Corporations: City in the Sky

As they turn their backs on the job of transporting people, the managers of U.S. railroads are becoming increasingly enticed by the potential riches of real estate development. The valuable land beside their tracks or the air rights above them often present more beguiling opportunities for profits than running trains. Union Pacific is building apartments near Los Angeles and a hotel in Las Vegas. Penn Central, which has long earned a fat income from its holdings in midtown Manhattan, recently claimed front rank among builders of housing (9,000 units in 1969).

Last...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!