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Trainnews - volume 8 - issue 123 (International)
Posted by: Espee99 ()
Date: June 24, 2015 05:18PM

Trainnews - volume 8 - issue 123 (International) - 06/24/15

This day in Railroad History

June 24, 1970
The Lehigh Valley Railroad declared bankruptcy in the wake of the Penn Central. The PC bankruptcy relieved the PC of the obligation to to pay carhire and other fees, but other railroads' obligations to pay those same fees to the PC were not waived. This imbalance in payments would prove fatal to the financially frail LV Railroad. In 1972, the Lehigh Valley assumed the remaining Pennsylvania trackage of the Central Railroad of New Jersey, a competing coal road which had entered bankruptcy as well. The LV was sometimes known as the Route of the Black Diamond, named after the anthracite it transported. In 1976, major portions of the assets of the bankrupt Lehigh Valley Railroad were acquired by Conrail. The mainline across New Jersey and Oak Island Yard remain important to Norfolk Southern, CSX, and Conrail Shared Assets today.

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Trainnews - volume 8 - issue 123 (International)258 Espee99 06/24/2015 05:18PM

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