LEHIGH VALLEY RAILROAD COMPANY

American railroad whose growth was based on hauling coal from the anthracite mines of northeastern Pennsylvania. Originally founded in 1846 as the Delaware, Lehigh, Schuylkill, and Susquehanna Railroad Company, it changed its name to Lehigh Valley in 1853. It acquired other small lines in Pennsylvania and New Jersey until it reached New York City in the east and Buffalo in the west, for a total length of about 1,400 miles (2,250 km). With the decline of anthracite as a heating fuel, the Lehigh entered upon bad years until by the end of the 1950s it was near bankruptcy. In 1962 the Pennsylvania Railroad Company purchased most of the Lehigh stock, but the line continued to decline and entered bankruptcy in 1970. Most of its assets were absorbed by the federally chartered Consolidated Rail Corporation (q.v.) in 1976.