Description: New York Central Harlem Division. This railroad is operated as far north as Wassaic by Metro North Railroad. The New York & Harlem Railroad Company, founded in 1831, is responsible for $7.8 million in (redeemable in gold) 3 ½ bonds due in the year 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).
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