Wikipedia:WikiProject Trains/ICC valuations/Lehigh Valley Transportation Company
Interstate Commerce Commission, Valuation Reports, Volume 34
Lehigh Valley Transportation Company
[edit]Location and General Description of Property
[edit]The property of the Lehigh Valley Transportation Company consists of six steamships used in lake transportation service between Buffalo, N. Y., Chicago, Ill., and Duluth, Minn.; sundry floating equipment used in freight transfers in New York Harbor; and a fleet of seagoing tugs and barges used in transporting coal between the coal piers at Perth Amboy, N. J., and various New England coastwise cities.
Introductory
[edit]In the following report the present company and its predecessor, both of which were incorporated under an identical title, will be identified by the year of incorporation shown after the name.
The Lehigh Valley Transportation Company (of 1901) is a corporation of the State of New Jersey, having its principal office at Perth Amboy, N. J. It is controlled by the Lehigh Valley through ownership of the entire outstanding capital stock. On the other hand, the records do not indicate that this company controls any common-carrier corporation. The property of the company has always been operated by the Lehigh Valley.
Corporate History
[edit]The Lehigh Valley Transportation Company (of 1901) was incorporated July 22, 1901, under the general laws of the State of New Jersey. The purposes for which the company was incorporated were to operate vessels upon the high seas and navigable waters connected therewith or tributary thereto, and upon the lakes, rivers, and inland waters of, in, and adjacent to the States of New Jersey and New York, upon the Great Lakes, and the streams or the waters connected therewith or tributary thereto.
In addition to the purposes mentioned above the company was incorporated for the purpose of acquiring the property of the Lehigh Valley Transportation Company (of 1882), whose charter expired by limits on February 7, 1902.
The date of organization of the Lehigh Valley Transportation Company (of 1901) was July 24, 1901.
Development of Fixed Physical Property
[edit]The property owned by this company on date of valuation consists entirely of floating equipment used in the freight service on the Great Lakes, the Atlantic Ocean, the rivers and inland waters of, in, and adjacent to the States of New York and New Jersey, and upon the navigable tributaries of the Atlantic Ocean.
The floating equipment of the Lehigh Valley Transportation Company (of 1882) was acquired by purchase from that company. The records reviewed do not indicate what units of floating equipment were so acquired. The present company has added to the units of floating equipment as needed and has improved the existing units from time to time.
Leased Railway Property
[edit]The property of the Lehigh Valley Transportation Company (of 1901) devoted to common-carrier purposes has been operated by the Lehigh Valley from the date the property was acquired to date of valuation, through ownership of the entire outstanding capital stock. The Lehigh Valley makes no accounting to the owning company of the results from such operations, but merges the revenues and expenses with those of its own property.
Predecessor Company
[edit]Lehigh Valley Transportation Company (of 1882)
[edit]The Lehigh Valley Transportation Company (of 1882) was incorporated February 7, 1882, under the general laws of the State of New York, for a period of 20 years. Its organization was perfected on February 23, 1882. The charter of the company authorized it to construct, operate, and maintain vessels upon the lakes, rivers, and other navigable waters of the United States. The charter of the company expired by limitation on February 7, 1902, on which date all of its property and other assets were acquired by the Lehigh Walley Transportation Company (of 1901), a corporation by the same name which had been incorporated in the State of New Jersey on July 22, 1901, for the purpose of taking over and operating the property of the Lehigh Valley Transportation Company (of 1882).
On February 7, 1902, the company owned floating equipment consisting of steamers, tugs, steam lighters, and barges, which were being operated by the Lehigh Valley on the Great Lakes and the inland waters of, in, and adjacent to the States of New York and New Jersey.
The records of the company indicate that all of its financing was arranged for it by the Lehigh Valley.