For history and a picture of the railway:
http://www.mths.org/archive/landmarks/otis.html
There was a really great website out there with all of the history and great pictures, but the web site is down as of 10/1/11. I don't know if they just went the way of Facebook or what happened, but I wish I had swiped the images while I could. So much for linking to other web sites...
Here are some of our pictures from exploring what's left of the site of the railroad.
When hiking from the boat launch parking lot @ N/S Lake, you can see the "top" of the Otis Railroad cutout. See the Hudson River in the center, near the horizon.
Here, the wires run up the hill.
Further down the trail, you can look up to the "top" of the railroad cutout.
This is the view down the hill from the same spot (as the picture immediately above).
What remains of an old structure near the top of the Otis Railroad at North South Lake.
From the other side of the Hudson River, you can see the shadow of the cutout in the mountain from the old railroad. Click on the picture to enlarge / double click to really zoom.