Case study of how William B. Johnson's strategy turned struggling Illinois Central Railroad into highly successful world-class conglomerate IC Industries when other conglomerates failed. Describes strategy of diversification through acquisition of consumer companies Pet, Pepsi-Cola General Bottlers & Midas & industrial companies Abex & Pneumo. Details "midnight merger" of two railroads, year-end merger with Abex when Justice Dept. failed to act. Many heretofore unpublished details of dozens of successful acquisitions & three near misses. Examines Johnson's strategy of developing valuable real estate assets, using railroad tax losses to offset non-railroad earnings & divesting & reinvesting corporate assets to enhance shareholder value. The Johnson program resulted in compound annual growth of 17.7 percent (dividends plus market price of common stock) from 1977 to 1986 when Johnson suffered a stroke & retired. Extensive quotes from distinguished financiers, business associates & government leaders. Forewords by two distinguished academicians who examine in detail Johnson's unparalleled accomplishments & IC Industries' place in American corporate history. To order, send check/money order $24.95 plus $4.50 postage, handling. Illinois residents add $1.68 tax. Illumina Concepts, 221 Tanglewood Lane, Naperville, IL 60563-2777. (708) 961-0720.