After the corporation\'s bankruptcy on the brilliant Depression, control of any business fell into your own hands associated with Robert Ralph Young AND Allan Price Kirby. Young used this company to be a vehicle intended for his vendetta against the J.P. Morgan banking interests, that had financed your Van Sweringens AS WELL AS managed to defeat them and also the Vanderbilt interests with a great 1954 proxy fight because of its New York Central Railroad. your own failing New York Central was with worse shape compared to Young had bargained regarding IN ADDITION TO he committed suicide shortly following being required to suspend ones dividend throughout January 1958. soon after Young's death, his role within NYC management feel assumed via his protégé Alfred E. Perlman. although much had been accomplished to help streamline NYC operations, within anybody tough economic times, mergers inside various other railroads were seen Equally your own singular possible road to be able to financial stability. the many likely suitor became your own NYC's former arch-rival Pennsylvania Railroad. during your early 1960s, New York Central negotiated a merger with the Pennsylvania Railroad (PRR), in which was led via Stuart T. Saunders after 1963. Saunders had most recently led ones Norfolk AND ALSO Western Railway by having a successful expansion throughout acquisition AS WELL AS mergers like your Virginian Railway, Nickel Plate Road AS WELL AS Wabash Railway. There was wonderful hope This success would result by the NYC-PRR combination. Penn Central Transportation corporation are formed because of the merger from February 1, 1968. However, the underlying financial weakness regarding both former railroads, combined with the fact how the ICC forced your current chronically weak New Haven Railroad directly into the system, doomed the Penn Central AND ALSO bankruptcy am declared shortly a good little a lot more than 3 many years later, with June 21, 1970. a lot of of your Penn Central railroad assets ended up throughout Conrail, formed inside 1976. ones bankruptcy of the Penn Central railroad mostly ended Alleghany's involvement at the railroad business.
The businesses residual railroad investments led to president ALONG WITH CEO John J. Burns serving for the board regarding Burlington Northern Santa Fe company from 1995 for you to 2004.
Now Alleghany business focuses towards insurance institution (property, casualty, surety AND ALSO fidelity insurance). Until his death with February 2011, Allan Kirby's son, Fred M. Kirby 2nd, \'m your own chairman of any board AND a sometime member of any Forbes 400 number involving richest Americans.
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