by kinlock
A big "paper railroad" that still exists after everything around it went away is the New York & Harlem Railroad.
It was chartered 1831, built a line from New York City to Chatham, then leased to the New York Central in 1873 for 401 years. Funny thing, it still exists and owns a lot of New York City real estate including Grand Central Terminal!
After Conrail, Penn Central began a new life with non-rail assets such as the gas pipeline company, coal leases, and real estate such as New York City's Grand Central Terminal and Park Avenue. It should be noted that one corporation that still remains as an asset of the successor company (American Premier Underwriters) is the New York & Harlem Railroad Co. This company, founded in 1831, is responsible for $7.8 million in (redeemable in gold) 3 ½ bonds due in 2043. These bonds are legally secured by the 127-mile right-of-way from New York City to Chatham AND by GRAND CENTRAL TERMINAL! Currently, these borrowings are rated "Baa1" by Moody's (not too bad since Penn Central seems to have sold off some of this property).
It was chartered 1831, built a line from New York City to Chatham, then leased to the New York Central in 1873 for 401 years. Funny thing, it still exists and owns a lot of New York City real estate including Grand Central Terminal!
After Conrail, Penn Central began a new life with non-rail assets such as the gas pipeline company, coal leases, and real estate such as New York City's Grand Central Terminal and Park Avenue. It should be noted that one corporation that still remains as an asset of the successor company (American Premier Underwriters) is the New York & Harlem Railroad Co. This company, founded in 1831, is responsible for $7.8 million in (redeemable in gold) 3 ½ bonds due in 2043. These bonds are legally secured by the 127-mile right-of-way from New York City to Chatham AND by GRAND CENTRAL TERMINAL! Currently, these borrowings are rated "Baa1" by Moody's (not too bad since Penn Central seems to have sold off some of this property).