Pennsylvania New York Central Transp Co. 5 Shares Bond Stock Certificate 1968

Description

Title of 5 Shares
Pennsylvania New York Central Transportation Company
United States.  Bond Stock Certificate,
The Penn Central was created as a response to challenges faced by all three railroads in the late 1960s. The
Northeast United States
is the most densely populated region of the U.S. While railroads elsewhere in North America drew a sizable percentage of revenues from the long-distance shipment of commodities such as coal, lumber, paper and
iron ore
, northeastern railroads traditionally depended on a more heterogeneous mix of services, including:
commuter rail
/
passenger rail
service
Railway Express Agency
freight service
Break-bulk freight service via
boxcars
Consumer goods and perishables (produce and dairy products)
These labor-intensive, short-haul services were vulnerable to competition from automobiles, buses, and
trucks
, particularly where facilitated by four-lane
highways
. In 1956, the
U.S. Congress
passed the
Federal-Aid Highway Act of 1956
. This law authorized construction of the
Interstate Highway System
, which provided an economic boost to the trucking industry.
[1]
Another problem was the inability to respond to market conditions. At the time, U.S. railroads were
regulated
by the
Interstate Commerce Commission
(ICC), which did not allow railroads to change rates it charged both shippers and passengers. Reducing costs was the only way to survive and become profitable, but the ICC restricted what cost-cutting could take place. A merger seemed to be a promising way out of a difficult situation.
[2]
The
Pennsylvania Railroad
(PRR) and
New York Central Railroad
(NYC) had been significant rivals for most of the 20th century. Both railroads had physical plant not being utilized to capacity (though the NYC was in better shape); both had a heavy passenger business; neither was earning much money. Talks of a merger had been announced as early as 1957.
[2]
The initial reaction in the industry was utter surprise. Every merger proposal for decades had tried to balance the two giant railroads against each other and create two, three, or four more-or-less equal systems in the east. Traditionally, the PRR had been allied with the
Norfolk & Western
(N&W) and
Wabash
railroads; the NYC with the
Baltimore & Ohio
(B&O),
Reading
(RDG) and
Delaware, Lackawanna & Western
(DL&W) railroads. Any remaining players were swept up with the
Erie Railroad
and the
Nickel Plate
.
[2]
In addition, tradition favored end-to-end mergers rather than those of parallel railroads.
[2]
Planning and justifying the merger took nearly a decade, during which time the eastern railroad scene changed dramatically, in large measure because of the impending merger of the NYC and PRR. The Erie merged with the DL&W to create the
Erie Lackawanna Railway
(EL) in 1960, the
Chesapeake & Ohio Railway
(C&O) acquired control of the B&O, and the N&W took in several railroads, including the Nickel Plate and Wabash.
[2]
Year circulation of title :
1968
It has NO proofs of dividends.
The dimensions of share are:  30,5 X 20.5 cm.
====================================
ATTENTION:
You will take
A SHARE (STOCK CERTIFICATE)
as what
you see in the photograph of auction.
The number of stock certificate will be the SAME
with the one that you see in the photograph.
THE SHARE (STOCK CERTIFICATE)
IS :  VERY  FINE  CONDITION.
THIS SHARE  IS IN MEDIUM SIZE ...
IT IS  ALMOST FOLDED  IN 2.
====================================
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Items
shipped WORLDWIDE with
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The shipping cost for any additional with Stock Certificate item won is :
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Day of receiving depends from Countrie's Distance (2-15 working days).
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Year Foundation of company :
1968