There's no entry in the index under "depreciation" or "accounting". The book is Saunders' _Main Lines_, and in Chapter 1 he is recapping his previous book (which I haven't yet been able to lay hands on), _Merging Lines_. Specifically, he is talking about the downfall of Penn Central, itself the result of a merger between two troubled railroads, the New York Central and the Pennsylvania. "The point of no return comes when a railroad can no longer hope to restore itself with its own resources. It... read more
