillies running coal mallets at 10 mph. This despite the acquisitions of the 1960s and the line's innovation--being an early champion of auto racks, for example." What investment community are you talking about? The old N&W was ace-high with the Wall Street investment community, which is the one that counts. It never missed a common stock dividend from its beginning of dividend payments in 1901 until the 1982 merger, including every year during the Great Depression. In February, 1934, it was the highest priced stock on the NYSE. When I joined the RR in 1959 the common stock dividend was $6.50 per share, again, the highest among NYSE stocks of ALL categories, not just transportation. The Pennsy owned 39% of N&W's common stock from 1901 until divestiture in 1964, and N&W made enough money to pay enough dividends so that the PRR collected $406,676,041.98, total. In other words, N&W subsidized PRR's standing as "Standard Railroad of the World" to the tune of 40% of a BILLION dollars. I don't know where you got your information, but all the N&W stockholders annual reports are available on a CDROM from the N&WHS website. You can get it and add up the dividends for yourself. I did. Old Timer
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