Wikipedia:WikiProject Trains/ICC valuations/Albany and Vermont Railroad

Interstate Commerce Commission, Valuation Reports, Volume 116

Location and General Description of Property
The railroad of Albany and Vermont Rail Road Company, hereinafter called the Albany and Vermont, is a partly double-track standard-gauge steam railroad, located in the east-central part of New York. The owned mileage extends northwardly from Albany to Waterford Junction, a distance of 12.273 miles. The Albany and Vermont owns second main tracks aggregating 12.217 miles. It also owns yard and side tracks totaling 17.682 miles. Its road thus embraces 42.172 miles of all tracks owned.

Corporate History
The Albany and Vermont was incorporated October 6, 1859, under the general laws of New York, for a term of 500 years, and has its principal office at Troy, N. Y. Its organization was perfected on October 17, 1859. The Albany and Vermont was a reorganization of the first-mortgage bondholders of the Albany Northern Rail Road for the purpose of acquiring the property of the Albany, Vermont and Canada Rail Road Company, which was conveyed to it by deed dated September 22, 1859, from Abijah Mann, jr., who had previously acquired it at a foreclosure sale on September 19, 1859. The corporations whose franchises and properties have gone to make up the present company, and the dates of the changes in those several corporations, are shown in the following table:

Development of Fixed Physical Property
The property acquired from the Albany, Vermont and Canada Rail Road Company on September 22, 1859, extending from Albany to Eagle Bridge, a distance of approximately 35 miles, had been constructed by the Albany Northern Rail Road and opened for operation in 1853. The property was conveyed by the latter to Albany, Vermont and Canada Rail Road Company on December 10, 1856. That part of the road extending from Waterford Junction to Eagle Bridge, approximately 21 miles, as a result of an action brought by the State of New York, was permanently abandoned and the tracks taken up during the early part of the year 1878. During the period the railroad between Albany and Waterford Junction was operated by the Rensselaer and Saratoga, the lessee constructed a second track over its entire length of approximately 12 miles.

Leased Railway Property
On June 12, 1860, the Albany and Vermont leased its property between Albany and Waterford Junction in perpetuity to the Rensselaer and Saratoga, and the latter on May 1, 1871, assigned the lease to the carrier, which has since operated the property, paying therefor an annual rental of $20,000. The latter in addition maintains the property and pays all taxes.

The Albany, Vermont and Canada Rail Road Company
No accounting or other records of The Albany, Vermont and Canada Rail Road Company are obtainable. The information submitted herein was secured from the carrier's sworn reports to the New York State engineer and from the returns of the carrier on corporate history.

Corporate History

The Albany, Vermont and Canada Rail Road Company was incorporated November 7, 1856, for a term of 100 years, under the general laws of New York, for the purpose of acquiring the property of the Albany Northern Rail Road, which was conveyed to it subject to a first mortgage of the predecessor company by deed dated December 10, 1856, from Christopher W. Bender, who at a foreclosure sale October 16, 1856, had bid in the property in behalf of its second-mortgage bondholders. The property acquired consisted of a single-track standard-gauge railroad, extending from Albany to Eagle Bridge, N. Y., a distance of about 33 miles. The property of The Albany, Vermont and Canada Rail Road Company was sold September 15, 1859, under foreclosure of the first-mortgage of the Albany Northern Rail Road to Abijah Mann, jr., in behalf of the first-mortgage bondholders, under referee's deed dated September 19, 1859. He conveyed the property to the Albany and Susquehanna by deed dated September 22, 1859.

Albany Northern Rail Road, Predecessor of The Albany, Vermont and Canada Rail Road Company
The accounting records of the Albany Northern Rail Road are fragmentary and do not permit an analysis of its activities. The information here submitted was obtained chiefly from its sworn reports to the New York State engineer and from the returns of the carrier on corporate history.

Corporate History

The Albany Northern Rail Road was incorporated February 20, 1851, for a term of 100 years under the general laws of New York. It acquired by construction a single-track standard-gauge railroad, extending from Albany to Eagle Bridge, N. Y., approximately 33 miles, which it opened for operation in 1853. The Albany Northern Rail Road defaulted in the payment of interest on its second-mortgage bonds, and on October 31, 1856, was deeded to Christopher W. Bender on behalf of the second-mortgage bondholders who had bid it in, subject to the first-mortgage bonds, at a sale October 16, 1856, in foreclosure of its second mortgage. The property was subsequently conveyed by Bender to The Albany, Vermont and Canada Rail Road Company, by deed dated December 10, 1856.