Patrick B. McGinnis
Patrick Benedict McGinnis (born May 23, 1904 in Palmyra , New York , † February 20, 1973 in Glendale , Ohio ) was an American manager in the financial and railroad sectors. He was president of the New York, New Haven and Hartford Railroad and the Boston and Maine Railroad , among others .
Life
Patrick B. McGinnis was born to Patrick and Ann McGinnis. His father was a foreman on the New York Central Railroad .
In 1926 he graduated from St. Lawrence University as a "Bachelor of Science". He then studied at New York University's Brooklyn Law School .
In 1930 he married Lucille Whitney . The marriage had two children. In the same year he started working for Lehman Brothers as a specialist in railway securities. In 1937 he went to Pflugfelder Bampton & Rust, where he joined as a partner in 1943 and was a senior partner from 1946 to 1948. In 1946 he founded his own company McGinnis & Co., which he headed as a senior partner until 1956.
In 1947, McGinnis organized a group of financiers to take control of the Norfolk Southern Railway . After the acquisition, he became chairman of the board of directors . In 1948 he helped Frederic C. Dumaine Sr. get control of the New York, New Haven and Hartford Railroad . At the same time he took a large stake in the Central of Georgia Railway (CoG) and became a board member in 1952. After 1953 had to leave his position at Norfolk Southern, he became Chairman of the CoG. However, he only held this post for a month. A 1954 report by the Interstate Commerce Commission on his management at Norfolk Southern summarized his work with the words "inordinate, extravagant and ... wasteful". During his chairmanship, for example, board salaries rose from $ 25,000 to $ 191,800 in 1951. In addition, there were other board expenses
After winning a proxy fight , he took over the presidency of the New York, New Haven and Hartford Railroad on April 14, 1954. He justified the takeover with the lack of efficiency in the railway business. In his opinion, the company's profits came from real estate operations, not rail operations. As part of the takeover battle, he promised improved offers for commuters. After taking office, reduced various services and maintenance work on the trains for cost reasons. By reducing the service he tried to get the government to support commuter traffic. At the same time, he tried new types of trains ( Talgo train with locomotive FM P-12-42 , Train-X ) to increase the number of long-distance customers. With the introduction of a new color scheme and a new logo, he tried to redesign the corporate identity. During his term of office, the reduction of electric train operations at New Haven and the commissioning of the dual-mode EMD FL9 locomotives also fall . The lack of entertainment resulted in frequent train cancellations and delays. Customer protests eventually led to McGinni's resignation on January 20, 1956. At the end of his presidency, the long-term debt was $ 200 million.
During his time as President of New Haven, he tried to merge with the Boston and Maine Railroad (B&M). In 1955, a consortium led by him took control of the company. McGinnis was denied the presidential post by the objection of the ICC because of his chairmanship at New Haven. Immediately after his resignation from New Haven, he took over the presidential post of Boston Maine. At B&M he was far less aggressive than at his previous company. During his tenure, he also introduced a new color scheme and ordered a Talgo train. Under his leadership, the extensive discontinuation of long-distance passenger transport at Boston & Maine began. In 1962 he resigned as president for health reasons, but remained with the company as chairman. In 1963 he was sentenced to 18 months in prison for accepting bribes for the sale of B&M cars.
Patrick B. Mc Ginnis died on February 20, 1973 in Glendale, Ohio .
literature
- Who's Who in the East: a Biographical Dictionary of Noteworthy Men and Women of the Middle Atlantic and Northeastern States. 6th edition. Marquis, Chicago 1957.
- Scott A. Hardley: Patrick B. McGinnis . In: William D. Middleton, George M. Smerk, Roberta L. Diehl (Eds.): Encyclopedia of North American Railroads . Indiana University Press, Bloomington, IN 2007, ISBN 978-0-253-34916-3 , pp. 689-690 .
Web links
- Time Magazine January 23, 1956
- Time Magazine June 22, 1962
- Time Magazine August 23, 1963
- Time Magazine March 5th 1973
Individual evidence
- ↑ Time Magazine February 22, 1954
- ↑ Time Magazine April 26, 1954
- ↑ Time Magazine April 5, 1954
- ↑ Time Magazine January 16, 1956
- ↑ a b Time Magazine January 30, 1956
- ↑ Time Magazine April 25, 1955
| personal data | |
|---|---|
| SURNAME | McGinnis, Patrick B. |
| ALTERNATIVE NAMES | McGinnis, Patrick Benedict |
| BRIEF DESCRIPTION | American manager in the finance and railroad sector |
| DATE OF BIRTH | May 23, 1904 |
| PLACE OF BIRTH | Palmyra (New York) |
| DATE OF DEATH | 20th February 1973 |
| Place of death | Glendale (Ohio) |