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BUSINESS
February 8, 2003 | E. Scott Reckard
Regulators closed Torrance-based Southern Pacific Bank on Friday, saying Beal Bank of Plano, Texas, will take over its three branches and $834 million in insured deposits. The state Department of Financial Institutions said Southern Pacific had experienced mounting losses resulting from the economic downturn and loans to telecom firms and airlines. The failure, which will cost the Bank Insurance Fund $134.5 million, is the first at a Federal Deposit Insurance Corp.-insured institution this year.
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ENTERTAINMENT
October 3, 2010 | By Wendy Smith, Special to the Los Angeles Times
Rival Rails The Race to Build America's Greatest Transcontinental Railroad Walter R. Borneman Random House: 408 pp., $28 When the Union Pacific and Central Pacific joined rails on May 10, 1869, it was celebrated as the completion of America's first transcontinental railroad. In fact, historian Walter R. Borneman points out in his book "Rival Rails," the rails weren't quite complete: Passengers still had to be ferried across the Missouri River between Nebraska and Iowa.
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BUSINESS
October 14, 1988
On the day he completed his acquisition of Southern Pacific Railroad, billionaire Philip Anschutz also became chairman of the railroad. The historic Southern Pacific, combined with his Denver & Rio Grande Railroad, puts Anschutz at the head of the nation's fifth-largest rail company in terms of miles of track--15,046. Anschutz, who made his fortune in oil, gas and real estate, also established the office of the chairman to exercise chief executive authority of the company.
OPINION
September 20, 2009
It's not always easy to identify the tentacles that are strangling California and keeping it from fulfilling its promise for 38 million residents. Who wrecked our public school system, which was once the envy of the world? Who ruined the nation's premier network of highways, the most ambitious and reliable water delivery system, the best state parks? Who killed the spirit of opportunity and innovation that once made California the headquarters for banks and oil companies, for makers of surfboards and electric guitars, for computers and communications?
BUSINESS
February 22, 1995 | Times Staff and Wire Reports
Southern Pacific Rail Corp., tapping another outsider to extend its recent financial rebound, on Tuesday named CSX Corp.'s Jerry Davis to be president and chief executive of the San Francisco-based concern. Davis, 56, succeeds Edward L. Moyers, a former Illinois Central executive who had been running Southern Pacific, California's largest railroad, since early 1993. Moyers, 66, recently announced plans to step down for health reasons.
NEWS
July 21, 1991 | RICHARD C. PADDOCK, TIMES STAFF WRITER
Southern Pacific issued a public apology Saturday for its catastrophic pesticide spill in the Sacramento River as work crews began bubbling the poisonous chemical to the surface of Shasta Lake in the hope it will dissipate more quickly. Facing a crowd of more than 400 angry residents, railroad officials tried to shift blame for the spill to federal regulations that they contend prevented them from taking sufficient precautions when hauling the toxic weed killer.
NEWS
December 28, 1987 | Associated Press
Santa Fe Southern Pacific Corp. has agreed to sell its Southern Pacific railroad to Rio Grande Industries for about $1.8 billion, but the deal likely won't end the bitter bidding war for the rail line, officials said today. Rio Grande, which operates the Denver and Rio Grande Railroad between Kansas City, Mo., and Colorado and Utah, said it would pay the $1.8 billion mostly in cash for the 13,000-mile Southern Pacific. But Santa Fe's largest stockholder, Henley Group Inc.
BUSINESS
May 7, 1988 | ROBERT A. ROSENBLATT, Times Staff Writer
The Justice Department gave its endorsement Friday to the $1.8-billion sale of the Southern Pacific railroad to Rio Grande Industries, declaring that the new combination would be a strong competitor in the railroad market. The final power over the sale lies with the Interstate Commerce Commission, which will make its ruling in August. However, approval by the Justice Department's antitrust division removes a major potential obstacle to the deal.
CALIFORNIA | LOCAL
February 12, 1992
In anticipation of a threatened walkout next week, the Southern Pacific Transportation Co. ordered about 315 workers off their jobs Tuesday at the Intermodal Container Transfer Facility in Wilmington, company officials said. The workers, members of the International Longshoremen and Warehousemen's Union, were replaced by Southern Pacific employees, who will be represented by a rail labor union.
CALIFORNIA | LOCAL
October 31, 1991 | RON SOBLE, TIMES STAFF WRITER
A Southern Pacific railroad official said Wednesday that second-guessing by critics of July's train accidents at Seacliff and at Dunsmuir in Northern California will not alter the fact that both the railroad and local agencies responded to the incidents quickly and professionally. "There's a lot of Monday morning quarterbacking that goes on after these incidents," Herby L.
MAGAZINE
March 26, 2006
This week in 1901, trains on Southern Pacific's new Coast Line began carrying passengers between Los Angeles and San Francisco along a route that for 100 miles traced cliffs above the ocean, inspiring the railroad to deem them "the most beautiful trains in the world." Frank Norris' muckraking novel "The Octopus" was published that same year, based on what he called the "fight of Ranch and Railroad" for control of California at the turn of the century.
OPINION
May 31, 2005
There is delicious irony in the fact that the Union Pacific Railroad donated $25,000 this spring to the political committee that is promoting Gov. Arnold Schwarzenegger's "People's Reform Program." Schwarzenegger, after all, casts himself in the mold of progressive Gov. Hiram Johnson, whose election in 1910 broke the oppressive political grip of the Southern Pacific Railroad -- a predecessor of the present Union Pacific -- on state government.
CALIFORNIA | LOCAL
February 9, 2005 | From Associated Press
Keith Knudsen, a drummer for the Doobie Brothers since 1974, died of pneumonia Tuesday. He was 56. Knudsen, who lived in Sonoma County's wine country, had been hospitalized for more than a month. He died at Kentfield Rehabilitation Hospital in Kentfield, Calif., according to Bruce Cohn, the Doobie Brothers' longtime manager. Knudsen, who reportedly had been battling cancer since 1995, joined the classic rock band in 1974 after he met Cohn, who told him the Doobies needed a drummer.
BUSINESS
February 8, 2003 | E. Scott Reckard
Regulators closed Torrance-based Southern Pacific Bank on Friday, saying Beal Bank of Plano, Texas, will take over its three branches and $834 million in insured deposits. The state Department of Financial Institutions said Southern Pacific had experienced mounting losses resulting from the economic downturn and loans to telecom firms and airlines. The failure, which will cost the Bank Insurance Fund $134.5 million, is the first at a Federal Deposit Insurance Corp.-insured institution this year.
CALIFORNIA | LOCAL
August 19, 2001 | CECILIA RASMUSSEN, TIMES STAFF WRITER
One of the darkest chapters in the turbulent history of the Southern Pacific railroad in California was the "Mussel Slough Tragedy," which left seven men dead over a land dispute, turned a mild, bookish family man into a train robber and killer and led author Frank Norris to write about "The Octopus"--the nickname for the railroad with a stranglehold on the state. No other single California company ever held the power and influence that Southern Pacific did.
SPORTS
November 12, 1998 | GARY KLEIN
The Southern Pacific League football championship will be decided Friday with three teams in contention for the title and the probable No. 1 spot in the 16-team City Section playoffs. Dorsey, Wilmington Banning and Crenshaw are 5-1 in conference play. Dorsey can win at least a share of its first league title since 1995 if it wins Friday at Crenshaw. Dorsey would be the top-seeded team from the league because the Dons beat Banning. If Banning wins and Dorsey loses, Banning wins the title.
CALIFORNIA | LOCAL
March 8, 1990
A coalition of environmentalists on Wednesday urged the Los Angeles County Transportation Commission to buy the Southern Pacific railroad's 14-mile Santa Monica branch line before developers grab the potential east-west transit corridor that connects the beach cities with downtown Los Angeles. The unused line runs from Santa Monica east along Exposition Boulevard past USC, a route environmentalist say could be used for light rail trains carrying up to 63,000 passengers a day.
NEWS
August 4, 1995 | JAMES F. PELTZ, TIMES STAFF WRITER
Union Pacific Corp. agreed Thursday to acquire Southern Pacific Rail Corp., a century-old fixture in California transportation circles that has fallen on hard times, in a $4-billion deal that would create the nation's largest railroad. The marriage would give Union Pacific annual revenues of more than $10 billion and 34,000 miles of track across 25 states and in Mexico and Canada. But it would leave California with just two railroads, raising fears of reduced competition.
BUSINESS
June 9, 1998 | From Associated Press
Two rail carriers will be allowed to carve up Conrail Inc. but they must submit detailed reports to prevent a service meltdown like the one that continues to plague the marriage of Union Pacific Corp. and Southern Pacific in the West, regulators ruled Monday. In approving the $10-billion plan by CSX Corp. and Norfolk Southern Corp.
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