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Conrail transfer caboose 18065 brings up the rear of a local freight passing Porter, Indiana, in the early 1990s. Conrail began turning a profit by 1981, the result of the Staggers Act freedoms and its own managerial improvements under the leadership of L. Stanley Crane, [12] who had been chief executive officer of the Southern Railway. [14]
The Consolidated Rail Corporation (Conrail) was formed on April 1, 1976 not by a standard merger, but as a new government corporation that took over only designated lines and other rail-related assets from the existing bankrupt companies. Seven major companies were included:
Therefore, the EL petitioned and was accepted into Conrail at the last minute. In 1976, much of the company's railroad assets were thus purchased by the federal government and combined with other companies' railroad assets to form Conrail. An independent Erie Lackawanna Estate continued in existence for several years thereafter.
Map of Final System Plan Freight Service Lines Operated by Conrail. Plan formulated by United States Railway Association. Date: July 1975: Source "United States Railway Administration Final System Plan" Author: United States Railway Association, Washington, DC: Permission (Reusing this file)
In December 1977, Conrail was set to abandon 25 miles (40 km) of their ex-New York Central Railroad trackage between Kankakee and Sheldon, Illinois, when instead it was purchased by Beaverville businessman Fey Orr to service his lumber and agricultural products industry based there.
Conrail's ownership is traced back to the Penn Central Transportation Company and prior to that, the New York Central Railroad and Pennsylvania Railroad. CPKC's ownership is through its subsidiary, the Soo Line , which inherited it from the Chicago, Milwaukee, St. Paul and Pacific Railroad (also known as the "Milwaukee Road").
Conrail was created in 1976 to pick up the pieces of several railroads that had fallen into bankruptcy, which largely included the Penn Central. By 1981, Conrail was turning into a profitable operation, due in part to the Staggers Rail Act of 1980. Around this time, Conrail began an extensive double tracking and upgrading of the former C&P ...
The Connecting Railway survived as a separate corporation through the Penn Central merger, but all its tracks were sold to Conrail and Amtrak in 1976 and the corporation was subsequently dissolved. The main line became part of the Northeast Corridor , and the Chestnut Hill Branch was sold to SEPTA in 1983 (although Conrail continued switching ...