On February 1, 1968
the Pennsylvania Railroad and the New York Central Railroad merged to form
the Penn Central Railroad, The New York & Hartford ( NEW HAVEN
) merged at the end 1968. Penn Central also diversified it's investments
in other areas including real estate, insurance and other companies.
On Sunday, June 21, 1970 Penn Central Filed for bankruptcy
protection from it's creditors, although it's trains continued to run.
In addition to Penn Central, 6 other eastern rail services were also in
bankruptcy protection. This is where the U.S. Government stepped in, creating
the United States Railway Association in an effort to find a way to save
rail service in the North East., and so Conrail was born on April 1, 1976.