The Pennsy purchased all outstanding stock of the Lehigh Valley Railroad. This was done because the LV
was basically broke. The Pennsylvania owned 44.4% of LV's capital stock--the Lehigh Valley and PRR all had
their hands in the Wabash and the "Pennsylvania Company", so the Pennsylvania made this move to protect
their own interests.
The Interstate Commerce Commission gave final approval for the PRR to gain full control in April 1962.