Did the railroad club or the railroad get a good deal in Union Pacific Big Boy No. 4014?

Union Pacific Big Boy No. 4014 is being worked on by Union Pacific crews to ready it for a ride to Cheyenne, Wyo., in the near future. Photo by Steve Sweeney.

The Southern California Chapter of the Railway & Locomotive Historical Society was the owner and custodian of Union Pacific Big Boy No. 4014 for more than 50 years until earlier this summer. That’s when the club and UP struck a deal to put the giant 4-8-8-4, one of the largest and most famous steam locomotives ever built, back in the hands of the Class I railroad for restoration and operation. That is a huge development for all of us who appreciate steam locomotives in operation, so we all owe a big thanks to the UP for stepping up, as only that company could do on such a bold, expensive, and time consuming project, to make this seemingly impossible dream come true — a UP Big Boy hasn’t steamed since 1959 and because of the sheer size, nobody every thought someone would dare to rebuild one. We also owe the club a big thank you for releasing its star from among more than a dozen pieces of rolling stock on display, including a rare UP 4-12-2 and a Southern Pacific 4-10-2. Certainly an operating Big Boy on the main line is more impressive, educational, and inspiring than one that is stuffed and mounted in the well-titled Rail Giants Train Museum at the Los Angeles County Fairgrounds in Pomona.

According to its own newsletter, the club swapped the Big Boy in return for two pieces of rolling stock, a former Missouri Pacific SD40-2 in operating condition and a Rock Island bay window caboose as well as a the proceeds from an excursion with the restored Big Boy at a future date. UP says the Big Boy restoration may take 5 or 6 years while the steam crew maintains and operates UP 4-8-4 No. 844 and UP 4-6-6-4 No. 3985. There’s more in the deal, the club says, but doesn’t say what that would be.

So did the club get a good deal? Did UP? It’s a valid question, and one that’s worth thought. The history of railroad companies or other operating agencies trading, leasing, or selling rolling stock with railroad clubs and museums is littered with examples of good intentions gone bad. We’ve all seen too many wide-eyed non-profit board members excited that their baby will steam again accept a token payment for its use. Even worse, in the case of leased locomotives, is when the group gets back a worn out piece of junk after the railroad is done with it.

So let’s take a look at the deal through a few lenses. First up, dollar value.

The initial place to start to analyze whether the club got a deal or a dog is scrap prices. Yes, I said, scrap prices. OK, nobody in 2013 is going to scrap a Big Boy, one of eight survivors from a class of 25 built between 1941 and 1944, or any other steam locomotive (I hope). But the lowest price of scrap is still one of the places to start when you look at the value of historic railroad equipment. According to industry sources, scrap is going for about $220 per ton. So, using that formula, a Big Boy, which weighs almost 600 tons, is worth about $132,000. The price varies according to location and market demand, so that figure can go up or down a tad.

The SD40-2 that UP is providing in operating condition is worth about $200,000 (a quarter of that if it were an inoperable hulk with a nice paint job), and the RI caboose is worth at least $10,000 based on the price of used cabooses offered from brokers. So, from a monetary standpoint, the club came out well. But we all know that’s not what this is about.

From a historic preservation angle, is a MoPac SD40-2 and a caboose from the fabled Rock a fair trade? The Los Angles County Fairgrounds display already has a UP DD40X, the largest diesel locomotive on one frame, in its collection. The SD40-2 is one of the 20^th century’s most enduring everyday workhorse freight locomotives. It’s also under represented among museums and railroad clubs. Thousands of cabooses survive nationwide in states ranging from poor to great; the Rail Giants display only includes two. But would anyone actually visit the museum to see an SD40-2? Or would anyone climb, glassy-eyed, on board the caboose. Sadly, probably not. They need to be saved, but they’re probably just too ordinary to attract a crowd.

I queried three preservation professionals to see what they thought of this deal. All three are excited that a Big Boy will return to steam. “I think this will benefit both organizations and the rail preservation movement in general. UP reaps a tremendous public relations coup — few locomotives have such a strong connection with their home roads” said Charles Fox, administrator of the Railroad Museum of Pennsylvania. “Restoring a Big Boy to operation as part of the UP heritage program will be a phenomenal way to promote the UP brand. I think this was a gutsy and innovative move on the part of the museum as well; this allows them to acquire a classic modern-era diesel in operating condition, maximizing their appeal to younger generations and introducing them to new audiences. The fact that the locomotive will be in operable condition provides them with new opportunities in regards to excursions and outreach programs.”

Jackson McQuigg of the Atlanta History Center is a big proponent of endowments for organizations that collect objects. “Any organization which collects large objects to preserve is best advised to do so only when there’s a clear endowment strategy. If they have no endowment to support ongoing care in future years for the SD40-2 and the caboose, then they should have asked for dollars as part of the transaction.”

John Hankey, who advises railroad history groups nationwide, said a roof would be an important part of the transaction. “If UP really wanted to do the right thing (and if the chapter had perhaps been astute enough to ask), UP would have included a simple, nicely designed shed or exhibit building to house the pieces so that they don't immediately begin deteriorating.”

Endowments and roofs are critical components of any railway preservation organization in the 21^st century, and an operating Big Boy is a great thing for UP and all of us who love railroading because of what the operating engine will teach us about the past and how it will inspire others to keep the flame alive. The railroad club and its rolling stock display will continue long after the last person is left who remembers when 4014 was on exhibit there. And hopefully, that Big Boy excursion down the road will make big bucks to keep the MoPac SD40-2, RI caboose, and other valued Rail Giants artifacts painted and under a roof.