Wikipedia:WikiProject Trains/ICC valuations/Delaware and Northern Railroad

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The railroad of Delaware and Northern Railroad Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad, located in the southeastern part of New York. The owned mileage extends northeasterly from East Branch, to Arkville, N. Y., a distance of 37.276 miles, with a branch of 8.452 miles extending north from Andes Junction on the main line to Andes, N. Y. The total length of the main line and branch is 45.728 miles. The carrier also owns yard and side tracks totaling 6.210 miles. Its road thus embraces 51.938 miles of all tracks owned. In Appendix 1 will be found a general description of the property of the carrier.

Corporate history.—The carrier was incorporated on October 14, 1911, under the general laws of the State of New York. Its principal office is at Margaretville, N. Y. It is controlled by Joseph J. Jermyn, WH Serf, and Clyde C. Taylor, who, as trustees, hold, all of the common stock. The railroad was acquired by purchase from the receivers of Delaware and Eastern Railroad Company.

Predecessor Company

DELAWARE AND EASTERN RAILROAD COMPANY CORPORATE HISTORY

The Delaware and Eastern Railroad Company was chartered and incorporated on November 14, 1904, under the general railroad laws of the State of New York and on January 20, 1905, its organization was perfected.

The Delaware and Eastern Railroad Company acquired by construction about 45.89 miles of railroad extending from Arkville to East Branch, about 37.52 miles, with a branch of about 8.37 miles, extending from Andes Junction to Andes. The road was built by contract under the supervision of Searing and Company, bankers, of New York City. It was opened for travel, in sections, between June 5, 1906, and May 13, 1907.

The property was operated by the Delaware and Eastern Railroad Company from June 5, 1906, to May 1, 1907. On the latter date it was leased to Delaware and Eastern Railway Company, which owned no carrier property, for a period of 990 years, at an annual rental of $100, payment of interest on the funded unfunded debt, and $300 per annum for organization expenses. The lessee operated the property until February 25, 1910, when receivers took charge and continued operations until October 25, 1911. On the latter date the property which had been acquired under foreclosure proceeding on August 16, 1911, by a committee representing the bondholders was conveyed to the carrier.

HISTORY OF CAPITAL FINANCING