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The Penn Central Transportation Company, commonly abbreviated to Penn Central, was an American class I railroad that operated from 1968 to 1976. Penn Central combined three traditional corporate rivals (the Pennsylvania, New York Central and the New York, New Haven and Hartford railroads), all united by large-scale service into the New York metropolitan area and (to a lesser extent) New ...
American railroad company Penn Central Transportation Company declared bankruptcy on June 21, 1970, two and a half years after its formation by the merger of the New York Central Railroad and the Pennsylvania Railroad. At the time, this was the largest bankruptcy in American history. [1] Penn Central was responsible for a third of the nation's ...
The Empire Transportation Company was founded in 1865 by Joseph D. Potts and became a multi-modal freight transportation subsidiary of the Pennsylvania Railroad. It owned oil tanker cars and used them to transport refined oil for mostly independent oil refiners during the era of John D. Rockefeller's and Standard Oil's oil refinery mergers of ...
U.S. Const. amend. Penn Central Transportation Co. v. New York City, 438 U.S. 104 (1978), was a landmark United States Supreme Court decision on compensation for regulatory takings. [1] Penn Central sued New York City after the New York City Landmark Preservation Commission denied its bid to build a large office building on top of Grand Central ...
The federal government created Conrail to take over the potentially profitable lines of multiple bankrupt carriers, including the Penn Central Transportation Company and Erie Lackawanna Railway. After railroad regulations were lifted by the 4R Act and the Staggers Act, Conrail began to turn a profit in the 1980s and was privatized in 1987.
On February 1, 1968, the PRR merged into Pennsylvania New York Central Transportation. The following PRR-owned and leased companies were still separate at the time of the Penn Central merger: Pennsylvania-Reading Seashore Lines; Baltimore and Eastern Railroad
Alfred Edward Perlman (November 22, 1902—April 30, 1983) was a railroad executive, having served as president of the Penn Central Transportation Company and its predecessor, the New York Central Railroad, and later, president of the Western Pacific railroad presiding over its successful turnaround before being absorbed into the present day Union Pacific system.
The Penn Central continued to operate as a freight-only railroad, but reorganization efforts failed. In March 1976, Railroad Revitalization and Regulatory Reform Act folded the remainder of the Penn Central into Conrail as well. Limited rights of way and minor trackage continued to be held by a new firm, the Penn Central Company.