Wikipedia:WikiProject Trains/ICC valuations/State Line and Sullivan Railroad
Interstate Commerce Commission, Valuation Reports, Volume 34
State Line and Sullivan Railroad
[edit]Location and General Description of Property
[edit]The railroad of the State Line and Sullivan Railroad Company, herein called the State Line and Sullivan, is a single-track line extending northerly from Bernice Junction to Monroeton, Pa., 24.006 miles.
Introductory
[edit]The State Line and Sullivan is a corporation of the State of Pennsylvania, having its principal office at Dushore, Pa.
It is controlled by F. L. Dabney and Company, of Boston, Mass., which holds and votes 12,964 shares of a total of 18,632 shares of outstanding stock of the State Line and Sullivan. On the other hand, the records do not indicate that this company controls any common-carrier corporation.
The State Line and Sullivan operated its property with its own organization from the date it was purchased, December 2, 1874, to April 30, 1884. From May 1, 1884, to November 30, 1888, it was operated by the Pennsylvania and New York, and from December 1, 1888, to date of valuation by the Lehigh Valley.
Corporate History
[edit]The State Line and Sullivan was incorporated on December 2, 1874, under the general laws of the State of Pennsylvania, for the purpose of acquiring the franchises, rights, and property of the Sullivan and Erie Coal and Railroad Company, whose property had been sold under foreclosure proceedings on November 14, 1874. That company had been incorporated by a special act of the State of Pennsylvania approved March 23, 1865.
Development of Fixed Physical Property
[edit]The owned mileage of the State Line and Sullivan, 24.006 miles, was all acquired by purchase after foreclosure from the Sullivan and Erie Coal and Railroad Company. That company had acquired the road by construction, partly under contract and partly by its own forces. The road was partly opened for operation in August, 1870, and entirely completed and opened for operation in January, 1873.
Leased Railway Property
[edit]Effective May 1, 1884, the common-carrier property of the State Line and Sullivan was leased to the Pennsylvania and New York for a period of 50 years. Under the terms of the lease, the lessor agreed to pay $36,000 annual rental for the first three years and $40,000 per annum thereafter. Effective December 1, 1888, the Pennsylvania and New York leased its property and subleased that of the State Line and Sullivan to the Lehigh Valley, which has continued operations to date of valuation. The rental received by the State Line and Sullivan for the year ended on date of valuation was $40,000.
On December 24, 1902, the State Line and Sullivan leased its mining property to the Connell Anthracite Mining Company. Under the terms of the lease, the State Line and Sullivan receives 19 cents royalty per gross ton of coal mined.
Predecessor Company
[edit]Sullivan and Erie Coal and Railroad
[edit]The Sullivan and Erie Coal and Railroad Company was incorporated by special act of the State of Pennsylvania approved March 23, 1895. The property, rights, and franchises of the company were sold at foreclosure sale on November 14, 1874, and were conveyed to the State Line and Sullivan on December 2, 1874. On the date of its demise, the company owned about 24 miles of railroad extending from Dushore to Monroeton, Pa., and about 5,000 acres of coal land situated in Sullivan County, Pa. The railroad property was acquired by construction, partly by contract and partly by the company. The road was partly opened for operation in August, 1870, and entirely completed and opened for operation in January, 1873.
The accounting records of the company were incomplete and no entries were made therein after December 31, 1873.