Word: perlman
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...been one of the heaviest-traded stocks on the New York Stock Exchange, rising from 19¼ to 28. Young's announcement put it up another 1½ points.* For next year Young estimated earnings of about $36 million, more than enough to cover the proposed dividend. President Perlman was not as "confident" as his boss, but estimated earnings at $30 million...
...York Central done since Robert R. Young took over six months ago? Last week Chairman Young and President Alfred Perlman called reporters into the railroad's luxurious board room in Manhattan to give the answer. With his usual hyperbole, Young summed up: "Al Perlman has performed a miracle. It will go down as one of the great executive accomplishments in history...
...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...