Wikipedia:WikiProject Trains/ICC valuations/Delaware, Lackawanna and Western Railroad

Interstate Commerce Commission, Valuation Reports, Volume 39

Location and General Description of Property
The railroad operated by The Delaware, Lackawanna and Western Railroad Company, hereinafter called the Lackawanna, is a standard-gage, steam railroad, located in New Jersey, Pennsylvania, and New York. The operated road forms a continuous double-track route from Hoboken, N. J., through Scranton, Pa., and Binghamton, N. Y., to Buffalo, N. Y., a distance of about 395 miles. The company maintains through service to New York City by means of ferry boats operated across the bay from Hoboken.

The railroad property owned by the Lackawanna is located within the State of Pennsylvania with the exception of certain miscellaneous property in New Jersey and terminal facilities in New York City. The owned mileage consists of that portion of the main line extending northwesterly from the New Jersey-Pennsylvania State line near Portland, Pa., to the Pennsylvania-New York State line south of Binghamton, N. Y., with important branch lines projecting from Portland to Bath and from Scranton to Northumberland. The lines used under lease include portions of the main line connecting the Lackawanna's owned road between Hoboken, N. J., and the New Jersey-Pennsylvania State line and between the New York-Pennsylvania State line and Buffalo, N. Y., and also important branch lines in New York State extending from Binghamton to Oswego, Chenango Forks to Utica, and Owego to Ithaca. The principal cities served by the Lackawanna are Hoboken, Newark, Orange, Passaic, Paterson, and Phillipsburg in New Jersey; Easton, Northumberland, Scranton, and Wilkes-Barre in Pennsylvania; and Binghamton, Buffalo, Elmira, Ithaca, New York City, Oswego, Syracuse, and Utica in New York.

The Lackawanna wholly owns 276.885 miles of road, all of which it uses. It also wholly uses 704.916 miles of road owned by lessor companies included in this report. [...]

The Lackawanna wholly owns and uses 806.035 miles of all tracks, jointly owns and uses with other carriers an undivided interest in 0.663 mile of all tracks, wholly uses but does not own 1,858.127 miles of all tracks, and jointly uses but does not own an undivided interest in 1.027 miles of all tracks.

Physical Conditions Affecting Construction
Topography — The eastern portion of the road traverses country that varies from rolling to hilly, the divide between the Atlantic Ocean and the Delaware River watersheds being crossed at an elevation of 900 feet. The central portion traverses a mountainous region lying between the Delaware and Susquehanna Rivers, having an elevation varying from 500 to 1,800 feet. The northern and western portions of the road traverse the rolling hills of western New York State and the elevations diminish to 300 feet at Lake Ontario and 600 feet at Lake Erie.

Economic Conditions Relating to Traffic
Farm development — The most prosperous and fertile farming country is that traversed by the northern and western portions of the road, producing an abundance of corn, grain, fruit, and vegetables. Dairying is also engaged in extensively in this territory. The country traversed by the eastern portion of the road is some what less fertile and devoted principally to truck gardening, while farming is engaged in only to a limited extent in the central or mountainous region.

Industrial development — The industries served by this road are very extensive and produce about all varieties of manufactured goods. The principal industrial centers are New York, Jersey City, Hoboken, Paterson, Scranton, Wilkes-Barre, Binghamton, Elmira, Buffalo, Syracuse, and Utica. The Lackawanna is the owner of extensive coal mining property in Pennsylvania and anthracite coal furnishes about 65 per cent of the revenue tonnage originating on the road.

Introductory
The Lackawanna is a corporation of the State of Pennsylvania, 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 Liggett's Gap Railroad Company, which was later changed to The Lackawanna and Western Railroad Company, and again changed to the present name of The Delaware, Lackawanna and Western Railroad Company.

The records reviewed do not indicate that the Lackawanna is controlled by any individual or corporation. On the other hand, this company controls, through ownership of either a majority of or the entire outstanding capital stock, the following companies which were operated by the Lackawanna under stock control or lease agreements on the date the property of the latter was taken over by the United States Railroad Administration:
 * The Newark and Bloomfield Railroad Company.
 * The Passaic and Delaware Railroad Company.
 * Syracuse, Binghamton and New York Railroad Company.
 * The Hopatcong Railroad Company.
 * Erie and Central New York Railroad Company.
 * The Chester Railroad Company.
 * Syracuse and Baldwinsville Railway Company.

It controls, through ownership of the capital stock, The Lackawanna and Montrose Railroad Company and the Harlem Transfer Company, which operated their own property on the date it was taken over by the United States Railroad Administration.

It also controls, through ownership of the capital stock of the New York and Hoboken Ferry Company, a holding corporation, The Hoboken Ferry Company, which was operated by the Lackawanna, under lease agreement, on the date it was taken over by the United States Railroad Administration.

The property of the Lackawanna was operated by its own organization from October, 1851, when its original property was acquired, to December 31, 1917, and by the United States Railroad Administration from January 1, 1918, to date of valuation.

Corporate History
The Lackawanna was incorporated April 7, 1832, by a special act of the legislature of Pennsylvania, as The Liggett's Gap Railroad Company. On April 14, 1851, under authority of an act of the legislature of Pennsylvania, the name was changed to The Lackawanna and Western Railroad Company and, subsequently, on March 11, 1853, under authority of an act of the legislature of Pennsylvania, the name was again changed to The Delaware, Lackawanna and Western Railroad Company. The Lackawanna acquired the property, rights, and franchises of four railroad corporations. The Lackawanna itself and those corporations, together with their predecessors, total 10 different corporations, of which 5 underwent a change of name, and comprise the line of corporate succession culminating in the Lackawanna as at present constituted. The following chart shows the name 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. Reference to each of these corporations is made in the last column by its respective number shown in the first column.

Development of Fixed Physical Property
The owned mileage of the Lackawanna, 276.885 miles, was acquired as follows:
 * By construction 154.252
 * By merger 122.633
 * Total 276.885

Of the nine corporations that comprise the line of succession culminating in the Lackawanna as at present constituted, the four corporations named below did not construct any road or other common-carrier property.
 * The Keyser Valley Railroad Company.
 * Nazareth and Lehigh Railway Company.
 * Bangor and Bath Railroad Company.
 * The Chapman and Lehigh Railway Company.

The property constructed by the remaining corporations, the years when the various portions of the line were constructed, and the manner in which the Lackawanna 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.

Leased Railway Property
The Lackawanna used on December 31, 1917, facilities owned by other companies, and other companies used facilities owned by the Lackawanna 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: There are other facilities of minor importance, such as stations, interlockers, yard tracks, and sidings, in which the Lackawanna grants or receives joint use, that are not listed in this chapter.

The Delaware and Cobb's Gap Railroad Company
No accounting records of The Delaware and Cobb's Gap Railroad Company were obtained. The only information regarding its affairs has been taken from records of the successor company. The company was authorized under its charter to build a railroad from a point at or near Delaware Water Gap to Cobb's Gap, in Pennsylvania. Under an act of the State of Pennsylvania approved March 11, 1853, the franchises, rights, and privileges of this company were merged with and into the Lackawanna. The records examined do not indicate that any physical property was acquired by The Delaware and Cobb's Gap Railroad Company.

The Keyser Valley Railroad Company, Formerly Named The Continental Coal Company, and Buffalo Coal and Iron Company, Originally Named North Western Coal and Iron Company
The Keyser Valley Railroad Company was controlled by the Lackawanna on December 27, 1865, the date of merger, through ownership of its capital stock. On the other hand, the records reviewed did not indicate that it then controlled any common-carrier corporation. The company owned no common-carrier property on the date of merger. Its owned property consisted of coal land and mines located in Pennsylvania. The Keyser Valley Railroad Company issued $80,000 par value of capital stock, of which $75,000 par value was recorded as sold for an equal amount in cash and $5,000 par value was issued as a stock dividend. All of the capital stock was owned by the Lackawanna and carried at a book value of $161,064.99. Upon acquiring the property of the Keyser Valley Railroad Company the Lackawanna canceled the stock and charged the book value to its coal department construction account.

The Lackawanna and Bloomsburg Railroad Company
Introductory

The records reviewed did not indicate whether The Lackawanna and Bloomsburg Railroad Company was controlled by any individual or corporation on June 17, 1873, the date of merger, or, on the other hand, whether it then controlled any common-carrier corporation. The property of the company was operated by its own organization from June 26, 1856, the date of its completion, to June 1, 1873. From that date to date of merger its property was operated by the Lackawanna and the results of operation were included in the accounts of that company. The railroad owned by The Lackawanna and Bloomsburg Railroad Company on the date of merger amounted to 79.46 miles. It consisted of a railroad extending from Scranton to Northumberland, Pa.

Development of Fixed Physical Property

All of the 79.46 miles of railroad owned by this company 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 in the report on the Lackawanna.

Bangor and Portland Railway Company (of 1899)
Introductory

The Bangor and Portland Railway Company (of 1899) was controlled on July 1, 1909, the date of merger, by the Lackawanna through ownership of its capital stock. On the other hand, the records reviewed did not indicate that it then controlled any common-carrier corporation. The property of the company was operated by its own organization from the date of acquirement to date of merger. The railroad operated on the date of merger amounted to 34.648 miles, all owned. It consisted of a railroad extending from Portland to Nazareth, Pa., with a wye track at the former point.

Development of Fixed Physical Property

Of the 34.648 miles of road owned by the Bangor and Portland Railway Company (of 1899) on the date of merger, it had acquired 30.608 miles from the Bangor and Portland Railway Company (of 1879) and 4.040 miles by construction. 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 Lackawanna.

Nazareth and Lehigh Railway Company
The accounting records of the Nazareth and Lehigh Railway 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 did not indicate whether the company was controlled by any individual or corporation on September 25, 1899, the date of consolidation, or, on the other hand, whether it then controlled any common-carrier corporation. The records reviewed did not indicate that the Nazareth and Lehigh Railway Company ever constructed or owned any common-carrier property.

Bangor and Portland Railway Company (of 1879)
The accounting records of the Bangor and Portland Railway Company (of 1879) were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information stated below was obtained from other sources. The records reviewed did not indicate whether the company was controlled by any individual or corporation on September 25, 1899, the date of consolidation, or, on the other hand, whether it then controlled any common-carrier corporation.

The Bangor and Portland Railway Company (of 1879) owned on the date of consolidation 30.608 miles of railroad, all of which was acquired by construction.

Bangor and Bath Railroad Company
The accounting records of the Bangor and Bath 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 were obtained from the corporate history of the Lackawanna as reported to this commission. The records reviewed did not indicate whether the Bangor and Bath Railroad Company was controlled by any individual or corporation on October 25, 1880, the date of merger, or, on the other hand, whether it then controlled any common-carrier corporation. The records reviewed did not indicate that the company ever constructed or owned any common-carrier property.

The Chapman and Lehigh Railway Company
The accounting records of The Chapman and Lehigh Railway Company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data were obtained from the corporate history of the Lackawanna as reported to this commission. The records reviewed did not indicate whether The Chapman and Lehigh Railway Company was controlled by any individual or corporation on June 13, 1882, the date of merger, or on the other hand, whether it then controlled any common-carrier corporation. The records reviewed did not indicate that the company ever constructed or owned any common-carrier property.

The Hanover and Newport Railroad Company
Introductory

The Hanover and Newport Railroad Company was controlled on July 1, 1909, the date of merger, by the Lackawanna through ownership of its capital stock. On the other hand, the records reviewed did not indicate that it then controlled any common-carrier corporation. The property of the company was operated by the Lackawanna from date of completion to date of merger. The railroad owned by The Hanover and Newport Railroad Company on date of merger amounted to 8.525 miles of railroad located in Pennsylvania. The main line extended from a point 1 mile west of Plymouth to the Bliss mine, a distance of 5.091 miles, with two branch lines aggregating 3.434 miles.

Development of Fixed Physical Property

All of the 8.525 miles of railroad owned by The Hanover and Newport Railroad Company on the date of merger was acquired by construction. 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 Lackawanna.