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The PRR was the largest railroad by traffic and revenue in the U.S. for the first half of the twentieth century. Over the years, it acquired, merged with or owned part of at least 800 other rail lines and companies. At the end of 1925, it operated 10,515 miles of rail line; in the 1920s, it carried nearly three times the traffic as other railroads of comparable length, such as the Union Pacific or Atchison, Topeka & Santa Fe railroads. Its only formidable rival was the New York Central (NYC), which carried around three-quarters of PRR's ton-miles.
At one time, the PRR was the largest publicly traded corporation in the world, with a budget larger than that of the U.S. government and a workforce of about 250,000 people. The corporation still holds the record for the longest continuous dividend history: it paid out annual dividends to shareholders for more than 100 years in a row.
In 1968, PRR merged with rival NYC to form the Penn Central Transportation Company, which filed for bankruptcy within two years. The viable parts were transferred in 1976 to Conrail, which was itself broken up in 1999, with 58 percent of the system going to the Norfolk Southern Railway (NS), including nearly all of the former PRR. Amtrak received the electrified segment east of Harrisburg.
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In those days, railroad modelers had to assemble and build everything from scratch. Steve Jr. created a "switch kit" which sold so well, that the entire family worked on them in the basement at night, while doing business as usual in the machine shop during the day.
Subsequently, Steve Jr. engineered the stapling of rail to fiber track, along with inventing the first practical rail joiner and pre-assembled turnouts and flexible track. All of these products, and more, helped to popularize model railroading and assisted in the creation of a mass-market hobby. The budding entrepreneur quickly outgrew the limitations of a basement and small garage operation. Realizing they could actually make a living selling track and related products, Steve and his father had the first factory built in Hillside, New Jersey at 413 Florence Avenue in 1947. On September 30, 1949, the Atlas Tool Company was officially incorporated as a New Jersey company.
In 1985, Steve was honored posthumously for his inventions by the Model Railroad Industry Association and was inducted into the Model Railroad Industry Hall of Fame in Baltimore, Maryland. In addition, Steve was nominated and entered into the National Model Railroad Association Pioneers of Model Railroading in 1995.
In the early 1990s, the Atlas Tool Company changed its name to Atlas Model Railroad Company, Inc.
Item created by: Bryan on 2016-07-30 14:48:00. Last edited by Bryan on 2016-07-30 17:48:00
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