When a New York City Subway train leaves to start a run, it is given a call sign based upon the time it left and where; in this case, Pelham Bay Park station at 1:23 p.m. A normal day on the subway is disrupted by the hijacking of a 6 train, designated Pelham One Two Three to indicate its point and time of origin.
The hijackers are led by Ryder, a former mercenary, and consist of disgruntled former motorman Longman; violent ex-Mafia thug Joey Welcome; and powerful, laconic brute Steever.
One of the hostages is an armed undercover police officer, who considers the odds too overwhelming to attempt any confrontation and remains seated and quiet.
While the city authorities weigh it up and agree to pay, the transit police try to figure out the hijackers' plan, particularly their escape from a tunnel while completely surrounded.
Eventually this policy was rescinded, but as of 1991, due to the superstitions involved, dispatchers have continued to avoid scheduling a Manhattan-bound train to leave Pelham at 1:23.