The Instant Failure of Penn Central | The Largest Bankruptcy of its Time | History in the Dark

History in the Dark
History in the Dark
90.3 هزار بار بازدید - 2 سال پیش - The late 1950's and into
The late 1950's and into the 60's were a time of great concern for many of America's railways. Facing increased competition from cars, trucks, and aircraft, the railroads were struggling to stay afloat and many looked to merge with former rivals to survive. One such merger happened between the Pennsylvania Railroad and New York Central. The companies had been historic competitors and occupied much of the same territory. However, facing down the realities of a shifting world, they chose to join forces and become the massive entity known as Penn Central. However, the new company would be doomed to failure from the start. Consistent mismanagement and wasted resources caused it to hemorrhage money constantly, resulting in what was at the time the largest bankruptcy in United States history.

0:00 - Intro
1:47 - The Backstory
5:45 - The Merge
11:31 - The Madness
22:24 - The End

"The Penn Central Transportation Company, commonly abbreviated to Penn Central, was an American class I railroad that operated from 1968 to 1976. Penn Central was a combination of three railroads: the Pennsylvania Railroad (PRR), New York Central System (NYC) and the New York, New Haven and Hartford Railroad (NH). The NH was merged into Penn Central on January 1, 1969. The legal entity that eventually became the Penn Central Transportation Company was the former Pennsylvania Railroad, which absorbed the New York Central as part of the original 1968 merger and, at the same time, began using the Penn Central name to reflect its merger with the New York Central. The company remained headquartered in Philadelphia after its merger with the New York Central. By 1970, the company had filed for what was, at that time, the largest bankruptcy in U.S. history."

🚂 Further reading 🚂
https://en.wikipedia.org/wiki/Penn_Ce...
https://en.wikipedia.org/wiki/Conrail
https://en.wikipedia.org/wiki/Stagger...
https://www.american-rails.com/pc.html
https://railfan.com/penn-central-fift...

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2 سال پیش در تاریخ 1401/05/27 منتشر شده است.
90,374 بـار بازدید شده
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