History question...
#3
Wouldn't be a matter of "buying" a defunct railroad back then. More like a buying up of the railroad's stocks. Sometimes, as with the case of the New Haven, leasing desirable routes, stipulating that their trains had priority. Eventually leading to the owner of the "right of way" the New Haven was leasing from, declaring bankruptcy, and the NH buying up the stock at a considerable small amount. Don't forget, that was the era of the "Robber Barons"

As with the case of the real Central New England(I model a modern version "What if"), the New Haven wanted the CNE's route and the bridge over the Hudson River in Poughkeepsie NY., to reach the coal fields in Pennsylvainia. They quietly started buying up stock. Since the NH was interchanging with the CNE, they purposely started delaying trains for interchange. Eventually, the CNE fially declared bankruptcy, and as with the norm for the NH, they bought the reamining stock.

Its your railroad. As long as the story sounds plausable , A neat thing would be to interlace actual history, of a fallen flag, with a plausible story of how your railroad came to being, such as I did with my Central New England.
You can read the history, actual and imaginary here:
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Torrington, Ct.
NARA Member #87
I went to my Happy Place, but it was closed for renovations.
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