Wikipedia:WikiProject Trains/ICC valuations/Marcellus and Otisco Company

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The railroad of The Marcellus and Otisco Company, Incorporated, hereinafter called the carrier, is a single-track, standard-gage, steam railroad, located in northwestern New York. The main line extends southerly from Martisco to Otisco Lake, a distance of 8.852 miles. The carrier also owns 1.493 miles of yard tracks and sidings. Its road thus embraces 10.345 miles of all tracks owned and used.

CORPORATE HISTORY

The carrier was incorporated September 11, 1919, under general laws of New York, for the purpose of leasing and operating for one year, property and franchises of Marcellus and Otisco Lake Railway Company, thereafter to purchase said property if its operation justified, which was done. Date of organization was September 15, 1919.

Marcellus and Otisco Lake Railway Company was incorporated May 25, 1905, under general laws of New York and acquired by purchase on July 1, 1906, property, rights, and franchises of Marcellus Electric Railroad Company. Its property was sold September 1, 1920, to Freas B. Snyder, who conveyed it to the carrier January 29, 1921.

Marcellus Electric Railroad Company was incorporated September 28, 1887, under general laws of New York. Its property was sold at foreclosure sale in May, 1905, and was acquired by Marcellus and Otisco Lake Railway Company July 1, 1905.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned mileage was acquired by purchase January 29, 1921. It was constructed by Marcellus Electric Railroad Company. Construction was commenced in July, 1898, and was completed in sections, Martisco to Marcellus about 1900, Marcellus to Giffords, 1901, and Giffords to Otisco Lake, N.Y., 1902. The recorded mileage is 9.80; the inventoried mileage, 8.852.

HISTORY OF CORPORATE FINANCING