THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, December 1, 1995 TAG: 9512010217
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Short : 20 lines
Word surfaced on Wall Street late Wednesday that Norfolk Southern Corp. had obtained $2.5 billion in loans to acquire Conrail Inc. The rumors pushed Conrail stock up $4 5/8 a share to $73 7/8. But the market discounted the rumor Thursday, dropping Conrail shares $3 3/4 to $70 1/4. One rail stock analyst said the rumor didn't make any sense because it added too much debt to Norfolk Southern's balance sheet. A spokesman for the Norfolk-based railroad, Rob Chapman, said it doesn't comment on speculation. (Bloomberg Business News) by CNB