Word: perlman
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ROBERT R. YOUNG, who pulled his Chesapeake & Ohio Railroad out of the Association of American Railroads in 1946, has finally made his peace with the trade group. Young will keep his New York Central in the association. The A.A.R. has elected Central President Alfred E. Perlman to its board. Young's old C. & O. will also return to the A.A.R...
...chopped costs, closed down maintenance shops, and ruthlessly cut the payroll on his railroad. Result: a net profit of $1,100,000 for September. Last week Bob Young laid aside the stick in favor of the carrot. To the Central's $100,000-a-year President Alfred Perlman, Chairman Young offered a stock option deal. Under the ten-year deal, President Perlman will be able to buy 32,000 shares of Central stock at $19.87½ per share, 75? above the current market price; he can buy 20% in two years, another 40% after three years, and the rest...
...executives. ¶ Gale B. ("Gus") Aydelott, 40, became vice president and general manager of the Denver & Rio Grande Western Railroad, as such will be the line's top operating boss. He succeeds K. L. Moriarty, who went to work for New York Central President A. E. Perlman, formerly executive vice president of the D. & R. G. W. Starting as a D. & R. G. W. gang laborer in 1936, Aydelott worked his way up as track inspector, chief mechanical officer and division superintendent...
...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...