Wikipedia:WikiProject Trains/ICC valuations/Erie and Central New York Railroad
Interstate Commerce Commission, Valuation Reports, Volume 39
Erie and Central New York Railroad
[edit]Location and General Description of Property
[edit]The railroad of the Erie and Central New York Railroad Company, hereinafter called the Erie and Central New York, is a single-track line located within the State of New York and extending from Cortland Junction to Cincinnatus, a distance of 18.259 miles.
Introductory
[edit]The Erie and Central New York is a corporation of the State of New York, having its principal office at New York, N. Y. The accounting records of the Erie and Central New York prior to December, 1903, were not obtained and the information contained herein with respect to that period was taken from reports to us and to the New York State commission.
The Erie and Central New York is controlled by the Lackawanna through ownership of its entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company controls any common-carrier corporation.
The property of the Erie and Central New York was operated by its own organization from the date of acquirement thereof, May 24, 1902, to June 30, 1904, and, from the latter date to July 1, 1913, by the Lackawanna through stock ownership. From July 1, 1913, to December 31, 1917, it was operated by the Lackawanna and from January 1, 1918, to date of valuation it has been operated by the United States Railroad Administration as a part of the operating unit of the Lackawanna.
Corporate History
[edit]The Erie and Central New York was incorporated May 24, 1902, under the general laws of the State of New York, for the purpose of acquiring the property formerly owned by the Erie and Central New York Railway Company, which had been sold at foreclosure. The Erie and Central New York and its one predecessor, which underwent a change of name, comprise the line of corporate succession culminating in the company as at present constituted. The following chart shows the names of the corporations, the respective dates of incorporation, and for the predecessor the date of succession and the manner in which it was succeeded. Reference to each of these corporations is made in the last column by its respective number shown in the first column.
| No. | Name | Incorporation | Succession |
|---|---|---|---|
| 1 | Erie and Central New York Railroad Company. | Under general laws of New York, May 24, 1902. | |
| 2 | Erie and Central New York Railway Company. | See 3. | Sold at foreclosure Mar. 29, 1902, and acquired by 1, May 28, 1902. |
| 3 | Utica, Chenango and Cortland Railroad Company. | Under general laws of New York, Apr. 9, 1870. | Name changed to 2 May 10, 1883. |
Development of Fixed Physical Property
[edit]The owned mileage of the Erie and Central New York, 18.259 miles, extending from Cortland Junction to Cincinnatus, N. Y., was all acquired by purchase following a sale at foreclosure. The property was constructed by the Erie and Central New York Railway Company during the years 1897 and 1898.
Leased Railway Property
[edit]The entire property of the Erie and Central New York is leased to the Lackawanna for the full term of its corporate existence under an agreement dated July 1, 1913. Further details with respect to the leasing of the property are given in the chapter on leased railway property of the report on the Lackawanna.
Predecessor Company
[edit]Erie and Central New York Railway Company, Formerly Named Utica, Chenango and Cortland Railroad Company
[edit]The accounting records of the company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain information stated below was obtained from the reports of the New York State Engineer and the New York Railroad Commissioners. The records reviewed do not indicate whether the Erie and Central New York Railway Company was controlled by any individual or corporation on March 29, 1902, the date its property was sold at foreclosure, or, on the other hand, whether it then controlled any common-carrier corporation.
The property of the company was operated by its own organization from the date it was completed, April 28, 1898, to May 12, 1900, and from the latter date to the date of sale, by a trustee for the bondholders. The railroad owned by the Erie and Central New York on the date of sale consisted of 18.259 miles of single track, standard-gage, steam railroad, extending from Cortland Junction to Cincinnatus, N. Y., all of which was acquired by construction. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property of the Lackawanna.