Depression and Decline
The general economic downturn associated with the Great Depression affected the M&E as well. Smart and frugal management kept the railroad viable through the worst of the 1930s. In fact, the M&E would be the only U.S. railroad to rid itself of all debt during the era leading up to World War II. The railroad passed out of the McEwan family by 1943, and continued under new management. In 1952, the line received its first diesel, an S-4 from Alco.
When Andrew J. Cobb assumed the presidency in 1961, many of the mills that had been steady customers for so long began to shut down and consolidate. Two crews were still needed to handle the traffic on the line, though the railroad was facing mounting losses. In 1960, the Lackawanna and the Erie merged to form Erie Lackawanna Railway, which eliminated the competition for shipping rates to the M&E.
By the 1970s, the entire Northeastern railroad industry was in decline, and the M&E looked to alternative revenue streams. The Morristown shop was leased to a locomotive rebuilder for a period of time, but it wasn't enough. The last of the paper mills had closed and carloads were down to about a dozen a week. The railroad tried to invest its meager freight earnings into non-transportation areas, but these experiments failed. By 1978 the railroad had filed for bankruptcy protection and was operating "as needed."
Read more about this topic: Morristown & Erie Railway
Famous quotes containing the words depression and, depression and/or decline:
“Mental health data from the 1950’s on middle-aged women showed them to be a particularly distressed group, vulnerable to depression and feelings of uselessness. This isn’t surprising. If society tells you that your main role is to be attractive to men and you are getting crow’s feet, and to be a mother to children and yours are leaving home, no wonder you are distressed.”
—Grace Baruch (20th century)
“Someone is always at my elbow reminding me that I am the grand-daughter of slaves. It fails to register depression with me. Slavery is sixty years in the past. The operation was successful and the patient is doing well, thank you. The terrible struggle that made me an American out of a potential slave said “On the line!” The Reconstruction said “Go!” I am off to a flying start and I must not halt in the stretch to look behind and weep.”
—Zora Neale Hurston (1891–1960)
“We can recognize the dawn and the decline of love by the uneasiness we feel when alone together.”
—Jean De La Bruyère (1645–1696)