Penn Central Corporation Bond Certificate

Description

Product Details
Nicely engraved antique bond certificate from the Penn Central Corporation dating back to the 1970's and 1980's. This document, which carries the printed signatures of the company Chairman of the Board and Secretary, was printed by the American Bank Note Company, and measures approximately 12" (w) by 8" (h).
The vignette features a quartet of Allegorical figures, a winged gear and a city skyline.
Images
The images presented are representative of the piece(s) you will receive. When representative images are presented for one of our offerings, you will receive a certificate in similar condition as the one pictured; however dating, denomination, certificate number and issuance details may vary.
Historical Context
The was created by the 1968 merger of the and railroads. The was added to the merger in 1969
Financial problems plagued the PC during its first couple years. Even though the merger had been planned for 10 years (on and off) before its inception, many problems faced the combined companies, such as incompatible computer systems and signaling systems.
Penn Central also invested in other companies, such as , , and other ventures (including and the New York Knicks and Rangers). The idea was to create a conglomerate corporation, with the as one part of it. This diversification program, even 20 years later, is a point of debate over the fall of the PC, as some people say funds that were invested in other companies could have been used to run the railroad.
The end came on Sunday, June 21, 1970, when the Penn Central filed for bankruptcy under Section 77 of the Bankruptcy Act. Because of the Section 77 filing, PC was protected from its creditors, and trains continued to run, while the financial losses continued to pile up.
Meanwhile, the U.S. Government created the United States Railway Association to develop a way to save rail services in the East, as the , Jersey Central, , , and Pennsylvania-Reading Seashore Lines were all in bankruptcy in addition to PC. The result was Conrail, which took over the above lines on April 1, 1976.
And what happened to the Penn Central Company? When Conrail was formed, the government bought PC's rail assets from the company, so the Penn Central Company (the former holding company for the PC railroad) still existed. PC entered into other non-railroad businesses, such as real estate and . Some of these businesses were some of the original diversification investments made before the bankruptcy. In 1995, Penn Central Corporation changed its name to American Premier Underwriters.