Wikipedia:WikiProject Trains/ICC valuations/Lehigh Valley Railway

Interstate Commerce Commission, Valuation Reports, Volume 34

The Lehigh Valley Rail Way

Location and General Description of Property

The railroad of The Lehigh Valley Rail Way Company, herein called the Lehigh Valley Rail Way, consists of a double-track line extending in a general northwesterly direction from the Pennsylvania-New York State line, near Sayre, Pa., to Buffalo, N. Y., with single-track branches extending from Van Etten Junction, via Ithaca, to Geneva Junction; from Elmira to Camden; from Auburn Junction to Ithaca Junction; from Geneva Junction to Seneca Falls and Cayuga Junction; from Geneva to Naples; from the Pennsylvania-New York State line to Waverly; from Rochester to Hemlock; from Niagara Junction to Tonawanda Junction, and a double-track branch in the city of Buffalo to reach terminals at Tifft Farm on Lake Erie. This company also owns yard tracks and other terminal property in New York City at One hundred and forty-ninth Street station, which are also used by the Lehigh Valley. The entire property of the company is situated in the State of New York. The total road mileage embraced in the above described main line and branches is 518.919.

Introductory

The Lehigh Valley Rail Way is a corporation of the State of New York, having its principal office at Buffalo, N. Y. It is controlled by the Lehigh Valley through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company controls any common-carrier corporation. The property of the Lehigh Valley Rail Way has always been operated by the Lehigh Valley.

Corporate History

The Lehigh Valley Rail Way was incorporated June 23, 1890, under the general laws of New York through filing with the secretary of state of the State of New York an agreement for the consolidation of the properties, etc., of the Lehigh Valley Railway Company; the Buffalo and Geneva Railway Company, and the Geneva and Van Ettenville Railway Company.

Pursuant to the above purpose, the Lehigh Valley Rail Way acquired at its organization the property, rights, and franchises of the 3 railroad corporations named. It subsequently acquired the property, rights, and franchises of 8 other railroad corporations. The Lehigh Valley Rail Way, itself, and those corporations, together with their predecessors, total 33 different corporations, of which 1 underwent a change of name, and comprise the line of corporate succession culminating in the Lehigh Valley Rail Way as at present constituted.

The following chart shows the names of the corporations, the respective dates of incorporation, and for each predecessor the date of succession, the immediately succeeding corporation, and the manner of succession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.

No.	Name	Incorporation	Succession
1	The Lehigh Valley Rail Way Company.	Under general laws of New York, June 23, 1890.
2	Lehigh Valley Railway Company.	Under laws of New York, Mar. 23, 1882.	Consolidated with 3 and 4 to form 1, June 23, 1890.
3	Buffalo and Geneva Railway Company.	Under laws of New York, Feb. 28, 1889.	Consolidated with 2 and 4 to form 1, June 23, 1890.
4	Geneva and Van Ettenville Railway Company.	Under laws of New York, Mar. 7, 1889.	Consolidated with 2 and 3 to form 1, June 23, 1890.
5	The Geneva and Sayre Railroad Company.	Under laws of New York, Aug. 28, 1889.	Conveyed to 4, May 13, 1890.
6	The Geneva, Ithaca and Sayre Railroad Company.	Under laws of New York, Oct. 2, 1876.	Conveyed to 5, Aug. 27, 1889.
7	Geneva, Ithaca and Athens Railroad Company.	Under laws of New York, May 25, 1874.	Conveyed to 6, Sept. 30, 1876.
8	The Geneva and Ithaca Rail Road Company.	Under laws of New York, June 7, 1870.	Consolidated with 9 to form 7, May 25, 1874.
9	Ithaca and Athens Railroad Company.	See 10.	Consolidated with 8 to form 7, May 25, 1874.
10	The Ithaca and Towanda Rail Road Company.	Under laws of New York, Dec. 22, 1865.	Name changed to 9, Feb. 18, 1870.
11	The Cayuga Southern Railroad Company.	Under laws of New York, Sept. 25, 1877.	Conveyed to 6, Apr. 16, 1879.
12	The Cayuga Railway Company.	Under laws of New York, Oct. 1, 1874.	Conveyed to 11, Sept. 25, 1877.
13	The Cayuga Lake Railroad Company.	Under laws of New York, July 1, 1867.	Conveyed to 12, Oct. 1, 1874.
14	Auburn and Ithaca Railway Company.	Under laws of New York, Oct. 8, 1889.	Conveyed to 4, May 13, 1890.
15	The Depew and Tonawanda Railroad Company.	Under general laws of New York, July 16, 1895.	Conveyed to 1, Aug. 3, 1903.
16	Rochester Southern Railroad Company.	Under general laws of New York, Aug. 14, 1895.	Conveyed to 1, Aug. 3, 1903.
17	The Rochester and Southern Railroad Company.	Under laws of New York, May 5, 1895.	Consolidated with 18 to form 16, Aug. 14, 1895.
18	The Rochester and Honeoye [sic] Railroad Company.	Under laws of New York, Jan. 14, 1888.	Consolidated with 17 to form 16, Aug. 14, 1895.
19	The Seneca County Railway.	Under laws of New York, Feb. 24, 1891.	Conveyed to 1, Aug. 3, 1903.
20	Middlesex Valley Railroad.	Under laws of New York, May 11, 1892.	Conveyed to 1, Aug. 3, 1903.
21	The Waverly and State Line Railway Company.	Under laws of New York, June 11, 1867.	Conveyed to 1, Aug. 3, 1903.
22	The Canal Railroad Company.	Under laws of New York, Apr. 26, 1878.	Conveyed to 1, Feb. 17, 1905.
23	The Elmira, Cortland and Northern Railroad Company.	Under laws of New York, Mar. 7, 1884.	Conveyed to 1, Feb. 17, 1905.
24	The Canastota Northern Railroad Company.	Under laws of New York, Mar. 24, 1886.	Conveyed to 23, Feb. 7, 1905.
25	The Utica, Ithaca and Elmira Railway Company of the State of New York.	Under laws of New York, May 10, 1878.	Conveyed to 23, Mar. 12, 1884.
26	Utica, Ithaca and Elmira Railroad Company.	Under laws of New York, Oct. 25, 1871.	Conveyed to 25, May 11, 1878.
27	Utica, Horseheads and Elmira and Elmira[sic] Rail Road Company.	Under laws of New York, Apr. 2, 1870.	Consolidated with 28 to form 26, Oct. 25, 1871.
28	Ithaca and Cortland Rail Road Company.	Under laws of New York, July 21, 1869.	Consolidated with 28 to form 26, Oct. 25, 1871.
29	The Cazenovia, Canastota and De Ruyter Railway Company.	Under laws of New York, Aug. 28, 1876.	Conveyed to 23, Mar. 12, 1884.
30	The Cazenovia, Canastota and De Ruyter Railroad Company.	Under laws of New York, June 17, 1873.	Conveyed to 29, Sept. 2, 1876.
31	The Cazenovia and De Ruyter Railroad Company.	Under laws of New York, Jan. 20, 1872.	Consolidated with 32 to form 30, May 12, 1873.
32	The Cazenovia and Canastota Railway Company.	Under laws of New York, Mar. 4, 1873.	Consolidated with 31 to form 30, May 12, 1873.
33	Cazenovia and Canastota Rail Road Company.	Under laws of New York, Jan. 22, 1868.	Reorganized as 32; date of demise unknown.
34	The Lehigh and Lake Erie Railroad Company.	Under laws of New York, May 7, 1896.	Conveyed to 1, June 27, 1907.

Development of Fixed Physical Property

The road owned by the Lehigh Valley Rail Way, 518.919 miles, has been acquired partly through construction, partly by consolidation, and partly by merger. Of the 32 corporations which comprise the line of succession culminating in the Lehigh Valley Rail Way as at present constituted, 11 did not participate in the construction of any road mileage. These corporations were:

• Geneva and Sayre Railroad Company
• The Geneva, Ithaca and Sayre Railroad Company
• Geneva, Ithaca and Athens Railroad Company
• The Cayuga Southern Railroad Company
• The Cayuga Railway Company
• Elmira, Cortland and Northern Railroad Company
• The Utica, Ithaca and Elmira Railway Company of the State of New York
• Utica, Horseheads and Elmira Rail Road Company
• Ithaca and Cortland Rail Road Company
• The Cazenovia and De Ruyter Railroad Company
• The Cazenovia and Canastota Railway Company

Another corporation, the Geneva and Van Ettenville Railway Company, began the construction of 58.70 miles of road from Van Etten Junction to Geneva, N. Y., but very little work had been done at the date of that company's demise. It is shown below, therefore, as road constructed by the Lehigh Valley Rail Way.

The data with respect to the miles of road constructed by the 20 remaining, the years in which the various portions of the line were constructed, and the manner in which the Lehigh Valley Rail Way acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing corporate succession, previously given, the same order of corporations is maintained.

				Recorded mileage
Acquired by construction:
Van Etton[sic] Junction to Geneva, N. Y., 1892.			58.700
Seneca Junction to Lehigh Valley Junction, N. Y., 1913.			5.740
Wye at Cayuga Junction, N. Y., date unknown.			0.480
				64.920
Acquired in the consolidation of June 23, 1890:
From the Lehigh Valley Rail Way Company, constructed by that company, at Buffalo, N. Y., 1885.			3.820
From the Buffalo and Geneva Railway Company, construction begun by that company, but completed by the Lehigh Valley Rail Way, Geneva to Buffalo, N. Y., completed subsequent to date of consolidation.			98.790
From The Geneva and Van Ettenville Railway Company—
Constructed by The Geneva and Ithaca Rail Road Company, Ithaca to Geneva Junction, N. Y., completed in 1874.		38.490
Constructed by the Ithaca and Athens Railroad Company, Pennsylvania-New York State line to Ithaca, N. Y., 1869-1871.		34.170
Constructed by The Cayuga Lake Railroad Company, Ithaca to Cayuga, N. Y., completed in 1873.		38.370
Acquired from the Auburn and Ithaca Railway Company—
Constructed by that company, Cayuga Junction to Half Acre, N. Y., 1890.	5.240
Purchased by that company from the Ithaca, Auburn and Western Railway Company, being a portion of the latter company's road Dougals to Auburn, N. Y., date of construction unknown.	5.000
Total.	10.240
Less road abandoned, Dougals [to] Half Acre, N. Y., date of abandonment unknown.	2.230
		8.010
			119.040
				221.650
Acquired by merger:
From the Depew and Tonawanda Railroad Company, Aug. 3, 1903—
Constructed by that company, Niagara Junction to Tonawanda Junction, N. Y., 1890-1897.			10.560
From the Rochester Southern Railroad Company, Aug. 3, 1903—
Construction begun by The Rochester and Southern Railroad Company; completed by the Rochester Southern Railroad Company, Honeoye Falls to Hemlock Lake, N. Y., date unknown.		13.070
Constructed by The Rochester and Honeoye Valley Railroad Company, Rochester to Honeoye Falls, N. Y., 1892.		16.000
			29.070
From The Seneca County Railway, Aug. 3, 1903, constructed by that company, Geneva Junction to Seneca Falls, N. Y., 1896-1897.			8.120
From the Middlesex Valley Railroad Company, Aug. 3, 1903, constructed by that company, Geneva to Naples, N. Y., completed in 1892.			29.420
From The Waverly and State Line Railway Company, Aug. 3, 1903, constructed by that company, Pennsylvania-New York State line to Waverly, N. Y., 1867.			0.410
From The Canal Railroad Company, Feb. 17, 1905, constructed by that company, Elmira to Horseheads, N. Y., 1880.			5.300
From The Elmira, Cortland and Northern Railroad Company, Feb. 17, 1905, constructed by The Canastota Northern Railroad Company—
Canastota to Camden, N. Y., completed in 1886.		20.880
Constructed by the Utica, Ithaca and Elmira Railroad Company—
Cortland to Ithaca, N. Y., 1872.	20.000
Ithaca to Horseheads, N. Y., 1876-1877.	45.240
		65.240
Construction begun by The Cazenovia, Canastota and De Ruyter Railroad Company; completed by The Cazenovia, Canastota and De Ruyter Railway Company, De Ruyter to Cazenovia, N. Y., completed after 1876.		13.970
Constructed by the Cazenovia and Canastota Rail Road Company, Cazenovia to Canastota, N. Y., between 1868 and 1873.		14.450
			114.540
In addition to its owned road, The Elmira, Cortland and Northern Railroad Company leased from the New York, Ontario and Western Railway Company 19.53 miles extending from Cortland to De Ruyter, N. Y. This mileage was leased for a period of 80 years from Mar. 10, 1884, the rent for the entire period being paid in advance. On Aug. 17, 1916, the property was deeded to the Lehigh Valley Rail Way, without cost to the latter.			19.530
From The Lehigh and Lake Erie Railroad Company, June 27, 1907, constructed by that company, Tifft Farm Junction to Canastota, N. Y., 1907.			10.930
				227.880
Total.				514.450
Difference between total recorded mileage and mileage inventoried as of date of valuation.				4.469
Mileage inventoried as of date of valuation.				518.919

Leased Railway Property

Effective January 1, 1891, the property of the Lehigh Valley Rail Way was leased by the Lehigh Valley for a term of 999 years. The Lehigh Valley owns all of the capital stock of the Lehigh Valley Rail Way. Under the terms of the lease, the Lehigh Valley agrees to pay an annual rental of $1, interest on funded debt and 5 per cent per annum on capital stock, and organization expenses. No interest is accrued or paid on the funded debt and capital stock held by the Lehigh Valley. The recorded payments under the above agreement, for the year ending on date of valuation, are $820,000.

Predecessor Companies

Lehigh Valley Railway

The Lehigh Valley Railway Company was incorporated March 23, 1882, under the laws of the State of New York. On June 23, 1890, the company, together with two other railway companies, was consolidated to form the Lehigh Valley Rail Way. The accounting records of the company were kept separately until June 30, 1890.

The road owned by the company on the date of its demise had been acquired by construction in 1885, with funds furnished by the Lehigh Valley. It consisted of about 3.82 miles of railroad located in Buffalo, N. Y. The property was leased to and operated by the Pennsylvania and New York from 1885 to 1888, and by the Lehigh Valley from 1888 to date of demise.

Buffalo and Geneva Railway

The Buffalo and Geneva Railway Company was incorporated February 28, 1889, under the laws of the State of New York. On June 23, 1890, the company, together with two other railway companies, was consolidated to form the Lehigh Valley Rail Way. The property owned by the company at date of its demise consisted of about 98.79 miles of railroad in the course of construction between Geneva and Buffalo, N. Y. The road was completed by the Lehigh Valley Rail Way, subsequent to the consolidation. From the date of its incorporation to date of its demise, the Buffalo and Geneva Railway Company issued $503,200 of capital stock and incurred $638,764.18 of nonnegotiable debt to affiliated companies. At date of its demise, all of the capital stock and $102,608.75 of the nonnegotiable debt were outstanding. The $503,200 of capital stock was issued at par to retire a like amount of nonnegotiable debt. The nonnegotiable debt was in favor of the Lehigh Valley and represented $638,764.18 of cash advances for construction. Of this amount, $536,155.43 was retired with $503,200 of capital stock at par and $32,955.43 of money. The Buffalo and Geneva Railway Company owned no equipment. At date of its demise the balance in the investment in road account amounted to $598,249.51 of money outlay advanced by the Lehigh Valley.

Geneva and Van Ettenville Railway

The Geneva and Van Ettenville Railway Company was incorporated March 7, 1889, under the laws of the State of New York. On June 23, 1890, the company, together with two other railway companies, was consolidated to form the Lehigh Valley Rail Way.

All of the 119.04 miles of operating railroad owned by the company at the date of its demise had been acquired by purchase, of which 111.03 miles was purchased from The Geneva and Sayre Railroad Company and 8.01 miles from the Auburn and Ithaca Railway Company. In addition to the above property acquired by purchase, the company had begun construction of about 58.70 miles of road from Van Etten Junction to Geneva, N. Y., but very little work had been done at date of its demise. The road was completed by the Lehigh Valley Rail Way.

No records have been obtained that show the results of corporate operation during the corporate existence of the company.

The Geneva and Sayre Railroad

The Geneva and Sayre Railroad Company was incorporated August 28, 1889, under the laws of the State of New York. On May 13, 1890, its franchises, rights, and property were acquired by the Geneva and Van Ettenville Railway Company.

The property owned by the company on the date of its demise consisted of about 111.03 miles of railroad located in the State of New York. The main line, about 72.66 miles in length, extended from the Pennsylvania-New York State line to Geneva, with about 38.37 miles of branch line extending from Ithaca to Cayuga. This property, formerly owned by The Geneva, Ithaca and Sayre Railroad Company, was acquired by the company on August 28, 1889. During its corporate existence the property of the company was leased to and operated by the Geneva and Van Ettenville Railway Company, but the results of such operations have not been obtained.

The Geneva, Ithaca and Sayre Railroad

The Geneva, Ithaca and Sayre Railroad Company was incorporated October 2, 1876, under the laws of the State of New York. On August 27, 1889, its franchises, rights, and property were acquired by The Geneva and Sayre Railroad Company. The property owned by the company on the date of its demise consisted of 111.03 miles of railroad located in the State of New York. The main line, 72.66 miles in length, extended from the Pennsylvania-New York State line to Geneva, with 38.37 miles of branch line, between Ithaca and Cayuga. The main line, formerly the property of The Geneva, Ithaca and Athens Railroad Company, was acquired by foreclosure purchase as of October 1, 1876, and the branch line, formerly the property of The Cayuga Southern Railroad Company, was acquired by foreclosure purchase on April 16, 1879.

Geneva, Ithaca and Athens Railroad – Predecessor of The Geneva, Ithaca and Sayre Railroad

The Geneva, Ithaca and Athens Railroad Company was incorporated May 25, 1874, under the laws of the State of New York. On September 30, 1876, its franchises, rights, and property were acquired by The Geneva, Ithaca and Sayre Railroad Company. The road owned by the company at date of its demise was acquired on May 25, 1874, by the consolidation of the following companies:

	Approximate mileage
The Geneva and Ithaca Railroad Company:
Ithaca to Geneva Junction, N. Y.	38.49
Ithaca and Athens Railroad Company:
Pennsylvania-New York State line to Ithaca, N. Y.	34.17
Total.	72.66

The accounting records are incomplete and inaccurate. The accounts of the consolidating companies relating to capital stock, funded debt, and the investment in road and equipment have not been brought forward.

The Geneva and Ithaca Rail Road – Predecessor of the Geneva, Ithaca and Athens Railroad

The Geneva and Ithaca Rail Road Company was incorporated June 7, 1870, under the laws of the State of New York. On May 25, 1874, this company and the Ithaca and Athens Railroad Company were consolidated to form the Geneva, Ithaca, and Athens Railroad Company. The road owned by the company at date of its demise was acquired by construction and opened for operation on January 1, 1874. It consisted of about 38.49 miles of road extending from Ithaca to Geneva Junction, N. Y.

Ithaca and Athens Railroad; The Ithaca and Towanda Rail Road – Predecessor of the Geneva, Ithaca and Athens Railroad

The Ithaca and Athens Railroad Company was incorporated on December 22, 1865, under the laws of the State of New York, as The Ithaca and Towanda Rail Road Company. By special act of the State of New York passed February 18, 1870, its name was changed to that first mentioned. On May 25, 1874, the Ithaca and Athens Railroad Company and The Geneva and Ithaca Rail Road Company were consolidated to form the Geneva, Ithaca and Athens Railroad Company. The road owned by the Ithaca and Athens Railroad Company at date of its demise was acquired by construction during the period from 1869 to 1871, inclusive. It consisted of about 34.17 miles of railroad, extending from the Pennsylvania-New York State line to Ithaca, N. Y.

The Cayuga Southern Railroad – Predecessor of the Geneva, Ithaca an Sayre Railroad

The Cayuga Southern Railroad Company was incorporated September 25, 1877, under the laws of the State of New York. On the same date, it acquired the property of The Cayuga Railway Company, which had been sold under foreclosure proceedings. The property thus acquired consisted of about 38.37 miles of railroad extending from Ithaca to Cayuga, N. Y. On April 16, 1879, the franchises, rights, and property of The Cayuga Southern Railroad Company were acquired by The Geneva, Ithaca and Sayre Railroad Company.

The Cayuga Railway – Predecessor of The Cayuga Southern Railroad

The Cayuga Railway Company was incorporated October 1, 1874, under the laws of the State of New York. On the same date it acquired the property of The Cayuga Lake Railroad Company, which had been sold under foreclosure proceedings. The property thus acquired consisted of about 38.37 miles of railroad, extending from Ithaca to Cayuga, N. Y. As of September 25, 1877, the franchises, rights, and property of The Cayuga Railroad Company were acquired by The Cayuga Southern Railroad Company.

The Cayuga Lake Railroad – Predecessor of The Cayuga Railway

The Cayuga Lake Railroad Company, was incorporated July 1, 1867, under the laws of the State of New York. On October 1, 1874, its franchises, rights, and property were acquired by The Cayuga Railway Company. At date of its demise the company owned about 38.37 miles of road between Ithaca and Cayuga, N. Y., which it acquired by construction and opened for operation in 1873. No accounting records of the company have been obtained.

Auburn and Ithaca Railway

Auburn and Ithaca Railway Company was incorporated October 8, 1889, under the laws of the State of New York. On May 13, 1890, its franchises, rights, and property were acquired by the Geneva and Van Ettenville Railway Company. The road owned by the company on the date of its demise had been acquired by purchase and construction, as indicated hereunder.

	Approximate mileage
By purchase, Nov. 2, 1889:
Dougals to Auburn, N. Y.	5.00
By construction, in 1890:
Cayuga Junction to Half Acre, N. Y.	5.24
Total acquired.	10.24
Less road abandoned:
Dougals to Half Acre, N. Y.	2.23
Total owned at date of demise.	8.01

The 5 miles of road between Dougals and Auburn, N. Y., was purchased from the Ithaca, Auburn and Western Railway Company, and was a portion of about 35 miles of railroad owned by that company. During its corporate existence the property of the company was operated by the Lehigh Valley, but the results of such operation are not ascertainable.

The Depew and Tonawanda Railroad

The Depew and Tonawanda Railroad Company was incorporated July 16, 1895, under the general laws of the State of New York. On August 3, 1903, its franchises, rights, and property were acquired by the Lehigh Valley Rail Way. The road owned by the company at date of its demise was acquired by construction in 1896 and 1897. The property consisted of about 10.56 miles of railroad extending from Depew to Tonawanda, N. Y. During its corporate existence the property of the company was operated by the Lehigh Valley, but the results of such operations are not included in the accounting records of the company.

Rochester Southern Railroad

The Rochester Southern Railroad Company was incorporated on August 14, 1895, under the laws of the State of New York. On August 3, 1903, its franchises, rights, and property were acquired by the Lehigh Valley Rail Way. The property owned by the company at date of its demise consisted of about 29.07 miles of railroad, extending from Rochester to Hemlock Lake, N. Y. It was acquired by the consolidation of The Rochester and Honeoye Railroad Company and The Rochester and Southern Railroad Company. The first named company owned about 16 miles of railroad, extending from Rochester to Honeoye Falls, N. Y., and the second-named company had in the course of construction about 13.07 miles of railroad from Honeoye Falls to Hemlock Lake, N. Y., which was completed by the Rochester Southern Railroad Company. During its corporate existence the property of the Rochester Southern Railroad Company was operated by the Lehigh Valley, but the results of such operations are not included in the accounting records of the company.

The Rochester and Southern Railroad

The Rochester and Southern Railroad Company was incorporated May 5, 1895, under the laws of the State of New York. On August 14, 1895, The Rochester and Southern Railroad Company and The Rochester and Honeoye Valley Railroad Company were consolidated to form the Rochester Southern Railroad Company. According to its accounting records, the capital liabilities of the company consisted of $300,000 par value of capital stock, which was issued to the Lehigh Valley. Of the total amount issued, $159,637.83 was in payment for a like amount of advances and $140,362.17 was treated as a deferred asset by the company. All of the stock issued was outstanding at date of demise of the company. At date of its demise the company had under construction about 13.07 miles of railroad, extending from Honeoye Falls to Hemlock Lake, N. Y. The road was completed by the Rochester Southern Railroad Company subsequent to the consolidation. The company owned no equipment. The balance in the investment in road account at date of its demise amounted to $159,637.83, recorded as cash advances for construction.

The Rochester and Honeoye Valley Railroad

The Rochester and Honeoye Valley Railroad Company was incorporated January 14, 1888, under the laws of the State of New York. On August 14, 1895, this company and The Rochester and Southern Railroad Company were consolidated to form the Rochester Southern Railroad Company. At date of its demise the company owned about 16 miles of railroad, extending from Rochester to Honeoye Falls, N. Y., which was acquired by construction in 1892. During the corporate life of the company, its property was operated by the Lehigh Valley, but the results of such operations are not included in the accounting records of the company.

The Seneca County Railway

The Seneca County Railway was incorporated February 24, 1891, under the laws of the State of New York. On August 3, 1903, its franchises, rights, and property were acquired by the Lehigh Valley Rail Way. At date of its demise the company had acquired by construction about 8.12 miles of railroad, extending from Geneva Junction to Seneca Falls, N. Y. Construction was begun in 1896, and the road was completed and opened for operation on October 24, 1897. According to its accounting records, the company issued $10,000 par value of capital stock and incurred $134,148.60 of nonnegotiable debt to the Lehigh Valley. All of the capital stock and $134,063.98 of the nonnegotiable debt were outstanding at date of demise of the company. The capital stock was sold for $10,000 cash. The $134,148.60 of nonnegotiable debt represented cash advances by the Lehigh Valley. Of this amount, $84.62 was retired with a like amount of cash. The road was operated from date of completion to August 3, 1903, by the Lehigh Valley, but the results of such operations are not included in the accounting records of the company. The Seneca County Railway owned no equipment. The recorded investment in road at date of its demise amounted to $144,063.98, recorded as money outlay.

Middlesex Valley Railroad

The Middlesex Valley Railroad Company was incorporated May 11, 1892, under the laws of the State of New York. On August 3, 1903, its franchises, rights, and property were acquired by the Lehigh Valley Rail Way. At date of its demise, the company owned about 29.42 miles of railroad, extending from Geneva to Naples, N. Y., which was acquired by construction and opened for operation about September, 1892. About 22 miles of the road between Stanley and Naples was constructed and equipped by contract and the remainder, about 7.42 miles, was built by the company.

The Waverly and State Line Railway

The Waverly and State Line Railway Company was incorporated June 11, 1867, under the laws of the State of New York. On August 3, 1903, its franchises, rights, and property were acquired by the Lehigh Valley Rail Way. At date of its demise the company owned about 0.41 mile of road, extending from the Pennsylvania-New York State line to Waverly, N. Y., which had been acquired by construction in 1867.

[...]

The property was operated by the Pennsylvania and New York from 1867 to December 31, 1874, as owner of all of the company's capital stock, and from January 1, 1875, to August 3, 1903, under a lease in perpetuity at an annual rental of $600, which represented 6 per cent per annum on the outstanding capital stock.

The Canal Railroad

The Canal Railroad Company was incorporated April 26, 1878, under the laws of the State of New York. On February 17, 1905, its franchises, rights, and property were acquired by the Lehigh Valley Rail Way. At date of its demise the company owned about 5.30 miles of railroad, extending from Elmira to Horseheads, N. Y. The property was acquired by construction in 1880. No accounting records of the company have been obtained. According to its minute records, $60,000 par value of capital stock was issued and sold for a like amount of cash. Upon acquiring the property of The Waverly and State Line Railroad Company, the Lehigh Valley Rail Way exchanged $60,000 of its stock for the outstanding stock of The Waverly and State Line Railroad Company and charged that amount to its investment account as the purchase price of the property acquired. No further information has been obtained relative to the affairs of the company.

The Elmira, Cortland and Northern Railroad

The Elmira, Cortland and Northern Railroad Company was incorporated March 7, 1884, under the laws of the State of New York. On February 17, 1905, its franchises, rights, and property were acquired by the Lehigh Valley Rail Way.

At date of its demise the company owned two disconnected sections of railroad, aggregating about 114.54 miles in length, situated in the State of New York. One section extended from Horseheads to Cortland, about 65.24 miles, and the other section extended from De Ruyter to Camden, about 49.30 miles. In addition to the owned property, the company, in order to connect the two sections, leased for sole operation about 19.53 miles of road between Cortland and De Ruyter from the New York, Ontario and Western Railway Company. It also leased the railroad of the Canal Railroad Company, extending from Horseheads to Elmira, N. Y., about 5.30 miles. The property owned by the Elmira on the date of its demise had been acquired by purchase and merger. On March 12, 1884, the Elmira purchased the franchises, rights, and property of The Utica, Ithaca and Elmira Railroad Company of the State of New York and The Cazenovia, Canastota and De Ruyter Railway Company, whose properties had been previously sold at foreclosure sale. On February 7, 1905, the property of The Canastota Northern Railroad Company was acquired by merger.

The accounting records for the period from 1892 to 1895 are missing. The information for that period contained herein has been obtained from the reports of the company to us.

The Canastota Northern Railroad

The Canastota Northern Railroad Company was incorporated March 24, 1886, under the laws of the State of New York. On February 7, 1905, its franchises, rights, and property were acquired by The Elmira, Cortland and Northern Railroad Company.

The railroad owned by the company at date of demise was acquired by construction under a lump-sum contract. The road extended from Canastota to Camden, N. Y., about 20.88 miles, and was opened for operation on July 1, 1886. The property was leased and operated by The Elmira, Cortland and Northern Railroad Company from July 1, 1886, to December 31, 1895, and thereafter to date of demise, by the Lehigh Valley.

The Utica, Ithaca and Elmira Railroad of the State of New York

The Utica, Ithaca and Elmira Railroad Company of the State of New York was incorporated May 10, 1878, under the laws of the State of New York. On March 12, 1884, its franchises, rights, and property were acquired by The Elmira, Cortland and Northern Railroad Company. At date of its demise the company owned about 65.24 miles of railroad, extending from Horseheads to Cortland, N. Y., formerly the property of the Utica, Ithaca and Elmira Railroad Company. The property, which had been sold under foreclosure proceedings, was acquired by the company on May 11, 1878.

Utica, Ithaca and Elmira Railroad

The Utica, Ithaca and Elmira Railroad Company was incorporated October 25, 1871, upon filing with the secretary of the State of New York an agreement of consolidation of the Ithaca and Cortland Rail Road Company and the Utica, Horseheads and Elmira Rail Road Company to form the company. On May 11, 1878, the franchises, rights, and property of the company were acquired by The Utica, Ithaca and Elmira Railroad Company of the State of New York. The accounting records are incomplete. The information contained herein has been obtained from the accounting records that were obtained.

At date of demise the company had acquired by construction about 65.24 miles of road extending from Horseheads to Cortland, N. Y. According to the corporate history reported by the Lehigh Valley about 20 miles between Cortland and Ithaca were constructed in 1872, and about 45.24 miles between Ithaca and Horseheads were constructed during the years 1876 and 1877.

Utica, Horseheads and Elmira Rail Road – Predecessor of the Utica, Ithaca and Elmira Railroad

The Utica, Horseheads and Elmira Rail Road Company was incorporated April 2, 1870, under the laws of the State of New York for the purpose of constructing about 45 miles of railroad between Horseheads and Ithaca, N. Y. On October 25, 1871, this company and the Ithaca and Cortland Rail Road Company were consolidated to form the Utica, Ithaca and Elmira Railroad Company. No accounting records have been obtained and evidently no construction work was performed as the Utica, Ithaca and Elmira Railroad Company made no charge to its investment account at the time the consolidation was perfected. No further details relative to the affairs of this company have been obtained.

Ithaca and Cortland Rail Road – Predecessor of the Utica, Ithaca and Elmira Railroad

The Ithaca and Cortland Rail Road Company was incorporated on July 21, 1869, under the laws of the State of New York for the purpose of constructing about 20 miles of railroad between Ithaca and Cortland, N. Y. On October 25, 1871, this company and the Utica, Horseheads and Elmira Rail Road Company were consolidated to form the Utica, Ithaca and Elmira Railroad Company. No accounting records were obtained and evidently no construction work was performed, as the Utica, Ithaca and Elmira Railroad Company made no charge to its investment account at the time the consolidation was perfected. No further details relative to the affairs of this company have been obtained.

The Cazenovia, Canastota and De Ruyter Railway

The Cazenovia, Canastota and De Ruyter Railway Company was incorporated August 28, 1876, under the laws of the State of New York. On March 12, 1884, its franchises, rights, and property were acquired by The Elmira, Cortland and Northern Railroad Company. No accounting or other records of the company have been obtained. The information contained herein has been obtained from the corporate history reported by the Lehigh Valley. On September 2, 1876, the company acquired the property of The Cazenovia, Canastota and De Ruyter Railroad Company, which had been sold under foreclosure proceedings on August 5, 1876. The property consisted of about 14.45 miles of railroad from Cazenovia to Canastota and about 13.97 miles of railroad in the course of construction between De Ruyter and Cazenovia, N. Y. The road was completed by the company and represented the common-carrier property owned by it at date of demise.

The Cazenovia, Canastota and De Ruyter Railroad

The Cazenovia, Canastota and De Ruyter Railroad Company was incorporated June 17, 1873, by filing with the secretary of the State of New York an agreement of consolidation of the Cazenovia and Canastota Railway Company with The Cazenovia and De Ruyter Railroad Company. On September 2, 1876, the franchises, rights, and property of the company were acquired by The Cazenovia, Canastota and De Ruyter Railway Company. No accounting or other records of the company have been obtained. The information contained herein has been obtained from the corporate history reported by the Lehigh Valley. At date of its demise the company owned about 14.45 miles of railroad, extending from Cazenovia to Canastota, acquired from The Cazenovia and Canastota Railway Company, and about 13.97 miles of railroad, in the course of construction, between De Ruyter and Cazenovia, N. Y. No further information relative to the affairs of the company has been obtained.

The Cazenovia and De Ruyter Railroad

The Cazenovia and De Ruyter Railroad Company was incorporated on January 20, 1872, under the laws of the State of New York. On May 12, 1873, it was consolidated with The Cazenovia and Canastota Railway Company to form The Cazenovia, Canastota and De Ruyter Railway Company. There is no record of this company performing any construction and no further information relative to its affairs has been obtained.

The Cazenovia and Canastota Railway; Cazenovia and Canastota Rail Road

The Cazenovia and Canastota Railway Company was incorporated March 4, 1873, under the laws of the State of New York. On May 12, 1873, it was consolidated with the Cazenovia and De Ruyter Railroad Company to form The Cazenovia, Canastota and De Ruyter Railway Company. No accounting or other records of The Cazenovia and Canastota Railway Company have been obtained. The information contained herein has been obtained from the corporate history reported by the Lehigh Valley. The company was a reorganization of the Cazenovia and Canastota Rail Road Company, which was incorporated on January 22, 1868, for the purposes of constructing about 14.45 miles of railroad from Cazenovia to Canastota, N. Y. The road in question was constructed during the corporate existence of the latter, but owing to the absence of its records nothing further can be learned of its affairs.

The Lehigh and Lake Erie Railroad

The Lehigh and Lake Erie Railroad Company was incorporated May 7, 1896, under the laws of the State of New York. On June 27, 1907, its franchises, rights, and property were acquired by the Lehigh Valley Rail Way. At date of its demise the company owned about 10.93 miles of railroad, extending from Tifft Farm Junction to Buffalo, N. Y. The property was acquired by construction in 1907 with funds furnished by the Lehigh Valley.