Wikipedia:WikiProject Trains/ICC valuations/Cayuga and Susquehanna Railroad

Interstate Commerce Commission, Valuation Reports, Volume 39

The Cayuga and Susquehanna Railroad

Location and General Description of Property

The railroad of The Cayuga and Susquehanna Railroad Company, hereinafter called the Cayuga and Susquehanna, is a single-track line located within the State of New York and extending from Oswego to Ithaca, a distance of 34.385 miles. This company also owns lands at Scranton, Pa.

Introductory

The Cayuga and Susquehanna is a corporation of the State of New York, having its principal office in New York, N. Y. The records reviewed do not indicate that the company is controlled by any individual or corporation, nor, on the other hand, that it controls any common-carrier corporation. The property acquired by the Cayuga and Susquehanna was not operated from June 6, 1843, the date of acquisition, to December 19, 1849. From the latter date to December 31, 1854, it was operated by its own organization. Effective January 1, 1855, the property was leased by the Lackawanna which continued operations to December 31, 1917. From that date to date of valuation the property has been operated by the United States Railroad Administration as a part of the operating unit of the Lackawanna.

Corporate History

The Cayuga and Susquehanna was incorporated April 18, 1843, by special act of the State of New York for the purpose of acquiring the property, rights, and franchises of the Ithaca and Owego Railroad Company which had been incorporated January 28, 1828, by special act of the State of New York. Pursuant to the above purpose, the Cayuga and Susquehanna acquired by deed dated June 6, 1843, the property, rights, and franchises of the railroad company named above.

Development of Fixed Physical Property

The owned mileage of the Cayuga and Susquehanna, 34.385 miles, was acquired by purchase and construction, as indicated in the following table:

	Mileage
Acquired by construction:
Relocation of line between Carolina [sic - Caroline] and Ithaca, N. Y., 1849-1850.	9.309
Connection with The New York, Lackawanna and Western Railroad at Owego, N. Y., 1881-1882.	.95
Acquired by purchase from the Ithaca and Owego Railroad Company; constructed by that company, Owego to Ithaca, N. Y., 1833-1834.	29
	39.259
Less, portion of original line acquired from the Ithaca and Owego Railroad Company abandoned, constructed by that company:
Owego to Ithaca, N. Y., 1833-1834.	4.58
Minor extensions and abandonments.	.294
	4.874
Mileage inventoried as of date of valuation.	34.385

Leased Railway Property

The entire property of the Cayuga and Susquehanna is leased to the Lackawanna in perpetuity from January 1, 1855. The terms of the lease and the rental accrued for the year ended December 31, 1917, are given in the chapter on leased railway property of the report on the Lackawanna.

Predecessor Company

Ithaca and Owego Railroad Company

The accounting records of the Ithaca and Owego Railroad Company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain information given below was obtained from the printed reports of the Railroad Commissioners of the State of New York. The records reviewed did not indicate whether the company was controlled by any individual or corporation on May 20, 1842, the date of sale, or, on the other hand, whether it then controlled any common-carrier corporation. The Ithaca and Owego Railroad Company acquired by construction about 29 miles of railroad extending from Ithaca to Owego, N. Y., which was operated by its own organization during its entire life. On May 20, 1842, the property was sold at public auction for $18,000 of which $4,500 represented the amount paid for road, including land, and $13,500 amount paid for the equipment.