This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Norfolk Southern Supports Restoration Of Historic Locomotive Through Sale Of Rothko Painting

Stocks in this article: NSC

NORFOLK, Va., Nov. 22, 2013 /PRNewswire/ -- In a fortunate intersection of the worlds of fine art and railroading, Norfolk Southern has sold a well-known abstract expressionist painting and will use a portion of the proceeds to help fund the restoration and long-term maintenance of another American treasure, the Class J No. 611 steam passenger locomotive. 

NS Chairman and CEO Wick Moorman said NS sold its untitled 1959 Mark Rothko painting through an auction in New York City on Nov. 14 and will direct $1.5 million of the proceeds to "Fire Up 611!," the capital campaign to rehab the famous Norfolk & Western Railway streamliner and return it to passenger excursion service.

"No. 611 is an American classic, a reflection of a time and a people who put the country on their backs and carried it into to the modern age of railroading," Moorman said. "611 is not an NS, N&W, Virginia, or Roanoke locomotive. It belongs to everyone and every generation. In that spirit, and on behalf of NS employees everywhere, I announce our strong support for bringing back a true national marvel." 

"People from 15 countries have contributed their time and resources to bring back the 'Queen of Steam,'" said Bev Fitzpatrick, executive director of 611's owner, the Virginia Museum of Transportation (VMT) in Roanoke, Va. "NS' generous and timely support gives us the best opportunity to reach the $5 million needed to put this icon back on the rails and keep her moving for decades."

611 rolled out of N&W's Roanoke shops in 1950 and with sister Class A and Y6 locomotives constituted the "Magnificent Three" that pulled passenger and heavy freight trains during the last two decades of steam railroading in the U.S. Class J locomotives such as 611 could pull 15 cars at 110 mph, and their builders once promoted the advanced engineering by showing how several men, with nothing more than a rope, could pull one on the track. 611 was retired in 1959, restored for excursion service in 1984, and retired again in 1994. Since then, 611 has been on display at VMT.  

The 611 plan contemplates making it available for service in NS' 21st Century Steam program in 2014. In this program, several vintage steam locomotives from NS' past give people throughout the railroad system opportunities to ride behind the marvelous, powerful locomotives of old, while learning how today's railroads create jobs, support the economy, save fuel, protect the environment, and keep America competitive.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs