Many captive shippers also worry they will soon be his with a round of huge rate increases. The railroad industry as a whole, despite its brightening fortuning fortunes. still does not earn enough to cover the cost of the capital it must invest to keep up with its surging traffic. Yet railroads continue to borrow billions to acquire one another, with Wall Street cheering them on. Consider the .2 billion bid by Norfolk Southern and CSX to acquire Conrail this year. Conrail's net railway operating income in 1996 was just million, less than half of the carrying costs of the transaction. Who's going to pay for the rest of the bill? Many captive shippers fear that they will, as Norfolk Southern and CSX increase their grip on the market.

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