Wikipedia:WikiProject Trains/ICC valuations/Hayts Corners, Ovid and Willard Railroad

Interstate Commerce Commission, Valuation Reports, Volume 34

The Hayts Corners, Ovid and Willard Rail Road

Location and General Description of Property

The railroad of The Hayts Corners, Ovid and Willard Rail Road Company, herein called the Hayts Corners, Ovid and Willard, is a single-track line extending in a westerly direction from Hayts Corners to Willard, N. Y., about 3 miles. This company owns only the grading, culverts, and ballast on this piece of road, the Lehigh Valley owning the track and structures.

Introductory

No accounting records of the Hayts Corners, Ovid and Willard have been obtained. Therefore, no information can be given from its accounts regarding its finances, operations, investments, or original cost. Certain information stated below has been obtained from the corporate history return and account ing records of the Lehigh Valley.

The Hayts Corners, Ovid and Willard is a corporation of the State of New York, having its principal office at New York, N. Y. 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.

From the date its property was placed in operation, in 1882, to January, 1891, the property of the Hayts Corners, Ovid and Willard was operated by predecessors of the Lehigh Valley Rail Way. From the latter date to date of valuation it has been operated by the Lehigh Valley, as lessee of the Lehigh Valley Rail Way.

Corporate History

The Hayts Corners, Ovid and Willard was incorporated September 15, 1882, under the general laws of the State of New York, for the purpose of building, maintaining, and operating a standard-gage railroad from Hayts Corners to Willard, N. Y. The date of organization is not indicated by the records reviewed.

Development of Fixed Physical Property

The property of this company, on date of valuation, consists of the grading culverts and ballast on about 3 miles of road. The Lehigh Valley Rail Way owns the track and structures. This railroad was constructed during the year 1882. The Geneva, Ithaca and Sayre Railway Company, a predecessor of the Lehigh Valley Rail Way, furnished the rails, ties, and other track material, and supervised the construction.

Leased Railway Property

The property of the Hayts Corners, Ovid and Willard has been operated by the Lehigh Valley from January, 1891, to date of valuation, under a lease agreement for 999 years from December 27, 1882. This agreement provides that the lessee shall pay all expenses, including repairs, maintenance, and taxes, should furnish the necessary equipment, and pay as rental $1 per annum. Under the terms of the lease agreement, the lessee retains all revenues from operations.