Wikipedia:WikiProject Trains/ICC valuations/Delaware and Hudson Company

Interstate Commerce Commission, Valuation Reports, Volume 116

Location and General Description of Property
The railroad of The Delaware and Hudson Company, hereinafter called the carrier, is a partly double-track standard-gauge steam railroad, the owned mileage of which is located in the States of Pennsylvania and New York, and the Dominion of Canada. Only that portion located in the United States is included in this report. The operated main line extends from its southern terminus at Buttonwood, near Wilkes Barre, Pa., in a general northerly direction to Ninevah, N. Y., and from Owego, its most westerly terminus, to Albany, N. Y. From the last-named point its main line passes northerly through the cities of Troy, Saratoga Springs, Whitehall, and Plattsburgh, reaching the international boundary line, in two branches from Canada Junction, at Mooers Junction and Rouses Point, N. Y. In addition, the carrier has many branch lines, the most important of which extend from Albany in a northerly direction, and from Whitehall in an easterly direction, into Vermont, meeting at Castleton, Vt., and terminating at Rutland, the most easterly terminus. Two other branch lines extend from Saratoga Springs and Plattsburgh, the former northerly to North Creek, and the latter westerly and southerly to Lake Placid, N. Y.

Corporate History
The carrier was incorporated as The President, Managers and Company of the Delaware and Hudson Canal Company, under a special act of New York approved April 23, 1823, and was organized on the same date. This corporate title was changed to the present designation by a special act of New York approved April 28, 1899, which also authorized it to abandon the canal, but continued the previous corporation in all other respects. Under the original act the carrier was authorized to purchase from Maurice Wurts the rights and privileges previously granted him under a special act of Pennsylvania, approved March 13, 1823, which authorized him to improve the navigation of the Lackawaxen River and to purchase from Wurts and others lands containing stone coal, at or near the head waters of that river. This act also gave the carrier authority to employ its capital in the business of transporting to market the coal purchased. By subsequent amendment, approved April 5, 1826, the carrier was authorized by the State of Pennsylvania to construct and maintain railways from its coal lands to the canal. The State of New York authorized the carrier, by an amendment to the original act approved May 9, 1867, to construct, own, maintain, or lease railroads for its use. By an amendment to the original act, approved November 19, 1824, the State of New York authorized the carrier to employ $500,000 of its capital actually paid in, in the business of banking, authorizing it to issue bills and notes, as hereinafter described. The principal operating and accounting offices of the carrier are located at Albany, and its principal financial office at New York, N. Y.

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 road owned by the carrier on date of valuation was acquired as follows:

Leased Railway Property
The following statement gives the details of property leased from and to other companies, together with the terms of the use and the amount of rental accrued for year ending on date of valuation: 1 The accounting reports of these two lessor companies have been made a part of the report on New York, Ontario and Western Railway Company.

Trackage rights

In addition to the property leased or operated as agent, the carrier is granted the use of the property of other companies, and grants the use of its property to other companies, as follows:

The Adirondack Railway Company
Introductory

At its demise The Adirondack Railway Company owned and operated a single-track standard-gauge railroad, extending from a connection with the railroad of the carrier at Saratoga Springs in a northerly direction to North Creek, N. Y., about 57.307 miles.

Corporate History

The Adirondack Railway Company was incorporated July 7, 1882, under the general laws of New York, and is a reorganization of the Adirondack Company. The property of the latter was sold under foreclosure proceedings and conveyed to William W. Durant, William Sutphen, and others on October 21, 1881, and conveyed by them to The Adirondack Railway Company on November 24, 1882. On November 5, 1902, the property of The Adirondack Railway Company was merged with that of the carrier.

Development of Fixed Physical Property

The property acquired by The Adirondack Railway Company consisted of the lands that had been acquired by the Adirondack Company from the State of New York, and a railroad that was constructed during the years 1885 to 1871. The Adirondack Railway Company was relieved from an obligation to construct its railroad beyond North Creek, by a certificate of the Board of Railroad Commissioners of New York, dated May 9, 1882.

Adirondack Company, Predecessor of The Adirondack Railway Company
Introductory

There are no obtainable records of the Adirondack Company, and the information here submitted has been taken from the laws of New York, the sworn reports rendered by it and published in the "State Engineers' Reports on Railroads," the accounting records of its successor company, The Adirondack Railway Company, and from the returns on corporate history made by the carrier.

The property of the Adirondack Company was operated from completion to December 15, 1874, by its own organization and by several receivers; from December 15, 1874, to October 21, 1881, by Thomas C. Durant, receiver; and from October 21, 1881, to November 24, 1882, by Thomas C. Durant, as agent. The details of these operations are not of record. The Adirondack Company passed through many financial troubles, resulting in the placing of its affairs in the hands of receivers; and, under judgment of foreclosure against it dated June 28, 1881, foreclosing the mortgage of July 1, 1872, given to the New York State Loan and Trust Company, the franchise and property were sold to William Sutphen and W. W. Durant. The property was conveyed to them by a deed dated October 21, 1881, and they in turn conveyed it to The Adirondack Railway Company by a deed dated November 24, 1882.

Corporate History

The Adirondack Company was a New York corporation organized by the purchasers of the property and franchises of The Adirondac Estate and Railroad Company, and was incorporated October 24, 1863, under the general laws of New York and under various special acts augmenting its rights and privileges. The articles of association were filed October 24, 1863, and were amended March 1, 1871. Under the articles of association and amendments, the corporation was to continue for 1,000 years, and had for its purposes the acquisition of the property of The Adirondac Estate and Railroad Company, the completion, operation, maintenance, and extension of the railroad projected by that company, and to develop its lands and market their native products.

Development of Fixed Physical Property

The line of road projected by the company was to extend from Ogdensburg, on the St. Lawrence River, to Saratoga Springs, N. Y., and from a connection with this line to Ausable Forks, N. Y., a total distance of about 185 miles. At November 11, 1863, the Adirondack Company acquired all of the property of The Adirondac Estate and Railroad Company, consisting of a right of way on which some grading had been done and about 525,000 acres of land. At its demise on November 24, 1882, it owned a standard-gauge single-track railroad extending from Saratoga Springs to North Creek, N. Y., about 57.307 miles, which had been constructed as follows:

The Adirondac Estate and Railroad Company, Predecessor of Adirondack Company
Introductory

There are no accounting or other records of The Adirondac Estate and Railroad Company and the information here submitted was taken partly from the laws of New York pertaining to the company, partly from the corporate history of the carrier, and partly from the State engineers' reports on railroads.

Corporate History

The Adirondac Estate and Railroad Company was a New York corporation organized by the bondholders of The Lake Ontario and Hudson River Railroad Company to take over the property formerly owned by that company. It was incorporated under the general laws of New York, and under special acts of February 18, 1860, March 13, 1861, and March 29, 1862. Its articles of association were filed August 11, 1860. The special acts referred to and its articles of incorporation gave it the additional rights "to convert and prepare for market the native products of the forest, and to mine and prepare for market the iron ores upon the lands owned by them, and to transport, sell, and dispose of the same"; also to construct a railroad from Ogdensburg, N. Y., on the St. Lawrence River, to a connection with its road in Essex County, and other branch lines, making in all about 300 miles of railroad.

Although incorporated February 18, 1860, The Adirondac Estate and Railroad Company did not come into possession of the property of its predecessor, The Lake Ontario and Hudson River Railroad Company, until August 13, 1860, when it acquired an undivided three-fifths interest, and on September 26, 1860, when it acquired the remaining two-fifths interest. The Adirondac Estate and Railroad Company retained possession of its property until June 9, 1862, when it passed into possession of a receiver due to inability to meet its obligations. The property was held by several receivers and was finally sold by order of the court and conveyed to Albert N. Cheney on December 16, 1862. Cheney reconveyed the property by deeds dated December 26, 1862, and November 11, 1863, to purchasers who incorporated it as the Adirondack Company.

Development of Fixed Physical Property

During the life of The Adirondac Estate and Railroad Company no construction was undertaken except some grading, nothing being added to the physical property of its predecessor, so that there was conveyed to its successor the identical property that it had acquired. At November 11, 1863, the railroad property of The Adirondac Estate and Railroad Company consisted of that which it had acquired from The Lake Ontario and Hudson River Railroad Company and the additional rights given to it by its articles of incorporation to construct a railroad from Ogdensburg to a connection with its line in Essex County, N. Y., and other branch lines. In addition to the railroad property, however, it has acquired the residue of lands in Warren, Hamilton, Herkimer, Franklin, Essex, and Lewis Counties, a portion of which The Lake Ontario and Hudson River Railroad Company had previously acquired through pre-emption rights granted to it by the State of New York.

The Lake Ontario and Hudson River Railroad Company, Predecessor of The Adirondac Estate and Railroad Company
Introductory

There are no obtainable records of The Lake Ontario and Hudson River Railroad Company, and the information here submitted was taken from the laws of New York, the State engineers' reports on railroads, and from the returns of the carrier on corporate history.

Corporate History

The Lake Ontario and Hudson River Railroad Company was a New York corporation, incorporated as Sackets Harbor and Saratoga Railroad Company, under a special act of New York, April 10, 1848, for the purpose of constructing, operating, and maintaining a railroad from Sackets Harbor, on Lake Ontario, to a connection with the Saratoga "in the town of Milton, or in the town of Saratoga Springs, N. Y.," a distance of about 182 miles. The original act of incorporation was amended by a special act of March 29, 1851, extending to the company the provisions of the General Railroad Law of 1850, and was further augmented by special act of April 15, 1853. The name was changed to that first mentioned by a special act dated April 6, 1857, and the line originally projected was extended from its southern terminus "to tidewater at, in, or near Troy or Albany, N. Y." The Lake Ontario and Hudson River Railroad Company defaulted in its interest obligations, and on February 23, 1860, its property and franchises were sold under foreclosure proceedings to Alrick Hubbell and others, who in turn reconveyed the property and franchises to The Adirondac Estate and Railroad Company.

Development of Fixed Physical Property

At its demise the property of The Lake Ontario and Hudson River Railroad Company consisted of a projected railroad from Sackets Harbor to Albany or Troy, N. Y., a distance of about 182 miles. The obtainable records indicate that construction of the road was begun in 1852, but that only part of the grading had been done prior to the sale of the property.

Schenectady and Duanesburgh Railroad Company, Predecessor of the Carrier
Introductory

There are no obtainable accounting records of the Schenectady and Duanesburgh Railroad Company, and the information here submitted was taken from the minute book, the laws of New York, the sworn reports of the company rendered to the State of New York, and from the returns of the carrier on corporate history.

Corporate History

The Schenectady and Duanesburgh Railroad Company was incorporated July 10, 1873, under the general laws of New York, and is a reorganization of The Schenectady & Susquehanna Rail Road Company. The latter having defaulted in the payment of the principal and interest of its bonds of 1872, the property was sold under foreclosure to Daniel D. Campbell, who in turn reconveyed it to the Schenectady and Duanesburgh Railroad Company by deed dated July 12, 1875. The articles of association provided the Schenectady and Duanesburgh Railroad Company with an existence of 50 years, which was terminated by merger of its property with that of the carrier August 4, 1903, under a certificate of merger of that date.

Development of Fixed Physical Property

At August 4, 1903, the date of demise, the Schenectady and Duanesburgh Railroad Company owned about 14.189 miles of single-track standard-gauge railroad, extending from a connection with the Saratoga and Schenectady at Schenectady to Delanson, a connection with the Albany and Susquehanna.

The entire road is located in Schenectady County, N. Y., and is the same road constructed by the Albany and Susquehanna and acquired by the Schenectady and Duanesburgh Railroad Company at the time of reorganization.

Leased Railway Property

The property of the Schenectady and Duanesburgh Railroad Company was leased from July 12, 1873, to June 30, 1874, and from June 30, 1874, to April 28, 1899, to the carrier. The last lease was assigned to the carrier and continued in effect until August 4, 1903. The obtainable records are meager in details of the rental received by the Schenectady and Duanesburgh Railroad Company for its property. Under the first lease it received a proportion of the revenues, and under the last lease the lessee paid the interest on its first-mortgage bonds not to exceed $500,000.

The Schenectady & Susquehanna Rail Road Company, Predecessor of the Schenectady and Duanesburgh Railroad Company
Introductory

There are no obtainable accounting records of The Schenectady & Susquehanna Rail Road Company and the information here submitted was taken from the articles of association, the laws of New York, the sworn reports of The Schenectady & Susquehanna Rail Road Company rendered to the State engineer of New York, and from the returns of the carrier on corporate history.

Corporate History

The Schenectady & Susquehanna Rail Road Company, a New York corporation, was incorporated under the general laws of that State on December 27, 1869, for the purpose of constructing, maintaining, and operating a railroad from Schenectady to Delanson, N. Y., and connecting with the Albany and Susquehanna at Delanson and the Saratoga at Schenectady. The property was sold under a judgment of foreclosure dated May 27, 1873, and was conveyed to Daniel D. Campbell by deed dated July 10, 1873.

Development of Fixed Physical Property

On July 10, 1873, The Schenectady & Susquehanna Rail Road Company owned a single-track standard-gauge railroad, extending from Schenectady to Delanson, N. Y., about 14.189 miles. About 3 miles of the railroad were constructed in 1871 under unknown conditions. Construction was suspended in February 1871 and resumed in September 1871. The entire road was completed and placed in operation about August 19, 1872.

The New York and Canada Railroad Company, Predecessor of the Carrier
Introductory

The New York and Canada Railroad Company maintained accounting records for the period March 15, 1873, to December 31, 1874, only, and the greater part of the information submitted herewith has been taken from the laws of New York, the return on corporate history, and the accounting records of the carrier.

Corporate History

The New York and Canada Railroad Company was incorporated under the general laws of New York and by a special act of April 15, 1873, and is a consolidation of The Montreal and Plattsburgh Rail Road Company, the Whitehall and Plattsburgh Rail Road Company, and The New York and Canada Railroad Company of 1872, under an agreement dated February 25, 1873, filed with the secretary of state on April 8, and made effective by the special act of April 15, 1873. The incorporators of The New York and Canada Railroad Company were identified with the interests of the carrier, and their purpose was to form by consolidation and construction a through line of railroad from Whitehall to Rouses Point, N. Y., and there to connect with The Grand Trunk Railway Company. The corporate existence of The New York and Canada Railroad Company ceased at May 23, 1908, when its property was merged and consolidated with that of the carrier.

Development of Fixed Physical Property

At its demise The New York and Canada Railroad Company owned about 149.169 miles of single-track standard-gauge railroad located in the State of New York. The main line extended from Lake Station, near Whitehall, to the New York-Canada line, about 112.749 miles, with the three branch lines as follows:


 * Baldwin branch, Montcalm Landing to Baldwin, about 4.77 miles
 * Ausable branch, Ausable Forks to South Junction, about 18.87 miles
 * Mooers branch, Canada Junction to New York-Canada line, about 12.78 miles

The road owned by The New York and Canada Railroad Company was acquired as follows:

The branch road from Ausable River, near Ausable Forks, to South Junction was a part of the original road of The Whitehall and Plattsburgh Rail Road Company, which was acquired April 15, 1873, by the New York and Canada Railroad Company. It was extended from Ausable River to Ausable Forks, a distance of about 1.18 miles by the line of the carrier in 1894, at a cost of $10,327.14.

The property owned by The New York and Canada Railroad Company, other than that acquired through the merger of April 15, 1873, was constructed for it by the carrier under an agreement dated March 26, 1872, amended March 11, 1874, and February 20, 1878. This agreement provided that the lessee would construct and equip the additional railroad required and receive as consideration the bonds of the lessor company at 90 and capital stock at 75. It further provided that upon completion the road would be leased to the carrier in perpetuity. The additional road was constructed under contracts between the carrier and independent contractors and was opened for operation from Lake Station, Whitehall, to Rouses Point, December 1, 1875, by using about 12 miles of the railroad of The Ogdensburgh and Lake Champlain Rail Road Company between Mooers Junction and Rouses Point. The line from Canada Junction, or Chazy, to Rouses Point, about 13 miles, was completed and placed in operation about July 1, 1876, and the extension from Ausable River to Ausable Forks was completed and placed in operation in 1894. In 1906 the carrier extended the line from Rouses Point to the New York-Canada line, about 1.10 miles.

Leased Railway Property

The agreement of March 26, 1872, between The New York and Canada Railroad Company and the carrier provided that upon completion of the property of the former it would be leased to the latter in perpetuity. Under this agreement the carrier was to pay as annual rental an amount equal to 30 per cent of the gross earnings, and if this amount was not sufficient to pay all of the interest on the funded debt of the lessor the balance shall be paid by the carrier. At February 20, 1878, The New York and Canada Railroad Company leased all of its property to the carrier in perpetuity from July 1, 1876, under the same terms and conditions as set forth in the agreement of March 26, 1872. The lease further provided that the carrier should maintain and improve the property and that the lessor would issue to the carrier upon request its securities in payment of such expenditures made by the latter. On January 14, 1873, The Whitehall and Plattsburgh Rail Road Company leased all of its property to The New York and Canada Railroad Company for a term of 999 years from that date. The obtainable records, however, do not state whether this lease was made effective, although it was recorded in several of the counties of New York.

The New York and Canada Railroad Company of 1872, Predecessor of The New York and Canada Railroad Company
Introductory

There are no obtainable accounting records, the information herein contained having been taken from the laws of New York, the articles of association, and from the returns on corporate history of the carrier.

Corporate History

The New York and Canada Railroad Company of 1872 was incorporated under the general laws of New York, March 16, 1872, by interests identified with the carrier. Its corporate existence was continued until April 8, 1873, when it was merged and consolidated with The Whitehall and Plattsburgh Rail Road Company and The Montreal and Plattsburgh Rail Road Company to form The New York and Canada Railroad Company. The purpose of The New York and Canada Railroad Company of 1872 was to construct, maintain, and operate a railroad from Whitehall, along the western shore of Lake Champlain, to the New York-Canada line at or near Rouses Point, N. Y., a distance of about 114 miles. The carrier had secured under perpetual leases the properties of the Albany and Susquehanna (February 24, 1870) and the Rensselaer and Saratoga (May 1, 1871), during the two years immediately preceding the incorporation of The New York and Canada Railroad Company of 1872, and it was the purpose of the last-named company to construct, maintain, and operate a railroad from a connection with the railroad of the Rensselaer and Saratoga at Whitehall, in a northerly direction along the western shores of Lake Champlain to a connection with the railroad of The Grand Trunk Railway Company at or near Rouses Point, on the New York-Canada line. Its purpose as originally expressed was augmented by a special act passed March 25, 1873, which authorized it to build a branch road from its main line at Ticonderoga to the foot of Lake George, a distance of about 5 miles. The consolidation of The New York and Canada Railroad Company of 1872 with others to form The New York and Canada Railroad Company was effected before the first named had completed the construction of its projected road.

Development of Fixed Physical Property

As previously stated, The New York and Canada Railroad Company of 1872 did not complete the construction of its railroad from Whitehall to Rouses Point. On March 26, 1872, it entered into an agreement with the carrier under which the latter agreed to build and equip a railroad from Whitehall to the Canadian line within five years from that date, in payment for which The New York and Canada Railroad Company of 1872 would issue its first mortgage bonds and capital stock. It was further agreed that upon completion of the road The New York and Canada Railroad Company of 1872 would lease its entire property to the carrier in perpetuity, at an annual rental of 30 per cent of the gross earnings. During the year 1872, the accounting records of the carrier list some expenditures for land, land damages and fences, graduation and masonry, and bridges, trestles, and culverts, but the work begun during the life of The New York and Canada Railroad Company of 1872 was completed during the life of its successor company, The New York and Canada Railroad Company.

The Whitehall and Plattsburgh Rail Road Company, Predecessor of The New York and Canada Railroad Company
Introductory

There are no obtainable accounting records, the information here submitted having been taken from the laws of New York, the obtainable minute book, and from the returns of the carrier on corporate history.

Corporate History

The Whitehall and Plattsburgh Rail Road Company was incorporated under the general laws of New York and by a special act passed March 20, 1868. Under its articles of association, which were filed February 16, 1866, authority was given to construct, maintain, and operate a railroad from Whitehall to Plattsburgh, N. Y., a distance of about 90 miles. Under an agreement dated February 25, 1873, effective April 15, 1873, The Whitehall and Plattsburgh Rail Road Company was merged and consolidated with the Montreal and Plattsburgh Rail Road Company and the New York and Canada Railroad Company of 1872 to form The New York and Canada Railroad Company.

Development of Fixed Physical Property

At its demise on April 15, 1873, the property of The Whitehall and Plattsburgh Rail Road Company consisted of two unconnected single-track standard-gauge railroads, as follows: Ausable River, near Ausable Forks, to Plattsburgh, about 21 miles; Fort Ticonderoga to Port Henry, about 15 miles; total, 36 miles. Both of these sections were constructed under unknown conditions, the former in 1869 and the latter in 1870.

The Montreal and Plattsburgh Rail Road Company, Predecessor of The New York and Canada Railroad Company
Introductory

There are no accounting or other corporate records, the information here submitted having been taken from the laws of New York and from the returns of the carrier on corporate history.

Corporate History

The Montreal and Plattsburgh Rail Road Company was incorporated under the general laws of New York and by a special act passed April 12, 1867, and is a reorganization following foreclosure sale of The Plattsburgh & Montreal Railroad Company. The property did not pass into the possession of The Montreal and Plattsburgh Rail Road Company, however, until August 20, 1868. Under an agreement of February 25, 1873, effective April 15, 1873, The Montreal and Plattsburgh Rail Road Company was merged and consolidated with The New York and Canada Railroad Company of 1872 and The Whitehall and Plattsburgh Rail Road Company to form The New York and Canada Railroad Company. At its demise on April 15, 1873, the property of The Montreal and Plattsburgh Rail Road Company consisted of a single-track standard-gauge railroad extending from Plattsburgh, N. Y., to the New York-Canada line, a distance of about 23 miles, that it had acquired from The Plattsburgh & Montreal Railroad Company.

The Plattsburgh & Montreal Railroad Company, Predecessor of The Montreal and Plattsburgh Rail Road Company
Introductory

There are no obtainable accounting records, the information herein contained having been taken from the minute book, the laws of New York, and from the returns of the carrier on corporate history.

Corporate History

The Plattsburgh & Montreal Rail Road Company was incorporated under the laws of New York and by a special act passed April 7, 1849, but the articles of association were not filed until March 28, 1850. The act authorized The Plattsburgh & Montreal Rail Road Company to construct, maintain, and operate a railroad from Plattsburgh, N. Y., to the Canada line. The Plattsburgh & Montreal Rail Road Company defaulted in the payment of the interest on its first and second mortgage bonds, in consequence of which its property was sold under foreclosure proceedings on September 24, 1857, to a committee representing the bondholders, who held the property in trust until August 20, 1868. At the latter date the property was conveyed to a committee representing the bondholders, who had previously incorporated themselves on April 12, 1867, as The Montreal and Plattsburgh Rail Road Company. The property was transferred to the latter by deed of August 20, 1868.

Development of Fixed Physical Property

At its demise on August 20, 1868, the property of the Plattsburgh & Montreal Rail Road Company consisted of a single-track standard-gauge railroad, extending from Plattsburgh to the New York-Canada line, a distance of about 23 miles, all in the State of New York. This road was constructed under unknown conditions and opened for operation in sections as follows: Plattsburgh to Mooers Junction, July 26, 1852; Mooers Junction to New York-Canada line, September 20, 1852.

The Cherry Valley, Sharon and Albany Railroad Company, Predecessor of the Carrier
Introductory

There are no accounting records for The Cherry Valley, Sharon and Albany Railroad Company, and the information here submitted is taken from the laws of New York, the minute book, sworn reports to the State of New York, and from the returns on corporate history and the accounting records of the carrier.

Corporate History

The Cherry Valley, Sharon and Albany Railroad Company was incorporated under a special act of New York dated April 10, 1860, as the Cherry Valley and Sprakers Railroad Company. This name was changed to Cherry Valley and Mohawk River Railroad Company by a special act of New York dated April 15, 1864, and again changed to that first mentioned by a special act of New York dated April 10, 1869. The Cherry Valley, Sharon and Albany Railroad Company was authorized by the original act to construct, operate, and maintain a railroad from Cherry Valley to a connection with the line of The New York Central Railroad Company at Palatine, N. Y., about 15 miles. By the subsequent acts amending the original act, The Cherry Valley, Sharon and Albany Railroad Company was authorized to extend its line in a southerly direction connecting with the Albany and Susquehanna at Cobleskill, N. Y. The property of The Cherry Valley, Sharon and Albany Railroad Company was merged with that of the carrier on July 17, 1908, under a certificate merger dated July 16, 1908.

Development of Fixed Physical Property

The sworn reports to the New York State engineer indicate that The Cherry Valley, Sharon and Albany Railroad Company owned at July 17, 1908, a single-track standard-gauge railroad, extending from Cherry Valley to Cherry Valley Junction, about 21.34 miles of road, construction of which had been undertaken during the years 1869 and 1870 under unknown conditions. At July 15, 1868, The Cherry Valley, Sharon and Albany Railroad Company entered into an agreement with the Albany and Susquehanna by which that company agreed to complete its road and take over the operation of it when completed. This agreement was assigned by the Albany and Susquehanna to the carrier, under date of May 27, 1870, and the road was completed and placed in operation about June 1, 1870.

Leased Railway Property

The property of The Cherry Valley, Sharon and Albany Railroad Company was leased to the carrier until July 17, 1908, when it was merged with the property of the lessee. Under the terms of this lease, the lessor was to receive as rental one-half the earnings after deducting taxes as hereinbefore described.