Wikipedia:WikiProject Trains/ICC valuations/United States and Canada Railroad
Interstate Commerce Commission, Valuation Reports, Volume 143
The United States and Canada Railroad
[edit]Location and General Description of Property
[edit]The United States and Canada Railroad Company, herein called the United States and Canada Railroad, situated entirely within the State of New York, extending from the international boundary to Massena Springs, 22.177 miles.
Introductory
[edit]The United States and Canada Railroad is a corporation of the State of New York, having its principal office at Fort Covington, N. Y. No records prior to December 1, 1890, were obtained. The books opened on that date with transfer of balances for the preceding period were discontinued in June, 1902. In July, 1913, the carrier, as lessee, opened new books which contain the accounts of both the lessee and lessor. The investment in road and equipment account contains charges equal to the par value of the outstanding stock and bonds and the amount of indebtedness to the carrier. The company is controlled by the carrier, through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that the company controls any common-carrier corporation. The property has been operated, under lease, by the carrier since January 1, 1889, to date of valuation.
Corporate History
[edit]The United States and Canada Railroad was incorporated under the general laws of the State of New York as a consolidation of the United States and Canada Railroad Company (predecessor) and the Massena Springs and Fort Covington Railroad Company. Articles of consolidation dated May 17, 1888, were filed in New York July 6, 1888. Further information as to predecessors will be found in the section of this report devoted to those companies.
Development of Fixed Physical Property
[edit]The owned mileage of the company, 22.177 miles, was all acquired by consolidation. The property constructed by the consolidating companies and the years when the portions of the line were constructed are indicated in the following table:
| Mileage | |
|---|---|
| Acquired from the United States and Canada Railroad Company (predecessor), constructed by that company, Canadian boundary to Fort Covington, N. Y., December, 1883. | 1.000 |
| Acquired from the Massena Springs and Fort Covington Railroad Company, constructed by that company, Fort Covington to Massena Springs, N. Y.; construction commenced in 1883 and completed by the present company in 1888. | 21.000 |
| Total recorded mileage. | 22.000 |
| Difference between total recorded mileage and mileage inventoried as of date of valuation. | .177 |
| Mileage inventoried as of date of valuation. | 22.177 |
Leased Railway Property
[edit]This property is operated under lease by the carrier, the annual rental being equivalent to the interest on the first-mortgage bonds, or $11,250 per annum. The original lease, dated September 27, 1889, effective January 1, 1889, covers a period of 21 years. While it has not been formally renewed, the carrier operates the property under an implied lease, but in accordance with the terms of the original agreement.
Under the several agreements between the carrier and the Great Northwestern Telegraph Company, all of the telegraph property on the line of the United States and Canada Railroad, consisting of 22.10 miles of pole line, is jointly used. The ownership to the telegraph property is claimed by both companies. The terms of use and termination of the agreements referred to were not obtained.
Predecessor Companies
[edit]United States and Canada Railroad Company
[edit]The United States and Canada Railroad Company was incorporated May 26, 1883, under the general laws of the State of New York. No accounting records of this company were obtained. Therefore, no information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. However, the records of the successor company indicate that the capital liability of this company consisted of $20,000 par value of capital stock outstanding. The partially constructed property of the company was leased to the carrier. The lease agreement, dated October 31, 1883, was canceled in May, 1888. The owned mileage, amounting to about 1 mile, consists of a single track, standard-gauge, steam railroad, extending from the Canadian boundary to Fort Covington, N. Y., which was completed for operation in December, 1883. Owing to missing records, the outlay for the property to date of consolidation, July 6, 1888, can not be stated.
Massena Springs and Fort Covington Railroad Company
[edit]Introductory
The above-named company was incorporated September 12, 1884, under the general laws of the State of New York. It was controlled on date of consolidation, July 6, 1888, by Samuel W. Foster, of Montreal, Quebec, through ownership of a majority of the outstanding capital stock. On the other hand, the records reviewed do not indicate that the company, itself, controlled any common-carrier corporation. Although the property was consolidated under articles of consolidation dated May 17, 1888, and filed on July 6, 1888, the books of this company were closed as of June 30, 1888.
The railroad owned on date of consolidation amounted to about 21 miles and consisted of a single-track, standard-gauge, steam railroad, extending from Fort Covington to Massena Springs, N. Y. The property of this company was not operated prior to the date of consolidation.
Development of Fixed Physical Property
The entire 21 miles of railroad of the company was partly constructed by independent contractors in the later part of 1885, and was completed by the successor company late in 1888.