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Railroad Transportation In The 1950's Essay

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The major decline in railroad transportation during the 1950’s was primarily due to the vast construction of interstate highway by the government. The Federal-Aid Highway Act of 1956 authorized the vast construction of 41,000 miles of roadway with a steep price of 25 billion dollars that would come from taxpayer money. With the increase in air and road travel, the need to travel by rail, in a less direct route, seemed unnecessary. This would ultimately leave railroad companies to believe traveling by rail was in a permanent decline. On February 18, 1947, the Pennsylvania Railroad (PRR) formally announced that they were operating at a loss. Yet, the president, Mr. Martin W. Clement, announced that the railroad is currently transporting more …show more content…

The plans called for a “complete modernization of the underground portion of the station and the erection of a new building of unannounced size above street level.” Architectural, economic and engineering studies were to be done to see what efforts could be done to further improve the site. This agreement, done behind closed doors and in complete silence, was officially disclosed on September 24, 1953. If the plans were to be set in stone, the Pennsylvania Railroad would receive $1,500,000 in rent from a long-term lease of 99 years. This would instead allow for PRR to lease the air rights rather then sell them. This tactic would help the railroad company rid itself of most of its debt. In addition to the rental income, the Madison Square Garden Corporation and the Pennsylvania Railroad signed an agreement that would allow for PRR to have a 25 percent stake in the Garden. These plans and agreements were the final step in assuring the PRR a solid and concrete future. With the above ground portion of Pennsylvania Station removed, the reduction of money used for maintenance would allow for PRR to finally earn a profit down the

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