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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV