3 Bay ACF Covered Hopper
CNW (Yellow, "Employee Owned" Herald) - Set 1

Chicago & North Western was the first Class 1 railroad to be owned by its employees. An employee group headed by the top officers of the railroad purchased the transportation assets of the Chicago and North Western Railway Company from its then parent company, Northwest Industries, Inc. From 1972-1982 the C&NW was, by volume of business and number of employees, the largest employee-owned company in the world.
In 1982 the title employee-owned was dropped from the railroad's emblem when employee ownership decreased to less than 50% of the stock.