Wikipedia:WikiProject Trains/ICC valuations/Ontario, Carbondale and Scranton Railway
Interstate Commerce Commission, Valuation Reports, Volume 25
Ontario, Carbondale and Scranton Railway
[edit]The railroad of Ontario, Carbondale and Scranton Railway Company, herein called the Ontario, Carbondale and Scranton, is a partly double-track, standard-gauge, steam railroad, located in the south-central part of New York and the Northeastern part of Pennsylvania. The owned mileage extends in a general southerly direction from Cadosia, N.Y., to Scranton, Pa., and embraces 157.590 miles of all tracks.
Corporate History
[edit]The Ontario, Carbondale and Scranton was incorporated on October 3, 1889, under the general laws of New York and Pennsylvania, and on the same date, pursuant to an agreement dated April 15, 1889, the property, rights, and franchises of three other companies were consolidated to form the Ontario, Carbondale and Scranton. The three companies were incorporated on the following dates:
- The Scranton and Forest City Railroad Company, Nov. 21, 1886.
- Forest City and State Line Railroad Company, Mar. 22, 1889.
- The Hancock and Pennsylvania Railroad Company, Apr. 4, 1889.
The property of the Ontario, Carbondale and Scranton has been operated by the carrier since June 1, 1890, when it was opened for operation, under the terms of a lease dated May 10, 1890. The principal office of the Ontario, Carbondale and Scranton is located at New York, N.Y. The carrier controls the Ontario, Carbondale and Scranton through ownership of all of its capital stock. The detailed facts as to the development of the fixed physical property are given in Appendix 2.
Development of Fixed Physical Property
[edit]On the date of its incorporation, October 3, 1889, the Ontario, Carbondale and Scranton acquired, under an agreement dated April 15, 1889, a total of 53.788 miles of road from three predecessor companies, as follows: The Scranton and Forest City Railroad Company, 3.052 miles; [sic] State Line Railroad Company, 27.573 miles; and Hancock and Pennsylvania Railroad Company, 23.163 miles.
At the date of the consolidation all of the property described above was in course of construction. The carrier completed the road acquired from the Scranton and Forest City Railroad Company for account of the Ontario, Carbondale and Scranton, and the latter completed the roads acquired from the Forest City and State Line Railroad Company and the Hancock and Pennsylvania Railroad Company. Construction was completed on June 1, 1890, when the entire line was opened to traffic. In addition to the property acquired by consolidation and construction, the following extensions leading to mines have been built by the Ontario, Carbondale and Scranton and the carrier as lessee:
- Construction by the Ontario, Carbondale and Scranton, 8.672 miles:
- Northwest Junction to Northwest and Elk Creek Breaker, Pa., 5.427 miles.
- Archibald to Raymond Washer, Pa., .400 miles.
- Winton to Raymond River and Ontario Breaker, Pa., 2.845 miles.
- Construction by the carrier; Capouse Extension; Dickson to Sibley Junction, Pa., 9.283 miles.
Total, 17.955 miles.
Leased Railway Property
[edit]The Ontario, Carbondale and Scranton leased its property to the carrier for a term of 99 years from June 1, 1890, at a stipulated annual rental of $75,000, representing the interest on its funded debt, with an additional $3,000 per annum for organization expenses. The lessee further agreed to pay to the Ontario, Carbondale and Scranton 5 per cent of the gross earnings, not to exceed $75,000 per annum.
By amendment to the lease, effective December 1, 1910, the payment of the 5 per cent on gross earnings ceased and the annual payment for organization expenses was reduced to $600. The rental received by the Ontario, Carbondale and Scranton for the year ended on date of valuation amounted to $75,000. The 5 per cent of gross earnings received by the Ontario, Carbondale and Scranton under the terms of the original lease was applied to the liquidation of advances received from and obligations assumed by the carrier for account of the Ontario, Carbondale and Scranton, as previously explained.
The Ontario, Carbondale and Scranton has joint facility and other arrangements with the following companies, which are assumed by the carrier:
Use of 0.88 mile of road from Throop, Pa., to adjacent mines, owned by the Price-Pancoast Coal Company, which is controlled by the Ontario, Carbondale and Scranton. No considerations are given for the use of this facility.
Rent of land owned by the New York, Susquehanna and Western Railroad Company, located between Olyphant and Johnson Breakers, Pa., which is occupied by tracks of the Ontario, Carbondale and Scranton. No rental was recorded by the carrier for the use of this land during the year ended on date of valuation.
Terminal facilities of the Wilkes-Barre and Scranton Railway Company (The Central Railroad Company of New Jersey, lessee), located at Scranton, Pa. The details of the agreement and the rental paid by the carrier for the year ended on date of valuation are contained in the report on that company.