Word: railroader
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Dates: during 1950-1959
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...Young's righthand man, director of the campaign for Central proxies. As second in command (under Judge Wilson McCarthy) of the middle-sized D. & R.G., which has 2,300 miles of track in Utah, Colorado and New Mexico, Perlman built up a reputation as an outstanding railroad man. What was closer to Young's tastes, he was also one who was not afraid to try out new ideas...
Changes will come slowly." He plans no big shakeup of the Central staff, is not even bringing along his own private secretary. Instead, among the Central's 100,000 employees, he wants to find a team to help him "build a good foundation for the railroad." Try Research. A graduate of the Massachusetts Institute of Technology, Perlman got his start in railroading as an engine-wiper before moving into the engineering end of the business. After a stint in the RFC's railroad division and at the Burlington, he joined the bankrupt...
...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...