Wikipedia:WikiProject Trains/ICC valuations/Lehigh and New York Railroad

Interstate Commerce Commission, Valuation Reports, Volume 34

Lehigh and New York Railroad

Location and General Description of Property

The railroad of the Lehigh and New York Railroad Company, herein called the Lehigh and New York, is a single-track line extending in a general northerly direction from the Pennsylvania-New York State line, near Sayre, Pa., to North Fair Haven, N. Y., 115.337 miles.

Introductory

The Lehigh and New York is a corporation of the State of New York, having its principal office at Philadelphia, Pa. It is controlled by the Lehigh Valley through ownership of a majority of the 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 and New York has always been operated by the Lehigh Valley.

Corporate History

The Lehigh and New York was incorporated August 24, 1895, under the general laws of the State of New York, to acquire and operate the property of The Southern Central Railroad. That company has been incorporated since September 6, 1865, under the general laws of the State of New York. Its property was acquired by the Lehigh and New York immediately upon incorporation of the latter company. The date of organization of the Lehigh and New York was August 24, 1895.

Development of Fixed Physical Property

The owned mileage of the Lehigh and New York, 115.337 miles, was acquired by purchase from The Southern Central Railroad, August 24, 1895. The last-named company had acquired the entire road by construction during the years 1870 and 1871.

Leased Railway Property

The property of the Lehigh and New York devoted to common-carrier purposes has been operated by the Lehigh Valley from August 24, 1895, to date of valuation. The stipulated rental is the net income derived from the operation of the road. The Lehigh Valley guarantees the payment of the principal and interest of the first-mortgage bonds of the Lehigh and New York.

Predecessor Company

The Southern Central Railroad

The Southern Central Railroad was incorporated September 6, 1865, under the general laws of the State of New York. It was authorized to construct, operate, and maintain a railroad from the Pennsylvania-New York State line to North Fairhaven, N. Y. Its organization was perfected on the date of incorporation. On August 23, 1895, it owned about 115.337 miles of single track, standard-gage, steam operated railroad, extending from the Pennsylvania-New York State line to North Fairhaven, N. Y., which it had acquired by construction during the years 1870 and 1871. The company operated its property from the date of completion to January 1, 1887, after which date its property was operated by the Lehigh Valley under a lease agreement dated December 29, 1886, for 975 years from January 1, 1887. On August 23, 1895, the Lehigh and New York acquired the property of the company.