the LMR was a captive asset of the two larger railroads. On July 1, 1930, the lease with the Michigan Central Railroad was renewed. Even though its ownership was indirect, the New York Central's annual reports show ongoing investment in improvements on the LMR, albeit on a modest scale. For example, the 1932 report shows $8249.07 charged to the LMR. The 1968 merger between the New York Central and the Pennsylvania Railroad, creating a PRR-dominated Penn Central Railroad, presaged a change in the ownership of the Lansing Manufacturers Railroad. In a merger completed on July 23, 1969, the LMR was acquired by Penndel, a Penn Central holding company. At the time, the par value of the LMR was still $100,000—the original 1000 shares at $100, half owned by Penn Central and half by Michigan Central (itself 99.88% owned by Penn Central by this time). Penndel paid $48,000 for the LMR. The merger was unanimously approved by the stockholders of both corporations on December 23, 1968, and approved by the Interstate Commerce Commission on June 11, 1969. As with the many other railroads owned by Penndel, the LMR was to be operated by Penn Central under the terms of a 1957 lease between it and Penndel. After Penn Central's bankruptcy in 1970 and subsequent nationalization, the LMR became the property of Conrail. When CSX and Norfolk Southern purchased and divided up Conrail in 1999, the LMR became a Norfolk Southern property. In 2010, the Adrian and Blissfield Railroad leased the "5.1-mile" Lansing Manufacturers Railroad from Norfolk Southern as part of the deal creating the Jackson and Lansing Railroad. Operational By 1920, the operators boasted the LMR "makes a complete circuit of the city, connecting all the steam and electric lines." The Lansing Manufacturers Railroad and its successor operators built and serviced industrial spurs into many properties along its route. Among the most significant: At the Robert Street terminus: Olds Motor Works (1902-1908), which in time became a vast complex of General Motors facilities with twelve numbered tracks on site. The final customer was Lansing Car Assembly Plant #1, which was closed in 2005 and demolished in 2007. The Lansing Grand River plant now occupying this site does not receive rail service. Between West Street and Martin Luther King Avenue: New Hollow Yard, one of two nine-track flat-switched rail yards on the LMR, is found here. An interchange point with the Grand