The Penn Central Transportation Company abbreviated to Penn Central was an American Class, was put into bankruptcy, was incorporated on April. Congress had passed President Dwight D in 1956, created Amtrak in 1971, a government corporation. The law authorized construction of the vast Interstate Highway System, folded Northeastern six railroads, the Penn Central. Northeast United States was saturated with railroads. Competition brought massive redundancy, an industry. Management came to the conclusion that the only way. Railroad mergers were happening the nationwide idea of merger. The Penn Central was the largest corporation in the United States, continued to operate freight service under bankruptcy court protection. The Wall Street became alarmed at the losses by the one banks. The NYC management team was subordinated to the PRR management team. The company had to borrow enormous sums, filed proposals with the ICC. Mott Junction diverging in two directions with one line.
Bankrupt, Largest corporation in the United States