THE VIRGINIAN-PILOT
Copyright (c) 1997, Landmark Communications, Inc.
DATE: Wednesday, January 29, 1997 TAG: 9701290634
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Briefs
LENGTH: 40 lines
Norfolk Southern hikes dividend by 7.1 percent
Norfolk Southern Corp. said Tuesday it increased its dividend by 7.1 percent. A quarterly dividend of 60 cents, up from 56 cents, will be paid March 10 to shareholders of record as of Feb. 7. In the third quarter ended Sept. 30, Norfolk Southern earned $202.3 million, or $1.61 a share, compared with $183.9 million, or $1.40 a share, in the same period a year earlier. It also reported revenue of $1.02 billion, up 2 percent from the year-earlier period. Norfolk Southern is based in Norfolk, Va. Its units include the Norfolk Southern Railway and North American Van Lines. (Dow Jones) Conrail Board announces neutral stance on merger
The Conrail Inc. board of directors said they are neutral on a bid by hostile suitor Norfolk Southern Corp. to purchase as many as 8.2 million Conrail common shares. The Conrail board unanimously determined to ``express no opinion'' on the Norfolk Southern offer to pay $115 in cash for the 8.2 million shares, according to an amended schedule filed with the Securities and Exchange Commission. The Conrail board remains fully committed to the merger with CSX, Conrail said. Conrail officers don't plan to tender their shares to Norfolk Southern, the filing said. (Bloomberg Business News) '96 labor costs outpaced previous years' figures
Employment costs rose 2.9 percent last year, fastest in two years, but analysts said businesses likely will absorb the modest acceleration and avoid raising prices significantly. The Labor Department said Tuesday the increase in its Employment Cost Index measuring salaries, wages and benefits was the steepest since a 3 percent advance in 1994. Labor costs rose just 2.7 percent in 1995. Wages and salaries increased 3.3 percent, the fastest since a 3.6 percent gain in 1991. Benefits, on the other hand, rose just 2 percent, the smallest gain since the government began tracking labor costs in 1982. (Associated Press)