Pennco, holding company of Penn Central Trans.
A Corporate History

Pennco was created in 1968 by the merger of the New York Central's and the Pennsylvania Railroad's holding companies.  It currently serves as the holding company for all of Penn Central Transportation Company's non-railroad revenue.  Pennco is also the owner of Penn Central Transportation Company, including the locomotive fleet (locomotive's leased to the railroad).  Pennco is overseen by the PCT Board of Directors, headed up by the CEO, who appoints various persons to oversee Pennco's assets (Vice Presidents).
At the time of it's creation, it was viewed as a gateway to major diversification. Following the bankruptcy in 1970, focus shifted towards the railroad revenue.  PCT was placed first, while the other assets were either sold off or scaled back.  This policy was in effect well into the mid-Eighties.
Following Edward Claypole's arrival (1995) as CEO, the focus has now widened to include the diversification, yet keep the railroad as the primary money-maker. Below are just a few examples of the subsidiaries owned and operated by Pennco today.
Companies and railroads included, but not limited to:
 - Pennsylvania Trucking Company
 - American Mutual Associates Insurance (formerly PC Mutual)
 - Syntonic Radio, Inc.
 - Toronto, Hamilton & Buffalo Railroad
 - Indiana Harbor Belt Railroad
 - Ohio Central Railroad
Stocks included, but not limited to:
 - 20% Guilford System Railroad
 - 5% Bessemer & Lake Erie Railroad
 - 12% LTV Steel Corporation
 - 2% General Motors Corporation
Real Estate included, but not limited to:
 - Madison Square Garden/Penn Station, $150 million
 - Manhattan Island, NYC, $25 million
 - Philadelphia, PA, $10 million
 - Washington D.C., $7.5 million 
NOTE: 
 - P&LE (Pittsburgh & Lake Erie) [former NYC holding] sold off in 1978, incorp-
orated into Chessie System in 1997.
 - P&E (Peoria & Eastern) / T&OC (Toledo and Ohio Central), both former NYC holdings, fully incorporated into PC in 1993.
 - PR&SS (Pennsylvania, Reading & South-Shore), former PRR holding, aban-
doned 1981.