Sept. 23, 1952 Stock Certificate 'The Pennsylvania Railroad Company' Philadelphia, PA 100 Shares Grades. The Pennsylvania Railroad Company also known as the "Pennsy", was an American Class I railroad that was established in 1846 and headquartered in Philadelphia, Pennsylvania. It was named for the commonwealth in which it was established. At its peak in 1882, the Pennsylvania Railroad was the largest railroad (by traffic and revenue), the largest transportation enterprise, and the largest corporation in the world. After a long period of decline and an attempted merger with its rivals in 1968, the Pennsy was forced into bankruptcy and its assets were combined with several other failing railroads to form Conrail.