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Penn Central Corporation 1979
Beautifully engraved certificate from the Penn Central Corporation
issued in 1978. This historic document has an
ornate border around it with a vignette of allegorical men and women standing beside a gear with wings. This item has the printed signatures of the company’s chairman of the board and secretary and is
over 28 years old.
Pennsylvania Railroad Company was the largest of the trunkline railroads that connected the East Coast of the United States with the interior. It was chartered in 1846 by the Pennsylvania legislature to build a line between Harrisburg and Pittsburgh. Its first passenger train ran in 1848 between Philadelphia and Pittsburgh.
Through buying the Pittsburgh, Fort Wayne and Chicago Railway, the railroad reached Chicago in 1856. After the American Civil War the railroad expanded to St. Louis, Mo., and Cincinnati, Ohio, in the west and to New York City, Washington, D.C., and Norfolk, Va., in the south and east, ultimately becoming a 10,000-mile (16,000-kilometre) system. In 1910, with the completion of a tunnel under the Hudson River, it became the only railroad to enter New York City from the south. It also acquired control of the Long Island Railroad Company.
Throughout most of its history the Pennsylvania was a prosperous railroad, losing money for the first time in 1946. It suffered from the disadvantage that its route to Chicago had to cross the Appalachians, with grades of greater than 0.5 percent. Its chief competitor, the New York Central, had a water-level route to Chicago. In February 1968 the two railroads merged to form the Penn Central Transportation Company, which absorbed the New York, New Haven and Hartford Railroad Company the following year. The new corporation also had a number of subsidiaries in real estate, oil refining, and a variety of other industries.
Penn Central encountered serious management and financial difficulties, however, and was forced into bankruptcy in June 1970. Its passenger services were taken over by the federally established National Railway Passenger Corporation (Amtrak) in 1971. The Penn Central continued to lose money, and, when efforts at reorganization failed, the assets of the railroad were acquired by Consolidated Rail Corporation (Conrail) in April 1976. Operation of the New York-Washington route was later transferred to Amtrak.
The Penn Central Corporation continued in business as a diversified corporation not connected with the railroad industry. 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.
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