Wikipedia:WikiProject Trains/ICC valuations/Elmira and Lake Ontario Railroad

Interstate Commerce Commission, Volume 22, Valuation Reports

Location and General Description of Property
The railroad of The Elmira and Lake Ontario Railroad Company, herein called the Elmira and Lake Ontario, is a standard-gauge, steam railroad, located in central New York. The main line extends northerly from Chemung Junction, near Elmira, to Canandaigua, 64.199 miles. An important branch line extends from a connection with the main line at Stanley northerly to Sodus Point on Lake Ontario, and a short branch at Canandaigua extends from the station to the lake. The entire road includes 99.898 miles of first main track, and is single track with the exception of 1.127 miles of second main track at Chemung Junction. The company also owns 52.859 miles of yard tracks and sidings, including certain isolated tracks at Elmira and Southport, located upon leased right of way. Its road thus embraces 153.884 miles of all tracks owned and used.

The Elmira and Lake Ontario has trackage rights over the road of the Erie Railroad Company from Southport Junction, through Elmira, to Chemung Junction, N.Y., about 5 miles

The Elmira and Lake Ontario forms a part of The Pennsylvania Railroad Company system, its line being the northern portion of a through route extending from Harrisburg and Williamsport, Pa. The Elmira and Lake Ontario does not maintain an operating organization, its property being operated by the Pennsylvania Railroad's operating organization under an agency agreement, as shown in Appendix 2.

Economic Conditions Relating to Traffic
This region is very productive agriculturally, producing fruit, vegetables, and dairy products extensively. There are several points along the road, notably Watkins on Seneca Lake, where salt is produced in large quantities. The bulk of the traffic over this road is through freight consisting principally of coal.

Physical Characteristics of Road
The grading is light, averaging about 22,000 cubic yards per mile, of which 5 per cent is classified as solid rock and 2 per cent as loose rock. Metal bridges are mostly of the through-plate girder, deck-plate girder, or I-beam type, having spans ranging in length from 10 to 176 feet, There are no structures of unusual importance. The crossties in the main tracks average about 2,700 to the mile and are about 18 per cent treated. The untreated ties are chiefly oak and yellow pine. The main tracks are laid principally with 85, 86.5, and 101.5 pound rail, most of which was new when laid. The tracks are ballasted with cinders and gravel. The company owns extensive facilities at Elmira and large coal and ore docks at Sodus Point.

Introductory
The Elmira and Lake Ontario is a corporation of the State of New York, having its principal office at New York City. The company is controlled by The Northern Central Railway Company, through ownership of all of the outstanding capital stock. The records reviewed do not indicate that the Elmira and Lake Ontario controls any other common-carrier corporation. The property was operated from December 31, 1886, by the Northern Central under agency agreement of February 15, 1887, and from January 1, 1911, to December 31, 1917, by the Pennsylvania Railroad, lessee of the Northern Central. On January 1, 1918, its common-carrier property, with that of the Pennsylvania Railroad, was taken over for operation by the United States Railroad Administration, which operates it at date of valuation.

Corporate History
The Elmira and Lake Ontario was incorporated under the general laws of New York through articles of consolidation, dated July 27, 1886, filed December 31, 1886, for the purpose of acquiring the property, rights, and franchises of the Chemung Railroad Company, the Elmira, Jefferson and Canandaigua Rail Road Company, and Sodus Bay and Southern Railroad Company. The company was organized December 31, 1886.

Pursuant to the above purpose, the Elmira and Lake Ontario acquired at its organization the property, rights, and franchises of the three railroad corporations named. On December 27, 1888, it acquired by merger the property, rights, and franchises of the Canandaigua Lake Railroad Company. The Elmira and Lake Ontario, itself, and those corporations, together with their predecessors, total 16 different corporations, one of which underwent a change of name, and comprise the line of corporate succession culminating in the Elmira and Lake Ontario as at present constituted.

The following chart shows the names of the corporations, 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 Elmira and Lake Ontario, 99.898 miles, was acquired principally through the consolidation of December 31, 1886; 1.43 miles was acquired through the merger of the Canandaigua Lake Railroad Company. Of the 16 corporations that comprise the line of succession culminating in the Elmira and Lake Ontario as at present constituted, 12 corporations did not construct any road or other common-carrier property. These companies were:


 * Elmira and Lake Ontario.
 * Elmira, Jefferson, and Canandaigua Rail Road Company.
 * Elmira, Canandaigua & Niagara Falls Rail Road Company.
 * Sodus Bay and Southern Railroad Company.
 * The Lake Ontario Southern Railway Company.
 * Ontario Southern Railroad Company.
 * The Geneva, Hornellsville and Pine Creek Railway Company.
 * The Rochester, Hornellsville & Pine Creek Railroad Company.
 * Gaines and State Line Rail Road Company.
 * The Geneva and Hornellsville Railway.
 * The Geneva and Southwestern Railway Company.
 * The Geneva Southwestern and Hornellsville 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 Elmira and Lake Ontario 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.


 * Acquired in the consolidation of Dec. 31, 1886:
 * From the Chemung Railroad Company, Dec. 31, 1886, constructed by that company, Jefferson (now Watkins) to Horseheads, N.Y., 1849-1850. 17.36
 * From the Elmira, Jefferson and Canandaigua Rail Road Company, Dec. 31, 1886, constructed by the Canandaigua and Corning Railroad Company, Jefferson (now Watkins) to Canandaigua, N.Y., Sept. 15, 1851. 46.70
 * From the Sodus Bay and Southern Railroad Company, Dec. 31, 1886, constructed by the Sodus Point and Southern Rail Road Company—
 * Sodus Point to Gorham, N. Y., commenced in 1852, completed February, 1873. 35.00
 * Less road abandoned, Stanley to Gorham, Feb. 16, 1873. 1.40
 * 33.60
 * From the Canandaigua Lake Railroad Company, Dec. 27, 1888, constructed by that company, Canandaigua to Canandaigua Lake N. Y., September, 1887. 1.43
 * Total. 99.09
 * Plus remeasurements and reclassification by the Elmira and Lake Ontario. 0.63
 * Total recorded miles. 99.72
 * Difference between recorded mileage and mileage inventoried. 0.178
 * Mileage inventoried as of date of valuation. 99.898

Leased Railway Property
The entire property of the Elmira and Lake Ontario is operated by the Pennsylvania Railroad under the terms of an agreement effective January 1, 1887, between the Elmira and Lake Ontario and the Northern Central which was assumed by the Pennsylvania Railroad as of January 1, 1911, upon its lease of all of the property of the Northern Central. The operating company collects the revenues and pays the cost of maintenance and operation and pays any remaining sum to the Elmira and Lake Ontario. The agreement runs indefinitely and is terminable upon 30 days' notice from either party.

The Elmira and Lake Ontario, on date of valuation, has the right to use facilities owned by other companies and has let to other companies the right to use facilities owned by it to the extent indicated in the statement below. These rights are exercised and let at the date of valuation by the Pennsylvania.

The Marion Railway Corporation, successor to The Newark & Marion Railway Company has the right, under an agreement of June 11, 1907, to joint use of 1.37 miles of track and passenger and freight station facilities at Newark, N. Y. The agreement runs indefinitely and is terminable on 30 days' notice. The rent provided is $600 a year but no payment was recorded in the year ended December 31, 1917.


 * Solely owned, but jointly used, used with Erie Railroad Company; tracks, 19.48 miles from Chemung Junction to F. R. Tower, N.Y.; term 99 years from Feb. 16, 1916; rate per ton and per passenger according to use; joint-facility rent income credited, year to Dec. 31, 1917. $6,910.92


 * Jointly used but not owned, owned by Erie [sic - Railroad Company;] tracks, 5 miles, Southport Junction to Chemung Junction, N.Y.; term 99 years from Feb. 16, 1916; rate per ton and per passenger according to use, joint-facility rent charged, year to Dec. 31, 1917. 99,950,30

In addition to these agreements, the Pennsylvania Railroad uses certain buildings and yard tracks of the Elmira and Lake Ontario at Elmira, N. Y. There is no formal agreement covering this use. The Elmira and Lake Ontario credited its joint-facility rent income account, in the year to December 31, 1917, $8,123.64 as received from the Pennsylvania Railroad for its use of these terminals.

On January 1, 1918, the common-carrier property of the Elmira and Lake Ontario was taken over for operation with that of the Pennsylvania Railroad by the United States Railroad Administration, which still operates it on date of valuation.

Chemung Railroad Company
Introductory

This company was controlled on December 31, 1886, the date of consolidation by the Northern Central, through ownership of a majority of the outstanding capital stock. This company did not control any carrier corporations.

The property was operated by other companies under leases or similar agreements from the date its road was completed in 1850 to the date of consolidation, December 31, 1886, as follows: New York and Erie Railroad Company and its successor, Erie Railway Company, from January 15, 1850, to May 9, 1872; the Northern Central, from May 10, 1872, to December 31, 1886.

Development of Fixed Physical Property

The railroad owned by the company consisted of about 17.36 miles of road extending from a junction with the New York and Erie at Horseheads, about 4 miles from Elmira, N. Y., to the head of Seneca Lake, all in the State of New York, which had been acquired by construction in 1849-1850.

The Elmira, Jefferson and Canandaigua Rail Road Company
This company was controlled on December 31, 1886, the date of consolidation, by The Northern Central Railway Company through ownership of the entire outstanding capital stock. The records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of this company was operated from the date of acquisition, February 19, 1859, to May 1, 1866, by the New York and Erie Railroad Company under lease and from the latter date to the date of consolidation by the Northern Central. The railroad owned on date of consolidation, 46.70 miles, extended from Canandaigua to Elmira, N. Y.

The entire road owned on the date of consolidation had been acquired from the Elmira, Canandaigua & Niagara Falls Rail Road Company through foreclosure and reorganization under deed, dated January 24, 1861. Possession of the property was secured February 19, 1859. 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 Elmira and Lake Ontario.

Elmira, Canandaigua & Niagara Falls Rail Road Company
The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding 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 January 1, 1859, the date of sale, or whether it controlled any common-carrier corporation. The company owned on the date of sale approximately 46.70 miles of railroad, extending from Canandaigua to Watkins, N. Y. This property was all acquired in reorganization after foreclosure sale.

Canandaigua and Elmira Rail Road Company, originally named The Canandaigua and Corning Railroad Company
The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. Certain information stated below was obtained from other sources. The information obtained did not indicate whether the company was controlled by any individual or corporation on April 23, 1857, the date of sale, or whether it controlled any common-carrier corporation. The company owned on date of sale approximately 46.70 miles of railroad, extending from Canandaigua to Watkins, N. Y. This property was acquired by construction in 1851. The authorized capital stock was $1,600,000 par value. How much was actually issued and the considerations received therefor was not ascertainable from the records obtained.

Sodus Bay and Southern Railroad Company
This company was controlled on December 31, 1886, the date of consolidation, by The Northern Central Railway Company through ownership of the entire outstanding capital stock. The property was operated by its own organization from November 23, 1882, to about July 1, 1884, and by the Northern Central from about July 1, 1884, to December 31, 1886, the date of consolidation, under an agreement of September 24, 1884.

The railroad owned at December 31, 1886, the date of consolidation, consisted of about 34 miles of road extending from Sodus Point to Halls Corner, town of Seneca, N. Y., which was acquired in reorganization after foreclosure sale. 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 Elmira and Lake Ontario.

The Lake Ontario Southern Railway Company
The accounting records of this company were not obtained. Therefore, nothing can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data given below were obtained from the records of the successor companies. The records reviewed did not indicate whether the company was controlled by any individual or corporation on September 4, 1882, the date of sale, or whether it then controlled any common-carrier corporation.

The property was operated by its own organization from January 14, 1880, to October 1, 1881, and from the later date to date of sale by Sylvanus J. Macy, trustee for the bondholders. The railroad owned on date of sale consisted of 33.60 miles of standard-gauge railroad, extending from Sod us Point to Stanley, N. Y., which was acquired through consolidation. In addition, the company acquired in the consolidation the franchises of The Geneva, Hornellsville and Pine Creek Railway Company, all of which lapsed through non-use.

Ontario Southern Railroad Company
The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. Certain information stated below was obtained from the records of the successor companies. The records reviewed did not indicate whether the company was controlled on the date of consolidation, or whether it controlled any common-carrier corporations.

The property was operated from date of acquisition to date of consolidation by its own organization. The company owned on date of consolidation a railroad extending from Sodus Point to Stanley, N. Y., about 33.6 miles, all of which was acquired in reorganization after foreclosure sale. The records of the Sodus Bay and Southern Railroad company indicate that the Ontario Southern had issued mortgage bonds of the par value of $1,000,000 which were due July 18, 1882, and that there was due interest upon the bonds, and upon the deferred interest, amounting to $429,893.

The Sodus Point and Southern Rail Road 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. Certain information stated below was obtained from the records of the successor companies. The records reviewed did not indicate whether the company was controlled on the date of sale by any individual or corporation, or whether it controlled any common-carrier corporation.

The company owned on date of sale a railroad extending from Sodus Point to Stanley, N. Y., about 33.6 miles, which had been acquired by construction in 1873. The original road extended from Sodus Point to Gorham, N. Y., about 35 miles. The road from Gorham to Stanley, N. Y., about 1.4 miles, was not operated after February 16, 1873. The property was operated by the contractor from its completion to January 7, 1874, and by its own organization, January 7, 1874, to October 30, 1875.

==== The Geneva, Hornellsville and Pine Creek Railway Company; The Rochester, Hornellsville & Pine Creek Railroad Company; Gaines and State Line Rail Road Company; The Geneva and Hornellsville Railway; The Geneva and Southwestern Railway Company; The Geneva, Southwestern and Hornellsville Railway Company ==== The accounting records of none of the above-named corporations were obtained. Therefore, no information can be given from their accounts regarding financial dealings or investments. No road was constructed or owned by any of these corporations.

Canandaigua Lake Railroad Company
The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the records of affiliated and successor companies. The company was controlled on December 31, 1888, the date of merger, by The Northern Central Railway Company, through ownership of a majority of the capital stock outstanding. The records reviewed did not indicate that this company controlled any common-carrier corporation. The property was operated by the Northern Central from the date it was completed to date of merger. The railroad owned on date of consolidation consisted of approximately 1.43 miles, extending from Canandaigua to Lake Canandaigua, N. Y., all of which was acquired by construction in 1887.