Wikipedia:WikiProject Trains/ICC valuations/Buffalo and Susquehanna Railroad

Interstate Commerce Commission, Valuation Reports, Volume 36

Location and General Description of Properties
The railroad of the Buffalo & Susquehanna Railroad Corporation, herein called the carrier, is a single-track, standard-gage, steam railroad, located in the States of New York and Pennsylvania. The owned mileage amounts to 218.863 miles and consists of a main line, with branches, extending from the New York-Pennsylvania State line, near Elkland, Pa., to a connection with the line of Buffalo, Rochester and Pittsburgh Railway Company near Sykes, Pa., and a detached section extending from a connection with that road at Juneau Junction to Sagamore, Pa. The principal branch line extends from Galeton, Pa., to the New York-Pennsylvania State line, near Genesee, Pa.

The leased mileage amounts to 19.878 miles of road located in the State of New York, which extends from the New York-Pennsylvania State line to Wellsville, N.Y., and from the New York-Pennsylvania State line to Addison, N. Y., as described in the paragraphs below.

The carrier uses under trackage rights 15.44 miles of road of another carrier for the purpose of joining its two detached sections of main line.

The railroad of the Wellsville, Coudersport and Pine Creek Railroad Company, herein called the Wellsville, Coudersport and Pine Creek, consists of 10.118 miles of single-track, standard-gage, steam railroad, extending from the New York-Pennsylvania State line, near Genesee, Pa., to Wellsville, all in the State of New York.

The railroad of the Addison and Susquehanna Railroad Company, herein called the Addison and Susquehanna, consists of 9.760 miles of single-track, standard-gage, steam railroad, extending from the New York-Pennsylvania State line, near Elkland, Pa., to Addison, all in the State of New York.

The carrier wholly owns and uses 287.074 miles of all tracks and uses but does not own 25.799 miles of all tracks.

Introductory
The carrier is a corporation of the State of Pennsylvania, having its principal office at Buffalo, N. Y.

The company is controlled by a voting trust composed of three individuals who hold the voting privilege of a majority of the outstanding capital stock. On the other hand, this company controls through ownership of the entire capital stock, the Wellsville, Coudersport and Pine Creek, and the Addison and Susquehanna, whose properties it holds through lease agreements.

The owned and leased property of the carrier was operated by its own organization from the date of acquisition, January 1, 1914, to December 31, 1917. On January 1, 1918, its common-carrier property, owned and leased, was taken over for operation by the United States Railroad Administration, which still operates it on date of valuation.

Physical Conditions Affecting Construction
The region traversed by this road is mountainous. With the exception of a few miles at the west end the entire system lies in the drainage basin of the Susquehanna River. Excavations show a uniform material consisting of clay, gravel, sand, and sandy loam overlying rock which is shale and limestone. The mean annual temperature is 48° F., ranging from an average of 20° in winter to 72° in summer, with a mean annual rainfall of 40 inches.

Economic Conditions Relating to Traffic
Very little farming is done in the western portion of the region traversed by this road, but in the central and eastern sections dairy farming is extensive. The principal product of the locality is bituminous coal, which is mined extensively in the western region of the section traversed and furnishes the bulk of the traffic.

Physical Characteristics of Road
Grades run to a ruling maximum of 2.57 per cent. Maximum curvature of 20° is found on main line and branches.

Corporate History
The carrier was incorporated December 31, 1913, under the general laws of Pennsylvania, for the purpose of acquiring the property, rights, and franchises of the Buffalo and Susquehanna Railroad Company (of 1893). Pursuant to the above purpose, the carrier acquired at its organization the property, rights, and franchises of the railroad corporation named. The carrier itself and that corporation, together with their predecessors, total 20 different corporations and comprise the line of corporate succession culminating in the carrier as at present constituted. The following chart shows the names of the corporation, the respective dates of incorporation, and for each predecessor the date of succession, the immediately succeeding corporation, and the manner of succession.

Development of Fixed Physical Property
The owned mileage of the carrier, 218.863 miles, was acquired by reorganization of the Buffalo and Susquehanna Railroad Company (of 1893). Of the 19 corporations that comprise the line of succession culminating in the carrier as at present constituted, two corporations, namely, the Cross Fork Railroad Company and the Medix Run Railroad Company, constructed 24.34 miles of road, all of which has been abandoned; and four corporations did not construct any road or other common-carrier property. These companies were: The property constructed by the remaining corporations, the years when the various portions of the line were constructed, and the manner in which the carrier acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing the corporate succession, previously given the same order of corporations is maintained.
 * Susquehanna and New York Railroad Company.
 * Addison and Pennsylvania Railway Company (of 1892).
 * Addison and Pennsylvania Railway Company (of 1887).
 * Galeton and Eastern Railroad Company.

Leased Railway Property
The carrier used on December 31, 1917, facilities owned by other companies and other companies used facilities owned by the carrier to the extent indicated in the statement below. The description of the property, the period and terms of use, and the rentals accrued and charged or credited to income for the year ended December 31, 1917, are as follows: In addition to the joint facilities stated above, the carrier used certain minor facilities owned by other companies and other companies used certain minor facilities owned by the carrier.

For the year ended December 31, 1917, the carrier states its joint-facility rents received as $6,266.68, and its joint-facility rents paid as $23,085.62.

On January 1, 1918, the common-carrier property of the carrier together with such property of its lessors, was taken over for operation by the United States Railroad Administration which still operates it on date of valuation. During this period the carrier accrued rental from lease of road amounting to $887,926.73.

Buffalo and Susquehanna Railroad Company (of 1893)
Introductory

This company was controlled on December 31, 1913, the date of reorganization, by the Buffalo and Susquehanna Railway Company through ownership of a majority of the capital stock. On the other hand, the company then controlled, through ownership of the entire capital stock, the Addison and Susquehanna and the Wellsville, Coudersport and Pine Creek, whose property it held through lease agreements.

The property of this company and its leased lines was operated by its own organizations from October 1, 1893, until June 29, 1907, and from that date to July 23, 1910, they were leased to and operated by the Buffalo and Susquehanna Railway Company and its receivers. On the latter date receivers for the Buffalo and Susquehanna Railroad Company (of 1893) took over that company's owned and leased property and continued operations until date of reorganization.

The railroad operated by the receivers on the date of reorganization was located in New York and Pennsylvania and aggregated 238.74 miles. The owned mileage amounted to 218.86 miles and consisted of a main line extending from the New York-Pennsylvania State line to a connection with the Buffalo, Rochester & Pittsburgh Railway Company near Sykes, Pa., about 143 miles, with about 76 miles of branch lines.

The property held by this company under lease agreements consisted of the Wellsville, Coudersport and Pine Creek extending from the New York-Pennsylvania State line to Wellsville, N. Y., 10.12 miles; and the Addison and Susquehanna extending from the New York-Pennsylvania State line to Addison, N. Y., 9.76 miles.

This company also had trackage rights over 15.44 miles of the Buffalo, Rochester & Pittsburgh Railway between a point near Stanley and a point near Juneau, Pa.

Development of Fixed Physical Property

The 218.86 miles of road owned by the Buffalo and Susquehanna Railroad Company (of 1893) on the date of reorganization had been acquired as follows: Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the carrier.

Leased Railway Property

Effective June 29, 1907, the Buffalo and Susquehanna Railroad Company (of 1893) leased its property to the Buffalo and Susquehanna Railway Company at a rental equal to 4 per cent per annum on the outstanding capital stock and interest on funded debt of the former. The property was operated by the lessee under the terms of this lease until May 2, 1910, when a receiver took charge of the property of the Buffalo and Susquehanna Railway Company and its leased lines.

On January 1, 1896, the Buffalo and Susquehanna Railroad Company (of 1893) leased the property of the Wellsville, Coudersport and Pine Creek at an annual rental of $8,250; and on May 20, 1898, it leased the property of the Addison and Susquehanna at an annual rental of $5,500. These properties were operated by the lessee under the terms of the leases until March 31, 1901. On April 1, 1901, new leases were made for periods of 50 years each, under the terms of which the Buffalo and Susquehanna Railroad Company (of 1893) paid a nominal rental of $1 per annum for each property leased. These properties were operated by the lessee until June 29, 1907, when they were subleased to the Buffalo & Susquehanna Railway Company.

On July 22, 1910, the property of the Buffalo and Susquehanna Railroad Company (of 1893) and its leased lines were placed in the hands of receivers who continued operations until date of reorganization.

The Buffalo and Susquehanna Railroad Company (of 1893) used, under joint facility arrangements, 15.44 miles of tracks between a point near Stanley and a point near Juneau, Pa., owned by the Buffalo, Rochester & Pittsburgh Railway Company.

Buffalo and Susquehanna Railroad Company (of 1891)
The records reviewed indicate that this company was controlled on September 7, 1893, the effective date of consolidation, by F. H. and C. W. Goodyear, its president and vice-president. On the other hand, the records reviewed did not indicate that the company then controlled any common-carrier corporation.

On date of consolidation the Buffalo and Susquehanna Railroad Company (of 1891) owned 13.84 miles of railroad extending from Galeton to Cherry Springs, Pa., which had been constructed under contract by F. H. and C. W. Goodyear during the years 1891 to 1893. In addition to construction of road, the contractors agreed to furnish certain equipment. The property owned by this company was opened for operation by its successor, the Buffalo and Susquehanna Railroad Company (of 1893).

Cherry Springs Railroad Company
The records reviewed indicate that this company was controlled on September 7, 1893, the effective date of its consolidation, by F. H. and C. W. Goodyear, its president and vice-president. On the other hand, the records reviewed did not indicate that the company then controlled any common-carrier corporation.

On date of consolidation the Cherry Springs Railroad Company owned 8.86 miles of railroad extending from Hull to about 2 miles from Cherry Springs, Pa., which had been constructed under contract by F. H. and C. W. Goodyear during the year 1893. In addition to construction of road, the contractors agreed to furnish certain equipment and land. The property owned by this company was opened for operation by its successor, the Buffalo and Susquehanna Railroad Company (of 1893).

Cross Fork Railroad Company
The records reviewed indicate that this company was controlled on September 7, 1893, the date of consolidation, by F. H. and C. W. Goodyear, its president and vice-president. On the other hand, the records reviewed did not indicate that the company then controlled any common-carrier corporation.

The Cross Fork Railroad Company owned 12.73 miles of railroad extending from Cross Fork Junction to Cross Fork, Pa., which had been constructed under contract by F. H. and C. W. Goodyear during the year 1893. In addition to construction of road, the contractors agreed to furnish certain equipment and land. The property owned by this company was opened for operation by its successor, the Buffalo and Susquehanna Railroad Company (of 1893).

Susquehanna Railroad Company
The records reviewed indicate that this company was controlled on September 7, 1893, the date of consolidation, by F. H. and C. W. Goodyear, its president and vice-president. On the other hand, the records reviewed did not indicate that the company then controlled any common carrier corporation.

On date of consolidation the company owned 14.27 miles of railroad extending from Costello to Hull, Pa., which had been constructed under contract by F. H. and C. W. Goodyear during the years 1891 to 1893. In addition to construction of road, the contractors agreed to furnish certain equipment and land. The property owned by this company was opened for operation by its successor, the Buffalo and Susquehanna Railroad Company (of 1893).

The Sinnemahoning Valley Railroad Company
The records reviewed indicate that this company was controlled on September 7, 1893, the date of consolidation, by F. H. and C. W. Goodyear, its president and vice-president. On the other hand, the records reviewed did not indicate that the company then controlled any common-carrier corporation. The property of the company was operated by its own organization from date of acquisition to date of consolidation.

The Sinnemahoning Valley Railroad Company owned 12.49 miles of railroad extending from Keating Summit to Costello, Pa., which had been constructed under contract by F. H. and C. W. Goodyear during the years 1885 to 1887. In addition to construction of road, the contractors agreed to furnish certain equipment and land.

Coudersport and Wellsboro Railroad Company
The records reviewed indicate that this company was controlled on September 12, 1894, the date of merger, by F. H. and C. W. Goodyear, first and second vice-presidents of the Buffalo and Susquehanna Railroad Company (of 1893) through ownership of the capital stock. On the other hand, the records reviewed did not indicate that the company then controlled any common-carrier corporation.

On date of merger the Coudersport and Wellsboro Railroad Company owned 13.12 miles of railroad extending from Galeton to Ansonia, Pa., which had been constructed under contract by F. H. and C. W. Goodyear during the years 1892 and 1893. The property owned by this company was opened for operation by its successor, the Buffalo and Susquehanna Railroad Company (of 1893).

State Line Railroad Company
The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed did not indicate whether the company was controlled on November 22, 1895, the date of merger, by any individual or corporation, nor, on the other hand, whether the company then controlled any common-carrier corporation. The property of the company was operated by the Wellsville, Coudersport and Pine Creek under lease agreement from date of acquisition to date of merger. The company owned on the date of merger 1.61 miles of railroad extending from the New York-Pennsylvania State line to Perryville, Pa., which was acquired by construction in 1890 and 1892.

Susquehanna and New York Railroad Company
Introductory

The records reviewed did not indicate whether this company was controlled on March 30, 1901, the date of merger, by any individual or corporation, nor, on the other hand, whether the company then controlled any common-carrier corporation. The property of the company was operated under lease agreement by the Buffalo and Susquehanna Railroad Company (of 1893) from date of acquisition to date of merger. The company owned on the date of merger 30.75 miles of railroad extending from the New York-Pennsylvania State line to Gaines, Pa.

Development of Fixed Physical Property

The 30.75 miles of railroad owned by the Susquehanna and New York Railroad Company on the date of merger, had been acquired under foreclosure proceedings from the Addison and Pennsylvania Railway Company (of 1892). Further details in respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the carrier.

Addison and Pennsylvania Railway Company (of 1892)
No accounting records of this company were obtained. Therefore, no information can be given from its accounts, regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The company acquired 40.51 miles of narrow-gage railroad through the reorganization of the Addison and Pennsylvania Railway Company (of 1887). After acquiring its property, the company reconstructed the road from narrow to standard-gage. On April 22, 1898, the property was sold under foreclosure and on May 20, 1898, parts of the property were acquired by two companies, as indicated below.

Addison and Pennsylvania Railway Company (of 1887)
The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed did not indicate whether the company was controlled on September 28, 1892, the date of reorganization, by any individual or corporation, nor, on the other hand, whether the company then controlled any common-carrier corporation. The property of the company was operated by its own organization and the receiver from the date of acquirement to the date of reorganization, but the date the receiver took charge of its affairs was not ascertained. The company owned on the date of reorganization 40.51 miles of narrow-gage railroad extending from Addison, N. Y., to Gaines, Pa. The railroad owned by the company on the date of reorganization had been acquired from its predecessor, the Addison and Northern Pennsylvania Railway Company.

Addison and Northern Pennsylvania Railway Company
The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed did not indicate whether the company was controlled on August 1, 1887, the date of reorganization, by any individual or corporation, nor, on the other hand, whether the company then controlled any common-carrier corporation. The property of the company was operated by its own organization from the date of acquirement to April 12, 1886, and by the receiver from the latter date to date of reorganization. The company owned on the date of reorganization 40.51 miles of narrow-gage railroad extending from Addison, N. Y., to Gaines, Pa., which was acquired by construction and opened for operation on November 27, 1882.

Galeton and Eastern Railroad Company
Introductory

The records reviewed did not indicate whether this company was controlled on March 30, 1901, the date of merger, by any individual or corporation, nor, on the other hand, whether the company then controlled any common-carrier corporation. The property of the company was operated by the Buffalo and Susquehanna Railroad Company (of 1893) from May 19, 1898, the date it was acquired, to the date of merger. The company owned 5.15 miles of railroad extending from Gaines to Galeton, Pa.

Development of Fixed Physical Property

The 5.15 miles of railroad owned by the company on the date of merger was acquired from the New York and North Pennsylvania Railroad Company. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the carrier.

New York and North Pennsylvania Railroad Company
The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed did not indicate whether the company was controlled on May 31, 1898, the date of reorganization, by any individual or corporation, nor, on the other hand, whether the company then controlled any common-carrier corporation. The property of the company was operated by the Addison and Pennsylvania Railway Company under lease from December 1, 1883, when it was opened for operation, to the date of reorganization. The company owned on the date of reorganization 5.15 miles of railroad extending from Gaines to Galeton, Pa., which was acquired by construction.

Northern Susquehanna Railroad Company
The records reviewed indicate that this company was controlled on March 30, 1901, the date of merger, by F. H. and C. W. Goodyear, first and second vice presidents of the Buffalo and Susquehanna Railroad Company (of 1893), through ownership of the capital stock. On the other hand, the records reviewed did not indicate that the company then controlled any common-carrier corporation.

On date of merger the company owned 16.57 miles of railroad extending from Sinnemahoning to a connection with the Buffalo and Susquehanna Railroad near Bailey Run, Pa., which had been constructed under contract by A. C. Goodyear during the years 1900 and 1901. The property owned by this company was opened for operation by its successor, the Buffalo and Susquehanna Railroad Company (of 1893).

Susquehanna & Southern Railroad Company
Introductory

The records reviewed indicate that this company was controlled on June 12, 1905, the date of merger, by certain officials and directors of the Buffalo and Susquehanna Railroad Company (of 1893), through ownership of the capital stock. On the other hand, the records reviewed did not indicate that the company then controlled any common-carrier corporation. The property owned by this company was opened for operation by its successor, the Buffalo and Susquehanna Railroad Company (of 1893). The Susquehanna & Southern Railroad Company owned 67.78 miles of railroad located in Pennsylvania. The main line extended from Sinnemahoning to Sykesville, with a branch line, 11.49 miles in length, from Medix Run to Dodgeville, and two minor branches aggregating 0.66 mile in length.

Development of Fixed Physical Property

Of the 67.78 miles of railroad owned by the Susquehanna & Southern Railroad Company on the date of merger, it had acquired 11.61 miles from the Medix Run Railroad Company, and 56.17 miles had been constructed under a contract with the Sinnemahoning Construction Company during the period 1902 to 1905. Details with respect to the construction of this property are given in chapter on development of fixed physical property in the report of the carrier.

Medix Run Railroad Company
The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed did not indicate whether the company was controlled on June 10, 1905, the date of sale, by any individual or corporation, nor, on the other hand, whether the company, then controlled any common-carrier corporation. During its corporate existence, the property of the company was operated by the Medix Run Lumber Company as a plant facility. The company owned on the date of sale 11.49 miles of railroad extending from Medix Run to Dodgeville, Pa., and a mine branch, 0.12 mile in length.

Southwestern DuBois Railroad Company
Introductory

The records reviewed indicated that this company was controlled on January 23, 1907, the date of merger, by certain officials and directors of the Buffalo and Susquehanna Railroad Company (of 1893), through ownership of the capital stock. On the other hand, the records reviewed did not indicate that the company then controlled any common-carrier corporation. The property owned by this company was opened for operation by its successor, the Buffalo and Susquehanna Railroad Company (of 1893). The Southwestern DuBois Railroad Company owned 3.55 miles of railroad extending from Juneau to Covode, Pa.

Development of Fixed Physical Property

The 3.55 miles of railroad owned by the Southwestern DuBois Railroad Company on the date of merger was constructed under a contract with the Sinnemahoning Construction Company during the period 1905 to 1907.

Plumville Railroad Company
Introductory

The records reviewed indicate that this company was controlled on March 2, 1907, the date of merger, by certain officials and directors of the Buffalo and Susquehanna Railroad Company (of 1893), through ownership of the capital stock. On the other hand, the records reviewed did not indicate that the company then controlled any common-carrier corporation. The property of the company was operated under a lease by the Buffalo and Susquehanna Railroad Company (of 1893) from March 1, 1907, the date it was put in operation, to the date of merger. The company owned 18.61 miles of railroad extending from Covode to Sagamore, Pa.

Development of Fixed Physical Property

The 18.61 miles of railroad owned by the company on the date of merger was constructed under a contract with the Sinnemahoning Construction Company and opened for operation March 1, 1907.