ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Tuesday, January 30, 1996 TAG: 9601300077
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
First Union Rail to buy Northbrook
First Union Rail Corp., a wholly owned subsidiary of First Union Corp. of Charlotte, N.C., said Monday it has agreed to acquire Northbrook Rail Corp. of Arlington Heights, Ill. The addition of Northbrook's 3,100 freight cars will increase First Union Rail's lease fleet to more than 13,000 cars.
First Union, the nation's sixth-largest bank holding company and one of two banks nationwide in the rail-car leasing business, leases rail cars to more than 80 companies, including Norfolk Southern Corp. and CSX Transportation Inc.
First Union did not release terms of the deal, which is expected to close in the first or second quarter of this year.
- Staff report
Weather keeps rail traffic down
U.S. rail traffic continues to fall below last year's levels because of rough winter weather, the Association of American Railroads says.
The association said carload freight for the week ending Jan. 20 was 7 percent below the comparable week last year, with loadings down 6.5 percent in the West and 7.4 percent in the East. Loadings of intermodal trailers and containers were 3 percent below the same week last year.
For the first three weeks of the year, carload freight volume fell 6.8 percent and intermodal freight 4.7 percent.
- Staff report
Coal production could set records
National coal production and consumption are expected to hit all-time highs in 1996, the National Mining Association says.
Production is expected to increase 2.4 percent to a record 1.046 billion tons from last year's estimated 1.021 billion tons.
Total coal consumption for domestic use and export is expected to grow to 1.048 billion tons compared with 1.033 billion tons last year.
Electric utilities use more than three-fourths of all coal mined in the United States.
- Staff report
Hillenbrand declares dividend
Hillenbrand Industries Inc. of Batesville, Ind., owner of Medeco Security Locks Inc. and an electronics division in Salem, said it is increasing its quarterly dividend 3.3 percent to 15.5 cents per share payable Feb. 23 to stockholders on Feb. 9.
LENGTH: Medium: 52 linesby CNB