Wikipedia:WikiProject Trains/ICC valuations/Buffalo Creek Railroad

Interstate Commerce Commission, Valuation Reports, Volume 141

Location and General Description of Property
The Lessees, Buffalo Creek Railroad, herein called the carrier, is the trade name of an unincorporated organization which operates and maintains the property of The Buffalo Creek Railroad Company, hereinafter referred to as the Buffalo Creek Railroad. The carrier was formed by the Lehigh Valley Railroad Company and the New York, Lake Erie and Western Railroad Company, a predecessor of the Erie Railroad Company, as lessees of the property, and are herein called the lessees. The property so operated consists of a switching and terminal road located in Buffalo, N. Y., comprising 5.781 miles of first main track, 8.031 miles of other main track, and 20.009 miles of yard tracks and sidings. The road thus embraces 33.821 miles of all tracks operated. The property operated by the carrier is used under joint-facility arrangements by the Lehigh Valley Railroad Company; Erie Railroad Company; The New York Central Railroad Company; The Pennsylvania Railroad Company; Buffalo, Rochester and Pittsburgh Railway Company; and The New York, Chicago and St. Louis Railroad Company.

Physical Conditions Affecting Construction
The line lies in a thickly settled commercial and manufacturing district in the city of Buffalo, N. Y.

Physical Characteristics of Road
Grading consists almost entirely of embankment made from borrowed material, and averages about 70,000 cubic yards per mile. The most important bridges are two double-track bascule bridges, one of the Strauss type and one of the Sherzer type. There are also several bridges over streets and several carrying streets over the tracks, all of which involved construction-cost participation with the city of Buffalo and several railroads. The track is laid almost entirely with 90-pound open-hearth and 80-pound Bessemer rail.

Introductory
The Lessees, Buffalo Creek Railroad, is the trade name of an unincorporated organization, having its principal office in New York City, N. Y. It was formed as of January 1, 1890, by the lessees for the purpose of operating and maintaining the property of the Buffalo Creek Railroad which is jointly leased and jointly controlled by the lessees, each of which owns 50 per cent of the outstanding capital stock of the Buffalo Creek Railroad. The operations of the carrier which makes annual reports to us are conducted under the supervision of an executive committee composed of the presidents of the two lessee companies.

Leased Railway Property
The lease under which the property of the Buffalo Creek Railroad is operated on date of valuation became effective January 1, 1890. It was made between the Buffalo Creek Railroad on the one part, and the Lehigh Valley Railroad Company and the New York, Lake Erie and Western Railroad Company as joint lessees, on the other part. The lease covers the period, less one day, of the Buffalo Creek Railroad's charter and provides for an annual rental equal to the interest on the Buffalo Creek Railroad's funded debt, 7 per cent on its capital stock, and the maintenance of its investment organization. The lease further provides that the expenditures for additions and betterments shall be paid with the proceeds of the sale of either capital stock or funded debt of the Buffalo Creek Railroad, at the option of the lessees. The rental paid the Buffalo Creek Railroad by the carrier for the year ended on date of valuation was recorded by the latter as $116,943.64

Joint Facilities
The property operated by the carrier is used under joint facility arrangements by six railroads, hereinbefore named. Under the terms of the joint-facility agreement, the tenant companies pay the carrier a trackage charge of 50 cents for each loaded car and 25 cents for each empty car. In addition to the carriers hereinbefore named, the Delaware, Lackawanna and Western Railroad Company and the West Shore Railroad Company have the joint use of certain minor facilities operated by the carrier. The joint-facility rent income received by the carrier for the year ended on date of valuation was recorded at $163,609.27.

Introductory
The Buffalo Creek Railroad is a corporation of the State of New York, having its principal office in New York City, N. Y. It is controlled on date of valuation by the lessees, each company owning 50 per cent of the outstanding capital stock. Each company also holds an undivided one-half leasehold right in the property of the Buffalo Creek Railroad. From the date the property was opened for operation to December 31, 1889, it was operated by the Buffalo Creek Railroad. From January 1, 1890, to date of valuation, the property was operated by the carrier for account of the lessees.

Corporate History
The Buffalo Creek Railroad was incorporated January 25, 1869, under the general laws of New York for the purpose of constructing, operating, and maintaining a railroad in Buffalo, N. Y. The date of organization was not disclosed by the records.

Development of Fixed Physical Property
The mileage owned by the Buffalo Creek Railroad has been acquired by construction as indicated below:

Leased Railway Property
The property of the Buffalo Creek Railroad devoted to common-carrier purposes was operated by the carrier for account of the lessees from January 1, 1890, to date of valuation, under a lease agreement effective from the first-named date and for the life of the Buffalo Creek Railroad less one day. The annual rental is a sum equal to the interest on the funded debt of the Buffalo Creek Railroad, 7 per cent dividends on the capital stock, and $500 per annum for maintenance of the Buffalo Creek Railroad's organization.