The following is a brief history of the North American rail system, mainly through major changes to Class I railroads, the largest class by operating revenue.
December 31: The ICC raises the minimum operating revenue from $1 million to $3 million effective January 1, 1956, dropping thirteen railroads to Class II:
September 25: Operations cease on the Rutland Railway due to a strike, and abandonment is approved in 1963. The state of Vermont will buy much of its property, and the Vermont Railway (not Class I) will begin operating the main line in January 1964.
Together with the mid-1965 demise of the Pacific Electric Railway, this reduces the number of Class I railroads from 98 at the end of 1964 to 76 as of December 31, 1965.[120]
April 1: The government-owned Consolidated Rail Corporation begins operations, replacing a number of bankrupt Northeastern railroads and their subsidiaries. This includes many existing and former Class I railroads:[8]
Ann Arbor Railroad (subsidiary), bankrupt since October 15, 1973; property acquired by the state of Michigan.[113] Conrail operates it until October 1, 1977.
Lehigh and Hudson River Railway (joint subsidiary of Central of New Jersey, Erie Lackawanna, Lehigh Valley, and Penn Central; no longer Class I), bankrupt since April 19, 1972
December 31: The ICC raises the minimum operating revenue from $5 million to $10 million effective January 1, 1976, dropping nine railroads to Class II:
Railroads in italics meet the revenue specifications for Class I status, but are not technically Class I railroads due to being passenger-only railroads with no freight component.
This page is based on this Wikipedia article Text is available under the CC BY-SA 4.0 license; additional terms may apply. Images, videos and audio are available under their respective licenses.