Tail Wags Dog?

Tucked away in the hills of eastern Pennsylvania is a 4.36-mile stretch of track that may become one of the biggest little railroads in the world. Its name: the Central Railroad Co. of Pennsylvania.

To its parent company, the Central Railroad Co. of New Jersey, C.R.P. last week offered the legal prospect of a haven from the franchise tax levied by the New Jersey tax collector. New Jersey uses the percentage of mileage of a railroad system within the state as a basis for its taxes on the railroad's earnings. Unfortunately, contends C.N.J., two-thirds of its mileage is in New...

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