Penn Central disappeared as a railroad on April 1, 1976, when many of its railroad assets were absorbed by the newly-formed Consolidated Rail Corporation.
But Penn Central as a corporate entity continued to exist because it had extensive real estate holdings.
The railroad of the name Penn Central is far better known than the Penn Central Corporation, which continue to hold and manage the non-rail assets owned by the railroad that Conrail didn’t want.
A decade after Penn Central, the railroad, ceased to operate, Penn Central, the corporation, continued to sell and manage those assets. It even reorganized itself on Oct. 24, 1978, when it adopted the Penn Central Corporation moniker, and on March 28, 1994, when it was renamed American Premium Underwriters.
That suggests an insurance company, which is exactly what it was. It had its headquarters in Cincinnati and later was acquired by American Financial Group.
But enough history of Penn Central the financial company. Penn Central the railroad best known for seeking bankruptcy protection in June 1970 still lives if you look for it.
You can find vestiges of PC in the Mad River & NKP Railroad Museum as well as on the sides of covered hopper cars.
I present here a gallery of Penn Central memories that were still living that I found in the past year and a half at various locations in Ohio.