CHICAGO -- The likelihood of a transcontinental railroad merger -- linking BNSF or UP with either CSX or NS -- depends upon which railroad CEO you talk to, reports Traffic World magazine. The report follows a Chicago transportation meeting at which CEOs of major railroads discussed the future of mergers.

"The level of service at railroad interchange points is unacceptable at the current level," said Burlington Northern Santa Fe CEO Matt Rose. "The fact is, mergers in the past have been effective in reducing rates and improving service."

Canadian National Executive Vice President Hunter Harrison agreed that mergers are inevitable. "Whether it happens two, three or five years from now, when it does happen we better get it right."

Norfolk Southern and Union Pacific railroads disagree, saying mergers are neither necessary nor inevitable.

"We need to find ways to increase value for the industry without mergers," said NS CEO David Goode. "We need to come up with a better formula."

UP President Ike Evans said the industry is "struggling to find a new formula that works, but we have to make it work" without resorting to mergers.