While the dividend certainly played one of the biggest roles, it’s far from the only one. Penn Central was doomed to fail from the start.
The Pennsylvania Railroad especially was just an absolute mess. Extreme amounts of embezzlement, an outright refusal to ever upgrade tracks, and the outright criminality of people like David Bevan were all just as, if not more to blame for it’s death.
While the dividend certainly played one of the biggest roles, it’s far from the only one. Penn Central was doomed to fail from the start.
The Pennsylvania Railroad especially was just an absolute mess. Extreme amounts of embezzlement, an outright refusal to ever upgrade tracks, and the outright criminality of people like David Bevan were all just as, if not more to blame for it’s death.