No Way to Run a Railroad: The Untold Story of the Penn Central Crisis

by Stephen Salsbury

Comprehensive, authoritative account of the collapse of the Penn Central Corp. in 1970.

Hardcover

Published January 1, 1981

Reviews

[Mike · Rating 2 out of 5]

The author presents a detailed thesis that mismanagement by the PRR and NYC merged leadership of Strauss and Perlman was the root of the rapid demise of the Penn Central. Under the direction of Perlman the PC spent $300M on capital improvements in each of its first two years with virtually no return on that investment. The $600M exceeded the railroad's income potential and credit lines at a critical juncture in history. I really expected to read that excess government regulation drove the PC under, and although it contributed as evidenced by virtually all other eastern railroads also going bankrupt, the primary cause was Perlman and Strauss.

[Brian Powell · Rating 3 out of 5]

Detailed look at David Bevan's tenure at the Pennsylvania Railroad and Penn Central and the organization's financial management. Interesting read, but I was hoping for more about the Penn Central's collapse which was only briefly covered in the book.