STUART T. SAUNDERS - TYPED LETTER SIGNED 11/29/1968 - HFSID 65490

STUART T. SAUNDERS
The railroad executive who fought to merge the Pennsylvania Railroad and the New York Central signed this typed letter in black ink
Typed Letter Signed: "Stuart". Black ink. 5¾x7¾. Dated November 29, 1968. Letterhead from the Penn Central Railroad offices. By this point in time, the new railroad company by this name had already been formed via the merger of the Pennsylvania Railroad and the New York Central. Sent to Mr. Frank C. P. McGlinn, Vice President of Fidelity Bank. In Full: “Thank you for your letter of the 27th inviting me to the luncheon on December 16 in honor of Admiral Speck. Unfortunately, I have another engagement of long standing for that time which I cannot change and must regretfully decline. It was thoughtful of you to ask me”.Stuart T. Saunders (1909-1987) was a businessman who experienced great success with his businesses for most of his career. He oversaw the merger of the Norfolk and Western Railway with the Virginian Railway.Unfortunately, he retired on a sour note. He served as CEO of the Pennsylvania Railroad from 1963-1968, and he spent years getting the federal government to allow it to merge with New York Central despite the anti-trust laws allowing the federal government to disallow mergers that came too close to monopolies. By the time the merger was finally accepted, both companies had seen drastic revenue declines due to bad publicity. Ensuing management issues after the merger forced the company into bankruptcy in 1970. Ironically, Saunders was named Railroader of the year in both 1965 and 1966, and was named Saturday Review's businessman of the year in 1968. Mailing crease. Otherwise, fine condition.