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Re: PC: Why no money?



There's no question that PC management was dysfunctional at best.  But I'm convinced that the noose of ninteenth century regulation had more to do with the failure than anything else.  "Wreck of the Penn Central" was written moments after the collapse, and sought scapegoats without the benefit of retrospection.  Yes, they made bad decisions, but when you place those decisions in the context of ICC regulation, you can see why they pulled money out of the railroad to invest in other, less encumbered, enterprises.
 
You can certainly point to the culture clash as being driven by bad management, but in the end, federal regulation, combined with the over-riding decline in the northeastern economy, were the prime movers in the demise of PC.  If Staggers had happened 20 years earlier, you'd probably still have a Pennsylvania Railroad instead of Norfolk Southern, and CSX would be heavily NYC flavored instead of Seaboard.
 
Lee
-----Original Message-----
From: EMDSD80MAC@aol.com <EMDSD80MAC@aol.com>
To: penn-central@smellycat.com <penn-central@smellycat.com>
Date: Sunday, March 18, 2001 11:11 PM
Subject: Re: PC: Why no money?

The New Haven was THE masterpiece of railroading wish lists.
Their flawless mainlines were groomed daily by armies of laborers.
Their passenger trains, their top priority, were second to none.
Their equipment, the newest, the best, was lovingly maintained in the MOST
number of terminals.
Their schedules were militaristically maintained without excuses.
Their bosses were among the toughest, their paint schemes unique.
They defaulted three times from 1900 'til their demise in 1969.
Yet, the New Haven was NOT the reason for the decline of the Penn Central,
but rather, yet another excuse that the "Red team" of Philadelphia exploited
in what was one of the most criminal enterprises that America has ever
known...The biggest Corporate failure in American history..."The Wreck of the
Penn Central" Thank Mr. Saunders and Mr. Bevan. But, You know what? Out of it
came a more healthy attitude toward railroad management.

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