I've been a railroad buff all of my life and am old enough to remember passenger "brass" on America's railroads.
This song, well done by Arlo Guthrie, was written by Steve Goodman, no doubt, the progeny of a multi-generational railroad family, who understood that he was witnessing both the end of an era and of a way of life.
Though I cannot take credit for it, the line: "[A]nd the sons of Pullman porters and the sons of engineers ride their fathers' magic carpets made of steel" is, indeed, worthy of Shakespeare.