What happened to the Erie Lackawanna Railroad?
In 1972, Hurricane Agnes destroyed many miles of track and related assets, especially in northeastern Pennsylvania and New York State’s Southern Tier. The cost of repairs, and the loss of revenue, forced the company into bankruptcy, filing for reorganization under Section 77 of the Federal Bankruptcy Act on June 26.
Who owns Erie Lackawanna Railroad?
The merger eliminated duplicating track, resulting in a 2,900-mile road. Despite this, the Erie Lackawanna became bankrupt in 1972 and was taken over by Consolidated Rail Corporation (q.v.; Conrail) in 1976.
When did the Erie Lackawanna Railroad?
The Erie-Lackawanna began as the New York & Erie Railroad Co., which was chartered in 1832-33 and commenced operations in 1841. The old NY&E disappeared under foreclosure in 1862, and the Erie Railway Co. took its place.
Who owned the Pennsylvania railroad?
In 1857, the PRR purchased the Main Line of Public Works from the state of Pennsylvania. This purchase included 275 miles (443 km) of canal, the Philadelphia & Columbia Railroad, and the New Portage Railroad (which replaced the now abandoned Allegheny Portage Railroad).
Who ran the Erie Railroad?
The Erie was controlled by Daniel Drew, an eccentric character who had made his first fortune as a cattle drover, walking herds of beef cattle from upstate New York to Manhattan in the early 19th century.
Who founded the Erie Railroad?
Enos T. Throop
New York and Erie Rail Road: 1832–61 The New York and Erie Rail Road was chartered on April 24, 1832, by Governor of New York Enos T. Throop to connect the Hudson River at Piermont, north of New York City, west to Lake Erie at Dunkirk.
What happened to the Penn Central railroad?
When the U.S. government refused to guarantee $200 million in emergency loans, Penn Central was forced to declare bankruptcy in June of 1970. At the time, Penn Central was the sixth largest corporation in the U.S., and its bankruptcy was the largest in American history.
Who was the one time head of the Pennsylvania Railroad?
FreightWaves Classics/Leaders: A.J. Cassatt led the Pennsylvania Railroad into New York City. Well-known in his day, he is almost universally unknown now. Alexander Johnston Cassatt was born in Pittsburgh on this date in 1839.
Who owned the Nickel Plate railroad?
On October 25, 1882, (a few days after the first trains ran) the Seney Syndicate sold the Nickel Plate to Vanderbilt for $7.2 million, equal to $202,200,000 today. Vanderbilt transferred it to his Lake Shore and Michigan Southern Railway.
Who controlled the Erie Railroad?
Why did Penn Central railroad fail?
Penn Central had a highly complex corporate structure and experienced a number of management failures. As losses mounted, the dividend was cut and the stock price plunged; Penn Central had to rely on issuing commercial paper at ever-increasing interest rates.
Who built the New York Central Railroad?
Enter Cornelius Vanderbilt, whose name remains synonymous with the New York Central Railroad. He was born in 1794 and at the age of 16 began his own ferry service between Staten Island and New York City.
What is the Erie Lackawanna Railroad Historical Society?
The Erie Lackawanna Railroad Historical Society, Inc., a historical society dedicated to preserving and disseminating information about the DL&W Railroad, the Erie Railroad, the Erie Lackawanna Railroad/Railway and related lines.
What happened to the Erie-Lackawanna Railroad?
The Interstate Commerce Commission approved the merger on September 13, 1960, and on October 17 the Erie Railroad and Delaware, Lackawanna and Western Railroad merged to form the Erie-Lackawanna Railroad. Trains at the Erie Lackawanna rail yard in Waldwick on April 25, 1970 The EL struggled for most of the 16 years it existed.
What happened to the Delaware and Lackawanna Railroad?
Incorporated in 1853, the DL&W was profitable during the first two decades of the twentieth century, but its margins were gradually hurt by declining traffic in coal and competition from trucks. In 1960, the DL&W merged with rival Erie Railroad to form the Erie Lackawanna Railroad.
Where were the Erie Lackawanna covered wagons in 1966?
A handsome set of Erie Lackawanna covered wagons, led by F7A #6111, layover in Binghamton, New York during February of 1966. American-Rails.com collection.