Penn Central Company

Penn Central Company,

former U.S. transportation company, formed in 1968 by the merger of the New York Central RRNew York Central RR,
U.S. transportation compay formed in 1853 by the consolidation of many small New York state railroads. In 1867, Cornelius Vanderbilt became president of the railroad and, through a series of mergers, formed the New York Central and Hudson River RR Company,
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 and the Pennsylvania RRPennsylvania Railroad,
former U.S. transportation company; inc. 1846 by the Pennsylvania legislature. It opened in 1854 as a single-track line between Philadelphia and Pittsburgh.
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. By the early 1970s the railroad was bankrupt; in 1976 the U.S. government created Conrail from the Penn Central and five other failed eastern railroads. In 1994 the company became an insurance firm, American Premier Underwriters. Conrail itself was taken over in 1999 by the CSX and Norfolk Southern railroads.

Bibliography

See J. R. Daughen and P. Binzen, The Wreck of the Penn Central (1971, repr. 1999).

References in periodicals archive ?
If you think General Motors has a big problem with ineffective management, truculent unions, and declining market share, consider the Penn Central Company of the late 1960s.