The Wreck of the Penn Central

The Wreck of the Penn Central
Author: Joseph R. Daughen
Publisher: Beard Books
Total Pages: 384
Release: 1999
Genre: Business & Economics
ISBN: 9781893122086

It took ten years of laborious planning and exhaustive negotiations to create the mammoth Penn Central Railroad, the largest railroad in United States history. When the leviathan was finally born of a merger between the Pennsylvania and New York Central Railroads on February 1, 1968, the event was hailed as a great day for railroading. But the baby giant survived only 367 days. The crash of the Penn Central set a new record, this time for the largest bankruptcy the United States had ever seen. "The Wreck of the Penn Central" provides a close-up view of the events that brought the Big Train to bankruptcy court--over-regulation, subsidized competition, big labor featherbedding, greed, corporate back-stabbing, stunning incompetence, and, yes, even a little sex.

The Penn Central and Other Railroads

The Penn Central and Other Railroads
Author: United States. Congress. Senate. Committee on Commerce. Special Staff for the Penn Central Enquiry
Publisher:
Total Pages: 786
Release: 1973
Genre: Railroads and state
ISBN:

Deals from Hell

Deals from Hell
Author: Robert F. Bruner
Publisher: Wiley
Total Pages: 432
Release: 2009-04-08
Genre: Business & Economics
ISBN: 0471737186

A detailed look at the worst M&A deals ever and the lessons learned from them It's common knowledge that about half of all merger and acquisition (M&A) transactions destroy value for the buyer's shareholders, and about three-quarters fall short of the expectations prevailing at the time the deal is announced. In Deals from Hell, Robert Bruner, one of the foremost thinkers and educators in this field, uncovers the real reasons for these mishaps by taking a closer look at twelve specific instances of M&A failure. Through these real-world examples, he shows readers what went wrong and why, and converts these examples into cautionary tales for executives who need to know how they can successfully navigate their own M&A deals. These page-turning business narratives in M&A failure provide much-needed guidance in this area of business. By addressing the key factors to M&A success and failure, this comprehensive guide illustrates the best ways to analyze, design, and implement M&A deals. Filled with in-depth insights, expert advice, and valuable lessons gleaned from other M&A transactions, Deals from Hell helps readers avoid the common pitfalls associated with this field and presents them with a clear framework for thinking about how to make any M&A transaction a success.

Branch Line Empires

Branch Line Empires
Author: Michael Bezilla
Publisher: Indiana University Press
Total Pages: 390
Release: 2017-11-06
Genre: Transportation
ISBN: 0253029910

The saga of a fierce business rivalry: “Absorbing, well-written . . . will appeal to American history scholars and railroad enthusiasts.” —Choice The Pennsylvania and the New York Central railroads helped to develop central Pennsylvania as the largest source of bituminous coal for the nation. By the late nineteenth century, the two lines were among America’s largest businesses and would soon become legendary archrivals. The PRR first arrived in the 1860s. Within a few years, it was sourcing as much as four million tons of coal annually from Centre County and the Moshannon Valley and would continue do so for a quarter-century. The New York Central, through its Beech Creek Railroad affiliate, invaded the region in the 1880s, first seeking a dependable, long-term source of coal to fuel its locomotives but soon aggressively attempting to break its rival’s lock on transporting the area’s immense wealth of mineral and forest products. Beginning around 1900, the two companies transitioned from an era of growth and competition to a time when each tacitly recognized the other’s domain and sought to achieve maximum operating efficiencies by adopting new technology such as air brakes, automatic couplers, all-steel cars, and diesel locomotives. Over the next few decades, each line began to face common problems in the form of competition from other forms of transportation and government regulation—and in 1968, the two businesses merged. Branch Line Empires offers a thorough and captivating analysis of how a changing world turned competition into cooperation between two railroad industry titans. Includes photographs

Rails to Penn State

Rails to Penn State
Author: Michael Bezilla
Publisher: Stackpole Books
Total Pages: 350
Release: 2007-02-19
Genre: Transportation
ISBN: 0811752461

More than five hundred short line railroads existed in the United States at the industry's height, and Pennsylvania had more than any other state. The history of the Bellefonte Central, which operated in central Pennsylvania from the 1880s until 1982, is a classic story of the rise and decline of short line railroads nationwide. Connecting with the Pennsylvania Railroad--a company that proved to be both friend and foe--the Bellefonte Central played an important role in developing the region's renowned limestone and hot-blast ironmaking industries and was Penn State University's economic lifeline for generations.

A Sampling of Penn Central

A Sampling of Penn Central
Author: Jerry Taylor
Publisher: Indiana University Press
Total Pages: 453
Release: 2000
Genre: Railroads
ISBN: 025333702X

The Penn Central existed only from the New York Central-Pennsylvania merger in 1968, until the formation of Conrail in 1976. This book fills an information void with its 208 wonderful photographs taken between 1970 and 1972. The photos, with their detailed captions, portray the 5,000-plus miles of PC's Southern Region.

The Men Who Loved Trains

The Men Who Loved Trains
Author: Rush Loving
Publisher: Indiana University Press
Total Pages: 383
Release: 2006-05-21
Genre: Business & Economics
ISBN: 0253000645

An award-winning account of a crisis in railroad history: “This absorbing book takes you on an entertaining ride.” —Chicago Tribune A saga about one of the oldest and most romantic enterprises in the land—America’s railroads—The Men Who Loved Trains introduces the chieftains who have run the railroads, both those who set about grabbing power and big salaries for themselves, and others who truly loved the industry. As a journalist and associate editor of Fortune magazine who covered the demise of Penn Central and the creation of Conrail, Rush Loving often had a front-row seat to the foibles and follies of this group of men. He uncovers intrigue, greed, lust for power, boardroom battles, and takeover wars and turns them into a page-turning story. He recounts how the chairman of CSX Corporation, who later became George W. Bush’s Treasury secretary, managed to make millions for himself while his company drifted in chaos. Yet there were also those who loved trains and railroading—and who played key roles in reshaping transportation in the northeastern United States. This book will delight not only the rail fan, but anyone interested in American business and history. Includes photographs

Grand Central Terminal

Grand Central Terminal
Author: Kurt C. Schlichting
Publisher: Johns Hopkins University Press+ORM
Total Pages: 300
Release: 2003-04-30
Genre: Architecture
ISBN: 0801872960

“Looks behind the facade to see the hidden engineering marvels . . . will deepen anyone’s appreciation for New York’s most magnificent interior space.” —The New York Times Book Review Winner of the Professional/Scholarly Publishing Award in Architecture from the Association of American Publishers Grand Central Terminal, one of New York City’s preeminent buildings, stands as a magnificent Beaux-Arts monument to America’s Railway Age, and it remains a vital part of city life today. Completed in 1913 after ten years of construction, the terminal became the city’s most important transportation hub, linking long-distance and commuter trains to New York’s network of subways, elevated trains, and streetcars. Its soaring Grand Concourse still offers passengers a majestic gateway to the wonders beyond 42nd Street. In Grand Central Terminal, Kurt C. Schlichting traces the history of this spectacular building, detailing the colorful personalities, bitter conflicts, and Herculean feats of engineering that lie behind its construction. Schlichting begins with Cornelius Vanderbilt—“The Commodore”—whose railroad empire demanded an appropriately palatial passenger terminal in the heart of New York City. Completed in 1871, the first Grand Central was the largest rail facility in the world and yet—cramped and overburdened—soon proved thoroughly inadequate for the needs of this rapidly expanding city. William Wilgus, chief engineer of the New York Central Railroad, conceived of a new Grand Central Terminal, one that would fully meet the needs of the New York Central line. Grand Central became a monument to the creativity and daring of a remarkable age. More than a history of a train station, this book is the story of a city and an age as reflected in a building aptly described as a secular cathedral.

The Pennsylvania Railroad, Volume 1

The Pennsylvania Railroad, Volume 1
Author: Albert J. Churella
Publisher: University of Pennsylvania Press
Total Pages: 970
Release: 2012-10-29
Genre: History
ISBN: 0812207629

"Do not think of the Pennsylvania Railroad as a business enterprise," Forbes magazine informed its readers in May 1936. "Think of it as a nation." At the end of the nineteenth century, the Pennsylvania Railroad was the largest privately owned business corporation in the world. In 1914, the PRR employed more than two hundred thousand people—more than double the number of soldiers in the United States Army. As the self-proclaimed "Standard Railroad of the World," this colossal corporate body underwrote American industrial expansion and shaped the economic, political, and social environment of the United States. In turn, the PRR was fundamentally shaped by the American landscape, adapting to geography as well as shifts in competitive economics and public policy. Albert J. Churella's masterful account, certain to become the authoritative history of the Pennsylvania Railroad, illuminates broad themes in American history, from the development of managerial practices and labor relations to the relationship between business and government to advances in technology and transportation. Churella situates exhaustive archival research on the Pennsylvania Railroad within the social, economic, and technological changes of nineteenth- and twentieth-century America, chronicling the epic history of the PRR intertwined with that of a developing nation. This first volume opens with the development of the Main Line of Public Works, devised by Pennsylvanians in the 1820s to compete with the Erie Canal. Though a public rather than a private enterprise, the Main Line foreshadowed the establishment of the Pennsylvania Railroad in 1846. Over the next decades, as the nation weathered the Civil War, industrial expansion, and labor unrest, the PRR expanded despite competition with rival railroads and disputes with such figures as Andrew Carnegie and John D. Rockefeller. The dawn of the twentieth century brought a measure of stability to the railroad industry, enabling the creation of such architectural monuments as Pennsylvania Station in New York City. The volume closes at the threshold of American involvement in World War I, as the strategies that PRR executives had perfected in previous decades proved less effective at guiding the company through increasingly tumultuous economic and political waters.