Wikipedia:WikiProject Trains/ICC valuations/Syracuse, Binghamton and New York Railroad

Interstate Commerce Commission, Valuation Reports, Volume 39

Syracuse, Binghamton and New York Railroad

Location and General Description of Property

The railroad of the Syracuse, Binghamton and New York Railroad Company, hereinafter called the Syracuse, Binghamton and New York, is located within the State of New York and extends from Binghamton to Syracuse, a distance of 79.914 miles. The line is single-track with the exception of 33.631 miles of double track.

Introductory

The Syracuse, Binghamton and New York is a corporation of the State of New York, having its principal office at New York, N. Y. While the present name of this company is that given above it was incorporated originally as the Syracuse and Southern Railroad Company, which was later changed to the present name of Syracuse, Binghamton and New York Railroad Company.

It is controlled by the Lackawanna through ownership of a majority of its outstanding capital stock. On the other hand, the records do not indicate that this company controls any common-carrier corporation.

This company has not recorded the results of its corporate operations since September 30, 1912, when its property was leased to the Lackawanna.

The property of the Syracuse, Binghamton and New York was operated by its own organization from October 18, 1856, to September 30, 1912. From the latter date until December 31, 1917, it was operated by the Lackawanna and from January 1, 1918, to date of valuation it had been operated by the United States Railroad Administration as a part of the operating unit of the Lackawanna.

Corporate History

The Syracuse, Binghamton and New York was incorporated October 18, 1856, under the general laws of New York, for the purpose of acquiring from Uriel A. Murdock and others the property formerly owned by the Syracuse and Binghamton Railroad Company. Pursuant to this purpose the Syracuse, Binghamton and New York purchased the property, the deed being dated October 15, 1856. The Syracuse, Binghamton and New York, itself, together with its predecessors, total three different corporations, of which one underwent a change of name, and comprise the line of corporate succession culminating in the Syracuse, Binghamton and New York 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	Syracuse, Binghamton and New York Railroad Company.	See 2.
2	Syracuse and Southern Railroad Company.	Under general laws of New York, Oct. 18, 1856.	Name changed to 1, Mar. 31, 1857.
3	Syracuse and Binghamton Railroad Company.	Under general laws of New York, Aug. 18, 1851.	Sold at foreclosure Oct. 13, 1856, and acquired by 2.
4	Union Railroad Company.	Under general laws of New York, Dec. 4, 1856.	Sold to 1, Aug. 12, 1858.

Development of Fixed Physical Property

The owned mileage of the Syracuse, Binghamton and New York, 79.914 miles, extending from Syracuse to Binghamton, N. Y., was all acquired by purchase following a sale at foreclosure. The property was constructed by the Syracuse and Binghamton Railroad Company during the years 1853-1854 and was then 6-foot gage.

The Union Railroad Company, whose property was purchased by the Syracuse, Binghamton and New York, owned 1.25 miles of road, extending from Geddes to Syracuse, N. Y., which it had constructed in 1858. The Syracuse, Binghamton and New York does not carry this track as main-track mileage.

Leased Railway Property

The entire property of the Syracuse, Binghamton and New York is leased to the Lackawanna for operation for the full term of its corporate existence under an agreement dated September 26, 1912. Further details with respect to the leasing of the property are given in the chapter on leased railway property of the report on the Lackawanna.

Predecessor Companies

Syracuse and Binghamton Railroad Company

The accounting records of the Syracuse and Binghamton 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 stated below was obtained from the reports of the Board of Railroad Commissioners of the State of New York. The records reviewed do not indicate that the Syracuse and Binghamton Railroad Company was controlled by any individual or corporation on October 13, 1856, the date its property was sold at foreclosure, or, on the other hand, that it then controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date it was completed to the date of sale. The railroad owned by the Syracuse and Binghamton Railroad Company on the date of sale consisted of approximately 79.914 miles of single-track, 6-foot gage steam railroad, extending from Syracuse to Binghamton, N. Y., all of which was acquired by construction. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property of the Lackawanna.

Union Railroad Company

The accounting records of the Union Railroad Company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from other sources. The records reviewed do not indicate whether the Union Railroad Company was controlled by any individual or corporation on August 12, 1858, the date of its sale, or, on the other hand, that it then controlled any common-carrier corporation. The Union Railroad Company owned on the date of its sale 1.25 miles of single-track, standard-gage, steam railroad, between Geddes and Syracuse, N. Y., which was acquired by construction. The company never operated its property, the sale taking place immediately after the road was completed. The Syracuse, Binghamton and New York records a net charge to its investment in road and equipment account of $132,883.77 as its outlay in connection with the purchase of the property of the Union Railroad Company. This amount is composed of $98,900 par value of funded debt issued and $35,119.49 of current liabilities of the Union Railroad Company assumed, less $1,135.72 of current assets taken over.