Word: perlman
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Dates: during 1950-1959
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...slump a year ago, made a strong comeback. The first 35 railroads to report had combined earnings that were 77% ahead of last year's first quarter. The New York Central's Board Chairman Robert R. Young announced that in the first quarter, President Alfred Perlman turned in earnings of $11,813,010, compared with a deficit of $473,788 a year ago. Then Young announced a "regular" dividend of 50? a share, the same amount the road paid in January. Other less embattled railroads showed equally good profits. The Santa Fe earned...
...foot back in the door. The adoption of cumulative voting now, said Young, "might invite some of the previous directorate and management, or their numerous and powerful allies, to seek reinstatement with no other purpose than to keep us from achieving our goals." For President Alfred E. Perlman, who has turned in a handsome performance at getting the Central back in the profit column, Young asked the stockholders to okay an option deal that would pay Perlman well for his efforts. Under the plan, Perlman would get options to buy 32,000 shares of Central stock at the market price...
...road was put into the black, said Young, not by an increase in business but by drastic economies. Perlman lopped some 15,000 employees off the payroll to save $100 million a year, leaving a work force of 75,000, lowest since 1930. He canceled orders for 62 new diesels ($8,300,000) placed by his predecessors, instead found 97 diesels already in service that could do "50%" more work than the new ones. He also sent diesels into repair shops once a month instead of twice, thus enabling him to close some of the shops entirely...
...Perlman poked into every corner of the road trying to trim the "belly fat." For example, he walked into a shop in Cleveland unannounced one evening at 9:30 p.m., found "not a man working. They were all in the locker room, although they don't go off work until 11." He shut down the shop. With better use of diesels, he found that he could retire 381 less efficient steam locomotives, leaving only...
Turning to the future, Railroaders Perlman and Young gave a preview of other plans for continued improvement of the Central. Among them...