I love railroad threads, for I am a railroader.
First a very simple primer on train brakes:
There is an air compressor and a couple of large tanks (called the Main Reservoir) on the locomotive. The compressor charges the main res and the train line brake (called the Brake Pipe) to a certain pressure. For freight, 90psi; for passenger, 110psi. The Brake Pipe extends the entire length of the train. The air hoses that connect each car are part of the Brake Pipe. Each car will have its own reservoir that is charged with air up to 90 or 110 psi. It is connected to the Brake Pipe by a triple valve that acts independently, depending on what the air pressure is on each side of it. If the res side is showing 0 while the Brake Pipe is increasing, the valve will open and allow that air into the res.
The entire train, each car, gets charged with air.
Once everything equalizes, which can take minutes on a long freight, the brakes on the train are released. If the engineer makes an application, he moves his brake handle and reduces the Brake Pipe to, say, 80psi. (The 10psi that he releases vents into the atmosphere, usually in the cab where he can hear it.)
Now, the triple valves on each car see that there is 90psi in the res, and 80psi in the Brake Pipe. The triple valve opens and allows the 10psi from the res into the car’s Brake Cylinder. That pressure goes into the (smaller) Brake Cylinder, where it now exerts roughly 2.5 times more pressure; this gives us effectively 25psi in each car’s Brake Cylinder. That 25psi pushes the brake shoes onto the wheels.
What’s known as a train’s “Emergency Brake” is really just a bigger hole in the brake valve. The engineer moves his handle there, and ALL the air in the entire Brake Pipe is vented into the atmosphere. The triple valves see 90psi in their car’s reservoir and 0psi in the Brake Pipe. The triple valve opens ITS big hole, and lets all the air in the car’s reservoir into the car’s brake cylinder. The brake shoes lock onto the wheels with their maximum force. (There is a limit to the amount of air that can go into the Brake Cylinder, so you’re not actually getting a 90psi x 2.5 application to the brake shoes; IIRC, the maximum application is somewhere around 65psi)
The Emergency Brake cord in passenger cars (at least in the US) does the same thing from a different location; it vents the entire Brake Pipe into the atmosphere. The same thing happens, it just starts in THAT car and works its way forward (and back) rather than starting with the first car behind the locomotive. The same principle allows a train to come to a stop if it breaks in half - the air hose would release and vent the brake pipe into the atmosphere, forcing an emergency application on both halves of the train.
**For the sake of simplicity, I’ve left out things like the Equalizing Reservoir, and the Auxilary Reservoir. If you want a hugely detailed breakdown of train brakes, check out Al Krug’s Page
Why is it there?
In passenger trains, the conductor (who is the boss of the train; he dictates ALL movements, the engineer merely operates levers) is generally not in the locomotive. He’s on the train itself, collecting tickets and such. If he needs the train to stop and cannot get the engineer on the radio, he can stop the train. Incidently, even on freight locomotives, the conductor (who is up front) has an emergency brake valve on his side of the cab for the same reason.
It also allows him to stop the train quickly if the train is in a reverse movement, where the engineer cannot see where he is going. The conductor will be there to provide the eyes; if he sees a baby crawling on the track, for example, he can “big hole” the train himself.
What is the fine for pulling it?
That I’m not sure about. I’m not aware of a rule such as the federal “interfering with a flight crew” one. It may depend on the state. Regardless, if found out, one wouldn’t expect to remain on the train. Conductors sometimes call ahead and have a police officer waiting at the next station (or at the next road crossing.) I’ve seen that myself on Amtrak, when a passenger urinated on someone in coach. They stopped the train at a road crossing and the police met us there.
Every once in a while, a passenger needs to pull that cord as well, but they seem to be intended more for the train crew.
There are instances like mentioned above, where the chord is simply a communication line (usually pneumatic) that will sound a chime or bell in the locomotive. My guess is that comm cords are more likely on light transit type lines.