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Re: (erielack) EL vs. PC

While not as detailed a history of the PC, I think anyone interested in how
PC came about and we ended up at today's eastern system, you should read
Rush Loving's new book, "The Men Who Loved Trains".

Tim

On 10/8/06, Paul Brezicki <doctorpb_@_bellsouth.net> wrote:
>
> It's been a long time since I read "The Wreck of the PC", but I seem to
> recall a claim that PC chairman Stu Saunders (ex-PRR, of course) believed
> that jumbo jets would eventually take all the RR's long distance traffic,
> including coal ! I don't know whether or not this was true, but high-level
> management brilliance and commitment was in short supply at that outfit.
> Those interested in the PC fall will want to look at "Penn Central RR" by
> Peter Lynch. This book is much more focused on the operational side and I
> recommend it.
>
> Gary is correct, PC's collapse weakened the entire industry, including
> RR's like EL that were primarily competitors, since so much traffic was
> interline. The revenue shortfalls tended to outweigh the benefits of traffic
> diversion.
>
> Paul B
>
> "Wreck of the Penn Central" is a very good read overall but it does
> go  heavy
> on the details. Sparse mentions of EL, mostly regarding
> possible  pre-merger
> line ups, i.e., DL&W-NKP, etc.
>
> Rick
>
> - --- Fred  Stratton <erief7_@_msn.com> wrote:
> > Keep in mind when talking about  the EL and PC, it took the EL 16
> > years to fall while it took the PC  only 872 days. Much of the EL's
> > financial woes were not the  mismanagement of money, although at
> > times some practices were  questionable. However the fall of the PC
> > in part involved not puting  finances back into the physical plant.
> > This is verified in the book "  wreck of the Penn Central." They
> > were more interested in other  ventures and let the RR go to H _ _ _
> > in a handbasket.
>
> Once PC  declared bankruptcy, they were 'protected'.  They didn't have
> to pay  their past bills from other railroads until the courts sorted
> things  out.  Going forward, they could delay paying demurrage, etc,
> yet  demand the other lines pay them on time.  This sucked most of the
> cash  out of the other lines in the northeast, one of the major
> reasons for the  EL, Reading, CNJ, LV, and L&H all going under.
>
> Gary R.  Kazin
> DL&W Milepost R35.7
> Rockaway, New  Jersey
>
>
>
>
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>


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