The failing New York Central was in worse shape than Young had bargained for and he committed suicide shortly after being forced to suspend the dividend in January 1958.

[citation needed] After Young's death, his role in NYC management was assumed by his protégé Alfred E. Perlman.

Although much had been accomplished to streamline NYC operations, in those tough economic times, mergers with other railroads were seen as the only possible road to financial stability.

During the early 1960s, New York Central negotiated a merger with the Pennsylvania Railroad (PRR), which was led by Stuart T. Saunders after 1963.

The company's residual railroad investments led to president and CEO John J. Burns serving on the board of Burlington Northern Santa Fe Corporation from 1995 to 2004.