Word: perlman
(lookup in dictionary)
(lookup stats)
Dates: during 1950-1959
Sort By: most recent first
(reverse)
...Alfred E. Perlman, 51, was elected to the board of the New York Central Rail road (subject to Interstate Commerce Commission approval), a job he was promised when he became Robert R. Young's hand-picked president after Young's historic proxy-winning fight for control of the road...
...pull the New York Central out of the industry organization, at least for the time being. The A.A.R., which gets about 8% of its annual budget from the Central, will try to work out a compromise with Young's rival Federation for Railway Progress, expects either President Perlman or Young himself to take the vacant seat on its board left by outgoing Central President William White...
...Perlman also developed a "junior board" of bright young employees to keep a constant check on all operations and to make recommendations directly to top management. As a result of his improvements-and war traffic-the road came out of bankruptcy in 1946. After 76 years in which not a nickel was paid in dividends, the railroad made its first payments in 1947. Last year it paid $6 plus a 50% stock dividend on earnings of $14.79 a share...
Improve Service. Perlman will have to be a railroad genius to do that well with the Central. The road's earnings for the first four months of this year were only $29,894, v. $10,269,710 a year ago. The road is also saddled with more than $800 million in long-term debt, one of the biggest loads of any U.S. railroad, and well over $100 million of it will fall due in the next ten years. Operating expenses are high (82.8% of operating revenues last year, v. an average of only 76% for all major railroads...
...actual running of the railroad and all its departments I would want to handle." In line with this, Perlman will attend directors' meetings and was promised the next vacancy on the board. But among those who know Bob Young best, there was little doubt that he would be the Central's real boss...