Wikipedia:WikiProject Trains/ICC valuations/Ellenville and Kingston Railroad

Interstate Commerce Commission, Valuation Reports, Volume 25

Location and General Description of Property
The railroad of Ellenville & Kingston Railroad Company, herein called the Ellenville & Kingston, is a single-track, standard-gauge, steam railroad, located in the southeastern part of New York. The owned mileage extends from Ellenville to Kingston, N.Y., 27.816 miles. The Ellenville & Kingston also owns yard and side tracks totaling 6.756 miles. Its road thus embraces 34.572 miles of all tracks owned.

Corporate History
The Ellenville & Kingston was incorporated March 29, 1901, under the general laws of New York. It is controlled by the carrier, through ownership of the entire capital stock. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

Development of Fixed Physical Property
Construction of the road was begun shortly after date of incorporation on March 29, 1901. The work was performed partly by contract and partly by the company's forces, and the road was opened to traffic on December 22, 1902.

Leased Railway Property
Effective July 1, 1905, the Ellenville & Kingston leased its property to the carrier for a period of 50 years. For the first five years the carrier agreed to pay an annual rental of $76,000, representing the annual interest on the funded debt of the Ellenville & Kingston, and organization expense not to exceed $500 per annum, thereafter the carrier to pay one-half of net earnings over and above operating expenses, taxes, interest on funded debt and organization expenses. According to the accounting records, one-half of the net earnings never exceeded the sum of $76,500 per annum. With the exception of $250 paid for the six months ended on date of valuation, the carrier has made no payments for organization expenses.