[1] It was organized June 1, with president William Thaw of the PRR.

Tom Scott replaced Thaw as the president January 20, 1871.

On April 1 of that year the company began operating several railroads; others were acquired later.

Its new purpose was to diversify into real estate and other fields, and the company lasted through the 1968 PRR merger into Penn Central Transportation.

In 1973 or 1974 several subsidiaries were created – the Pennrec Company for theme park investments (including Six Flags Great Adventure and Stars Hall of Fame), the Penn Orlando Company, and Penn Arlington, Inc. (which bought Six Flags Over Texas from the Great Southwest Corporation).