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Craig D. Robins, Esq. New York Bankruptcy Attorney, Longisland bankruptcy attorney

“ Craig D. Robins, Esq., has been a practicing Long Island bankruptcy attorney for over twenty-four years ”

Craig D. Robins, Esq.

Long Island Railroad Was In Bankruptcy

Posted on Wednesday (July 8, 2009) at 6:08 pm to Bankruptcy and Society
Long Island Economy

The Long Island Railroad was in bankruptcy in 1949.  Copyright and photo by Craig D. Robins.
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Written by Craig D. Robins, Esq.
 
Here is a fact that only a few historians probably know:  The Long Island Railroad filed for bankruptcy in March, 1949.
 
In the 1940’s, LIRR costs had greatly increased, but because of government regulation, railroads were not permitted to raise fares.  In addition, in the years after World War II, the rise of the automobile and improved air travel caused passenger rail service to decline dramatically.  These elements created great financial difficulty. 
 
At the time, the LIRR was owned by the Pennsylvania Rail Road.  When the LIRR’s debts got to be too much, the Pennsylvania Rail Road stopped paying them and put the LIRR into bankruptcy. At the time of the bankruptcy, Pennsylvania transferred the LIRR to a subsidiary, the American Contract and Trust Company. 
 
Eventually, Governor Nelson Rockefeller created the MTA which took over the LIRR in 1966.
 
Notes about the photograph:  In the rare time that I take off from my Long Island bankruptcy practice, I like to take fine art photography images.  I personally took this photograph at the Montauk Train Station in 2006.  It was published by both The New York Times and Newsday, and it is in the permanent collection of the Long Island Museum in Stony Brook, where it won their first annual juried photograph competition in 2007 out of about 400 entrires.
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